Income Taxes (Tables)
|
12 Months Ended |
Jan. 01, 2022 |
Income Taxes |
|
Components of Loss Before Income Taxes |
The components of loss before income taxes consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
January 1, 2022 |
|
January 2, 2021 |
|
December 28, 2019 |
Domestic operations |
|
$ |
(10,460) |
|
$ |
(1,738) |
|
$ |
(10,618) |
Foreign operations |
|
|
472 |
|
|
532 |
|
|
507 |
Total loss before income taxes |
|
$ |
(9,988) |
|
$ |
(1,206) |
|
$ |
(10,111) |
|
Summary of Income Tax (Benefit) Provision |
The income tax provision consists of the following:
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|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
January 1, 2022 |
|
January 2, 2021 |
|
December 28, 2019 |
Current: |
|
|
|
|
|
|
|
|
|
Federal tax |
|
$ |
— |
|
$ |
50 |
|
$ |
— |
State tax |
|
|
68 |
|
|
80 |
|
|
6 |
Foreign tax |
|
|
283 |
|
|
177 |
|
|
144 |
Total current taxes |
|
|
351 |
|
|
307 |
|
|
150 |
Deferred: |
|
|
|
|
|
|
|
|
|
Federal tax |
|
|
(6,628) |
|
|
(453) |
|
|
(1,311) |
State tax |
|
|
(407) |
|
|
(225) |
|
|
(417) |
Total deferred taxes |
|
|
(7,035) |
|
|
(678) |
|
|
(1,728) |
Valuation allowance |
|
|
7,035 |
|
|
678 |
|
|
23,015 |
Income tax provision |
|
$ |
351 |
|
$ |
307 |
|
$ |
21,437 |
|
Summary of Differences Between Income Tax Provision (Benefit) and Applied Federal Statutory Rate |
Income tax provision differs from the amount that would result from applying the federal statutory rate as follows:
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2022 |
|
January 2, 2021 |
|
December 28, 2019 |
Income tax at U.S. federal statutory rate |
|
$ |
(2,098) |
|
$ |
(253) |
|
$ |
(2,123) |
Tax attributes written off |
|
|
— |
|
|
50 |
|
|
— |
Share-based compensation |
|
|
(4,602) |
|
|
(318) |
|
|
729 |
State income tax, net of federal tax effect |
|
|
(269) |
|
|
(115) |
|
|
(325) |
Foreign tax |
|
|
243 |
|
|
144 |
|
|
106 |
Other |
|
|
42 |
|
|
121 |
|
|
35 |
Change in valuation allowance |
|
|
7,035 |
|
|
678 |
|
|
23,015 |
Effective tax provision |
|
$ |
351 |
|
|
307 |
|
$ |
21,437 |
|
Summary of Deferred Tax Assets and Deferred Tax Liabilities |
Deferred tax assets and deferred tax liabilities consisted of the following:
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|
|
|
|
|
|
|
|
January 1, 2022 |
|
January 2, 2021 |
Deferred tax assets: |
|
|
|
|
|
|
Inventory and inventory related allowance |
|
$ |
1,373 |
|
$ |
1,082 |
Lease liabilities |
|
|
10,830 |
|
|
7,311 |
Share-based compensation |
|
|
3,108 |
|
|
2,102 |
Book over tax depreciation |
|
|
— |
|
|
468 |
Intangibles |
|
|
161 |
|
|
660 |
Sales and bad debt allowances |
|
|
1,021 |
|
|
1,044 |
Accrued compensation |
|
|
445 |
|
|
436 |
Net operating loss |
|
|
32,102 |
|
|
24,131 |
Other |
|
|
210 |
|
|
186 |
Total deferred tax assets |
|
|
49,250 |
|
|
37,420 |
Valuation allowance |
|
|
(37,637) |
|
|
(30,516) |
Net deferred tax assets |
|
|
11,613 |
|
|
6,904 |
Deferred tax liabilities: |
|
|
|
|
|
|
Right-of-use assets |
|
|
10,203 |
|
|
6,879 |
Tax over book depreciation |
|
|
1,410 |
|
|
— |
Other |
|
|
— |
|
|
25 |
Total deferred tax liabilities |
|
|
11,613 |
|
|
6,904 |
Net deferred tax assets |
|
$ |
— |
|
$ |
— |
|
Summary of State NOL Carryforwards Expiration Year |
|
|
|
|
2022 |
|
$ |
975 |
2023 |
|
|
3,013 |
2024 |
|
|
2,368 |
2025 |
|
|
3,326 |
2026 |
|
|
2,982 |
Thereafter |
|
|
73,300 |
|
|
$ |
85,964 |
|