Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
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:

 

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:

    

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