CarParts.com, Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Jan. 02, 2021

The components of loss from operations before income tax provision consist of the following:


	Fiscal Year Ended
	January 2, 2021		December 28, 2019
Domestic operations	$	(1,738)	$	(10,618)
Foreign operations		532		507
Total loss before income taxes	$	(1,206)	$	(10,111)

Income tax provision for fiscal year 2020 and 2019 consists of the following:

Income tax provision differs from the amount that would result from applying the federal statutory rate as follows:


	January 2, 2021		December 28, 2019
Income tax at U.S. federal statutory rate	$	(253)	$	(2,123)
Tax attributes written off		50		—
Share-based compensation		(318)		729
State income tax, net of federal tax effect		(115)		(325)
Foreign tax		144		106
Other		121		35
Change in valuation allowance		678		23,015
Effective tax provision	$	307	$	21,437

Deferred tax assets and deferred tax liabilities consisted of the following:


	January 2, 2021		December 28, 2019
Deferred tax assets:
Inventory and inventory related allowance	$	1,082	$	529
Lease liabilities		7,311		3,663
Share-based compensation		2,102		1,836
Book over tax depreciation		468		—
Intangibles		660		1,577
Sales and bad debt allowances		1,044		712
Accrued compensation		436		200
Net operating loss		24,131		25,322
Other		186		1
Total deferred tax assets		37,420		33,840
Valuation allowance		(30,516)		(29,731)
Net deferred tax assets		6,904		4,109
Deferred tax liabilities:
Right-of-use assets		6,879		3,572
Tax over book depreciation		—		489
Other		25		48
Total deferred tax liabilities		6,904		4,109
Net deferred tax assets	$	—	$	—

The state NOL carryforwards expire in the respective tax years as follows: