v3.22.1

Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

Components of the income tax provision are as follows for Fiscal 2022 and Fiscal 2021 (in thousands):

		Fiscal Year
		2022				2021
Current tax provision:
Federal		$	—			$	—
State			28				51
Total			28				51
Deferred tax provision:
Federal			—				—
State			—				—
Total			—				—
Total provision for income taxes		$	28			$	51

Reconciliation of Income Taxes

A reconciliation of income taxes computed by applying the federal statutory income tax rate of 21.0% to income (loss) from continuing operations before income taxes to the recognized income tax provision reported in the accompanying consolidated statements of operations is as follows for Fiscal 2022 and Fiscal 2021 (in thousands):

		Fiscal Year
		2022				2021
Income tax at U.S. federal statutory rate		$	(2,330	)		$	936
State taxes, net of federal benefit			6				51
Non-deductible (non-taxable) items, net			(612	)			(2,475	)
Foreign income tax rate differential			13				—
Valuation allowance			2,281				13
Expiration of net operating losses			—				1,966
Debt discount			647				—
Change in state rates			22				—
Other			1				(440	)
Total provision for income taxes		$	28			$	51

Significant Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are shown below (in thousands):

		January 29, 2022				January 30, 2021
Non-current deferred tax assets:
Net operating loss		$	8,563			$	3,959
Accrued compensation			895				527
Lease liability			3,079				2,396
Interest expense			732				597
Intangible assets			1,008				1,131
Other accruals and reserves			390				470
Total			14,667				9,080
Valuation allowance			(11,463	)			(6,009	)
Net deferred tax assets			3,204				3,071
Deferred tax liabilities:
Depreciation			(288	)			(761	)
Right of use assets			(2,712	)			(2,310	)
Debt discount			(204	)			—
Net deferred tax liabilities			(3,204	)			(3,071	)
Net deferred tax accounts		$	—			$	—

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Section 50
-Paragraph 12
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