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INCOME TAXES (Tables) | 12 Months Ended
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Jan. 31, 2022
INCOME TAXES |
Provision for income taxes |
|  | Years Ended January 31, |
Domestic and Foreign Pretax Income |  | 2022 |  |  | 2021 |
Domestic |  | $ | 1,519 |  |  | $ | 8,147 |
Foreign |  |  | 14,634 |  |  |  | 35,766 |
Total |  | $ | 16,153 |  |  | $ | 43,913 |
Schedule of Income Tax Expense (Benefit) |
|  | Years Ended January 31, |
|  | 2022 |  |  | 2021 |
Income Tax Expense (Benefit) |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | ($171) |  |  | $ | 41 |
State and other taxes |  |  | 88 |  |  |  | 54 |
Foreign |  |  | 4,205 |  |  |  | 5,483 |
Total Current Tax Expense |  | $ | 4,122 |  |  | $ | 5,578 |
Deferred: |  |  |  |  |  |  |  |
Domestic |  | $ | 526 |  |  | $ | 3,005 |
Foreign |  |  | 133 |  |  |  | ---- |
Total Deferred Tax Expense |  | $ | 659 |  |  | $ | 3,005 |
Total Income Taxes |  | $ | 4,781 |  |  | $ | 8,583 |
Schedule of effective income tax rate reconciliation |
|  | Years Ended January 31, |
|  | 2022 |  |  | 2021 |
Statutory rate |  |  | 21.00 | % |  |  | 21.00 | %
State Income Taxes, Net of Federal Tax Benefit |  |  | (0.01 | ) |  |  | 0.90 |
Adjustment to Deferred |  |  | (0.26 | ) |  |  | 0.29 |
GILTI |  |  | 4.11 |  |  |  | 4.43 |
Permanent Differences |  |  | (0.83 | ) |  |  | (0.09 | )
Valuation Allowance-Deferred Tax Asset |  |  | 4.81 |  |  |  | 2.20 |
Foreign Tax Credit |  |  | (7.34 | ) |  |  | (7.61 | )
Argentina Flow Through Loss |  |  | 1.36 |  |  |  | 0.58 |
Foreign Dividend & Subpart F |  |  | (5.27 | ) |  |  | 2.14 |
Foreign Rate Differential |  |  | 9.22 |  |  |  | (4.01 | )
Change in State Apportionment Rate |  |  | 3.52 |  |  |  | - |
Other |  |  | (0.71 | ) |  |  | (0.28 | )
Effective Rate |  |  | 29.60 | % |  |  | 19.55 | %
Schedule of deferred tax assets and liabilities |
|  | Years Ended January 31, |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Inventories |  | $ | 806 |  |  | $ | 955 |
US tax loss carryforwards, including work opportunity credit |  |  | 167 |  |  |  | 167 |
Accounts receivable and accrued rebates |  |  | 145 |  |  |  | 378 |
Accrued compensation and other |  |  | 211 |  |  |  | 446 |
India reserves - US deduction |  |  | 32 |  |  |  | 43 |
Equity based compensation |  |  | 807 |  |  |  | 535 |
Foreign tax credit carry-forward |  |  | 3,209 |  |  |  | 2,430 |
State and local carry-forwards |  |  | 16 |  |  |  | 287 |
Depreciation and amortization |  |  | (186 | ) |  |  | (265 | )
Prepaid expenses |  |  | (219 | ) |  |  | (121 | )
Brazil write-down |  |  | 196 |  |  |  | 220 |
Right-of-use asset |  |  | (738 | ) |  |  | (239 | )
Operating lease liability |  |  | 762 |  |  |  | 241 |
Other |  |  | 93 |  |  |  | 93 |
Deferred tax asset |  |  | 5,282 |  |  |  | 5,170 |
Less valuation allowance |  |  | (3,210 | ) |  |  | (2,439 | )
Net deferred tax asset |  | $ | 2,072 |  |  | $ | 2,731 |

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