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INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Jan. 31, 2023
INCOME TAXES |
Schedule of Income Tax Expense (Benefit) |
|  | Years Ended |
|  | January 31, |
Domestic and Foreign Pretax Income (Loss) |  | 2023 |  |  | 2022 |
Domestic |  | $ 15,322 |  |  | $ | 1,519 |
Foreign |  |  | (9,851) |  |  |  | 14,634 |
Total |  | $ | 5,471 |  |  | $ | 16,153 |
|  | Years Ended |
|  | January 31, |
|  | 2023 |  |  | 2022 |
Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 2 |  |  | ($171) |
State and other taxes |  |  | 68 |  |  |  | 88 |
Foreign |  |  | 3,450 |  |  |  | 4,205 |
Total Current Tax Expense |  | $ | 3,520 |  |  | $ | 4,122 |
Deferred: |  |  |  |  |  |  |  |
Domestic |  | ($756 | ) |  | $ | 526 |
Foreign |  |  | 834 |  |  |  | 133 |
Total Deferred Tax Expense |  | $78 |  |  | $ | 659 |
Total Income Taxes |  | $ | 3,598 |  |  | $ | 4,781 |
Schedule of effective income tax rate reconciliation |
|  | Years Ended January 31, |
|  | 2023 |  |  | 2022 |
Statutory rate |  |  | 21.00 | % |  |  | 21.00 | %
State Income Taxes, Net of Federal Tax Benefit |  |  | 0.05 | % |  |  | (0.01 | )%
Adjustment to Deferred |  |  | 13.54 | % |  |  | (0.26 | )%
GILTI |  |  | 24.84 | % |  |  | 4.11 | %
Foreign Tax Credit - GILTI |  |  | (14.86 | )% |  |  | - |
Section 250 Deduction |  |  | (15.74 | )% |  |  | - |
Permanent Differences |  |  | 0.07 | % |  |  | (0.83 | )%
Valuation Allowance-Deferred Tax Asset |  |  | 6.41 | % |  |  | 4.81 | %
Foreign Tax Credit |  |  | (9.74 | )% |  |  | (7.34 | )%
Section 78 Gross-up |  |  | 6.64 | % |  |  | - |
Argentina Flow Through Loss |  |  | 1.09 | % |  |  | 1.36 | %
Foreign Dividend & Subpart F |  |  | - |  |  |  | (5.27 | )%
Withholding Taxes |  |  | 36.55 | % |  |  | - |
Foreign Rate Differential |  |  | 2.11 | % |  |  | 9.22 | %
Change in State Apportionment Rate |  |  | (1.38 | )% |  |  | 3.52 | %
Foreign employee benefits |  |  | (3.58 | )% |  |  | - |
Foreign Dividends Paid to U.S. |  |  | 73.01 | % |  |  | - |
Foregin Dividends Received Deduction |  |  | (73.01 | )% |  |  | - |
Other |  |  | (1.25 | )% |  |  | (0.71 | )%
Effective Rate |  |  | 65.74 | % |  |  | 29.60 | %
Schedule of Balance sheet classification |
|  | January 31, |
Balance sheet classification |  | 2023 |  |  | 2022 |
Long-term deferred tax asset |  | $ | 2,764 |  |  | $ | 2,072 |
Long-term deferred tax liability |  | $ | 769 |  |  | - |
Schedule of deferred tax assets |
|  | Years Ended January 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Inventories |  | $ | 1,147 |  |  | $ | 806 |
US tax loss carryforwards, including work opportunity credit |  |  | 186 |  |  |  | 167 |
Accounts receivable and accrued rebates |  |  | 278 |  |  |  | 145 |
Accrued compensation and other |  |  | 123 |  |  |  | 211 |
India reserves - US deduction |  |  | 22 |  |  |  | 32 |
Equity based compensation |  |  | 1,178 |  |  |  | 807 |
Foreign tax credit carry-forward |  |  | 3,123 |  |  |  | 3,209 |
State and local carry-forwards |  |  | 18 |  |  |  | 16 |
Depreciation and amortization |  |  | (155 | ) |  |  | (186 | )
Prepaid expenses |  |  | (175 | ) |  |  | (219 | )
Brazil write-down |  |  | - |  |  |  | 196 |
Right-of-use asset |  |  | (697 | ) |  |  | (738 | )
Operating lease liability |  |  | 732 |  |  |  | 762 |
Foreign carry-forwards |  |  | 438 |  |  |  | - |
Withholding taxes |  |  | (769 | ) |  |  | - |
Other |  |  | 107 |  |  |  | 93 |
Deferred tax asset |  |  | 5,556 |  |  |  | 5,282 |
Less valuation allowance |  |  | (3,561 | ) |  |  | (3,210 | )
Net deferred tax asset |  | $ | 1,995 |  |  | $ | 2,072 |
Schedule of income tax benefit carryforward |
|  | Operating Loss |  |  | Benefit Amount |  |  | Valuation Allowance |  |  | Expiration Beginning In |
State operating loss carryforwards |  | $ | 19,564 |  |  | $ | 18 |  |  | $ | (1 | ) |  | 2028 |
Foreign tax credit carryforwards |  |  |  |  |  |  | 3,123 |  |  |  | (3,123 | ) |  | 2024 |
Federal credit carryforwards |  |  |  |  |  |  | 186 |  |  |  | - |  |  | 2035 |
Mexico operating loss carryforwards |  |  | 1,457 |  |  |  | 437 |  |  |  | (437 | ) |  | 2033 |
Total |  |  |  |  |  | $ | 3,764 |  |  | $ | (3,561 | ) |  |  |

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