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Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2024
Income Taxes [Abstract] |
Schedule of Loss from Continuing Operations Before Provision for Income Taxes | The Company’s loss from continuing operations before provision for income taxes for the fiscal years ended December 29, 2024 and December 31, 2023, was as follows (in thousands):
|  | Fiscal Year Ended |
|  | December 29, 2024 |  |  | December 31, 2023 |
Domestic |  | $ | (54,444 | ) |  | $ | (94,222 | )
Foreign |  |  | - |  |  |  | (1,995 | )
Total |  | $ | (54,444 | ) |  | $ | (96,217 | )
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Our Effective Income Tax Rate | The following is a reconciliation of the Company’s income tax applied at the federal statutory income tax rate compared to the income tax provision in its consolidated statements of operations for continuing operations. Certain prior year amounts have been reclassified to conform to the current year presentation (in thousands):
|  | Fiscal Year Ended |
|  | December 29, 2024 |  |  | December 31, 2023 |
Statutory federal income tax |  | $ | (11,433 | ) |  | $ | (20,206 | )
State income taxes, net of federal tax benefits |  |  | (2,444 | ) |  |  | 7,833 |
Stock compensation |  |  | 1,102 |  |  |  | 637 |
Fair value adjustments |  |  | (980 | ) |  |  | (5,540 | )
Nondeductible items |  |  | 1,332 |  |  |  | 141 |
Debt extinguishment |  |  | (6,571 | ) |  |  | 2,171 |
Foreign earnings taxed at different rates |  |  | - |  |  |  | 419 |
Forward purchase agreements |  |  | - |  |  |  | 9,780 |
Effect of changes in tax rates |  |  | 706 |  |  |  | - |
Prior year adjustments |  |  | 2,058 |  |  |  | - |
Valuation allowance |  |  | 16,171 |  |  |  | 3,145 |
Other |  |  | 59 |  |  |  | 1,600 |
Tax Provision |  | $ | - |  |  | $ | (20 | )
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows. Certain prior year amounts have been reclassified to conform to the current year presentation (in thousands):
|  | As of |
|  | December 29, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred income tax assets |  |  |  |  |  |
Net operating loss |  | $ | 34,749 |  |  | $ | 17,957 |
Debt derivatives |  |  | 24,591 |  |  |  | - |
Bad debt reserve |  |  | 431 |  |  |  | 2,799 |
Stock based compensation |  |  | 452 |  |  |  | 3,060 |
Lease liability |  |  | 1,512 |  |  |  | 10 |
Other reserves |  |  | 3,381 |  |  |  | 3,764 |
Interest expense carryover |  |  | 7,005 |  |  |  | 5,503 |
Intangibles |  |  | 1,279 |  |  |  | 32 |
Capitalized research and development |  |  | 824 |  |  |  | 808 |
Other |  |  | 3,336 |  |  |  | 5,827 |
Total |  |  | 77,560 |  |  |  | 39,760 |
Valuation allowance |  |  | (55,714 | ) |  |  | (38,407 | )
Net deferred tax assets |  |  | 21,846 |  |  |  | 1,353 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Convertible loan discount |  |  | (19,175 | ) |  |  | (759 | )
Other |  |  | (2,671 | ) |  |  | (594 | )
Total deferred tax liabilities |  |  | (21,846 | ) |  |  | (1,353 | )
Net deferred tax assets |  | $ | - |  |  | $ | - |
Schedule of Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):
|  | Fiscal Year Ended |
|  | December 29, 2024 |  |  | December 31, 2023 |
Unrecognized tax benefits as of beginning of year |  | $ | 53,153 |  |  | $ | 1,335 |
Increases related to prior year tax positions |  |  | - |  |  |  | 5 |
Increases related to current year tax positions |  |  | - |  |  |  | 51,813 |
Decreases related to prior year tax positions |  |  | (53,153 | ) |  |  | - |
Unrecognized tax benefits as of end of year |  | $ | - |  |  | $ | 53,153 |

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