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Income Taxes (Tables) | 12 Months Ended
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Jan. 03, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The components of the provision for income taxes are as follows:
|  | Fiscal Year Ended |
|  | January 3, 2025 |  |  | December 29, 2023 |
(In thousands) |  |  |  |  |  |
Current taxes: |  |  |  |  |  |
Federal |  | $ | (720 | ) |  | $ | — |
State |  |  | (243 | ) |  |  | — |
Total current taxes |  |  | (963 | ) |  |  | — |
Deferred taxes: |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |
Total deferred taxes |  |  | — |  |  |  | — |
Provision for income taxes |  | $ | (963 | ) |  | $ | — |
Schedule of Effective Income Tax Rate Reconciliation | The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% and the reported income tax benefit are summarized as follows:
|  | Fiscal Year Ended |
|  | January 3, 2025 |  |  | December 29, 2023 |
(In thousands) |  |  |  |  |  |
Expected income tax benefit at federal statutory rate |  | $ | (26,399 | ) |  | $ | (480 | )
State income taxes, net of federal income tax benefit |  |  | (8,031 | ) |  |  | 27 |
Return to provision true-up |  |  | 2,150 |  |  |  | 1,774 |
Permanent items |  |  | 60 |  |  |  | 562 |
Change in valuation allowance |  |  | 30,016 |  |  |  | 5,248 |
Other |  |  | (963 | ) |  |  | — |
State rate change |  |  | 2,204 |  |  |  | (7,131 | )
Reported provision for income taxes |  | $ | (963 | ) |  | $ | — |
Effective tax rate |  |  | 0.8 | % |  |  | 0 | %
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax liabilities and assets are as follows:
|  | January 3, 2025 |  |  | December 29, 2023 |
(In thousands) |  |  |  |  |  |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation and amortization |  | $ | (640 | ) |  | $ | (10,598 | )
Right-of-use asset |  |  | (6,640 | ) |  |  | (6,654 | )
Total deferred tax liabilities |  | $ | (7,280 | ) |  | $ | (17,252 | )
Deferred tax assets: |  |  |  |  |  |
Intangible assets |  | $ | 30,317 |  |  | $ | 34,457 |
Contract loss reserve |  |  | 7,854 |  |  |  | 11,143 |
Investment in partnerships |  |  | 22,770 |  |  |  | 16,453 |
Lease liability |  |  | 6,181 |  |  |  | 6,586 |
Stock compensation |  |  | 3,083 |  |  |  | 1,428 |
Accrued expenses and reserves |  |  | 7,814 |  |  |  | 5,895 |
Section 382 limitation |  |  | 45,587 |  |  |  | 39,622 |
Net operating loss carryforwards |  |  | 51,777 |  |  |  | 24,629 |
Other deferred tax assets |  |  | 2,173 |  |  |  | 715 |
Total deferred tax assets |  | $ | 177,556 |  |  | $ | 140,928 |
Net deferred tax assets before valuation allowance |  | $ | 170,276 |  |  | $ | 123,676 |
Less: Valuation allowance |  |  | (170,276 | ) |  |  | (123,676 | )
Net deferred tax assets |  | $ | — |  |  | $ | — |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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