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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income before Income Taxes

The components of income (loss) before income taxes are as follows:

		2022				2021				2020
(In thousands)
Domestic		$	5,046			$	(1,193	)		$	1,930
Foreign			1,988				3,372				(560	)
		$	7,034			$	2,179			$	1,370

Components of Provision for Income Taxes

The components of the provision/(benefit) for income taxes are as follows:

		2022				2021				2020
(In thousands)
Current:
Federal		$	(183	)		$	1,272			$	660
State			76				224				221
Foreign			501				420				368
			394				1,916				1,249
Deferred:
Federal		$	180			$	(910	)		$	(1,364	)
State			177				(189	)			(282	)
Foreign			(146	)			78				8
			211				(1,021	)			(1,638	)
		$	605			$	895			$	(389	)

Reconciliation of income tax provision/(benefit) With The Amount Computed By Applying The Statutory Federal Income Tax Rate To The Income Before Income Tax Provision/(benefit)

Total income tax provision/(benefit) differs from the expected tax provision/(benefit) as a result of the following:

		2022				2021				2020
(In thousands)
Income Tax Provision at Statutory Rate		$	1,477			$	458			$	288
Return to Provision Adjustment			368				(2	)			(207	)
State Taxes, Net of Federal Tax Effect			143				28				(48	)
Denmark Statutory Audit			—				341				—
Foreign Rate Differential			61				197				315
Change in Valuation Allowance			57				(81	)			256
Meals and Entertainment			9				11				31
Canada Withholding Taxes			—				62				—
Global Intangible Low Taxed Income			—				14				107
Foreign Tax Credits			—				—				(344	)
Foreign Derived Intangible Income			(55	)			(150	)			(107	)
Share Based Compensation			(95	)			171				(145	)
R&D Credits			(180	)			(157	)			(209	)
Change in Reserves Related to ASC 740 Liability			(245	)			(10	)			(352	)
PPP Loan Forgiveness			(937	)			—				—
Other			2				13				26
		$	605			$	895			$	(389	)

Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:

		January 31,
		2022				2021
(In thousands)
Deferred Tax Assets:
Inventory		$	2,159			$	2,700
Honeywell Royalty Liability			2,655				2,590
State R&D Credits			1,925				1,546
Share-Based Compensation			593				600
Bad Debt			213				245
Warranty Reserve			198				176
Compensation Accrual			322				159
Net Operating Loss			152				154
ASU 842 Adjustment – Lease Liability			93				125
Unrecognized State Tax Benefits			64				101
Foreign Tax Credit			154				83
Deferred Service Contract Revenue			61				68
Other			224				308
			8,813				8,855
Deferred Tax Liabilities:
Accumulated Tax Depreciation in Excess of Book Depreciation			455				752
Intangibles			767				399
ASU 842 Adjustment – Lease Liability			90				119
Other			318				307
			1,630				1,577
Subtotal			7,183				7,278
Valuation Allowance			(1,778	)			(1,721	)
Net Deferred Tax Assets		$	5,405			$	5,557
Deferred taxes are reflected in the consolidated balance sheet as follows:
		January 31,
		2022				2021
Deferred Tax Assets			5,651				5,941
Deferred Tax Liabilities			(246	)			(384	)
Total Net Deferred Tax Assets		$	5,405			$	5,557

Changes in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties

		2022				2021				2020
(In thousands)
Balance, beginning of the year		$	384			$	362			$	618
Increases in prior period tax positions			63				59				—
Increases in current period tax positions			67				5				2
Reductions related to lapse of statutes of limitations			(211	)			(42	)			(26	)
Reductions related to settlement with tax authorities			—				—				(232	)
Balance, end of the year		$	303			$	384			$	362

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