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Income Taxes | 12 Months Ended
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Sep. 27, 2022
IncomeTax [Abstract] |
Income Taxes |
| 7. | Income Taxes:
Deferred tax assets (liabilities) are comprised of the following at the period end (in thousands):
|  | September 27, 2022 Long Term |  |  | September 28, 2021 Long Term |
Deferred income tax assets (liabilities): |  |  |  |  |  |  |  |
Tax effect of net operating loss carry-forward |  | $ | 3,942 |  |  | $ | 4,061 |
General business credits |  |  | 5,225 |  |  |  | 4,353 |
Deferred revenue |  |  | 50 |  |  |  | 65 |
Intangibles basis differences |  |  | 398 |  |  |  | 678 |
Long-term lease liability |  |  | 11,113 |  |  |  | 11,782 |
Other future benefits |  |  | 666 |  |  |  | 5 |
Deferred tax assets |  |  | 21,394 |  |  |  | 20,944 |
Less valuation allowance |  |  | (10,535 | ) |  |  | (9,371 | )
Deferred tax assets, net of valuation allowance |  |  | 10,859 |  |  |  | 11,573 |
Partnership/joint venture basis differences |  |  | (30 | ) |  |  | (5 | )
Property and Equipment basis differences |  |  | (1,424 | ) |  |  | (1,764 | )
ROU asset |  |  | (9,225 | ) |  |  | (9,804 | )
Other future expense |  |  | (180 | ) |  |  | - |
Deferred tax liabilities |  |  | (10,859 | ) |  |  | (11,573 | )
Net deferred tax asset (liabilities) |  | $ | - |  |  | $ | - |
The Company has net operating loss carry-forwards available for future periods, as discussed below, of approximately $11,840,000 from 2019, $2,554,000 from 2018, and $1,686,000 from 2017 and prior for income tax purposes. The net operating loss carry-forwards from periods prior to 2019 expire between 2025 and 2038. Based on the change in control, which occurred in 2011, the utilization of the loss carry-forwards incurred for periods prior to 2017 is limited to approximately $727,000 per year. The Company has general business tax credits of $5,225,000 from 2014 through 2022 which expire from 2034 through 2041. The Company continually reviews the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. The Company assessed whether a valuation allowance should be recorded against its deferred tax assets based on consideration of all available evidence using a "more likely than not" standard. In assessing the need for a valuation allowance, the company considered both positive and negative evidence related to the likelihood of realization of deferred tax assets. In making such assessment, more weight was given to evidence that could be objectively verified, including recent cumulative losses. Future sources of taxable income were also considered in determining the amount of the recorded valuation allowance. Based on the Company's review of this evidence, management determined that a full valuation allowance against all of the Company's deferred tax assets was appropriate. The following table summarizes the components of the provision for income taxes (in thousands):
|  | Fiscal 2022 |  |  | Fiscal 2021 |
Current income tax expense (benefit) |  | $ | (5 | ) |  | $ | 6 |
Deferred income tax expense (benefit) |  |  | - |  |  |  | - |
Total income tax expense (benefit) |  | $ | (5 | ) |  | $ | 6 |
Total income tax expense for the years ended September 28, 2021 and September 29, 2020 differed from the amounts computed by applying the U.S. Federal statutory tax rate to pre-tax income as follows (in thousands):
|  | Fiscal 2022 |  |  | Fiscal 2021 |
Total expense (benefit) computed by applying statutory federal rate |  | $ | (556 | ) |  | $ | 3,527 |
State income tax, net of federal tax benefit |  |  | (56 | ) |  |  | 260 |
FICA/WOTC tax credits |  |  | (694 | ) |  |  | (587 | )
Effect of change in tax law |  |  | - |  |  |  | (2,875 | )
Effect of change in valuation allowance |  |  | 1,164 |  |  |  | 1,967 |
Permanent differences |  |  | 60 |  |  |  | (2,338 | )
Other |  |  | 87 |  |  |  | 52 |
Provision for income taxes |  | $ | (5 | ) |  | $ | 6 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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