v3.21.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Jan. 03, 2021
Income Taxes |
Schedule of components of income (loss) before income taxes |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
(in thousands) |  | January 3, 2021 |  | December 29, 2019
United States | ​ | $ | 1,124 | ​ | $ | (2,127)
Foreign | ​ |  | 306 | ​ |  | 221
Total | ​ | $ | 1,430 | ​ | $ | (1,906)
Schedule of components of income tax (expense) benefit |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
(in thousands) |  | January 3, 2021 |  | December 29, 2019
Current: | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 6 | ​ | $ | (10)
State | ​ |  | (169) | ​ |  | (48)
Foreign | ​ |  | (9) | ​ |  | (25)
​ | ​ |  | (172) | ​ |  | (83)
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred: | ​ |  |  | ​ |  |
Federal | ​ |  | 2,801 | ​ |  | 603
State | ​ |  | 208 | ​ |  | 139
​ | ​ |  | 3,009 | ​ |  | 742
Total income tax (expense) benefit | ​ | $ | 2,837 | ​ | $ | 659
Schedule of reconciliation of gross unrecognized tax benefit |
​ | ​ | ​ | ​
(in thousands) |  | ​ | ​
Balance at December 30, 2018 | ​ |  | 8
Decreases due to lapses of statutes of limitations | ​ |  | (4)
Balance at December 29, 2019 | ​ |  | 4
Decreases due to lapses of statutes of limitations | ​ |  | (2)
Balance at January 3, 2021 | ​ | $ | 2
Schedule of the components of net deferred tax assets |
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | January 3, 2021 |  | December 29, 2019
Deferred tax asset: | ​ | ​ | ​ | ​ | ​ | ​
Federal net operating loss carry-forwards | ​ | ​ | 2,298 | ​ |  | 1,980
State net operating loss carry-forwards | ​ |  | 1,860 | ​ |  | 1,993
Intangible property basis difference | ​ | ​ | — | ​ |  | (7)
Tax credit carryover | ​ |  | 3,225 | ​ |  | 2,581
Accrued expenses | ​ |  | 241 | ​ |  | 168
Stock-based compensation | ​ |  | 313 | ​ |  | 187
Deferred revenue | ​ |  | 915 | ​ |  | 693
Lease reserve | ​ |  | 18,356 | ​ |  | 8,060
Accrued and deferred compensation | ​ |  | 59 | ​ |  | 53
Contribution carryover | ​ |  | 49 | ​ |  | 50
Transaction and organization costs | ​ | ​ | 98 | ​ | ​ | 121
Inventories | ​ |  | 19 | ​ |  | 10
Total deferred tax asset | ​ | $ | 27,433 | ​ | $ | 15,889
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liability: | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment basis difference | ​ | $ | (2,083) | ​ | $ | (755)
Intangible property basis difference | ​ | ​ | (2,112) | ​ | ​ | —
Inventories | ​ |  | (178) | ​ |  | (146)
Prepaid expenses | ​ |  | (306) | ​ |  | (365)
Right of use asset | ​ |  | (16,420) | ​ |  | (6,664)
Total deferred tax liability | ​ | $ | (21,099) | ​ | $ | (7,930)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets | ​ |  | 6,334 | ​ |  | 7,959
Valuation allowance | ​ |  | (1,400) | ​ |  | (1,313)
Deferred tax asset, net | ​ | $ | 4,934 | ​ | $ | 6,646
Schedule of reconciliation from statutory tax rate to effective tax rate |
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​
​ |  | January 3, 2021 |  | December 29, 2019 |
Federal statutory tax rate |  | 21.0 | % | 21.0 | %
State taxes, net of valuation allowance and federal benefit |  | (9.9) |  | (4.7) |
Deferred rate change | ​ | 2.0 | ​ | 11.9 | ​
Foreign taxes |  | 0.4 |  | (2.0) |
Tax effect of permanent differences |  | (0.4) |  | 0.5 |
Tax effect of general business credits |  | (19.4) |  | 24.3 |
Tax effect of foreign tax credit |  | (0.4) |  | 2.0 |
Uncertain tax positions |  | (0.2) |  | 0.3 |
Return to povision update | ​ | 0.9 | ​ | (173.8) | ​
Change in valuation allowance | ​ | 4.0 | ​ | 171.8 | ​
Tax effect of permanent differences - Bargain Purchase Gain | ​ | (129.7) | ​ | — | ​
Other |  | (1.0) |  | 0.9 |
Effective tax rate |  | (132.7) | % | 52.2 | %

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