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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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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