JanOne Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 29, 2012

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes for fiscal years 2012 and 2011 consisted of the following:



	For the fiscal year ended
	December 29, 2012			December 31, 2011
Current tax expense:
Federal	$	(248	)	$	266
State	26			140
Foreign	(62		)	257
Current tax expense	$	(284	)	$	663
Deferred tax expense — domestic	365			702
Deferred tax expense — foreign	2			2
Provision for income taxes	$	83		$	1,367

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of our provision for income taxes with the federal statutory tax rate for fiscal years 2012 and 2011 is shown below:



	For the fiscal year ended
	December 29, 2012			December 31, 2011
Income tax expense at statutory rate	$	(1,282	)	$	1,981
State tax expense, net of federal tax effect	(130		)	303
Permanent differences	194			360
Change in valuation allowance	1,154			(15		)
Recognition of tax effect for the cumulative undistributed earnings from Canada	114			—
Reversal of deferred tax asset valuation allowance	—			(917		)
Adjustment of deferred tax assets	58			—
Utilization of foreign tax credit	—			(256		)
Foreign income tax payable true-up	(57		)	—
Foreign rate differential	—			(47		)
Other	32			(42		)
	$	83		$	1,367

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income before provision for income taxes and noncontrolling interest was derived from the following sources for fiscal years 2012 and 2011 as shown below:



	For the fiscal year ended
	December 29, 2012			December 31, 2011
United States	$	(4,356	)	$	5,279
Canada	(17		)	810
	$	(4,373	)	$	6,089

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The deferred tax amounts have been classified in the accompanying consolidated balance sheets as follows:



	December 29, 2012			December 31, 2011
Current assets	$	—		$	173
Non-current assets	25			27
Current liabilities	(146		)	—
Non-current liabilities	(921		)	(875		)
	$	(1,042	)	$	(675	)

The components of net deferred tax assets (liabilities) as of December 29, 2012, and December 31, 2011, are as follows:



	December 29, 2012			December 31, 2011
Deferred tax assets:
Net operating loss carryforwards	$	689		$	290
Federal and state tax credits	464			—
Reserves	414			191
Accrued expenses	254			203
Share-based compensation	286			227
Deferred gain	331			521
Investments	—			103
Property and equipment	25			201
Total deferred tax assets	2,463			1,736
Deferred tax liabilities:
Prepaid expenses	(146		)	(69		)
Property and equipment	(50		)	(262		)
Investments	(1,124		)	(1,049		)
Total deferred tax liabilities	(1,320		)	(1,380		)
Valuation allowance	(2,185		)	(1,031		)
Net deferred tax liabilities	$	(1,042	)	$	(675	)