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. 28, 2013

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

The provision for (benefit of) income taxes for fiscal years 2013 and 2012 consisted of the following:



	For the fiscal years ended
	December 28, 2013			December 29, 2012
Current tax expense:
Federal	$	123		$	(248	)
State	107			26
Foreign	(71		)	(62		)
Current tax expense	$	159		$	(284	)
Deferred tax expense — domestic	(499		)	365
Deferred tax expense — foreign	2			2
Provision for (benefit of) income taxes	$	(338	)	$	83

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

A reconciliation of our provision for (benefit of) income taxes with the federal statutory tax rate for fiscal years 2013 and 2012 is shown below:



	For the fiscal years ended
	December 28, 2013			December 29, 2012
Income tax expense at statutory rate	$	1,120		$	(1,487	)
Portion attributable to noncontrolling interest at statutory rate	(107		)	205
State tax expense, net of federal tax effect	188			(130		)
Permanent differences	61			194
Change in valuation allowance	(372		)	1,154
Recognition of tax effect for the cumulative undistributed earnings from Canada	(54		)	114
Reversal of deferred tax asset valuation allowance	(1,200		)	—
Adjustment of deferred tax assets	(1		)	58
Foreign income tax payable true-up	(4		)	(57		)
Other	31			32
	$	(338	)	$	83

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

Income before provision for (benefit of) income taxes and noncontrolling interest was derived from the following sources for fiscal years 2013 and 2012 as shown below:



	For the fiscal years ended
	December 28, 2013			December 29, 2012
United States	$	3,532		$	(4,356	)
Canada	(237		)	(17		)
	$	3,295		$	(4,373	)

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 28, 2013			December 29, 2012
Current assets	$	523		$	—
Non-current assets	21			25
Current liabilities	—			(146		)
Non-current liabilities	(1,092		)	(921		)
	$	(548	)	$	(1,042	)

The components of net deferred tax assets (liabilities) as of December 28, 2013, and December 29, 2012, are as follows:



	December 28, 2013			December 29, 2012
Deferred tax assets:
Net operating loss carryforwards	$	317		$	689
Federal and state tax credits	199			464
Reserves	210			414
Accrued expenses	257			254
Share-based compensation	307			286
Deferred gain	142			331
Property and equipment	21			25
Total deferred tax assets	1,453			2,463
Deferred tax liabilities:
Prepaid expenses	(148		)	(146		)
Property and equipment	(29		)	(50		)
Investments	(1,211		)	(1,124		)
Total deferred tax liabilities	(1,388		)	(1,320		)
Valuation allowance	(613		)	(2,185		)
Net deferred tax liabilities	$	(548	)	$	(1,042	)