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

Jan. 02, 2016

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

The provision for (benefit of) income taxes for fiscal years 2015 and 2014 consisted of the following:



	For the fiscal years ended
	January 2, 2016			January 3, 2015
Current tax expense (benefit):
Federal	$	(855	)	$	852
State	(18		)	146
Foreign	(229		)	29
Current tax expense (benefit)	$	(1,102	)	$	1,027
Deferred tax expense — domestic	(831		)	(318		)
Deferred tax expense — foreign	219			5
Provision for (benefit of) income taxes	$	(1,714	)	$	714

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 2015 and 2014 is shown below:



	For the fiscal years ended
	January 2, 2016			January 3, 2015
Income tax expense at statutory rate	$	(1,920	)	$	512
Portion attributable to noncontrolling interest at statutory rate	413			(8		)
State tax expense, net of federal tax effect	(288		)	69
Permanent differences	83			175
Change in valuation allowance	(7		)	(11		)
Recognition of tax effect for the cumulative undistributed earnings from Canada	(16		)	(44		)
Adjustment of deferred tax assets	—			7
Other	21			14
	$	(1,714	)	$	714

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 2015 and 2014 as shown below:



	For the fiscal years ended
	January 2, 2016			January 3, 2015

United States	$	(5,452	)	$	1,411
Canada	(194		)	98
	$	(5,646	)	$	1,509

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

The components of net deferred tax assets (liabilities) as of January 2, 2016, and January 3, 2015, are as follows:



	January 2, 2016			January 3, 2015
Deferred tax assets:
Net operating loss carryforwards	$	520		$	309
Federal and state tax credits	442			242
Reserves	218			246
Accrued expenses	1,964			1,963
Share-based compensation	352			348
Accumulated other comprehensive loss	361			—
Property and equipment	191			14
Other	166			25
Total deferred tax assets	4,214			3,147
Deferred tax liabilities:
Prepaid expenses	(89		)	(142		)
Property and equipment	(138		)	(38		)
Investments	(1,269		)	(1,315		)
Other	(137		)	—
Total deferred tax liabilities	(1,633		)	(1,495		)
Valuation allowance	(597		)	(604		)
Net deferred tax assets	$	1,984		$	1,048

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



	January 2, 2016		January 3, 2015
Current assets	$	1,657	$	2,082
Non-current assets	327		14
Non-current liabilities	—		(1,048		)
	$	1,984	$	1,048