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. 03, 2015

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

The provision for (benefit of) income taxes for fiscal years 2014 and 2013 consisted of the following:



	For the fiscal years ended
	January 3, 2015			December 28, 2013
				(as restated)
Current tax expense:
Federal	$	852		$	123
State	146			107
Foreign	29			(71		)
Current tax expense	$	1,027		$	159
Deferred tax expense — domestic	(318		)	(1,569		)
Deferred tax expense — foreign	5			2
Provision for (benefit of) income taxes	$	714		$	(1,408	)

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 2014 and 2013 is shown below:



	For the fiscal years ended
	January 3, 2015			December 28, 2013
				(as restated)
Income tax expense at statutory rate	$	512		$	1,000
Portion attributable to noncontrolling interest at statutory rate	(8		)	(107		)
State tax expense, net of federal tax effect	69			188
Permanent differences	175			61
Change in valuation allowance	(11		)	(372		)
Recognition of tax effect for the cumulative undistributed earnings from Canada	(44		)	(54		)
Reversal of deferred tax asset valuation allowance	—			(2,150		)
Adjustment of deferred tax assets	7			(1		)
Foreign income tax payable true-up	—			(4		)
Other	14			31
	$	714		$	(1,408	)

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 2014 and 2013 as shown below:



	For the fiscal years ended
	January 3, 2015		December 28, 2013

United States	$	1,411	$	2,291
Canada	98		(237		)
	$	1,509	$	2,054

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:



	January 3, 2015			December 28, 2013
				(as restated)
Current assets	$	1,868		$	1,593
Non-current assets	14			21
Non-current liabilities	(1,048		)	(1,092		)
	$	834		$	522

The components of net deferred tax assets (liabilities) as of January 3, 2015, and December 28, 2013, are as follows:



	January 3, 2015			December 28, 2013
				(as restated)
Deferred tax assets:
Net operating loss carryforwards	$	309		$	317
Federal and state tax credits	242			199
Reserves	246			210
Accrued expenses	1,749			1,327
Share-based compensation	348			307
Deferred gain	—			142
Property and equipment	14			21
Other	25			—
Total deferred tax assets	2,933			2,523
Deferred tax liabilities:
Prepaid expenses	(142		)	(148		)
Property and equipment	(38		)	(29		)
Investments	(1,315		)	(1,211		)
Total deferred tax liabilities	(1,495		)	(1,388		)
Valuation allowance	(604		)	(613		)
Net deferred tax assets	$	834		$	522