Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
 12 Months Ended
Jan. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of deferred income taxes
The components of deferred income taxes follow:
2022 2021
Deferred Income Tax Assets
Federal net operating loss carryforward $ 2,082  $ 7,763 
State net operating loss carryforward 1,403  1,818 
Intangible assets 397  286 
Accrued liabilities 5,646  4,423 
Equity-based compensation 2,032  1,083 
Property and equipment —  640 
Merchandise inventories 689  330 
Charitable Contributions 12  10 
Total Deferred Income Tax Assets 12,261  16,353 
Deferred Income Tax Liabilities
    Property and equipment (2,425) — 
Valuation Allowance —  (16,353)
Net Deferred Income Tax Asset $ 9,836  $ — 
Schedule of effective income tax rate reconciliation
The income tax provision differs from the amount obtained by applying the statutory Federal income tax rate to pre-tax income as follows:
2022 2021 2020
Provision (benefit) at Federal Statutory rates $ 8,035  $ 3,111  $ (3,184)
Permanent adjustments (1,039) (411) (848)
State tax, net of Federal provision (benefit) 1,737  496  (582)
Change in state deferred tax 146  —  — 
Federal True-ups (164) 61  (394)
Uncertain tax positions- NOLS —  —  (10,753)
Change in valuation allowance (16,353) (3,171) 15,804 
Income (benefit) tax provision $ (7,638) $ 86  $ 43 
Differences in terms of percentages are as follows:
2022 2021 2020
Provision (benefit) at Federal Statutory rates 21.0  % 21.0  % (21.0) %
Permanent adjustments (2.7) % (2.8) % (5.6) %
State tax, net of Federal provision (benefit) 4.5  % 3.4  % (3.8) %
Change in state deferreds 0.4  % —  % —  %
Federal True-ups (0.4) % 0.4  % (2.6) %
Uncertain tax positions- NOLS —  % —  % (70.9) %
Change in valuation allowance (42.7) % (21.4) % 104.2  %
Income tax provision (20.0) % 0.6  % 0.3  %
Schedule of federal, state and local corporate income taxes
The Company is subject to federal, state and local corporate income taxes. The components of the provision for income taxes reflected on the consolidated statements of operations are set forth below:
2022 2021 2020
Current taxes:
U.S. federal $ —  $ —  $ — 
State and local 2,198  86  43 
Total current tax expense $ 2,198  $ 86  $ 43 
Deferred taxes:
U.S. federal $ (7,254) $ —  $ — 
State and local (2,582) —  — 
Total deferred tax expense (benefit) (9,836) —  — 
Total tax provision $ (7,638) $ 86  $ 43 
Schedule of unrecognized tax benefits
2022 2021 2020
Beginning balance $ —  $ —  $ 10,753 
Additions for tax positions acquired —  —  — 
Additions for tax positions related to current year —  —  — 
Tax positions of prior years:
Payments —  —  — 
Settlements —  —  — 
Release —  —  (10,753)
Ending balance $ —  $ —  $ —