CarParts.com, Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Jan. 01, 2022

The components of loss before income taxes consist of the following:


	Fiscal Year Ended
	January 1, 2022		January 2, 2021		December 28, 2019
Domestic operations	$	(10,460)	$	(1,738)	$	(10,618)
Foreign operations		472		532		507
Total loss before income taxes	$	(9,988)	$	(1,206)	$	(10,111)

The income tax provision consists of the following:

Income tax provision differs from the amount that would result from applying the federal statutory rate as follows:


	January 1, 2022		January 2, 2021		December 28, 2019
Income tax at U.S. federal statutory rate	$	(2,098)	$	(253)	$	(2,123)
Tax attributes written off		—		50		—
Share-based compensation		(4,602)		(318)		729
State income tax, net of federal tax effect		(269)		(115)		(325)
Foreign tax		243		144		106
Other		42		121		35
Change in valuation allowance		7,035		678		23,015
Effective tax provision	$	351		307	$	21,437

Deferred tax assets and deferred tax liabilities consisted of the following:


	January 1, 2022		January 2, 2021
Deferred tax assets:
Inventory and inventory related allowance	$	1,373	$	1,082
Lease liabilities		10,830		7,311
Share-based compensation		3,108		2,102
Book over tax depreciation		—		468
Intangibles		161		660
Sales and bad debt allowances		1,021		1,044
Accrued compensation		445		436
Net operating loss		32,102		24,131
Other		210		186
Total deferred tax assets		49,250		37,420
Valuation allowance		(37,637)		(30,516)
Net deferred tax assets		11,613		6,904
Deferred tax liabilities:
Right-of-use assets		10,203		6,879
Tax over book depreciation		1,410		—
Other		—		25
Total deferred tax liabilities		11,613		6,904
Net deferred tax assets	$	—	$	—