Income Taxes (Tables)

12 Months Ended

Jan. 29, 2022

Income Taxes [Abstract]

Income Tax Expense

Income tax expense consists of the following:

	Fiscal Year
	2021		2020
(amounts in thousands)
Federal - current	$	-	$	(3,542	)
State - current		27		-
Deferred		-		-
Income tax (benefit) expense	$	27	$	(3,542	)

Reconciliation of Effective Income Tax Rate with Federal Statutory Rate

A reconciliation of the Company’s effective income tax rate with the federal statutory rate is as follows:

	Fiscal Year
	2021			2020
Federal statutory rate		21.0	%		21.0	%
State income taxes, net of federal tax effect		(0.3	%)		0.0	%
Change in Valuation Allowance		(30.9	%)		(27.7	%)
Cash surrender value - insurance / benefit program		0.8	%		6.8	%
Uncertain tax position		-	%		47.6	%
Other		9.1	%		(0.1	%)
Effective tax rate		(0.3	%)		47.6	%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets are as follows:

	January 29, 2022			January 30, 2021
(amounts in thousands)
DEFERRED TAX ASSETS
Accrued Expenses	$	159		$	71
Inventory		219			215
Retirement and compensation related accruals		3,769			3,981
Fixed assets		-			218
Federal and state net operating loss and credit carry forwards		91,468			90,206
Losses on investment		853			853
Others		107			107
Gross deferred tax assets before valuation allowance		96,575			95,651
Less: valuation allowance		(96,331	)		(95,022	)
Total deferred tax assets	$	244		$	629
DEFERRED TAX LIABILITIES
Fixed assets	$	(244	)	$	-
Intangibles		-			(629	)
Total deferred tax liabilities	$	(244	)	$	(629	)
NET DEFERRED TAX ASSET	$	-		$	-

Reconciliation of Unrecognized Tax Benefits

Amounts presented excluded interest and penalties, where applicable, on unrecognized tax benefits:

	Fiscal Year
	2021		2020
(amounts in thousands)
Unrecognized tax benefits at beginning of year	$	413	$	1,930
Decreases in tax positions from prior years		-		(1,517	)
Unrecognized tax benefits at end of year	$	413	$	413