Income Taxes (Tables)

12 Months Ended

Jan. 28, 2023

Income Taxes [Abstract]

Income Tax Expense

Income tax expense consists of the following:

	Fiscal Year
	2022		2021
(amounts in thousands)
Federal - current	$	-	$	-
State - current		43		27
Deferred		-		-
Income tax (benefit) expense	$	43	$	27

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
	2022			2021
Federal statutory rate		21.0	%		21.0	%
State income taxes, net of federal tax effect		(0.2	%)		(0.3	%)
Change in Valuation Allowance		(22.4	%)		(30.9	%)
Cash surrender value - insurance / benefit program		(0.5	%)		0.8	%
Other		1.8	%		9.1	%
Effective tax rate		(0.3	%)		(0.3	%)

Significant Components of Deferred Tax Assets and Liabilities

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

	January 28, 2023			January 29, 2022
(amounts in thousands)
DEFERRED TAX ASSETS
Accrued Expenses	$	191		$	159
Inventory		252			219
Retirement and compensation related accruals		3,622			3,769
Federal and state net operating loss and credit carry forwards		96,589			91,468
Losses on investment		853			853
Others		107			107
Gross deferred tax assets before valuation allowance		101,614			96,575
Less: valuation allowance		(101,403	)		(96,331	)
Total deferred tax assets	$	211		$	244
DEFERRED TAX LIABILITIES
Fixed assets		(211	)		(244	)
Total deferred tax liabilities	$	(211	)	$	(244	)
NET DEFERRED TAX ASSET	$	-		$	-

Reconciliation of Unrecognized Tax Benefits

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

	Fiscal Year
	2022		2021
(amounts in thousands)
Unrecognized tax benefits at beginning of year	$	413	$	413
Decreases in tax positions from prior years		-		-
Unrecognized tax benefits at end of year	$	413	$	413