Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
12 Months Ended
Jan. 31, 2023
Income Tax Disclosure [Line Items]  
Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are comprised of the following for the fiscal years ended January 31:

 

 

 

2023

 

 

2022

 

Current income taxes

 

 

 

 

 

 

Federal

 

$

-

 

 

$

-

 

State

 

 

10

 

 

 

1

 

Foreign

 

 

48

 

 

 

464

 

Deferred income taxes

 

 

 

 

 

 

Total income tax expense

 

$

58

 

 

$

465

 

Schedule of effective income tax rate reconciliation

A reconciliation of income tax expense at the U.S. federal statutory income tax rate to annual income tax expense at the Company’s effective tax rate is as follows:

 

 

 

2023

 

 

 

 

 

2022

 

 

 

 

Income tax expense computed at U.S. federal statutory income tax rate

 

$

(23,217

)

 

 

21.0

%

 

$

(50,575

)

 

 

21.0

%

State income taxes

 

 

(8,434

)

 

 

7.63

%

 

 

(10,190

)

 

 

4.2

%

Permanent items

 

 

7,623

 

 

 

(6.90

)%

 

 

8,197

 

 

 

(3.4

)%

Valuation allowance

 

 

36,661

 

 

 

(33.16

)%

 

 

53,577

 

 

 

(22.2

)%

Change in State Tax Rate

 

 

(12,761

)

 

 

11.54

%

 

 

(362

)

 

 

0.2

%

Other

 

 

186

 

 

 

(0.17

)%

 

 

(182

)

 

 

0.1

%

Income tax expense computed at U.S. federal statutory income tax rate

 

$

58

 

 

 

(0.06

)%

 

$

465

 

 

 

(0.1

)%

Schedule of deferred tax assets (liabilities)

Significant components of the Company’s deferred tax assets and (liabilities) are as follows:

 

 

 

2023

 

 

2022

 

Deferred tax assets

 

 

 

 

 

 

Net operating loss carryforward

 

$

118,465

 

 

$

81,955

 

Accruals and other

 

 

601

 

 

 

610

 

Intangibles

 

 

124

 

 

 

123

 

Depreciation and amortization

 

 

281

 

 

 

118

 

RSU

 

 

9,766

 

 

 

8,499

 

Others

 

 

657

 

 

 

285

 

Deferred revenue

 

 

4,241

 

 

 

5,786

 

Lease Liabilities

 

 

760

 

 

 

 

Gross deferred tax assets

 

 

134,895

 

 

 

97,376

 

Valuation allowance

 

 

(132,520

)

 

 

(95,533

)

Net deferred tax asset

 

 

2,375

 

 

 

1,843

 

Deferred tax liabilities

 

 

 

 

 

 

Deferred costs

 

 

(1,835

)

 

 

(1,843

)

ROU Assets

 

 

(540

)

 

 

 

Net deferred tax assets (liabilities)

 

$

-

 

 

$

-

 

Summary of Changes to Valuation and Qualifying Accounts

The following summarizes changes to valuation and qualifying accounts for fiscal year 2023 and fiscal year 2022:

 

Income Tax Valuation Allowance

 

Balance at Beginning of Period

 

 

Charged to Costs & Expenses

 

 

Federal/State NOL

 

 

Balance at End of Period

 

Fiscal Year Ended

 

 

 

 

 

 

 

 

 

 

 

 

January 31, 2023

 

 

95,533

 

 

 

476

 

 

 

36,510

 

 

 

132,520

 

January 31, 2022

 

 

41,849

 

 

 

10,662

 

 

 

43,022

 

 

 

95,533