Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Jan. 31, 2022
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 years ended January 31:

 

 

 

2022

 

 

2021

 

Current income taxes

 

 

 

 

 

 

Federal

 

$

-

 

 

$

-

 

State

 

 

1

 

 

 

8

 

Foreign

 

 

464

 

 

 

69

 

Deferred income taxes

 

 

 

 

 

 

Total income tax expense

 

$

465

 

 

$

77

 

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:

 

 

 

2022

 

 

 

 

 

2021

 

 

 

 

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

 

$

(50,575

)

 

 

21.0

%

 

$

(11,628

)

 

 

21.0

%

State income taxes

 

 

(10,190

)

 

 

4.2

%

 

 

(2,257

)

 

 

4.1

%

Permanent items

 

 

8,197

 

 

 

-3.4

%

 

 

321

 

 

 

-0.6

%

Valuation allowance

 

 

53,577

 

 

 

-22.2

%

 

 

13,632

 

 

 

-24.6

%

Other

 

 

(544

)

 

 

0.3

%

 

 

9

 

 

 

 

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

 

$

465

 

 

 

-0.1

%

 

$

77

 

 

 

-0.1

%

Schedule of deferred tax assets (liabilities)

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

 

 

 

2022

 

 

2021

 

Deferred tax assets

 

 

 

 

 

 

Net operating loss carryforward

 

$

81,955

 

 

$

38,933

 

Accruals and other

 

 

610

 

 

 

757

 

Intangibles

 

 

123

 

 

 

136

 

Depreciation and amortization

 

 

118

 

 

 

70

 

RSU

 

 

8,499

 

 

 

-

 

Others

 

 

285

 

 

 

-

 

Deferred revenue

 

 

5,786

 

 

 

2,754

 

Gross deferred tax assets

 

 

97,376

 

 

 

42,650

 

Valuation allowance

 

 

(95,533

)

 

 

(41,849

)

Net deferred tax asset

 

 

1,843

 

 

 

801

 

Deferred tax liabilities

 

 

 

 

 

 

Deferred costs

 

 

(1,843

)

 

 

(801

)

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 2022 and fiscal year 2021 (in thousands):

 

 

Income Tax Valuation Allowance

 

Balance at Beginning of Period

 

 

Charged to Costs & Expenses

 

 

Federal/State NOL

 

 

Balance at End of Period

 

Year Ended

 

 

 

 

 

 

 

 

 

 

 

 

January 31, 2022

 

 

41,849

 

 

 

10,662

 

 

 

43,022

 

 

 

95,533

 

January 31, 2021

 

 

28,219

 

 

 

(128

)

 

 

13,758

 

 

 

41,849