Income Taxes (Tables)

12 Months Ended

Feb. 01, 2020

Schedule of Deferred Tax Assets and Liabilities

The Company records deferred taxes for differences between the financial reporting and income tax bases of assets and liabilities, computed in accordance with tax laws in effect at that time. The deferred taxes related to such differences as of February 1, 2020 and February 2, 2019 were as follows (in thousands):



	February 1, 2020			February 2, 2019
Accruals and reserves not currently deductible for tax purposes	$	4,039		$	5,281
Inventory capitalization	1,181			1,339
Differences in depreciation lives and methods	(1,076		)	(1,382		)
Differences in basis of intangible assets	153			43
Differences in investments and other items	2,140			1,432
Net operating loss carryforwards	96,894			85,138
Valuation allowance	(103,331		)	(91,851		)
Net deferred tax liability	$	—		$	—

Schedule of Components of Income Tax Provision (Benefit)

The income tax benefit (provision) consisted of the following (in thousands):



	For the Years Ended
	February 1, 2020			February 2, 2019			February 3, 2018
Current	$	(11	)	$	(65	)	$	(60	)
Deferred	—			—			3,505
	$	(11	)	$	(65	)	$	3,445

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory tax rates to the Company’s effective tax rate is as follows:



	For the Years Ended
	February 1, 2020		February 2, 2019		February 3, 2018
Taxes at federal statutory rates	21.0	%	21.0	%	33.8	%
State income taxes, net of federal tax benefit	4.1		5.9		40.4
Provision to return true-up	(4.0	)	(2.5	)	(41.6	)
Non-cash stock option vesting expense	(0.6	)	(1.2	)	(12.2	)
FCC license deferred tax liability impact on valuation allowance	—		—		100.4
Impact of Tax Act on deferred tax valuation	—		—		(1,382.3	)
Valuation allowance and NOL carryforward benefits	(20.4	)	(23.6	)	1,365.3
Other	(0.1	)	0.1		0.5
Effective tax rate	—	%	(0.3	)%	104.3	%