Annual report pursuant to Section 13 and 15(d)

Note 12 - Income Taxes (Tables)

v3.19.3.a.u2
Note 12 - Income Taxes (Tables)
 12 Months Ended
Oct. 31, 2019
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
   
Successor
    
Predecessor
  
(in thousands)
  
December 6, 2018 through October 31, 2019
    
November 1, 2018 through December 5, 2018
    
Year Ended October 31, 2018
  
United States
   $
(14,875
 )   $
(26,975
 )   $
15,077
  
Foreign
    
1,660
      
207
      
3,521
  
Total
   $
(13,215
 )   $
(26,768
 )   $
18,598
  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   
Successor
    
Predecessor
  
(in thousands)
  
December 6, 2018 through October 31, 2019
    
November 1, 2018 through December 5, 2018
    
Year Ended October 31, 2018
  
Current tax provision:
                        
Federal
   $
-
     $
-
     $
(366
 )
Foreign
    
1,108
      
134
      
1,232
  
State and local
    
409
      
31
      
456
  
Total current tax provision
    
1,517
      
165
      
1,322
  
                         
Deferred tax provision (benefit):
                        
Federal
    
(3,317
 )    
(3,474
 )    
(10,649
 )
Foreign
    
(571
 )    
(86
 )    
(730
 )
State and local
    
(932
 )    
(797
 )    
273
  
Total deferred tax (benefit) provision
    
(4,820
 )    
(4,357
 )    
(11,106
 )
                         
Net provision (benefit) for income taxes
   $
(3,303
 )   $
(4,192
 )   $
(9,784
 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   
Successor
    
Predecessor
  
(in thousands)
  
December 6, 2018 through October 31, 2019
    
November 1, 2018 through December 5, 2018
    
Year Ended October 31, 2018
  
Income tax provision per federal statutory rate of 21%, 21% and 23%
   $
(2,777
 )   $
(5,622
 )   $
4,310
  
State income taxes, net of federal deduction
    
(468
 )    
(635
 )    
560
  
Foreign rate differential
    
(48
 )    
(6
 )    
(179
 )
Meals and entertainment
    
187
      
24
      
220
  
Transaction costs
    
18
      
1,414
      
44
  
Change in deferred tax rate
    
(95
 )    
30
      
-
  
Stock-based compensation
    
-
      
6
      
65
  
Contingent consideration fair value adjustment
    
-
      
-
      
122
  
Equity contribution
    
127
      
-
      
-
  
Nontaxable interest income net of foreign income inclusions
    
(257
 )    
(62
 )    
40
  
Deferred tax on undistributed foreign earnings
    
236
      
68
      
(142
 )
Impact of tax reform
    
-
      
-
      
(14,645
 )
Deferred finance costs
    
-
      
586
      
-
  
Fuel tax credit
    
103
      
-
      
-
  
Return to prior year provision
    
(323
 )    
-
      
(173
 )
Other
    
(6
 )    
5
      
(6
 )
Income tax provision
   $
(3,303
 )   $
(4,192
 )   $
(9,784
 )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   
Successor
    
Predecessor
  
(in thousands)  
Year Ended October 31, 2019
    
Year Ended October 31, 2018
  
Deferred tax assets:
                
Accrued insurance reserve
   $
1,334
     $
942
  
Accrued sales and use tax
    
77
      
962
  
Accrued payroll
    
353
      
368
  
Foreign tax credit carryforward
    
80
      
80
  
Interest expense carryforward    
9,181
      
-
  
Stock-based compensation    
893
      
-
  
Prepaid expenses    
4
      
-
  
Other
    
435
      
1,931
  
Net operating loss carryforward
    
17,385
      
255
  
Total deferred tax assets
   $
29,742
     $
4,538
  
Valuation allowance
    
(63
 )    
(63
 )
Net deferred tax assets
    
29,679
      
4,475
  
                 
Deferred tax liabilities:
                
Intangible assets
    
(36,593
 )    
(6,219
 )
Property and equipment
    
(61,608
 )    
(36,394
 )
Prepaid expenses
    
-
      
(120
 )
Unremitted foreign earnings
    
(527
 )    
(747
 )
Total net deferred tax liabilities
    
(98,728
 )    
(43,480
 )
                 
Net deferred tax liabilities
   $
(69,049
 )   $
(39,005
 )
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
   
Successor
    
Predecessor
  
(in thousands)
  
December 6, 2018 through October 31, 2019
    
November 1, 2018 through December 5, 2018
    
Year Ended October 31, 2018
  
Balance, beginning of year
   $
-
     $
-
     $
-
  
Increase in current year position
    
1,726
      
-
      
-
  
Increase in prior year position
    
-
      
-
      
-
  
Decrease in prior year position
    
-
      
-
      
-
  
Lapse in statute of limitations
    
-
      
-
      
-
  
Balance, end of year
   $
1,726
     $
-
     $
-