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
    $
-
    $
-