Note 12 - Income Taxes (Tables)
|
12 Months Ended |
Oct. 31, 2020 |
|---|
| Notes Tables |
|
| Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
| |
|
Successor |
|
|
|
|
| |
|
|
|
|
(As Restated) |
|
|
Predecessor |
|
| (in thousands) |
|
Year Ended October 31, 2020 |
|
|
December 6, 2018 through October 31, 2019 |
|
|
November 1, 2018 through December 5, 2018 |
|
| United States |
|
$ |
(49,688 |
) |
|
$ |
(21,366 |
) |
|
$ |
(26,974 |
) |
| Foreign |
|
|
(16,540 |
) |
|
|
1,660 |
|
|
|
207 |
|
| Total |
|
$ |
(66,228 |
) |
|
$ |
(19,706 |
) |
|
$ |
(26,767 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
| |
|
Successor |
|
|
Predecessor |
|
| (in thousands) |
|
Year Ended October 31, 2020 |
|
|
December 6, 2018 through October 31, 2019 |
|
|
November 1, 2018 through December 5, 2018 |
|
| Current tax provision (benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
(4,299 |
) |
|
$ |
- |
|
|
$ |
- |
|
| Foreign |
|
|
(9 |
) |
|
|
1,108 |
|
|
|
134 |
|
| State and local |
|
|
361 |
|
|
|
409 |
|
|
|
31 |
|
| Total current tax provision (benefit) |
|
|
(3,947 |
) |
|
|
1,517 |
|
|
|
165 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred tax provision (benefit): |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
759 |
|
|
$ |
(3,317 |
) |
|
$ |
(3,474 |
) |
| Foreign |
|
|
126 |
|
|
|
(571 |
) |
|
|
(86 |
) |
| State and local |
|
|
(1,914 |
) |
|
|
(932 |
) |
|
|
(797 |
) |
| Total deferred tax benefit |
|
|
(1,029 |
) |
|
|
(4,820 |
) |
|
|
(4,357 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net benefit for income taxes |
|
$ |
(4,977 |
) |
|
$ |
(3,303 |
) |
|
$ |
(4,192 |
) |
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| |
|
|
(As Restated) |
|
|
|
|
| |
|
Successor |
|
|
Predecessor |
|
| (in thousands) |
|
Year Ended October 31, 2020 |
|
|
December 6, 2018 through October 31, 2019 |
|
|
November 1, 2018 through December 5, 2018 |
|
| Income tax benefit per federal statutory rate of 21% for each period |
|
$ |
(13,967 |
) |
|
$ |
(4,140 |
) |
|
$ |
(5,622 |
) |
| State income taxes, net of federal deduction |
|
|
(150 |
) |
|
|
(468 |
) |
|
|
(635 |
) |
| Foreign rate differential |
|
|
108 |
|
|
|
(48 |
) |
|
|
(6 |
) |
| Meals and entertainment |
|
|
127 |
|
|
|
187 |
|
|
|
24 |
|
| Transaction costs |
|
|
- |
|
|
|
18 |
|
|
|
1,414 |
|
| Change in deferred tax rate |
|
|
(1,654 |
) |
|
|
(95 |
) |
|
|
30 |
|
| Stock-based compensation |
|
|
105 |
|
|
|
- |
|
|
|
6 |
|
| Equity contribution |
|
|
- |
|
|
|
127 |
|
|
|
- |
|
| Nontaxable interest income net of foreign income inclusions |
|
|
717 |
|
|
|
(257 |
) |
|
|
(62 |
) |
| Deferred tax on undistributed foreign earnings |
|
|
(255 |
) |
|
|
236 |
|
|
|
68 |
|
| Impact of tax reform in the U.K. (see discussion below) |
|
|
859 |
|
|
|
- |
|
|
|
- |
|
| Deferred finance costs |
|
|
- |
|
|
|
- |
|
|
|
586 |
|
| Goodwill impairment |
|
|
9,812 |
|
|
|
- |
|
|
|
- |
|
| Impact of US tax reform from CARES Act |
|
|
(1,381 |
) |
|
|
- |
|
|
|
- |
|
| Settlement with related party |
|
|
420 |
|
|
|
- |
|
|
|
- |
|
| Change in fair value of warrant liabilities |
|
|
55 |
|
|
|
1,363 |
|
|
|
- |
|
| Other |
|
|
227 |
|
|
|
(226 |
) |
|
|
5 |
|
| Income tax benefit |
|
$ |
(4,977 |
) |
|
$ |
(3,303 |
) |
|
$ |
(4,192 |
) |
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
| (in thousands) |
|
Year Ended October 31, 2020 |
|
|
December 6, 2018 through October 31, 2019 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Accrued insurance reserve |
|
$ |
1,637 |
|
|
$ |
1,334 |
|
| Accrued sales and use tax |
|
|
75 |
|
|
|
77 |
|
| Accrued bonuses and vacation |
|
|
1,521 |
|
|
|
353 |
|
| Accrued payroll tax |
|
|
676 |
|
|
|
- |
|
| Foreign tax credit carryforward |
|
|
80 |
|
|
|
80 |
|
| State tax credit carryforward |
|
|
70 |
|
|
|
- |
|
| Interest expense carryforward |
|
|
4,089 |
|
|
|
9,181 |
|
| Stock-based compensation |
|
|
3,127 |
|
|
|
893 |
|
| Prepaid expenses |
|
|
- |
|
|
|
4 |
|
| Other |
|
|
335 |
|
|
|
435 |
|
| Net operating loss carryforward |
|
|
10,308 |
|
|
|
17,385 |
|
| Total deferred tax assets |
|
$ |
21,918 |
|
|
$ |
29,742 |
|
| Valuation allowance |
|
|
(63 |
) |
|
|
(63 |
) |
| Net deferred tax assets |
|
$ |
21,855 |
|
|
$ |
29,679 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Intangible assets |
|
|
(27,504 |
) |
|
|
(36,593 |
) |
| Property and equipment |
|
|
(61,761 |
) |
|
|
(61,608 |
) |
| Prepaid expenses |
|
|
(128 |
) |
|
|
- |
|
| Unremitted foreign earnings |
|
|
(481 |
) |
|
|
(527 |
) |
| Total net deferred tax liabilities |
|
|
(89,874 |
) |
|
|
(98,728 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred tax liabilities |
|
$ |
(68,019 |
) |
|
$ |
(69,049 |
) |
|
| Summary of Operating Loss and Tax Credit Carryforwards [Table Text Block] |
| (in millions) |
|
Balance as of October 31, 2020 |
|
Year that Carryforwards Begin to Expire |
|
| Federal net operating loss carryforwards |
|
$ |
42.6 |
|
|
N/A – Carried forward indefinitely |
|
| State net operating loss carryforwards |
|
|
30.4 |
|
|
|
2023 |
|
| Foreign tax carryforwards |
|
|
0.1 |
|
|
|
2026 |
|
| State credit carryforwards |
|
|
0.1 |
|
|
|
2023 |
|
| Interest expense carryforwards |
|
|
15.8 |
|
|
N/A – Carried forward indefinitely |
|
| Total tax carryforwards |
|
$ |
89.0 |
|
|
|
|
|
|
| Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
| |
|
Successor |
|
|
Predecessor |
|
| (in thousands) |
|
Year Ended October 31, 2020 |
|
|
December 6, 2018 through October 31, 2019 |
|
|
November 1, 2018 through December 5, 2018 |
|
| Balance, beginning of year |
|
$ |
1,726 |
|
|
$ |
- |
|
|
$ |
- |
|
| Increase in current year position |
|
|
- |
|
|
|
1,726 |
|
|
|
- |
|
| Increase in prior year position |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Decrease in prior year position |
|
|
(154 |
) |
|
|
- |
|
|
|
- |
|
| Lapse in statute of limitations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Balance, end of year |
|
$ |
1,572 |
|
|
$ |
1,726 |
|
|
$ |
- |
|
|