Income Tax

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAX

NOTE 10 — INCOME TAX

The Company's net deferred tax liability are as follows:

	December 31,			December 31,
	2020			2019
Deferred tax liability
Unrealized gain on marketable securities	$	(432	)		(48	)
Total deferred tax liability		(432	)		(48	)
Valuation Allowance		—			—
Deferred tax liability	$	(432	)	$	(48	)

The income tax provision consists of the following:

	December 31,		December 31,
	2020		2019
Federal
Current	$	26,728	$	26,934
Deferred		384		48
State and Local
Current		—		—
Deferred		—		—
Change in valuation allowance		—		—
Income tax provision	$	27,112	$	26,982

As of December 31, 2020 and 2019, the Company did not have any of U.S. federal and state net operating loss carryovers available to offset future taxable income.

A reconciliation of the federal income tax rate to the Company's effective tax rate is as follows:

	December 31, 2020			December 31, 2019
Statutory federal income tax rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		0.0	%		0.0	%
Transaction costs allocable to warrant liability		0.0	%		0.3	%
Change in fair value of warrant liability		(22.5	)%		(19.3	)%
Valuation allowance		(0.0	)%		0.00	%
Income tax provision		(1.5	)%		2.0	%

The Company files income tax returns in the U.S. federal jurisdiction and is subject to examination by the various taxing authorities. The Company's tax returns since inception remain open to examination by the taxing authorities. The Company considers New York to be a significant state tax jurisdiction.