Income Tax

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax

NOTE 9 — Income Tax

The Company’s net deferred tax assets are as follows:

	March 31,
	2021
Deferred tax asset (liability)
Mark-to-market adjustments and offering cost on warrants		(725,000	)
Net operating loss carryforward		50,000
Valuation allowance		675,000
Deferred tax (liability) asset	$	-

The income tax provision consists of the following:

	March 31, 2021
Federal
Current	$	-
Deferred		(1,050,000	)
State		-
Current		-
Deferred		-
Change in valuation allowance		1,050,000
Income tax provision expense	$	-

A reconciliation of the federal income tax rate to the Company’s effective tax rate at March 31, 2021 is as follows:

	2021
Statutory federal income tax rate		21	%
State taxes, net of federal tax benefit		0	%
Valuation allowance		(21	)%
Income tax provision expense		0	%

As of March 31, 2021, the Company had $8,000 in net operating loss carryforwards available to offset future taxable income.