Income Tax

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Tax

Note 10 — Income Tax

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

	September 30,
	2021
Deferred tax asset (liability)
Net operating loss carryforward		166,000
Valuation allowance		(166,000	)
Deferred tax asset	$	-

The income tax provision consists of the following:

	For the Nine Months Ending September 30, 2021
Federal
Current	$	-
Deferred		(158,000	)
State		-
Current		-
Deferred		-
Change in valuation allowance		158,000
Income tax provision expense	$	-

A reconciliation of the federal income tax rate to the Company’s effective tax rate at September 30, 2021 is as follows:

	2021
Statutory federal income tax rate		21	%
State taxes, net of federal tax benefit		0	%
Permanent differences		(26	)%
Valuation allowance		5	%
Income tax provision expense		0	%

As of September 30, 2021, the Company had $166,000 in net operating loss carryforwards available to offset future taxable income.