Income Tax

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax

Note 9 — Income Tax

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

	December 31,
	2021
Deferred tax asset
Net operating loss carryforward	$	276,000
Valuation allowance		(276,000	)
Deferred tax (liability) asset	$	-

The income tax provision consists of the following:

	December 31, 2021
Federal
Current	$	-
Deferred		(268,000	)
State		-
Current		-
Deferred		-
Change in valuation allowance		268,000
Income tax provision expense	$	-

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

	2021
Statutory federal income tax rate		21	%
State taxes, net of federal tax benefit		0	%
Permanent differences		(27	)%
Valuation allowance		6	%
Income tax provision expense		0	%

As of December 31, 2021, the Company had $276,000 in net operating loss carryforwards available to offset future taxable income.