Income Tax

3 Months Ended

Mar. 31, 2022

Income Tax [Abstract]

Income Tax

Note 9 — Income Tax

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

	March 31,
	2022
Deferred tax asset
Net operating loss carryforward	$	770,000
Valuation allowance		(770,000	)
Deferred tax (liability) asset	$	-

The income tax provision consists of the following:

	March 31, 2022
Federal
Current	$	-
Deferred		(494,000	)
State		-
Current		-
Deferred		-
Change in valuation allowance		494,000
Income tax provision expense	$	-

A reconciliation of the federal income tax rate to the Company’s effective tax rate at March 31, 2022 is as follows:

	March 31, 2022
Statutory federal income tax rate		21	%
State taxes, net of federal tax benefit		0	%
Permanent differences		110	%
Valuation allowance		(131	)%
Income tax provision expense		0	%

As of March 31, 2021, the Company had $770,000 in net operating loss carryforwards available to offset future taxable income.