Income Tax

6 Months Ended

Jun. 30, 2022

Income Tax [Abstract]

Income Tax

Note 9 — Income Tax

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

	June 30,
	2022
Deferred tax asset
Net operating loss carryforward	$	994,000
Valuation allowance		(994,000	)
Deferred tax (liability) asset	$	-

The income tax provision consists of the following:

	June 30, 2022
Federal
Current	$	-
Deferred		(718,000	)
State		-
Current		-
Deferred		-
Change in valuation allowance		718,000
Income tax provision expense	$	-

A reconciliation of the federal income tax rate to the Company’s effective tax rate at June 30, 2022 is as follows:

	June 30, 2022
Statutory federal income tax rate		21	%
State taxes, net of federal tax benefit		0	%
Permanent differences		120	%
Valuation allowance		(141	)%
Income tax provision expense		0	%

As of June 30, 2021, the Company had $994,000 in net operating loss carryforwards available to offset future taxable income.