Income Tax

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Income Tax Disclosure [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, 2022, the Company had $994,000 in net operating loss carryforwards available to offset future taxable income.

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.