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Income Taxes
6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

 

NOTE 14. INCOME TAXES

Prior to the completion of the Business Combination, CMG was a limited liability company and treated as a partnership for federal and state income tax purposes.  A partnership is not a tax-paying entity for federal and state income tax purposes, and as such, the results of operations were allocated to the members for inclusion in their income tax returns.  Following the Business Combination, the income of CMG will flow through to the Company and will be taxed at the federal and state levels accordingly.  

 

Income tax expense for the three and six months ended June 30, 2021 was $0.  The effective tax rate for the three and six months ended June 30, 3021 was 0.0% based on the determination that a full valuation allowance was recorded.