Income Tax

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax

Income Tax

The Company’s net deferred tax asset is as follows:

	June 30, 2022
Deferred tax asset
Organizational costs and net operating loss	$	1,182,668
Total deferred tax asset	1,182,668
Valuation allowance	(1,182,668)
Deferred tax asset, net of valuation allowance	$	—

The income tax provision consists of the following:

	June 30, 2022
Federal:
Current	$	5,113
Deferred	(52,459)
State:
Current	—
Deferred	—
Change in valuation allowance	52,459
Income tax provision	$	5,113

In assessing the realization of the deferred tax asset, management considers whether it is more likely than not that some portion of all of the deferred tax asset will not be realized. The ultimate realization of deferred tax asset is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liability, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance.

The Company files income tax returns in the U.S. federal jurisdiction and is subject to examination by the relevant taxing authority.