Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Income tax provision

The income tax provision (benefit) for the year ended December 31, 2022 consists of the following:

Current
Federal	$	279,206
State		86,015
Deferred
Federal		(266,225)
State		(48,573)
Valuation allowance		442,045
Total Income tax provision	$	492,468

The income tax provision (benefit) for the year ended December 31, 2021 consists of the following

Current
Federal	$	—
State		—
Deferred
Federal		(270,918)
State		—
Valuation allowance		270,918
Total Income tax provision	$	—

Schedule of reconciliation of the total income tax provision tax rate to the statutory federal income tax rate

A reconciliation of the statutory income tax rate (benefit) to the Company's effective tax rate for the year ended at December 31, 2022 is as follows:

Statutory federal income tax rate	21.0	%
State tax expense	6.04	%
Share Based Compensation	0.0	%
Change in Valuation Allowance	127.43	%
State rate change	(12.51)	%
Effective Tax Rate	141.96	%

A reconciliation of the statutory income tax rate (benefit) to the Company’s effective tax rate for the year ended at December 31, 2021 is as follows:

Statutory federal income tax rate	21.0	%
State tax expense	0.0	%
Share Based Compensation	(2.65)	%
Change in Valuation Allowance	(18.35)	%
State rate change	0.0	%
Effective Tax Rate	0.0	%

Summary of significant components of the Company's deferred tax assets

The Company’s net deferred tax assets for the year ended December 31, 2022 are as follows:

Deferred tax assets
Organization Costs	$	712,963
Net operating loss carryforward		—
Total deferred tax assets		712,963
Valuation allowance		(712,963)
Deferred tax assets, net of allowance	$	—
Deferred tax liabilities
Accrued income	$	(127,247)
Total deferred tax liabilities		(127,247)
Deferred tax assets (liabilities), Net	$	(127,247)

The Company’s net deferred tax assets for the year ended December 31, 2021 are as follows:

Deferred tax assets
Organization Costs	$	237,766
Net operating loss carryforward		33,152
Total deferred tax assets		270,918
Valuation allowance		(270,918)
Deferred tax assets, net of allowance	$	—