General form of registration statement for all companies including face-amount certificate companies

INCOME TAX (Tables)

v3.21.1
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes  
Schedule of net deferred tax assets

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

 

 

 

 

 

 

 

 

 

    

As of December 31,

 

    

2020

    

2019

Deferred tax asset

 

 

 

 

 

 

Organizational costs/Startup expenses

 

$

122,876

 

$

 —

Total deferred tax asset

 

 

122,876

 

 

 —

Valuation allowance

 

 

(122,876)

 

 

 —

Deferred tax asset, net of allowance

 

$

 —

 

$

 —

 

Schedule of income tax provision

The income tax provision consists of the following:

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

    

2020

    

2019

 

 

 

 

 

 

 

Federal

 

 

 

 

 

 

Current

 

$

170,647

 

$

208,612

Deferred

 

 

(99,629)

 

 

 

 

 

 

 

 

 

State and Local

 

 

 

 

 

 

Current

 

 

39,818

 

 

Deferred

 

 

(23,247)

 

 

 

 

 

 

 

 

 

Change in valuation allowance

 

 

122,876

 

 

 

 

 

 

 

 

 

Income tax provision

 

$

210,465

 

$

208,612

 

Schedule of reconciliation of the federal income tax rate to the effective tax rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

    

2020

    

2019

 

 

 

 

 

 

 

Statutory federal income tax rate

 

21.0

%

21.0

%

State taxes, net of federal tax benefit

 

4.9

%

0.0

%

Transaction costs allocable to warrant liabilities

 

0.0

%

5.3

%

Change in FV of warrant liabilities

 

(26.3)

%

(18.1)

%

Valuation allowance

 

(0.6)

%

0.0

%

Income tax provision

 

(1.0)

%

21.0

%