Annual report pursuant to Section 13 and 15(d)

INCOME TAX

v3.20.1
INCOME TAX
12 Months Ended
Dec. 31, 2019
INCOME TAX  
INCOME TAX

NOTE 8. INCOME TAX

The income tax provision for the year ended December 31, 2019 consists of the following:

 

 

 

 

 

Federal

    

 

 

Current

 

$

208,612

Deferred

 

 

 —

 

 

 

 

State

 

 

  

Current

 

 

 —

Deferred

 

 

 —

Income tax provision

 

$

208,612

 

As of December 31, 2019, the Company did not have any U.S. federal and state net operating loss carryovers (“NOLs”) available to offset future taxable income.

In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets 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 liabilities, projected future taxable income and tax planning strategies in making this assessment.

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2019 is as follows:

 

 

 

 

 

Statutory federal income tax rate

    

21.0

%

State taxes, net of federal tax benefit

 

0.0

%

Income tax provision

 

21.0

%

 

The Company files income tax returns in the U.S. federal jurisdiction in various state and local jurisdictions and is subject to examination by the various taxing authorities. The Company’s tax returns since inception remain open and subject to examination.