Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.22.1
Income Tax (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Tax Assets

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

 

 

 

December 31,

2021

 

 

December 31,

2020

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Organizational costs/Startup expenses

 

$

152,798

 

 

$

111

 

Federal net operating loss carryforwards

 

 

17,851

 

 

 

 

Total deferred tax assets

 

 

170,650

 

 

 

111

 

Valuation allowance

 

 

(170,650

)

 

 

(111

)

Deferred tax assets, net of allowance

 

$

 

 

$

 

Schedule of Income Tax Provisions

The income tax provision consists of the following:

 

 

 

December 31,

2021

 

 

December 31,

2020

 

Federal

 

 

 

 

 

 

 

 

Current

 

$

 

 

$

 

Deferred

 

 

170,539

 

 

 

111

 

 

 

 

 

 

 

 

 

 

State

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

Change in valuation allowance

 

 

(170,539

)

 

 

(111

)

Income tax provision

 

$

 

 

$

 

Schedule of Reconciliations of Federal Income Tax Effective Rate

Reconciliations of the federal income tax rate to the Company’s effective tax rate at December 31, 2021 and 2020 are as follows:

 

 

 

December 31,

2021

 

 

December 31,

2020

 

Statutory federal income tax rate

 

 

21.0

%

 

 

21.0

%

State taxes, net of federal tax benefit

 

 

0.0

%

 

 

0.0

%

Change in fair value of warrants

 

 

7.6

%

 

 

0.0

%

Acquisition related expenses

 

 

-22.1

%

 

 

0.0

%

Change in valuation allowance

 

 

-6.5

%

 

 

-21.0

%

Income tax provision

 

—%

 

 

—%