Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

The income tax provision consists of the following:

 

    December 31  
    2019     2018  
Federal                
Current     547,749       311,183  
Deferred     (40,546 )     (119,993 )
State and Local                
Current     -       -  
Deferred     -       13,984  
Change in Valuation allowance     168,651       106,009  
Income tax provision (benefit)     675,854       311,183  
Reconciliation between provision/(benefit) for income taxes and income taxes at statutory U.S. federal income tax rate

Reconciliations of the differences between the provision/(benefit) for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows:

 

    2019     2018  
    Amount     Percent of
Pretax Income
    Amount     Percent of
Pretax Income
 
Current tax at U.S. statutory rate     514,015       21.00 %     189,847       21.00 %
Nondeductible/nontaxable items     2,436       0.10 %     1,343       0.15 %
State taxes, net of federal benefit     -       0.00 %     -       0.00 %
State effect of perm items     -       0.00 %     -       0.00 %
Valuation allowance activity     168,651       6.89 %     106,009       11.72 %
Deferred rate change     -       0.00 %     13,984       1.55 %
Current/deferred rate differential     -       0.00 %     -       0.00 %
Federal payable true-up     (9,248 )     -0.38 %     -       0.00 %
Other     1       0.00 %     -       0.00 %
Total Income Tax Provision/(Benefit)     675,854       27.61 %     311,183       34.42 %
Schedule of deferred income tax assets and liabilities

The components of deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows: 

 

    December 31  
    2019     2018  
Deferred tax assets:                
Unrealized gain/loss     -       -  
Start-up cost     313,660       145,009  
Total deferred tax assets     313,660       145,009  
Valuation allowance     (313,660 )     (145,009 )
                 
Deferred tax liabilities                
Unrealized gain/loss     (128,105 )     -  
Net Deferred tax assets/(liabilities), net of allowance     (128,105 )     -