Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

The Company’s financial statements include total net income (loss) before taxes of $904,033 and $(122,583) for the years ended December 31, 2018 and 2017, respectively. The income tax provision/(benefit) consists of the following:

 

    December 31,
    2018   2017
Federal        
    Current   $ 311,183     $ —    
    Deferred     (119,993 )     (25,016 )
State and Local                
    Current     —         —    
    Deferred     13,984       (13,984 )
Change in Valuation allowance     106,009       39,000  
Income tax provision (benefit)   $ 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:

     
    2018   2017
    Amount   Percent of Pretax Income   Amount   Percent of Pretax Income
Current tax at U.S. statutory rate    $ 189,847       21.00 %   (41,678 )     34.00 %
Nondeductible/nontaxable items     1,343       0.15 %     1,177       -0.96 %
State taxes, net of federal benefit     —         0.00 %     (12,022 )     9.81 %
State effect of perm items     —         0.00 %     339       -0.28 %
Valuation allowance activity     106,009       11.73 %     38,999       -31.81 %
Deferred rate change     13,984       1.55 %     13,185       -10.76 %
Current/deferred rate differential     —         0.00 %     —         0.00 %
Other             0.00 %             0.00 %
Total Income Tax Provision/(Benefit)   $ 311,183       34.42 %   $ —         0.00 %
Schedule of deferred income tax assets and liabilities

The components of deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows: 

    December 31,
    2018   2017
Deferred tax assets:                
    Net operating loss carryovers   $ —       $ 686  
    Start-up cost     145,009       38,314  
Total deferred tax assets     145,009       39,000  
Valuation allowance     (145,009 )     (39,000 )
Deferred tax liabilities:                
    Unrealized gain/loss     —         —    
Net Deferred tax assets/(liabilities), net of allowance   $ —       $ —