Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of income tax provision
               
    December 31  
    2020     2019  
Federal                
Current    $ 248,554      $ 547,749  
Deferred     (648,423 )     (40,546 )
State and Local                
Current            
Deferred            
Change in Valuation allowance     520,318       168,651  
Income tax provision (benefit)    $ 120,449      $ 675,854  
Schedule of Reconciliation between provision/(benefit)
                               
    2020     2019  
    Amount     Percent of
Pretax Income
    Amount     Percent of
Pretax Income
 
Current tax at U.S. statutory rate    $ (414,970     21.00 %    $ 514,015       21.00 %
Nondeductible/nontaxable items     885       -0.04 %     2,436       0.10 %
State taxes, net of federal benefit     -       0.00 %     -       0.00 %
State effect of perm items     -       0.00 %     -       0.00 %
Valuation allowance activity     520,318       -26.33 %     168,651       6.89 %
Deferred rate change     -       0.00 %     -       0.00 %
Federal payable true-up     16,652       -0.84 %     (9,248     -0.38 %
Other     (2,436     0.12 %     1       0.00 %
Total Income Tax Provision/(Benefit)    $ 120,449       -6.10 %    $ 675,854       27.61 %
Schedule of deferred tax assets and liabilities
               
    December 31  
    2020     2019  
Deferred tax assets:                
Unrealized gain/loss    $      
Start-up cost     833,978       313,660  
Total deferred tax assets     833,978       313,660  
Valuation allowance     (833,978 )     (313,660 )
                 
Deferred tax liabilities                
Unrealized gain/loss           (128,105
Net Deferred tax assets/(liabilities), net of allowance    $      $ (128,105 )