Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.2
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   $ (7,668,233 )     21 %   $ 318,421       21 %
Nondeductible/nontaxable items     7,254,149       (19.87 )%     198,030       13.06 %
State taxes, net of federal benefit           %           %
State effect of perm items           %           %
Valuation allowance activity     520,318       (1.42 )%     168,651       11.12 %
Deferred rate change           %           %
Federal payable true-up     16,652       (0.05 )%     (9,248 )     (0.61 )%
Other     (2,436 )     0.01 %     1       %
Total Income Tax Provision/(Benefit)   $ 120,449       (0.33 )%   $ 675,854       44.57 %
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 )