Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.21.2
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2020
INCOME TAX [Abstract]  
Net Deferred Tax Assets
The Company’s net deferred tax assets are as follows:

    
December 31,
2020
 
Deferred tax asset
     
Net operating loss carryforward
 
$
3,581
 
Organizational costs/Startup expenses
   
25,004
 
Total deferred tax asset
   
28,585
 
Valuation allowance
   
(28,585
)
Deferred tax asset, net of allowance
 
$
 
Income Tax Provision
The income tax provision consists of the following:

    
December 31,
2020
 
Federal
     
Current
 
$
 
Deferred
   
(28,585
)
         
State
       
Current
   
 
Deferred
   
 
Change in valuation allowance
   
28,585
 
Income tax provision
 
$
 
Reconciliation of Federal Income Tax Rate
A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 is as follows:

    
December 31,
2020
 
       
Statutory federal income tax rate
   
21.0
%
State taxes, net of federal tax benefit
   
0.0
%
Change in fair value of warrant liability
   
(19.3
)%
Transaction costs -allocated to warrant liabilities
   
(1.50
)%
Change in valuation allowance
   
(0.20
)%
Income tax provision
   
0.0
%