Registration of securities issued in business combination transactions

INCOME TAX (Tables)

v3.21.1
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2020
INCOME TAX  
Schedule of company's net deferred tax liability

The following is a summary of the Company's net deferred tax asset (liability):

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

    

2020

    

2019

 

 

 

 

 

 

 

Deferred tax asset (liability)

 

 

 

 

 

 

Startup and organizational expenses

 

$

148,348

 

$

 —

Unrealized gain on marketable securities

 

 

(976)

 

 

(9,657)

Total deferred tax asset (liability)

 

 

147,372

 

 

(9,657)

Valuation Allowance

 

 

(148,348)

 

 

 —

Deferred tax asset (liability), net of allowance

 

$

(976)

 

$

(9,657)

 

Schedule of income tax provision

The income tax provision consists of the following:

 

 

 

 

 

 

 

 

 

    

December 31,

    

December 31,

 

 

2020

 

2019

 

 

 

 

 

 

 

Federal

 

 

 

 

 

 

Current expense

 

$

495,442

 

$

1,237,860

Deferred (benefit) expense

 

 

(157,029)

 

 

9,657

 

 

 

 

 

 

 

State and Local

 

 

 

 

 

 

Current

 

 

 —

 

 

 —

Deferred

 

 

 —

 

 

 —

 

 

 

 

 

 

 

Change in valuation allowance

 

 

148,348

 

 

 —

 

 

 

 

 

 

 

Income tax provision

 

$

486,761

 

$

1,247,517

 

Schedule of reconciliation of the federal income tax rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

 

 

 

 

 

 

 

 

 

    

December 31,

 

    

December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Statutory federal income tax rate

 

21.0

%

 

21.0

%

State taxes, net of federal tax benefit

 

0.0

%

 

0.0

%

Transaction costs attributable to Initial Public Offering

 

0.0

%

 

(1.8)

%

Loss on conversion option liability

 

(0.5)

%

 

0.0

%

Loss on warrant liability

 

(6.3)

%

 

(28.5)

%

Loss on Prosus agreement

 

(14.7)

%

 

0.0

%

Valuation allowance

 

(0.2)

%

 

0.0

%

Income tax provision

 

(0.7)

%

 

(9.3)

%