General form of registration statement for all companies including face-amount certificate companies

INCOME TAX (Tables)

v3.21.2
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)

%