Income Tax

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

INCOME TAX

8. INCOME TAX

The Company’s net deferred tax liabilities are as follows:

	December 31, 2018			December 31, 2017
Deferred tax asset (liability)
Net operating loss carryover	$	—		$	29,123
Unrealized gains on marketable securities		(94,241	)		(118,532	)
Deferred tax liability	$	(94,241	)	$	(89,409	)

The income tax provision consists of the following:

	For the year ended December 31, 2018		For the period from April 26, 2017 (inception) through December 31, 2017
Federal
Current	$	1,012,257	$	—
Deferred		4,832		89,409
State
Current	$	—	$	—
Deferred		—		—
Change in valuation allowance		—		—
Income tax provision	$	1,017,089	$	89,409

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2018 and 2017 is as follows:

	2018			2017
Statutory federal income tax rate		21.0	%		34.0	%
State taxes, net of federal tax benefit		0.0	%		0.0	%
Merger costs		57.2	%		0.0	%
Deferred tax rate change		0.0	%		(13.0	)%
Other		(6.3	)%		(13.0	)%
Income tax provision		71.9	%		21.0	%

The Company files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions and is subject to examination by the various taxing authorities. The Company considers New York to be a significant state tax jurisdiction. Our income tax returns are open for audit for tax years 2017 and forward.