Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

Effective Tax Rate Reconciliation

A reconciliation of the statutory federal income tax expense to the income tax expense from continuing operations provided for the years ended December 31, 2019 and 2018 and for the period from October 23, 2017 (inception) to December 23, 2017 is as follows:

							For the period from
	Year Ended			Year Ended			October 23, 2017
	December 31,			December 31,			(inception) to
	2019			2018			December 31, 2017
Income tax expense at the federal statutory rate	$	632,301		$	461,662		$	(4,846	)
Non-deductible transaction expenses		924,126			—			—
State income taxes - net of federal income tax benefits		(38,884	)		(14,907	)		(844	)
Other reconciling differences		400			—			—
Change in valuation allowance		34,038			14,907			5,690
Total income tax expense	$	1,551,981		$	461,662		$	—

Current/Deferred Taxes

The provision for income taxes consisted of the following for the years ended December 31, 2019 and 2018 and for the period from October 23, 2017 (inception) to December 23, 2017:

						For the period from
	Year Ended			Year Ended		October 23, 2017
	December 31,			December 31,		(inception) to
	2019			2018		December 31, 2017
Current income tax expense
Federal	$	1,599,090		$	461,662	$	—
State		—			—		—
Total current income tax expense	$	1,599,090		$	461,662	$	—
Deferred income tax expense
Federal	$	(47,109	)	$	—	$	—
State		—			—		—
Total deferred income tax expense	$	(47,109	)	$	—	$	—
Provision for income taxes	$	1,551,981		$	461,662	$	—

Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows:

	Year Ended			Year Ended
	December 31,			December 31,
	2019			2018
Deferred Tax Assets (Liabilities):
Accrued expenses	$	49.474		$	—
Tax Attribute Carryovers		47,296			20,597
Total Deferred Tax Assets		96,770			20,597
Valuation Allowance		(54,635	)		(20,597	)
Net Deferred Tax Asset	$	42,135		$	—

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. The Act contains reform to the corporate tax law including reducing the corporate tax rate to 21%, eliminating the 2-year carryback for net operating losses, and creating an indefinite carryforward period for the net operating losses limited to 80% of taxable income.