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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Summary of Effective Income Tax Rate Reconciliation

Effective Tax Rate Reconciliation

A reconciliation of the statutory federal income tax expense to the income tax expense from continuing operations provided at December 31, 2018 and December 31, 2017 as follows:          

 

 

 

 

 

 

 

 

For the period from

 

 

 

 

 

 

 

 

October 23, 2017

 

 

 

Year Ended

 

 

(inception) to

 

 

 

December 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Income tax expense at the federal statutory rate

 

$

 

461,662

 

 

$

 

(4,846

)

State income taxes - net of federal income tax benefits

 

 

 

(14,907

)

 

 

 

(844

)

Change in valuation allowance

 

 

 

14,907

 

 

 

 

5,690

 

Total income tax expense (benefit)

 

$

 

461,662

 

 

$

 

-

 

 

Components of Provision for Income Taxes

The provision for income taxes consisted of the following for the year ended December 31, 2018 and the year ended December 31, 2017:

 

 

 

 

 

 

 

For the period from

 

 

 

 

 

 

 

 

October 23, 2017

 

 

 

Year Ended

 

 

(inception) to

 

 

 

December 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Current income tax expense

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 

461,662

 

 

$

 

 

State

 

 

 

 

 

 

 

 

Total Current income tax expense

 

$

 

461,662

 

 

$

 

 

Deferred income tax expense

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 

 

 

$

 

 

State

 

 

 

 

 

 

 

 

Total Deferred income tax expense

 

$

 

 

 

$

 

 

Total income tax expense

 

$

 

461,662

 

 

$

 

 

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2018, and December 31, 2017 are as follows:

 

 

 

 

 

For the period from

 

 

 

 

 

 

October 23, 2017

 

 

 

Year Ended

 

 

(inception) to

 

 

 

December 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Deferred Tax Assets (Liabilities):

 

 

 

 

 

 

 

 

 

 

Tax Attribute Carryovers

 

$

 

20,597

 

 

$

 

5,690

 

Valuation Allowance

 

 

 

(20,597

)

 

 

 

(5,690

)

Net Deferred Tax Asset (Liability)

 

$

 

-

 

 

$

 

-