Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 — Income Taxes

The Company's net deferred tax assets are as follows:

	December 31,
	2019			2018
Noncurrent deferred tax assets (liabilities):
Startup/Organizational Costs		177,559			32,745
Unrealized Gain/Loss		(92,964	)		-
Total deferred tax assets (liabilities)		84,595			32,745
Less:  Valuation allowance		(177,559	)		(32,745	)
Net Deferred tax assets/(liabilities), net of allowance		(92,964	)		-

The income tax provision consists of the following:

	For the year ended December 31, 2019		For the period from May 15, 2018 (inception) through December 31, 2018
Current expense
Federal		192,411		55,334
State		-		-
		192,411		55,334
Deferred expense
Federal		92,964		-
State		-		-
		92,964		-
Total Provision		285,375		55,334

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, Management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the year end December 31, 2019 and for the period from May 15, 2018 (inception) through December 31, 2018, the Company has recorded a valuation allowance of approximately $178,000 and $33,000, respectively.

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

	2019					2018
	Amount		Percent of Pretax Income			Amount		Percent of Pretax Income
Statutory federal income tax rate		140,365		21.0	%		22,512		21.0	%
Meals and entertainment		196		0.0	%		77		0.1	%
Increase in valuation allowance		144,814		21.7	%		32,745		30.5	%
Income tax provision expense/benefit		285,375		42.7	%		55,334		51.6	%

The Company's major tax jurisdiction is the United States. All of the Company's tax years will remain open three years for examination by the Federal authorities from the date of utilization of the net operating loss. The Company does not have any tax audits pending