Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

Deferred tax asset

Summary of Net Deferred Tax Assets

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

	December 31,
	2020			2019
Deferred tax assets
Net operating loss carryforward	$	290,402		$	—
Unrealized (gain) loss on marketable securities		(7,818	)		1,361
Total deferred tax assets		282,584			1,361
Valuation Allowance		(282,584	)		—
Deferred tax assets, net valuation allowance	$	—		$	1,361

Schedule of Provision (Benefit) For Income Taxes

The income tax provision consists of the following:

	As of December 31,
	2020			2019
Federal
Current	$	—		$	94,636
Deferred		(281,223	)		(1,361	)
State and Local
Current		—			—
Deferred		—			—
Change in valuation allowance		282,584			—
Income tax provision	$	1,361		$	93,275

Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation

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

	December 31, 2020			December 31, 2019
Statutory federal income tax rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		0.0	%		0.0	%
Valuation allowance		(21.1	)%		0.0	%
Income tax provision		(0.1	)%		21.0	%