Income Tax

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAX

NOTE 8. INCOME TAX

The Company does not have any significant deferred tax assets or liabilities at December 31, 2018.

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

	December 31, 2019
Deferred tax asset
Unrealized gain on marketable securities	$	(1,235	)
Total deferred tax liability	$	(1,235	)

The income tax provision consists of the following:

	December 31,		December 31,
	2019		2018
Federal
Current	$	480,663	$	6,876
Deferred		1,235		—
State
Current		—		—
Deferred		—		—
Change in valuation allowance		—		—
Income tax provision	$	481,898	$	6,876

As of December 31, 2019 and 2018, the Company did not have any U.S. federal and state net operating loss carryovers ("NOLs").

In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of 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 liabilities, projected future taxable income and tax planning strategies in making this assessment.

A reconciliation of the federal income tax rate to the Company's effective tax rate at December 31, 2019 and 2018 is as follows:

	December 31, 2019			December 31, 2018
Statutory federal income tax rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		0.0	%		0.0	%
Other		0.0	%		5.4	%
Income tax provision		21.0	%		26.4	%

The Company files income tax returns in the U.S. federal jurisdiction in various state and local jurisdictions and is subject to examination by the various taxing authorities. The Company's tax returns since inception remain open and subject to examination. The Company considers New York to be a significant state tax jurisdiction.