Income Tax

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax

NOTE 6 – INCOME TAX

The income tax provision consists of the following:

	December 31, 2019		December 31, 2018
Federal
Current	$	309,000	$	-
Deferred		-		-
State
Current		-		800
Deferred		-		-
Change in valuation allowance		-		-
Income tax provision expense	$	309,000	$	800

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

	2019			2018
Statutory federal income tax rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		0.0	%		(254.9)	%
Non-deductible Business Combination expenses		76.2	%		0	%
Income tax provision expense		97.2	%		(233.9)	%

As of December 31, 2019 and 2018, the Company did not have any U.S. federal and state net operating loss carryovers available to offset future taxable income.

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. At December 31, 2019 and 2018, the Company did not have any deferred taxes.

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 Louisiana to be a significant state tax jurisdiction.