INCOME TAXES (Tables)

11 Months Ended

Dec. 31, 2021

INCOME TAXES

Income tax provision

The income tax provision consisted of the following as of December 31, 2021:

Federal
Current	$	—
Deferred		(89,901)
State
Current		—
Deferred		—
Change in valuation allowance		89,901
Income tax provision	$	—

Summary of significant components of the Company's deferred tax assets

The Company’s net deferred tax assets consist of the following as of December 31, 2021:

Deferred tax assets:
Net operating loss carryforwards	$	35,143
Organizational costs/startup expenses		54,758
Total deferred tax asset		89,901
Valuation allowance		(89,901)
Deferred tax asset, net of valuation allowance	$	—

Schedule of reconciliation of the total income tax provision tax rate to the statutory federal income tax rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2021 is as follows:

Statutory federal income tax rate	21.0	%
State taxes, net of federal tax benefit	—
Change in fair value of warrant liability	(28.7)
Offering costs related to Public Warrants	4.5
Valuation allowance	3.2
Effective tax rate	—	%