INCOME TAX (Tables)

3 Months Ended

Mar. 31, 2022

INCOME TAX [Abstract]

Deferred Tax Assets (Liabilities)

The Company considers any tax activity for the period from March 1, 2021 (inception) through March 31, 2021 to be immaterial. The Company’s net deferred tax assets (liabilities) as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022			December 31, 2021
Deferred tax assets:
Start-up costs	$	187,314		$	140,508
Net operating loss carryforwards		45,722			35,096
Total deferred tax assets		233,036			175,604
Valuation allowance		(215,659	)		(169,370	)
Deferred tax liabilities:
Unrealized gain on investments		(17,377	)		(6,234	)
Total deferred tax liabilities		(17,377	)		(6,234	)
Deferred tax assets, net of allowance	$	—		$	—

Income Tax Provision

The income tax provision for the three months ended March 31, 2022 consists of the following:

Federal
Current	$	—
Deferred		(46,289	)
State
Current	$	—
Deferred		—
Change in valuation allowance		46,289
Income tax provision	$	—

Reconciliation of Federal Income Tax Rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022			December 31, 2021
Statutory federal income tax rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		0.0	%		0.0	%
Change in fair value of derivative warrant liabilities		(23.8	)%		(25.6	)%
Non-deductible transaction costs		—	%		2.3	%
Change in valuation allowance		2.8	%		2.3	%
Income tax provision		0.0	%		0.0	%