Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.22.1
Income Tax (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Components of Income Tax Provision

The income tax provision for the year ended December 31, 2021 consists of the following:

 

 

 

Year

Ended

December 31,

 

 

 

2021

 

Federal

 

 

 

 

Current

 

$

 

Deferred

 

 

(251,348

)

State and Local

 

 

 

 

Current

 

 

 

Deferred

 

 

 

Change in valuation allowance

 

 

251,348

 

Income tax provision

 

$

 

Reconciliation of Federal Income Tax Rate to Effective Tax Rate

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

 

 

 

December

31, 2021

 

Statutory federal income tax rate

 

 

21.0

%

State taxes, net of federal tax benefit

 

 

0.0

%

Change in fair value of warrant liabilities

 

 

15.6

%

Transaction costs allocable to warrant liabilities

 

 

(7.2

)%

Penalty and Interest

 

 

(0.0

)%

Valuation allowance

 

 

(29.4

)%

Income tax provision

 

 

0.0

%

Components of Net Deferred Tax Assets

The Company’s net deferred tax assets at December 31, 2021 is as follows:

 

 

 

December 31,

 

 

 

2021

 

Deferred tax assets

 

 

 

 

Net operating loss carryforward

 

$

38,893

 

Startup/Organization Expenses

 

 

212,455

 

 

 

 

 

 

Total deferred tax assets

 

 

251,348

 

Valuation Allowance

 

 

(251,348

)

Deferred tax assets, net

 

$