Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.19.3.a.u2
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2019
INCOME TAX  
Schedule of components of net deferred tax assets

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

 

 

 

 

 

 

    

December 31, 2019

Deferred tax asset

 

 

  

Organizational costs/Startup expenses

 

$

293,621

Total deferred tax asset

 

 

293,621

Valuation allowance

 

 

(293,621)

Deferred tax asset, net of allowance

 

$

 —

 

Schedule of components of income tax provision

The income tax provision consists of the following:

 

 

 

 

 

 

    

December 31, 2019

Federal

 

 

  

Current

 

$

627,795

Deferred

 

 

(293,621)

 

 

 

  

State

 

 

  

Current

 

$

 —

Deferred

 

 

 —

Change in valuation allowance

 

 

293,621

Income tax provision

 

$

627,795

 

Schedule of reconciliation of federal income tax rate to the Company's effective tax rate

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

 

 

 

 

 

Statutory federal income tax rate

    

21.0

%

State taxes, net of federal tax benefit

 

0.0

%

Change in valuation allowance

 

18.5

%

Income tax provision

 

39.5

%