Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.21.1
Income Tax (Tables)
7 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Tax Assets
The Company’s net deferred tax assets is as follows:
 
    
December 31,
2020
 
Deferred tax assets
        
Start-up
Costs
   $ 193,691  
Net operating loss carryforward
                 23,374  
    
 
 
 
Total deferred tax assets
     217,065  
Valuation Allowance
     (217,065
    
 
 
 
Deferred tax assets, net of allowance
   $ —    
    
 
 
 
Schedule of Income Tax Provision
The income tax provision consists of the following:
 
    
For the Period

from

May 29, 2020

(Inception)

Through

December 31, 2020
 
Federal
        
Current
   $ —    
Deferred
     (217,065
State and Local
        
Current
     —    
Deferred
     —    
Change in valuation allowance
                 217,065  
    
 
 
 
Income tax provision
   $ —    
    
 
 
 
Schedule of Reconciliation of Federal Income Tax Rate
A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:
 
    
December 31,
2020
 
Statutory federal income tax rate
                      21.0
State taxes, net of federal tax benefit
     0.0
Change in fair value of Warrants (see Note 2)
 
 
(17.2

%) 
 
Transaction costs attributable to Warrants
 
 
(1.4
%) 
Valuation allowance
     (2.4
%) 
    
 
 
 
Income tax provision
     0.0