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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Note 9—Income Taxes The income tax provision consists of the following:
|  | For the year ended December 31, 2020 |  |  | For the period From May 10, 2019 (inception) through December 31, 2019 |
Current |  |  |  |  |  |  |  |
Federal |  | $ | 201,603 |  |  | $ | 479,064 |
State |  |  | — |  |  |  | — |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | (1,207,074 | ) |  |  | (222,823 | )
State |  |  | — |  |  |  | — |
Valuation allowance |  |  | 1,207,074 |  |  |  | 222,823 |
Income tax provision |  | $ | 201,603 |  |  | $ | 479,064 |
The Company’s net deferred tax assets are as follows:
|  | December 31, 2020 |  |  | December 31, 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
StartUp/Organization Costs |  | $ | 1,207,074 |  |  | $ | 222,823 |
Total deferred tax assets |  |  | 1,207,074 |  |  |  | 222,823 |
Valuation allowance |  |  | (1,207,074 | ) |  |  | (222,823 | )
Deferred tax asset, net of allowance |  | $ | — |  |  | $ | — |
In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the year ended December 31, 2020, the valuation allowance was approximately $827,000. A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows (as restated):
|  | For the year ended December 31, 2020 |  |  | For The period from May 10, 2019 (inception) through December 31,2019 |
Statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
Change in fair value of warrant liabilities |  |  | (20.7 | )% |  |  | (1,010. 6 | )%
Allocated expense for warrant issuance costs |  |  | 0.0 | % |  |  | (336.0 | )%
Meals & entertainment |  |  | 0.0 | % |  |  | 0.0 | %
Change in Valuation Allowance |  |  | (0.4 | )% |  |  | (1,077.1 | )%
Income Taxes Provision (Benefit) |  |  | (0.1 | )% |  |  | (2,402.7 | )%
The Company’s taxable income primarily consists of interest income on the Trust Account. The Company’s general and administrative expenses are generally considered start-up costs and are not currently deductible. During the year ended December 31, 2020, approximately $202,000 of income tax expense was recognized.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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