XML 40 R22.htm IDEA: XBRL DOCUMENT
v3.21.1

INCOME TAX (Q1) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2021 | Dec. 31, 2020
INCOME TAX [Abstract] |  |
INCOME TAX | NOTE 10. INCOME TAX The Company’s net deferred tax assets are as follows:
|  | March 31, 2021 |  |  | December 31, 2020 |
Deferred tax asset |  |  |  |  |  |
Net operating loss carryforward |  | $ | 10,920 |  |  | $ | 10,861 |
Change in fair value of warrants |  |  | 753,532 |  |  |  | — |
Organizational costs/Startup expenses |  |  | 456,120 |  |  |  | 78,848 |
Total deferred tax asset |  |  | 1,220,572 |  |  |  | 89,709 |
Valuation allowance |  |  | (1,220,572 | ) |  |  | (89,709 | )
Deferred tax asset, net of allowance |  | $ | — |  |  | $ | — |
The income tax provision consists of the following:
|  | March 31, 2021 |  |  | December 31, 2020 |
Federal |  |  |  |  |  |
Current |  | $ | — |  |  | $ | — |
Deferred |  |  | (1,220,572 | ) |  |  | (89,709 | )
State |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | — |
Deferred |  |  | — |  |  |  | — |
Change in valuation allowance |  |  | 1,220,572 |  |  |  | 89,709 |
Income tax provision |  | $ | — |  |  | $ | — |
As of March 31, 2021, the Company had a U.S. federal net operating loss carryover of approximately $52,000 available to offset future taxable income. In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of 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 liabilities, 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 three months ended March 31, 2021, the change in the valuation allowance was $1,220,572. A reconciliation of the federal income tax rate to the Company’s effective tax rate at March 31, 2021 is as follows:
|  | March 31, 2021 |
Statutory federal income tax rate |  |  | 21.0 | %
State taxes, net of federal tax benefit |  |  | 0.0 | %
Change in fair value of warrant liability |  |  | -13.2 | %
Change in valuation allowance |  |  | -7.8 | %
Income tax provision |  |  | 0.0 | %
| NOTE 11. INCOME TAX The Company’s net deferred tax assets are as follows:
|  | December 31, 2020 |
Deferred tax asset |  |  |
Net operating loss carryforward |  | $ | 10,861 |
Organizational costs/Startup expenses |  |  | 78,848 |
Total deferred tax asset |  |  | 89,709 |
Valuation allowance |  |  | (89,709 | )
Deferred tax asset, net of allowance |  | $ | — |
The income tax provision consists of the following:
|  | December 31, 2020 |
Federal |  |  |
Current |  | $ | — |
Deferred |  |  | (89,709 | )
State |  |  |  |
Current |  | $ | — |
Deferred |  |  | — |
Change in valuation allowance |  |  | 89,709 |
Income tax provision |  | $ | — |
As of December 31, 2020, the Company had a U.S. federal net operating loss carryover of approximately $52,000 available to offset future taxable income. In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of 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 liabilities, 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 period from June 23, 2020 (inception) through December 31, 2020, the change in the valuation allowance was $89,709. A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 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 warrant liability |  |  | (18.9 | %)
Change in valuation allowance |  |  | (2.1 | %)
Income tax provision |  |  | 0.0 | %
The Company files income tax returns in the U.S. federal jurisdiction in various state and local jurisdictions and is subject to examination by the various taxing authorities.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration