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Income Tax (Tables)

9 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets

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

Deferred tax assets (liability)
Net operating loss carryforward		$	23,974
Unrealized gain on marketable securities			(2,582	)
Start-up Costs			306,668
Total net deferred tax assets			328,060
Valuation Allowance			(328,060	)
Net Deferred tax assets		$	—

Schedule of Income Tax Provision

The income tax provision for the period from July 7, 2020 (inception) through March 31, 2021 consists of the following:

Federal
Current		$	—
Deferred			(328,060	)
State and Local
Current			—
Deferred			—
Change in valuation allowance			328,060
Income tax provision		$	—

Schedule of Reconciliation of the 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 March 31, 2021 is as follows:

Statutory federal income tax rate			21.0	%
Change in fair value of warrants			(19.5	)%
Transaction costs incurred in connection with warrant liabilities			(0.4	)%
Valuation allowance			(1.1	)%
Income tax provision			—	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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