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Income Taxes (Tables) | 4 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows:
|  | For the Period from August 31, 2020 (inception) Through December 31, 2020 |
Current expense (benefit): |  |  |  |
Federal |  | $ | 3,325 |
State |  |  | 1,424 |
Total current expense (benefit): |  | $ | 4,749 |
Deferred expense (benefit): |  |  |  |
Federal |  | $ | — |
State |  |  | — |
Total deferred expense (benefit): |  | $ | — |
Total income tax expense (benefit): |  | $ | 4,749 |
Reconciliation of Statutory income Tax Rate to Effective Income Tax Rate | A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows:
|  | For the Period from August 31, 2020 (inception) Through December 31, 2020 |
Income at US statutory rate |  |  | 21.00 | %
State Taxes, net of federal benefit |  |  | 0.05 | %
Financing cost – derivative liabilities |  |  | (0.80 | )%
Change in fair value of derivative liabilities |  |  | (20.02 | )%
Change in valuation allowance |  |  | (0.25 | )%
|  |  | (0.02 | )%
Summary of Net Deferred Income Tax Asset | The net deferred income tax asset balance related to the following:
|  | For the Period from August 31, 2020 (inception) Through December 31, 2020 |
Capitalized start-up costs |  | $ | 63,119 |
Total deferred tax assets |  | $ | 63,119 |
Valuation allowance |  | $ | (63,119 | )
Net deferred tax assets (liability) |  | $ | — |
Summary of Valuation Allowance | The Company’s valuation allowance for the period from August 31, 2020 (inception) through December 31, 2020 is as follows:
|  | For the Period from August 31, 2020 (inception) Through December 31, 2020 |
Valuation allowance at beginning of year |  | $ | — |
Increases recorded to income tax provision |  | $ | 63,119 |
Valuation allowance at end of year |  | $ | (63,119 | )

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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=121826272&loc=d3e32639-109319 + Details
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- Definition 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=121826272&loc=d3e32537-109319 + Details
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- Definition 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=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + 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 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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