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Income Taxes (Tables)

4 Months Ended

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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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

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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

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-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

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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=121826272&loc=d3e32687-109319

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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