XML 61 R45.htm IDEA: XBRL DOCUMENT v3.23.3

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes

Income Taxes

Note 9 — Income Taxes

As of December 31, 2022 and 2021, the Company’s net deferred tax assets are as follows:

​

​	​	​	​	​	​	​
Deferred tax asset:		2022			2021
Organizational costs/Startup expenses	​	$	243,656	​	$	39,442
Federal net operating loss	​		—	​		31,932
Total deferred tax asset	​		243,656	​		71,374
Valuation allowance	​		(243,656)	​		(71,374)
Deferred tax asset, net of allowance	​	$	—	​	$	—

​

The income tax provision consists of the following:

​

​	​	​	​	​	​	​
​	​	​	​	​	For the period from February 18, 2021
​	​	For the year		​	(inception) through
​		December 31, 2022			December 31, 2021
Federal:		​	​	​		​
Current	​	$	995,207	​	$	—
Deferred	​	​	172,282	​		71,374
​	​	​	​	​	​	​
State:	​	​	​	​
Current	​	​	—	​		—
Deferred	​	​	—	​		—
Valuation allowance	​	​	(172,282)	​		(71,374)
Income tax provision	​	$	995,207	​	$	—

​

As of December 31, 2021 and December 31, 2022, the Company had $152,055 and $0, respectively, of U.S. federal net operating loss carryovers, which do not expire, and no state net operating loss carryovers 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 year ended December 31, 2022, the change in the valuation allowance was $172,282. For the period from February 18, 2021 (inception) through December 31, 2021, the change in the valuation allowance was $71,374.

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2022 and 2021 is as follows:

​

​	​	​	​	​	​
​	​	​	​	For the period from February 18,	​
​	​	For the year	​	2021 (inception) through	​
​		December 31, 2022		December 31, 2021	​
Statutory federal income tax rate	​	21.0	%	21.0	%
Transaction costs	​	0.0	%	2.4	%
Change in fair value of the warrant liability and Sponsor Loans	​	(17.7)	%	(26.2)	%
Fair value of Private Placement Warrants in excess of purchase price	​	0.0	%	2.0	%
Change in valuation allowance	​	0.7	%	0.8	%
Income tax provision	​	4.0	%	0.0	%

​

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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Name:	us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration