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INCOME TAX

12 Months Ended

Dec. 31, 2022

INCOME TAX

INCOME TAX

NOTE 9 — INCOME TAX

​

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

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2022		​	2021
Deferred tax asset		​			​
Organizational costs/startup expenses	​	$	924,537	​	$	322,963
Net operating loss carryforward	​		—	​		28,689
Total deferred tax asset	​		924,537	​		351,652
Valuation allowance	​		(924,537)	​		(351,652)
Deferred tax asset, net of allowance	​	$	—	​	$	—

​

The income tax provision consists of the following for the years ended December 31, 2022 and 2021:

​

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2022		​	2021
Federal		​			​
Current	​	$	49,175	​	$	—
Deferred	​		(572,885)	​		(300,205)
​	​	​	​	​	​	​
State and Local	​			​
Current	​		—	​		—
Deferred	​		—	​		—
Change in valuation allowance	​		572,885	​		300,205
Income tax provision	​	$	49,175	​	$	—

​

​

As of December 31, 2022 and 2021, the Company had U.S. federal net operating loss carryover of approximately $0 and $137,000 available to offset future taxable income indefinitely, respectively.

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 and 2021, the change in the valuation allowance was $572,885 and $300,205, respectively.

A reconciliation of the federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2022 and 2021 are as follows:

​

​	​	​	​	​	​
​		December 31,		December 31,
​		2022		2021	​
Statutory federal income tax rate		21.0	%	21.0	%
State taxes, net of federal tax benefit		0.0	%	0.0	%
Transaction costs allocated to derivative warrant liabilities		0.0	%	0.0	%
Change in fair value of derivative warrant liabilities		(23.9)	%	(24.3)	%
Valuation allowance		3.2	%	3.3	%
Income tax provision		0.3	%	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.

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- 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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
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