Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets are as follows:

 

 

December 31,

 

Deferred Tax Assets

 

2020

 

 

2019

 

Net Operating Loss Carryforward

 

$

56,788

 

 

$

30,485

 

Startup/Organization Expenses

 

 

177

 

 

 

163

 

Investment in Partnership

 

 

70,300

 

 

 

19,489

 

Interest Expense

 

 

1,652

 

 

 

911

 

Attributes/Other

 

 

137

 

 

 

186

 

Total Deferred Tax Assets

 

 

129,054

 

 

 

51,234

 

Less Valuation Allowance

 

 

(129,054

)

 

 

(51,234

)

Total Deferred Tax Assets, net

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Deferred Tax Liabilities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Net Deferred Tax Assets

 

$

-

 

 

$

-

 

Schedule of Components of Income Tax Expense (Benefit)

The income tax provision consists of the following:

 

 

Years ended December 31,

 

Current

 

2020

 

 

2019

 

Federal

 

$

(757

)

 

$

-

 

State

 

 

(67

)

 

 

(77

)

Total Current

 

 

(824

)

 

 

(77

)

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

 

 

Federal

 

 

-

 

 

 

-

 

State

 

 

-

 

 

 

-

 

Total Deferred

 

 

-

 

 

 

-

 

Total

 

$

(824

)

 

$

(77

)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2020 is as follows:

 

Pre-tax book loss

 

$

247,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Provision (Benefit)

 

 

(51,983

)

 

 

-21.00

%

Noncontrolling Interest

 

 

(13,039

)

 

 

-5.27

%

Permanent Differences

 

 

1,755

 

 

 

0.71

%

State Income Taxes, net of Federal Benefit

 

 

(53

)

 

 

-0.02

%

NOL Carryback, effect of rate change

 

 

(289

)

 

 

-0.12

%

Return to Provision, Other

 

 

682

 

 

 

0.28

%

Valuation Allowance

 

 

62,103

 

 

 

25.09

%

Total Provision (Benefit)

 

$

(824

)

 

 

-0.33

%