Registration of securities issued in business combination transactions

INCOME TAXES (Tables)

v3.23.2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAX  
Schedule of significant components of the Company's deferred tax assets

    

December 31,

2022

    

2021

Deferred tax assets

 

  

 

  

Capitalized start-up costs

$

329,224

$

4,009

Net operating loss carryforwards

 

 

2,334

Total deferred tax assets

 

329,224

 

6,343

Valuation allowance

 

(317,149)

 

(6,343)

Deferred tax liabilities

 

  

 

  

Accrued expenses & other

 

(12,075)

 

Total deferred tax liabilities

 

(12,075)

 

Net deferred tax assets

$

 

Schedule of Income tax provision

    

December 31,

2022

    

2021

Current expense

 

  

 

  

Federal

$

783,546

State

 

 

 

 

Deferred benefit

 

 

Federal

 

(312,476)

 

(4,673)

State

 

1,670

 

(1,670)

Change in Valuation Allowance

310,806

6,343

Income tax expense

$

783,546

 

Schedule of reconciliation of the federal income tax rate to the Company's effective tax rate

    

December 31,

 

2022

    

2021

 

Statutory U.S. federal income tax rate

 

21.00

%

21.00

%

Change in fair value of warrant liabilities

(18.15)

%

0.00

%

State taxes, net of federal tax benefit

 

(0.01)

%

 

7.51

%

Change in valuation allowance

 

1.88

%

 

(28.51)

%

Income tax provision

 

4.74

%

 

0.00

%