Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.10.0.1
Income Tax (Tables)
12 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Sources of Loss before Provision for Income Taxes

The sources of loss before provision for income taxes are as follows for the period ended September 30, 2018:

 

 

 

Period from

October 9, 2017

(Date of Inception)

through

September 30,

2018

 

Domestic

 

$

(64,937

)

Foreign

 

 

 

Total

 

$

(64,937

)

Summary of Provision for Income Taxes

The provision for income taxes was comprised of the following for the period ended September 30, 2018:

 

 

 

Period from

October 9, 2017

(Date of Inception)

through

September 30,

2018

 

Current:

 

 

 

 

Federal

 

$

440,038

 

State and local

 

 

160,410

 

Foreign

 

 

 

Total Current

 

 

600,448

 

Deferred:

 

 

 

 

Federal

 

 

 

State and local

 

 

 

Foreign

 

 

 

Total deferred income tax expense

 

 

 

Total provision for income taxes

 

$

600,448

 

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

Reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows:

 

 

 

Period from

October 9, 2017

(Date of Inception)

through

September 30,

2018

 

Statutory income tax expense

 

$

(15,747

)

State income taxes, net of federal

 

 

(4,348

)

Tax Cuts and Jobs Act

 

 

60,156

 

Other permanent items

 

 

7,746

 

Valuation allowance on start-up costs

 

 

552,641

 

Provision for income taxes

 

$

600,448

 

Components of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of September 30, 2018 were as follows:

 

 

 

Period from October 9, 2017 (Date of Inception) through September 30, 2018

 

Deferred Tax Assets:

 

 

 

 

Start-up costs

 

$

552,641

 

Valuation allowance

 

 

(552,641

)

Net deferred tax assets (liabilities)

 

$

-