The components of the income tax provision for the three months ended March 31, 2019 and 2018 are as follows:

	Three Months Ended		Three Months Ended
	March 31, 2019		March 31, 2018
	(unaudited)		(unaudited)
Current:
Federal	$	—	$	—
State		33,477		45,693
		33,477		45,693
Deferred:
Federal		199,606		207,019
State		85,073		53,243
		284,679		260,262
	$	318,156	$	305,955

A reconciliation of the statutory federal income tax provision to the Company’s income tax provision is as follows:

	Three Months Ended			Three Months Ended
	March 31, 2019			March 31, 2018
	(unaudited)			(unaudited)
Statutory federal income tax provision	$	796,024		$	311,313
Effect of non-taxable REIT loss		(596,418	)		(104,294	)
State income tax provision		118,550			98,936
	$	318,156		$	305,955

As of March 31, 2019 and December 31, 2018, we had a net deferred tax asset of approximately $4.8 million and $5.1 million, respectively, of which, approximately $4.2 million and $4.4 million, respectively, are due to accumulated net operating losses of our TRS Lessee. These loss carryforwards will begin to expire in 2028 if not utilized by such time. As of March 31, 2019 and December 31, 2018, the remainder of the deferred tax asset is attributable to year-to-year timing differences of approximately $0.7 million and $0.7 million, respectively, for accrued, but not deductible, employee performance awards, vacation and sick pay, bad debt allowance and depreciation.

We record a valuation allowance to reduce deferred tax assets to an amount that we believe is more likely than not to be realized. Because of expected future taxable income of our TRS Lessee, we have not recorded a valuation allowance to reduce our net deferred tax asset as of March 31, 2019 and December 31, 2018, respectively. We regularly evaluate the likelihood that our TRS Lessee will be able to realize its deferred tax assets and the continuing need for a valuation allowance. At March 31, 2019 and December 31, 2018, we determined, based on all available positive and negative evidence, that it is more-likely-than-not that future taxable income will be available during the carryforward periods to absorb all of the consolidated federal and state net operating loss carryforward of our TRS Lessee. A number of factors played a critical role in this determination, including: