LEASES

We rent office space and equipment under non-cancelable operating leases that expire at various times through fiscal year 2022. Future minimum lease payments under non-cancelable operating leases for the next five fiscal years are as follows:



	Facilities		Equipment		Fiscal Year Totals
2015 (nine months remaining)	$	755,000	$	2,000	$	757,000
2016	969,000		2,000		971,000
2017	1,007,000		—		1,007,000
2018	1,039,000		—		1,039,000
2019	967,000		—		967,000
Thereafter	1,468,000		—		1,468,000
Total	$	6,205,000	$	4,000	$	6,209,000

Rent and leasing expense for facilities and equipment was $307,000 and $378,000 for the three months ended April 30, 2015 and 2014, respectively.

The Company has a capital lease to finance office equipment purchases. The balance of fixed assets acquired under these capital leases was $1,515,000 as of April 30, 2015 and January 31, 2015, and the balance of accumulated depreciation was $659,000 and $494,000 as of April 30, 2015 and January 31, 2015, respectively. The amortization expense of leased equipment is included in depreciation expense.