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
2016 (nine months remaining)	$	730,000	$	8,000	$	738,000
2017	1,007,000		11,000		1,018,000
2018	1,039,000		11,000		1,050,000
2019	967,000		11,000		978,000
2020	504,000		11,000		515,000
Thereafter	964,000		4,000		968,000
Total	$	5,211,000	$	56,000	$	5,267,000

Rent and leasing expense for facilities and equipment was $319,000 and $307,000 for the three months ended April 30, 2016 and 2015, respectively.

The Company has a capital lease to finance office equipment purchases. The balance of fixed assets acquired under these capital leases was $1,652,000 as of both April 30, 2016 and January 31, 2016, and the balance of accumulated depreciation was $1,343,000 and $1,166,000 as of April 30, 2016 and January 31, 2016, respectively. The amortization expense of leased equipment is included in depreciation expense.