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
2017 (six months remaining)	$	512,000	$	6,000	$	518,000
2018	1,039,000		11,000		1,050,000
2019	967,000		11,000		978,000
2020	504,000		11,000		515,000
2021	519,000		2,000		521,000
Thereafter	445,000		—		445,000
Total	$	3,986,000	$	41,000	$	4,027,000

Rent and leasing expense for facilities and equipment was $312,000 and $328,000 for the three months ended July 31, 2017 and 2016, respectively, and $625,000 and $646,000 for the six months ended July 31, 2017 and 2016, respectively.

The Company has capital leases to finance office equipment purchases. The balance of fixed assets acquired under these capital leases was $134,000 as of both July 31, 2017 and January 31, 2017, and the balance of accumulated depreciation was $126,000 and $104,000 as of July 31, 2017 and January 31, 2017, respectively. The amortization expense of leased equipment is included in depreciation expense.