11. Commitments

The Company leases its general office and manufacturing facility in East Rutherford, NJ under an operating lease agreement which expires July 31, 2016. The lease is for a five year period, beginning August 1, 2011, with a five year option in a one-story facility. In June 2016, the Company extended the lease term for another five years until August 2021. Under terms of the lease, the Company is also responsible for its proportionate share of the additional rent to include all real estate taxes, insurance, snow removal, landscaping and other building charges. The Company is also responsible for the utility costs for the premises.

The Company also leases a small office in Lawrence, Kansas under an operating lease agreement which expires June 30, 2018.

In addition, the Company has agreements to lease equipment for use in the operations of the business under operating leases.

The following is a schedule of approximate future minimum rental payments for operating leases subsequent to the year ended March 31, 2017.

	Years Ended March 31,
2018	$	322,201
2019		307,206
2020		306,153
2021		306,153
2022		127,564
	$	1,369,277

Total rent expense, including common charges related to the building as well as equipment rentals, was approximately $357,000 and $358,000 for the years ended March 31, 2017 and 2016, respectively.

The Company sponsors a 401k Plan in which employee contributions on a pre-tax basis are supplemented by matching contributions by the Company. The Company charged to operations $25,698 and $27,916 as its matching contribution to the Company’s 401k Plan for the years ended March 31, 2017 and 2016, respectively.