7. COMMITMENTS In connection with the purchase our 400,000 square-foot facility on 40-acres, in 2015, we entered into a 15-year lease with the seller, a non-related third party, who leases 181,300 square feet, or 45.3% of the facility. The lease is being accounted for as an operating lease. The cost of the leased space upon acquisition, and as of February 28, 2019, was estimated at $10,159,000. The accumulated depreciation associated with the leased assets was $1,139,700 and $789,100 for the fiscal years ended February 28, 2019 and 2018, respectively. Both the leased assets and accumulated depreciation are included in property, plant and equipment-net in the balance sheets. The lessee pays $112,200 per month, through the lease anniversary date of December 2019, with a 2.0% annual increase adjustment on each anniversary date thereafter. The lease terms allow for one five-year extension, which is not a bargain renewal option, at the expiration of the 15-year term. Revenues associated with the lease are being recorded on a straight-line basis over the initial lease term and are reported in other income on the statements of earnings. The following table reflects future minimum rental income payments under the non-cancellable portion of this lease as of February 28, 2019: Year Ending February 28 (29), 2020 $ 1,351,300 2021 1,378,300 2022 1,405,900 2023 1,434,000 2024 1,462,700 Thereafter 10,806,600 Total $ 17,838,800 At February 28, 2019, we had outstanding purchase commitments for inventory totaling $13,324,800, which is due during fiscal year 2020. Of these commitments, $8,825,600 were with Usborne, $4,489,400 with various Kane Miller publishers and the remaining $9,800 with other suppliers. Rent expense for the year ended February 28, 2019 and 2018, was $18,800 and $17,200, respectively. The current lease on the property extends through 2021.