COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Operating Leases

The following table sets forth the Company’s aggregate future minimum payments under its operating lease commitments as of March 31, 2016 (in thousands):



For the year ending December 31,
2016, (remaining nine months)	593
2017	781
2018	459
	$	1,833

The Company accounts for its leases under the straight-line method of accounting. Deferred rent payable was $81,000 and $80,000 as of March 31, 2016 and December 31, 2015, respectively, and is included in long term liabilities on the condensed consolidated balance sheets.

Rent expense for the three months ended March 31, 2016, and March 31, 2015 was $196,000 and $112,000, respectively.

Rental income for the three months ended March 31, 2016, and March 31, 2015 was $86,000 and $0, respectively.

Sublease income is recorded as a reduction in rental expense. Future minimum lease payments to be received under the sublease agreements as of March 31, 2016 are as follows (in thousands):



For the year ending December 31,	New York		Menlo Park		Total
2016, (remaining nine months)	121		142		263
2017	165		178		343
2018	127		—		127
	$	413	$	320	733

Capital Commitments

On November 21, 2013, the Company made a $5.0 million commitment to invest in JVP VII Cyber Strategic Partners, L.P. (the “JVP Fund”), an Israel-based limited partnership venture capital fund seeking to invest in early-stage cyber technology companies. If and when the Company funds the entire amount of the investment, it will be less than a 10% limited partnership interest in which the Company will not be able to exercise control over the fund. Accordingly, the Company has accounted for this investment under the cost method of accounting. As of March 31, 2016, the Company had a $3.3 million outstanding capital commitment to the venture capital fund, which can be called any time until 2018.

On June 8, 2015, the Company received a cash distribution of $0.8 million as a portion of a gross entitlement of $1.3 million from its investment in the JVP Fund, the remainder $0.5 million was reinvested in the fund. Along with its previous cash investments of $1.7 million, it represents a total investment of $2.2 million. The distribution is a portion of the gross proceeds allocated to the Company's investment. The retained proceeds did not reduce the Company's future capital commitment to the venture capital fund.