COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2017

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, 2017 (in thousands):



For the year ending December 31,
2017 (remaining nine months)	$	562
2018	459
	$	1,021

The Company accounts for its leases under the straight-line method of accounting. Deferred rent payable was $63,000 and $69,000 as of March 31, 2017 and December 31, 2016, respectively, and is included in long term liabilities on the condensed consolidated balance sheets.

Rent expense was $194,000 and $196,000 for the three months ended March 31, 2017 and 2016, respectively.

Rental income was $89,000 and $86,000 for the three months ended March 31, 2017 and 2016, 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, 2017 are as follows (in thousands):



For the year ending December 31,	New York		Menlo Park		Total
2017 (remaining nine months)	124		130		254
2018	127		—		127
	$	251	$	130	381

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.

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 cash investments of $2.3 million, it represents a total investment of $2.6 million, net of $0.13 million distribution received from JVP as of March 31, 2017. The distribution is a portion of the proceeds allocated to the Company's investment. As of March 31, 2017, the Company had a $2.7 million outstanding capital commitment to the venture capital fund, which can be called any time.