RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2014

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS

In November 2008, the Company purchased 1,345,444 shares of Peregrine Series D-1 Preferred shares for a total of $2.0 million, which then represented less than 1% of Peregrine’s shares outstanding. The terms and stock price of the purchase were the same as for the other investors who participated. Peregrine is a customer of the Company. On August 8, 2012, Peregrine completed its initial public offering, which resulted in a conversion of the preferred shares to common stock at a ratio of 7.34:1, or 183,303 shares of common stock. For the three months ended March 31, 2014 the Company recorded an unrealized loss on investments of $249,000. For the three months ended March 31, 2014, there was no revenue from Peregrine. For the three months ended March 31, 2013, revenue from Peregrine was $5.4 million. As of March 31, 2014 and December 31, 2013, there was no accounts receivable from Peregrine. The pricing terms and conditions of the sales to Peregrine are similar to those available to the Company’s other non-related customers.