RESTRICTED CASH AND TIME DEPOSITS

12 Months Ended

Dec. 31, 2015

Cash and Cash Equivalents [Abstract]

Restricted cash and time deposits consisted of the following:



	December 31, 2015		December 31, 2014
Time deposits	$	30,181	$	—
Other security deposits	238		156
Total	$	30,419	$	156

As of December 31, 2015, time deposits consisted of a bank deposit of $30,181, earning interest at the rate of 0.74% placed with the Cyprus entity’s bank in the United Kingdom The deposit will mature on March 11, 2016. There were no time deposits as of December 31, 2014.

At December 31, 2015 and 2014, security deposits under lease contracts represented amounts retained to secure appropriate performance by the Company. The Company estimates the probability of non-performance under these contracts as remote, therefore, no provision for losses has been recognized in respect of these amounts as of December 31, 2015 and 2014.

Other restricted cash as of December 31, 2015 and 2014 included loan deposits placed in connection with certain employee loan programs (See Note 5).

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

+ References + Details