Subordinated Convertible Notes Payable To Related Party	9 Months Ended
Sep. 30, 2016
Subordinated Convertible Notes Payable To Related Party
Subordinated Convertible Notes Payable To Related Party	6. Subordinated Convertible Notes Payable to Related Party Subordinated convertible notes to a related party included notes payable to UBA (the “UBA Notes”) for a total value of $3,752,000 as of September 30, 2016, including interest at the prime rate plus 1.5% per year, but not to exceed 10%. Thirteen of the UBA Notes are convertible into common stock at a rate of $1.50 per share and one UBA Note is convertible at a rate of $1.44 per share. The UBA Notes have been extended until June 2017 and have automatic renewals after such maturity date for successive one year terms, provided that either the Company or UBA may elect not to extend the term upon written notice given to the other party no more than 60 days and no fewer than 30 days prior to the expiration of the applicable term. Under the terms of the UBA Notes, UBA may demand payment within 60 days following the end of the extension period. UBA has agreed to subordinate the UBA Notes to the Company’s debt agreements with MB Financial, as successor-in-interest to Cole Taylor, which mature in December 2016. Therefore, the Company will not require the use of working capital to repay any of the UBA Notes until the MB Financial facility is repaid. The UBA notes include $1,836,600 and $1,764,700 of accrued interest at September 30, 2016 and December 31, 2015, respectively.

Subordinated Convertible Notes Payable To Related Party

9 Months Ended

Sep. 30, 2016

Subordinated Convertible Notes Payable To Related Party

Subordinated Convertible Notes Payable To Related Party

6. Subordinated Convertible Notes Payable to Related Party

Subordinated convertible notes to a related party included notes payable to UBA (the “UBA Notes”) for a total value of $3,752,000 as of September 30, 2016, including interest at the prime rate plus 1.5% per year, but not to exceed 10%. Thirteen of the UBA Notes are convertible into common stock at a rate of $1.50 per share and one UBA Note is convertible at a rate of $1.44 per share. The UBA Notes have been extended until June 2017 and have automatic renewals after such maturity date for successive one year terms, provided that either the Company or UBA may elect not to extend the term upon written notice given to the other party no more than 60 days and no fewer than 30 days prior to the expiration of the applicable term. Under the terms of the UBA Notes, UBA may demand payment within 60 days following the end of the extension period. UBA has agreed to subordinate the UBA Notes to the Company’s debt agreements with MB Financial, as successor-in-interest to Cole Taylor, which mature in December 2016. Therefore, the Company will not require the use of working capital to repay any of the UBA Notes until the MB Financial facility is repaid. The UBA notes include $1,836,600 and $1,764,700 of accrued interest at September 30, 2016 and December 31, 2015, respectively.