AGREEMENT
Exhibit 10.2
AGREEMENT
AGREEMENT dated this 18th day of May 2007, by and between AI Document Services, Inc. (hereinafter “AID”), a Delaware Corporation, with offices located at, 00 Xxxxxx Xxxx Xxxxx
Xxxxxx, XX 00000, Xxxx Xxxxx, President of AID and Xxxx X. Xxxxx, P.C., counsel to AID, with offices located at 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx.
WHEREAS, AID is preparing to file a Registration Statement with the United States Securities and Exchange Commission (hereinafter the “SEC”) on Form SB-2 which Registration Statement indicates in Part II, Item 25, offering expenses approximating sixty five thousand ($65,000) dollars of which fifty thousand ($50,000) dollars are indicated as legal fees and expenses; and
WHEREAS, AID has agreed to pay all such costs as and when necessary and required, or to otherwise accrue such costs on its books and records until it is able to pay the full amount due, either from revenues or loans from its President.
NOW, THEREFORE, it is herewith agreed as follows: Absent sufficient revenues to pay these amounts within six (6) months of the date of the AID prospectus, AID’s President agrees to loan AID the funds to cover the balance of outstanding professional and related fees relating to AID’s prospectus if the professionals involved insist on cash payments. If and when loaned, the loan will be evidenced by a non-interest bearing unsecured corporate note to be treated as a loan until repaid, if and when AID has the financial resources to do so. Xxxx X. Xxxxx, P.C., AID’s counsel by signing this Agreement agrees in full to defer his legal fees in the manner set forth in this Agreement.
The parties hereto understand that the above constitutes a binding Agreement and that the contents thereof are referred to in the aforesaid Registration Statement, in the subheading entitled “Liquidity” as found in the Management’s Discussion and Analysis or Plan of Operation section.
The above constitutes the entire Agreement between the parties hereto.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the 18th day of May 2007.
AI DOCUMENT SERVICES, , INC..
By: /s/ March Xxxxx
Xxxx Xxxxx, President
By: Xxxx Xxxxx
Xxxx Xxxxx, Individually
XXXX X. XXXXX, P.C.
By: /s/ Xxxx X. Xxxxx
Xxxx X. Xxxxx, President
