Common use of Accounting and Recordkeeping Clause in Contracts

Accounting and Recordkeeping. At Closing, Story Inc. shall become a fully integrated subsidiary under Xfone subject to all accounting and recordkeeping requirement of the SEC, AMEX (or other markets), NASD, AIM, FTSE and other regulatory bodies to which Xfone is or will be subject. Story will produce all necessary reports to Xfone including the daily, weekly, monthly, quarterly and annual reports using GAAP accounting practices for Balance Sheets, Profit and Loss and Cash flow items. Xfone will assist Story’s accountant on the exact information it requires and will provide a detailed list of what needs to be produced. Story’s financial controller / accountant will report directly to the Xfone CFO and Story Managing Director. Story’s financial controller / accountant shall be a qualified accounting professional permanently employed by Story. -6

Accounting and Recordkeeping. At Closing, Story Inc. shall become a fully integrated subsidiary under Xfone subject to all accounting and recordkeeping requirement of the SEC, AMEX (or other markets), NASD, AIM, FTSE and other regulatory bodies to which Xfone is or will be subject. Story will produce all necessary reports to Xfone including the daily, weekly, monthly, quarterly and annual reports using GAAP accounting practices for Balance Sheets, Profit and Loss and Cash flow items. Xfone will assist Story’s accountant on the exact information it requires and will provide a detailed list of what needs to be produced. Story’s financial controller / accountant will report directly to the Xfone CFO and Story Managing Director. Story’s financial controller / accountant shall be a qualified accounting professional permanently employed by Story. -6.