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amount totals $140,000.00. Plaintiffs further contend in their Complaint that they are owed expenses in the amount of $48,509.79 and a finder's fee in the amount of $20,000.00 based upon the finder's fee agreement dated December 30, 1985. Finally, Plaintiffs contend that they are also entitled to interest from the breach of management fee agreement. Defendants contend that the Court lacks jurisdiction over Defendant Arabian Shield Development Company as provided under the Colorado Long Arm Statute. Defendants have denied generally the allegations in Plaintiffs' Complaint and have raised defenses of estoppel and waiver, laches, offset and failure of consideration. Defendants' Counterclaim alleges that Plaintiffs improperly billed, overbilled and incurred expenses for reasons other than for work or service agreed to be performed on behalf of American Shield Coal Company. FIA'DINGS OF FACT On June 11, 1985, Bernard L. Bobo entered into an original agreement with Arab.i,an Shield Development Company (hereinafter referred to as Arabian) concerning the development of certain coal properties located in Fruita, Colorado. Said agreement was evidenced by a June 11, 1985, letter agreement executed on June 17, 1985 by B.L. Bobo and Jack Crichton, the authorized representative of Arabian. The terms of the agreement included a five (5) year independent employment contract, a certain equity interest in the coal property, and a term that Mr. Bobo's involvement would be waived in the event of his death or total disability. See Exhibits 1 and 23. Subsequently, in March 1986 the original agreement was changed as to length of time from five (5) years to three (3) years. See Exhibits 2, 2A, 3, 3A, 4 and 4A. Mr. Bobo's job was to develop the coal mine, find joint ventures and provide professional services. On December 30, 1985, B.L. Bobo and Jack Crichton, acting on behalf of Arabian, entered into a letter agreement providing $25,000.00 as a finder's fee would be paid to Bernard L. Bobo within two (2) weeks of the closing of the acquisition of the Fruita coal property. Additional compensation was listed in the agreement concerning coal which would ultimately be mined. Defendant has confessed that only $5,000.00 has been paid and that $20,000.00 is due and owing. Said confession was made in open Court and Plaintiff accepted said confession of judgment fer the remaining $20,000.00 pursuant to the December 30, 1985, agreement. Defendant Arabian, purchased the Dorcester Coal Company from Damson Oil Company on February 7, 1986. The December 30, 1985 agreement called for payment two weeks after closing of the property. The finder's fee was therefore due on February 21, 1986. The name of the coal company was changed from Dorcester Coal Company to American Shield Coal Company (hereinafter "American"). 2