EFTA01750258.pdf

From: Richard Joslin To: Jeffrey Epstein <[email protected]>, Eileen Alexanderson Subject: FW: Late Journals booked after 7125 to January 2014 and June 2014 Sent: Wednesday, August 6, 2014 2:36:14 PM From: John Murphy [mailto Sent: Wednesday, August 06, 2014 9:34 AM To: Richard Joslin Subject: FW: Late Journals booked after 7/25 to January 2014 and June 2014 Fyi From: John Murphy Sent: Wednesday, Au ust 06 2014 9:34 AM To: Catherine Levene Subject: Late Journals o <e a er 7 toJanuary 14 an June 014 Hi Catherine, Following up on our conversation and as discussed I noticed a couple of late journals that have been booked to prior periods in 2014. When you get a moment can you or Greg send me a note to advise what is these entries are. January 2014 • Capital Increased by $50,845 (Irene Cutler Vroom) • Legal Fees increased by $50,845 • Loan from Chris Vroom $13,300 has been added • Allowance for Bad Debts has been reduced by $13,300 (The last 2 items had no P&L impact) In relation to the loan, when was this originally booked and what are the terms of this loan? You had mentioned that this $50,845 was booked as a negative against legal fees. Can you advise when this negative was originally booked? This would mean legal fees are over stated in 2014 but understated in the year the negative was booked. June 2014 • AR has reduced by $14,500 • Investment in VIP Art Fair has reduced by $3,316 (This is the Q2 payment of revenue share) • Accounts Payable have increased by $5,571 • Advisors in the P&L has increased by $2,255 • Other Expenses have increased by $14,500 (Write off of Prior Year Revenue) EFTA_R1_00047521 EFTA01750258 As discussed we should not be booking any more entries to prior periods as this makes reconciliation etc. difficult. Let's discuss any further adjustments (if necessary) before any entries are made in QB. Regards, John. John Murphy COO/CFO phaldon.com EFTA_R1_00047522 EFTA01750259