EFTA Document EFTA01916324

To: Richard Joslin Fran: jeffrey E. Sent Sat 8/2/2014 12:39:43 PM Subject Re: talk later - I am heading out for a bit. I think we should know where 10 million dollars went in a year On Fri, Aug I, 2014 at 10:51 AM, Richard Joslin a> wrote: Call with Artspace summary: New set of financials will be circulated with tweaks to letter of intent (Black initiated changes). Some less than precise answers from Artspace attorney re voting and how and who were needed to gain approval. Debt understated on balance sheet as debt shown at lx and should be 3x. Asset purchase seems doable as apparently only contracts are with suppliers — no contracts with dealers/ institutions. Artspace gave little substance on not preferrign for asset sale other than they preferred stock sale/ merger. Also appears sales tax only on auction sales and none on online sales. No answer on $583K of interest paid June 2014 other than it was repayment of debt (which was not evident on balance sheet). John at Phaidon is gathering info — I asked for detailed general ledger, payor (online purchaser) payment activity detail, and sales tax returns. This will give more details on revenues and expenses and who got re-paid. Richard Joslin CFO Elysium Management LLC 445 Park Ave Ste. 1401 New York, NY 10022 (w) (c) (0 EFTA_R1_00355965 EFTA01916324 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any pan thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jecvacation@gmail,com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_00355966 EFTA01916325