Re: Fw: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS

Buongiorno Dimitri,

hai per caso ricevuto la chiusura di dicembre di Las Vegas? Mi servirebbe il saldo cassa per un report.

Ciao e grazie mille
Fabrizio

Clao Joe,

Happy New Year! Hope this email finds you well. Could you please send to me and Fabrizio, once it will be available, the financial statement of December of

EFTA00645687

BIC USA LLC?

Thank you very much

Dimitri

Dear Joe,

following my email below, do you think it will be possible to receive the report for BIC Las Vegas and BIC Miami by this evening?

We have to provide to the Management some pre-closing data and we would really appreciate to have even a first draft of these reports Looking forward to hearing from you soon,

Rgds

Dimitri

Dear Dimitri,

I have attached a draft of the Las Vegas financials. I am waiting on an invoice from Ilaria to finalize this. There may be an adjust to inventory and cost of goods when I get that invoice as I have estimated amounts.

In regards to Miami - I can forward a very rough draft later today. The major open items are an invoice due from Ilaria and the fixed assets for the build out of the store. Can you forward me a listing of invoices paid by Italy for this location? Also, do you have the final cost and invoices for the store fixtures - and were these paid by Italy?

Thanks,

Joe Haffner
II( Retail Group, Inc.
3238 Prospect Street, NW
Washington, DC 20007
(x-260)
fax
mailto:

Dear Joe,

could you please send us the updated 2013 Financial Statement of BIC LV and BIC Miami together with a detailed list of the intercompany invoices towards BIC Italy? We would like to proceed with the reconciliation so that we can validate the numbers and you can pass the FS to Tom Turrin.

Thanks

Dimitri

P.S.

In sending us the updated version, please consider what communicated in my previous email about the reconciliation between BIC Miami and BIC LV. Thanks

Dimitri

Hi Tom

Yes, we should follow the same process as last years, Joe will fill the tax return and forward a copy to us and you so that you can proceed with the preparation of the FS Of Bic Holding

Thanks

Dimitri

Inviato da iPhone

Il giorno 21/feb/2014, alle ore 23:22, "Thomas Turrin" <mailto:

ha scritto:

EFTA00645685

Dear Dimitri,

Based on the emails below, will Joe be forwarding 12/31/13 financial statements for BIC Miami and BIC Las Vegas.and also the partnership (LLC) tax returns?

Thanks,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
Cell
Email: <mailto:
Website:

Dear Dimitri,

Based on the emails below, will Joe be forwarding 12/31/13 financial statements for BIC Miami and BIC Las Vegas.and also the partnership (LLC) tax returns?

Thanks,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
Cell
Email: <mailto:
Website:

Dimitri,

The "bic Iv 12-31-13 financials" appears to be the financial statements of Billionaire Italian Couture USA, LLC (not Las Vegas).

Please send us the 12-31-13 financials for BIC Las Vegas - I did not find the Las Vegas financial statements in the other emails.

With respect to Las Vegas and Miami - does BIC HOLDINGS, INC. own more than a 50% interest in the new locations?

If so, Under US accounting principles, we will need to present the financial statements of Holdings Inc. on a

EFTA00645684

consolidated basis.

Also, we have not received copies of the LLC tax returns for USA LLC, Miami and Las Vegas. Please send copies of the tax returns of the above three entities when available.

I appreciate your assistance in getting us needed information.

Best regards,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
(Cell)
Email:
Website:

Tom,

Billionaire Italian Couture USA, LLC is the Las Vegas location. This entity is owned 50% by Iraklis Karabassis and 50% by BIC Holdings, Inc.

Billionaire Miami, LLC is a single member LLC 100% owned by BIC Holdings. Because it is a single member LLC the activity will be reported on the BIC Holdings tax return - there will not be a separate tax return.

I have attached financials and the major work paper schedules for both entities. I have also attached the Florida registration for BIC Miami.

The tax return for BIC USA (Las Vegas) was prepared and forwarded to our outside CPA to review - I should have the final back early next week.

Let me know if you need any additional information or schedules on either entity.

Thanks,

Joe Haffner
IK Retail Group, Inc.
3238 Prospect Street, NW
Washington, DC 20007

fax

Tom,

Billionaire Italian Couture USA, LLC (BIC LV) 2013 tax return is attached.

Regards,

Joe Haffner
IK Retail Group, Inc.
3238 Prospect Street, NW
Washington, DC 20007
(x-260)
fax

EFTA00645683

Hi Joe,

I know it's only Feb 7th....but I'm just checking in re: accounting records for 2014 - for Miami and Las Vegas. I know you have to get the tax return for Las Vegas completed as well.

Keep us posted.

Thank you,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
(Cell)

Email:
Website:

Tom,

Financials and workpapers for Las Vegas and Miami are attached.

Let me know if you need any additional information.

Thanks,

Joe Haffner
II( Retail Group, Inc.
3238 Prospect Street, NW
Washington DC 20007

fax

Joe, Thank you...we will be in touch with any questions.

Best,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
(Cell)

Email:
Website:

Ciao Thomas,

can I have an update about consolidatio reporting of Miami and Las Vegas?

Thank in advance for your support,
Alberto

See below: ??
Sent from my Verizon Wireless BlackBerry

I assume the dope sent someone else s return to you by accident. any further proof needed

Nope...
Sent from my Verizon Wireless BlackBerry

fyi I happen to know the people . i wont say anything

Alberto and Joe,

One of the questions we are required to ask in order to comply with US GAAP accounting concerns your future expectations of profitability. This question affects the recognition of US tax benefits for net operating losses.

If there is little expectation of future profitability, your financial statements must provide for a valuation allowance to reduce the value of US tax benefits arising from operating losses.

EFTA00645680

If management expects there to be a turn-around from losses to profits in the near future (one - three years), the corporation can recognize all or part of the US tax benefit from the losses.

The questions are ....

1. What is management's expectation of future profitability of its US operations? What time frame does management expect a turnaround?

2. Will the owners of Billionaire Italian Couture (US) continue to finance the operating losses of the US operation?

If so, for how long?

We are available to discuss any questions you may have.

Thank you for your assistance.

Best regards,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
Cell
mai :
Website:

That's fimny....and I thgt leon had another operating biz in vegas Sent from my Verizon Wireless BlackBerry

From: Jeffrey E. jeevacation@gmail.com Date: Fri, 27 Mar 2015 21:53:27 -0400 To: Brad Wechsler< Subject: Re: Fw: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS

fyi I happen to know the people . i wont say anything

On Fri, Mar 27, 2015 at 9:45 PM, Brad Wechsler < > wrote:
Nope...
Sent from my Verizon Wireless BlackBerry

From: Jeffrey E. <jeevacation@gra Date: Fri, 27 Mar 2015 21:40:16 -0400 To: Brad Wechsler Subject: Re: Fw: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS

I assume the dope sent someone else s return to you by accident. any further proof needed

On Fri, Mar 27, 2015 at 7:10 PM, Brad Wechsler < > wrote:
See below: ??
Sent from my Verizon Wireless BlackBerry

-----Original Message-----
From: Thomas Turrin <
Date: Fri, 27 Mar 2015 22:28:14
To: Alberto Ballabio Joe Haffner<
Cc: Mike Meilak>; Brad Wechsler<
Subject: RE: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS

Alberto and Joe,

One of the questions we are required to ask in order to comply with US GAAP accounting concerns your future expectations of profitability. This question affects the recognition of US tax benefits for net operating losses.

If there is little expectation of future profitability, your financial statements must provide for a valuation allowance to reduce the value of US tax benefits arising from operating losses.

EFTA00645680

If management expects there to be a turn-around from losses to profits in the near future (one - three years), the corporation can recognize all or part of the US tax benefit from the losses.

The questions are ....

1. What is management's expectation of future profitability of its US operations? What time frame does management expect a turnaround?

2. Will the owners of Billionaire Italian Couture (US) continue to finance the operating losses of the US operation?

If so, for how long?

We are available to discuss any questions you may have.

Thank you for your assistance.

Best regards,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
Cell
mai :
Website:

-----Original Message-----
From: Alberto Ballabio [mailto:
Sent: Wednesday, March 25, 2015 1:05 PM
To: Thomas Turrin
Subject: I: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS

Ciao Thomas,

can I have an update about consolidatio reporting of Miami and Las Vegas?

Thank in advance for your support,
Alberto

--Messaggio originale
Da: Thomas Turrin [mailto:
Inviato: mercoledi 11 febbraio 2015 21:06
A: Joe Haffner
Cc: Iraklis Karabassis; Alberto Ballabio; Mike Meilak

EFTA00645681

Oggetto: RE: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS

Joe, Thank you...we will be in touch with any questions.

Best,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
(Cell)

Email:
Website:

Original Message From: Joe Haffner [mailto: Sent: Wednesday, February 11, 2015 1:37 PM To: Thomas Turrin Cc: Iraklis Karabassis; Alberto Ballabio; Mike Meilak Subject: RE: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS

Tom,

Financials and workpapers for Las Vegas and Miami are attached.

Let me know if you need any additional information.

Thanks,

Joe Haffner
II( Retail Group, Inc.
3238 Prospect Street, NW
Washington DC 20007

fax

-----Original Message-----
From: Thomas Turrin [mailto:]
Sent: Saturday, February 07, 2015 12:03 PM
To: Joe Haffner

EFTA00645682

Cc: Iraklis Karabassis; Alberto Ballabio; Mike Meilak Subject: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS

Hi Joe,

I know it's only Feb 7th....but I'm just checking in re: accounting records for 2014 - for Miami and Las Vegas. I know you have to get the tax return for Las Vegas completed as well.

Keep us posted.

Thank you,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
(Cell)

Email:
Website:

Original Message----
From: Joe Haffner [mailto:
Sent: Thursday, March 06, 2014 4:39 PM
To: Thomas Turrin
Cc: Dimitri D'Ambrosio; Iraklis Karabassis
Subject: RE: Bic Las Vegas

Tom,

Billionaire Italian Couture USA, LLC (BIC LV) 2013 tax return is attached.

Regards,

Joe Haffner
IK Retail Group, Inc.
3238 Prospect Street, NW
Washington, DC 20007
(x-260)
fax

EFTA00645683

---Original Message----- From: Joe Haffner Sent: Thursday, February 27, 2014 6:45 PM To: 'Thomas Turrin'; Dimitri D'Ambrosio Cc: Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis; Luca Vitali; Marco Cottini; Alberto Ballabio; Mike Meilak; Margaret Peza Subject: RE: Bic Las Vegas

Tom,

Billionaire Italian Couture USA, LLC is the Las Vegas location. This entity is owned 50% by Iraklis Karabassis and 50% by BIC Holdings, Inc.

Billionaire Miami, LLC is a single member LLC 100% owned by BIC Holdings. Because it is a single member LLC the activity will be reported on the BIC Holdings tax return - there will not be a separate tax return.

I have attached financials and the major work paper schedules for both entities. I have also attached the Florida registration for BIC Miami.

The tax return for BIC USA (Las Vegas) was prepared and forwarded to our outside CPA to review - I should have the final back early next week.

Let me know if you need any additional information or schedules on either entity.

Thanks,

Joe Haffner
IK Retail Group, Inc.
3238 Prospect Street, NW
Washington, DC 20007

fax

Original Message From: Thomas Turrin [mailto: Sent: Thursday, February 27, 2014 5:36 PM To: Dimitri D'Ambrosio Cc: Joe Haffner; Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis; Luca Vitali; Marco Cottini; Alberto Ballabio; Mike Meilak; Margaret Peza Subject: RE: Bic Las Vegas

Dimitri,

The "bic Iv 12-31-13 financials" appears to be the financial statements of Billionaire Italian Couture USA, LLC (not Las Vegas).

Please send us the 12-31-13 financials for BIC Las Vegas - I did not find the Las Vegas financial statements in the other emails.

With respect to Las Vegas and Miami - does BIC HOLDINGS, INC. own more than a 50% interest in the new locations?

If so, Under US accounting principles, we will need to present the financial statements of Holdings Inc. on a

EFTA00645684

consolidated basis.

Also, we have not received copies of the LLC tax returns for USA LLC, Miami and Las Vegas. Please send copies of the tax returns of the above three entities when available.

I appreciate your assistance in getting us needed information.

Best regards,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
(Cell)
Email:
Website:

---Original Message-----

From: Dimitri D'Ambrosio [mailto:

Sent: Friday, February 21, 2014 6:02 PM

To: Thomas Turrin

Cc: Joe Haffner; Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis; Luca Vitali; Marco Cottini; Alberto Ballabio

Subject: Re: Bic Las Vegas

Hi Tom

Yes, we should follow the same process as last years, Joe will fill the tax return and forward a copy to us and you so that you can proceed with the preparation of the FS Of Bic Holding

Thanks

Dimitri

Inviato da iPhone

Il giorno 21/feb/2014, alle ore 23:22, "Thomas Turrin" <mailto:

ha scritto:

EFTA00645685

Dear Dimitri,

Based on the emails below, will Joe be forwarding 12/31/13 financial statements for BIC Miami and BIC Las Vegas.and also the partnership (LLC) tax returns?

Thanks,

Tom

THOMAS TURRIN, CPA
Partner
Raich Ende Malter & Co. LLP
1375 Broadway
New York, New York 10018

(Direct line)
(Fax)
Cell
Email: <mailto:
Website:

From: Dimitri D'Ambrosio [mailto:
Sent: Tuesday, February 18, 2014
To: Joe Haffner
Cc: Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis; Luca Vitali; Marco Cottini; Thomas
Turrin
Subject: R: Bic Las Vegas
Importance: High

Dear Joe,

could you please send us the updated 2013 Financial Statement of BIC LV and BIC Miami together with a detailed list of the intercompany invoices towards BIC Italy? We would like to proceed with the reconciliation so that we can validate the numbers and you can pass the FS to Tom Turrin.

Thanks

Dimitri

P.S.

In sending us the updated version, please consider what communicated in my previous email about the reconciliation between BIC Miami and BIC LV. Thanks

Dimitri

Da: Joe Haffner [mailto: Inviato: giovedi 16 gennaio 2014 19:35

EFTA00645686

A: Dimitri D'Ambrosio Cc: Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis Oggetto: RE: Bic Las Vegas

Dear Dimitri,

I have attached a draft of the Las Vegas financials. I am waiting on an invoice from Ilaria to finalize this. There may be an adjust to inventory and cost of goods when I get that invoice as I have estimated amounts.

In regards to Miami - I can forward a very rough draft later today. The major open items are an invoice due from Ilaria and the fixed assets for the build out of the store. Can you forward me a listing of invoices paid by Italy for this location? Also, do you have the final cost and invoices for the store fixtures - and were these paid by Italy?

Thanks,

Joe Haffner
II( Retail Group, Inc.
3238 Prospect Street, NW
Washington, DC 20007
(x-260)
fax
mailto:

From: Dimitri D'Ambrosio [mailto
Sent: Thursday, January 16, 2014 12:08 PM
To: Joe Haffner
Cc: Valentina Mazzoleni; Fabrizio Maccazzola
Subject: I: Bic Las Vegas
Importance: High

Dear Joe,

following my email below, do you think it will be possible to receive the report for BIC Las Vegas and BIC Miami by this evening?

We have to provide to the Management some pre-closing data and we would really appreciate to have even a first draft of these reports Looking forward to hearing from you soon,

Rgds

Dimitri

Da: Dimitri D'Ambrosio
Inviato: martedi 7 gennaio 2014 09:23
A: 'Joe Haffner'
Cc: Fabrizio Maccazzola
Oggetto: R: Bic Las Vegas

Clao Joe,

Happy New Year! Hope this email finds you well. Could you please send to me and Fabrizio, once it will be available, the financial statement of December of

EFTA00645687

BIC USA LLC?

Thank you very much

Dimitri

Da: Fabrizio Maccazzola
Inviato: martedì 7 gennaio 2014 09:15
A: Dimitri D'Ambrosio
Oggetto: Bic Las Vegas

Buongiorno Dimitri,

hai per caso ricevuto la chiusura di dicembre di Las Vegas? Mi servirebbe il saldo cassa per un report.

Ciao e grazie mille
Fabrizio

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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 part 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 jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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