# EXHIBIT 40



Fiscal Year Ending December 31, 2001



Company Name & Address: Financial Trust Company Inc. 6100 Red Hook Quarter B-3 St. Thomas US FT 00802
 Telephone No.: (340) 775-2525
 Name / Signature of Preparer: Jeanne Brennan
 (Name) (Signature)

| Gross Sale (Ineligible Sales ) Eligible for Tax Benefits | \$ - | \$ 46,815,387 |
| ------------------------------------------------------------------------------------- | ------ | --------------- |
| Gross Wages Paid In the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) | \$ - | \$ 660,122 |
| Average No. of Employees; Full Time & (Part Time) | 11 | ( - ) |
| Average No. of Residents; Full Time & (Part Time) | 11 | ( - ) |
| Average No. of Non-Residents; Full Time & Part Time | - | ( - ) |
| Other Employee Cost (Unemployment & Health Insurance, Pension, Allowances, etc.) | \$ - | \$ 67,243 |
| Employee Income Taxes Paid and Withheld | \$ - | \$ 194,622 |

**TAXES AND DUTIES** (Provide dollar amount paid, and value of exemption / refund for each tax)

| Gross Receipts: | Amount Paid | \$ - |
| ------------------------------------------------- | ------------------------------------------- | --------------- |
|  | Dollar Value of Exemption | \$ 1,872,615 |
| Real Property Tax: | Amount Paid | \$ - |
|  | Dollar Value of Exemption | \$ - |
| Excise Taxes: | Total Paid | \$ - |
|  | Dollar Value of Exemption | \$ - |
| Income Taxes: | Total Paid | \$ 2,747,483 |
|  | Dollar Value of Exemption | \$ 21,217,187 |
| Customs Duties: | Total Paid | \$ - |
|  | Dollar Value of Exemption | \$ - |
| Other: | Hotel room taxes paid | \$ - |
|  | Other Taxes, Fees Paid to V.I. Government | \$ 132,719 |
| **TOTAL TAXES PAID:** |  | \$ 2,880,202 |
| **TOTAL VALUE OF EXEMPTIONS AND/OR REFUNDS** |  | \$ 23,089,802 |

**EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT**

| Goods And Services | Eligible Suppliers | V.I. Suppliers | Non-Local | Total |
| --------------------------------------- | -------------------- | ---------------- | ----------- | --------- |
| Raw Materials, Components |  |  |  |  |
| Food, Beverages |  |  |  |  |
| Freight Charges |  | 576 |  | 576 |
| Insurance |  | 2,640 | 14,322 | 16,962 |
| Legal / Accounting | 27,151 | - | 38,955 | 66,106 |
| Advertising / Promotion |  | 1,177 |  | 1,177 |
| Utilities (Tel., Water, Elect., etc.) |  | 29,901 |  | 29,901 |
| Interest and Other Banking Charges |  | 440 | 187 | 627 |
| Supplies | 6,789 | 8,194 | 2,817 | 17,800 |
| Repairs / Maintenance | 1,098 | 7,441 | 1,771 | 10,310 |
| Other (List Separately ) | 12,520 | 120,219 | 51,242 | 183,981 |
| Sub-total, Goods and Services: | 47,558 | 170,589 | 109,294 | 327,441 |
| **Capital Expenditures:** |  |  |  |  |
| Building & Improvement |  |  |  |  |
| Leasehold Improvements |  |  |  |  |
| Machinery / Equipment |  | 1,599 | 880 | 2,479 |
| Furniture / Fixtures |  |  |  |  |
| Vehicles |  |  |  |  |
| Other (List Separately ) |  |  |  |  |
| Subtotal, Capital Expend. |  | 1,599 | 880 | 2,479 |
| **GRAND TOTALS** | 47,558 | 172,187 | 110,174 | 329,919 |



## Other Expenditures

| Goods And Services Eligible SiippHer | Va. Suppliers | Non-Local | Total |  |
| -------------------------------------- | --------------- | ----------- | --------------- | --- |
|  | 500 |  | 500 |  |
| 20 | 2.191 | 594 | 2.805' LI`f | ) |
|  | 3.649 |  | TAW() 3.649 |  |
|  |  | 50,648 | 50,648 |  |
|  | 342 |  | 342 |  |
|  | 18.420 |  | 18.420 7: |  |
|  | 11.100 |  | 11.100 |  |
| 12.500 |  |  | 12,500 Ks |  |
|  | 8.836 |  | TKAI1X) 8.836 |  |
|  | 75.181 |  | 75.18! a rc' |  |
| 12.520 | 120,219 | 51.242 | 183,981 |  |