# EXHIBIT 41

ECONOMIC DEVELOPMENT COMMISSION ANNUAL

OCT 15 2003

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

(Name) *Jeanne Brennan* (Signature)

| Gross Sale (Incligible Sales ) Eligible for Tax Benefits | \$ - | \$ 95,687,311 |
| ------------------------------------------------------------------------------------- | ---------- | --------------- |
| Gross Wages Paid In the V.L. (Include vacation & sick pay, bonuses, overtime, etc.) | \$ - | \$ 657,994 |
| 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.) |  | \$ 126,013 |
| Employee Income Taxes Paid and Withheld |  | \$ 188,685 |

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

| Gross Receipts: | Amount Paid | \$ - |
| ------------------------------------------------- | ------------------------------------------- | ----------------------------- |
|  | Dollar Value of Exemption | \$ 3,827,492 |
| Real Property Tax: | Amount Paid | \$ - |
|  | Dollar Value of Exemption | \$ - |
| Excise Taxes: | Total Paid | \$ - |
|  | Dollar Value of Exemption | \$ - |
| Income Taxes: | Total Paid | \$ 3,085,634 |
|  | Dollar Value of Exemption | \$ 37,080,724 |
| Customs Duties: | Total Paid | \$ - |
|  | Dollar Value of Exemption | \$ - |
| Other: | Hotel room taxes paid | \$ - |
|  | Other Taxes, Fees Paid to V.I. Government | \$ 135,884 = 2000 + 132,844 |
| **TOTAL TAXES PAID:** |  | \$ 3,218,478 |
| **TOTAL VALUE OF EXEMPTIONS AND/OR REFUNDS** |  | \$ 40,908,216 |

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

| Goods And Services | Eligible Suppliers | V.I. Suppliers | Non-Local | Total |
| ------------------------------------------------------------- | -------------------- | ---------------- | ------------ | ------------- |
| Raw Materials, Components |  |  |  |  |
| Food, Beverages |  |  |  |  |
| Freight Charges |  | 67.73 | 234.24 | 301.97 |
| Insurance |  | 4,752.00 | 16,304.12 | 21,056.32 |
| Legal / Accounting | 27,424.00 | 23,881.00 | 137,288.99 | 188,593.99 |
| Advertising / Promotion |  | 2,757.00 |  | 2,757.00 |
| Utilities (Tel., Water, Elect., etc.) | 91.49 | 55,275.89 | 887.05 | 56,254.43 |
| Interest and Other Banking Charges |  | 1,841.84 | 30.43 | 1,872.27 |
| Supplies | 5,872.66 | 4,718.94 | 1,479.19 | 12,070.79 |
| Repairs / Maintenance | 1,187.50 | 5,393.00 | 1,927.42 | 8,507.92 |
| Other (List Separately ) | 13059.00 | 154,933.53 | 80,268.85 | 448,261.58 |
| Sub-total, Goods and Services: | 47634.85 | 453,620.93 | 238,420.49 | 739,676.27 |
| **Capital Expenditures:** |  |  |  |  |
| Building & Improvement |  |  |  |  |
| Leasehold Improvements |  |  |  |  |
| Machinery / Equipment |  |  |  |  |
| Furniture / Fixtures | 572.00 | 21,860.00 | 505.29 | 22,937.29 |
| Vehicles |  |  |  |  |
| Other (List Separately ) |  |  |  |  |
| Subtotal, Capital Expend. | 572.00 | 21,860.00 | 505.29 | 22,937.29 |
| **GRAND TOTALS** | \$1,206.85 | 475,450.93 | 238,925.78 | 765,613.56 |
| **CUMULATIVE CAPITAL EXPENDITURE UNDER IDC CERTIFICATE** |  |  |  | \$87,468.29 |





ECONOMIC DEVELOPMENT COMMISSION ANNUAL
*Other Expenditures*

| Goods And Services | Eligible Supplier | V.I. Suppliers | Non-Local | Total |
| ---------------------------- | ------------------- | ---------------- | ----------- | ------------ |
| Dues | - | 548.00 | 174.17 | 722.17 |
| Postage and delivery | 131.80 | 3,760.66 | 1,045.60 | 4,938.06 |
| Airfare | - | - | - | - |
| [REDACTED] market services | - | - | 63,161.08 | 63,161.08 |
| Start up costs | - | - | - | - |
| Charitable contributions | - | - | - | - |
| Company | - | 600.00 | - | 600.00 |
| Foundation | - | 265,589.78 | 15,888.00 | 281,477.78 |
| Co-op [REDACTED] | 12,500 | 15,500.00 | - | 12,500 |
| fee/compliance fees |  |  |  | 15,500.00 |
| Lodging and transportation | 427.40 | 11,507.49 | - | 11,934.89 |
| Rent | - | 72,927.60 | - | 72,927.60 |
| Sub-total Other | 16,059.20 | 354,933.53 | 80,268.85 | 451,201.58 |
|  | \$130,079.20 |  |  | 448,261.58 |

② COMPLIANCE FEES - \$3000.00
 + \$15,500 → CO-op INKT. FEES - \$12,500.00