# EXHIBIT 46 Company Name & Address: Financial Trust Company, Inc. 6100 Red Hook Quarter, B-3, St. Thomas Telephone No: (340) 775-2525 USVI 00802 Name/Signature of Preparer: \_\_\_\_\_ | (name) | (signature) | | ------------------------------------------------------------------------------------------- | --------------- | | Gross Sales (Ineligible Sales) & Eligible for Tax Benefits..... | \$ 43,006,739 | | Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) ..... | \$ 180,000 | | Average No. of Employees; Full Time & (Part Time)..... | ( ) | | Average No. of Residents; Full Time & (Part Time)..... | ( ) | | Average No. of Non-Residents; Full Time & (Part Time)..... | ( ) | | Other Employee Costs (Unemployment & health insurance, pension, allowances, etc.) .. | \$ 866 | | Employee Income Taxes Paid and Withheld ..... | \$ 83,624 | TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/ refund for each tax ) | Gross Receipts: | Amount Paid | \$ - | | -------------------------------------------------- | ------------------------------------------- | --------------- | | | Dollar Value of Exemption | \$ 1,720,270 | | Real Property Tax: | Amount Paid | \$ - | | | Dollar Value of Exemption | \$ - | | Excise Taxes: | Total Paid | \$ 227 | | | Dollar Value of Exemption/Refund | \$ - | | Income Taxes: | Total Paid | \$ 1,731,411 | | | Dollar Value of Exemption/Refund | \$ 15,582,699 | | Customs Duties: | Total Paid | \$ - | | | Dollar Value of Exemption/Refund | \$ - | | Other: | Hotel room taxes paid | \$ - | | | Other Taxes, Fees Paid to V.I. Government | \$ 750 | | **TOTAL TAXES PAID:** | | \$ 1,732,388 | | **TOTAL VALUE OF EXEMPTIONS AND/OR REFUNDS:** | | \$ 15,582,699 | EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT | Goods and Services: | Eligible Suppliers | V.I. Suppliers | Non-Local | Totals | | --------------------------------- | -------------------- | ---------------- | ----------- | -------- | | Raw materials, components | | | | | | Food, beverage | | | | | | Freight charges | | | | | | Insurance | | 8,540 | | 8,540 | | Legal/Accounting | | 418 | | 418 | | Advertising/Promotion | | | 1,302 * | 1,302 | | Utilities (tel., water, etc.) | | | | | | Interest and Other Bank Charges | | 313 | | 313 | | Supplies | | | | | | Repairs/Maintenance | | | | | | Other (List Separately) | | 21,067 | 2,313 | 23,380 | | Subtotal, Goods and Services | | 30,338 | 3,615 | 33,953 | | Capital Expenditures: | | | | | | --------------------------- | ---------------- | --------------- | --------------- | ---------------- | | Building & Improvements | | | | | | Leasehold Impovements | 207,077 | | 5,520 * | 212,597 | | Machinery/Equipment | 41,132 | 225 | | 41,387 | | Furniture/Fixtures | | 2,151 | 40,141 * | 42,292 | | Vehicles | | | | | | Other (List Separately) | | 78,017 | | 78,017 | | Subtotal, Capital Expend. | 326,226 | 2,376 | 45,661 | 374,263 | | **GRAND TOTALS** | **326,226** | **32,714** | **49,276** | **408,216** | \* Note (2) ### Flnanclat Trust Company, Inc. Attachment to IDC Annual Report December 31, 1999 ### Other expenditures for a and senates | Other expenditures for a and senates Postage | VI Eligible Suppliers Suppliers | Non-Local Suppliers 250 | Total 250 1"/ | | ---------------------------------------------- | --------------------------------- | ------------------------- | --------------- | | Travel | | 2,063 | 2,063 | | Office rent | 21,067 | | 21,067 | | | 21,067 | 2,3130) | 23,380 | ### Capital expenditures Architectural 38,429 38,429 Legal 39,588 39,588 78,017 - 78,017 ### \* Note: - (1) Pursuant to IDC rules and regulations Section 708-705. - (2) Procurement for items not available within the USVI Form **1120S** Department of the Treasury Internal Revenue Service ▶ Do not file this form unless the corporation has timely filed Form 2553 to elect to be an S corporation. ▶ See separate instructions. **1999** For calendar year 1999, or tax year beginning , 1999, and ending | **A** Effective date of election as an S corporation **1/01/1999** | **Use IRS label. Other-wise, please print or type.** | **Financial Trust Company, Inc.** **6100 Red Hook Quarters Suite B3** **St. VI 00802** | | ----------------------------------------------------------------------------- | --------------------------------------------------------- | ------------------------------------------------------------------------------------------------------- | | ----------------------------------------------------------------------------- | --------------------------------------------------------- | ------------------------------------------------------------------------------------------------------- | | **C** Employer identification number **66-0567418** | | -------------------------------------------------------------- | | **D** Date incorporated **11/06/1998** | | **E** Total assets (see page 10) **\$ 24,505,873** | **F** Check applicable boxes: (1) Initial return (2) Final return (3) Change in address (4) Amended return **G** Enter number of shareholders in the corporation at end of the tax year. ▶ **1** **Caution:** Include only trade or business income and expenses on lines 1a through 21. See page 10 of the instructions for more information. | **INCOME** | **1 a** Gross receipts or sales **43,006,739** | **b** Less returns & allowances | **c Bal** ▶ | **1c** 43,006,739 | | --------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------ | ---------------- | ---------------------- | | | **2** Cost of goods sold (Schedule A, line 8). | | | **2** | | | **3** Gross profit. Subtract line 2 from line 1c | | | **3** 43,006,739 | | | **4** Net gain (loss) from Form 4797, Part II, line 18 (attach Form 4797) | | | **4** | | | **5** Other income (loss) (attach schedule) | | | **5** | | | **6** Total income (loss). Combine lines 3 through 5 | | | **6** 43,006,739 | | | **7** Compensation of officers | | | **7** 180,000 | | | **8** Salaries and wages (less employment credits) | | | **8** | | | **9** Repairs and maintenance | | | **9** | | | **10** Bad debts | | | **10** | | | **11** Rents | | | **11** 21,017 | | | **12** Taxes and licenses | | | **12** 8,279 | | | **13** Interest | | | **13** | | | **14 a** Depreciation (if required, attach Form 4562) | **14a** 12,544 | | | | | **b** Depreciation claimed on Schedule A and elsewhere on return | **14b** | | | | | **c** Subtract line 14b from line 14a | | | **14c** 12,544 | | | **15** Depletion (Do not deduct oil and gas depletion.) | | | **15** | | | **16** Advertising | | | **16** 1,302 | | | **17** Pension, profit-sharing, etc., plans | | | **17** | | | **18** Employee benefit programs | | | **18** | | | **19** Other deductions (attach schedule) | See Statement 1 | | **19** 17,810 | | | **20** Total deductions. Add the amounts shown in the far right column for lines 7 through 19 | | | **20** 240,952 | | | **21** Ordinary income (loss) from trade or business activities. Subtract line 20 from line 6 | | | **21** 42,765,787 | | **TAX** | **22 a** Tax: a Excess net passive income tax (att. schedule) | **22a** | | | | | **b** Tax from Schedule D (Form 1120S) | | | | | | **c** Add lines 22a & 22b (see page 14 of the inst for add taxes) | | | **22c** | | **AND** | **23 Payments:** a 1999 estimated tax payments & amt applied from 1998 return | **23a** | | | | | **b** Tax deposited with Form 7004 | **23b** | | | | | **c** Credit for Federal tax paid on fuels (attach Form 4136) | | | **23d** | | | **d** Add lines 23a through 23c | | | **24** | | | **24** Estimated tax penalty. Check if Form 2220 is attached | | | | | | **25** Tax due. If the total of lines 22c and 24 is larger than line 23d, enter amount shown in page 4 of the instructions for depository method of payment | | | **25** 0 | | | **26** Overpayment. If line 23d is larger than the total of lines 22c and 24, enter amount shown in page 4 of the instructions for depository method of payment | | | **26** | | | **27** Enter amount of line 26 you want: Credited to 2000 estimated tax ▶ | | | **27** | **ease in e** **TAXPAYERS' COPY** Signature of officer Date Title **Preparer's Signature** *M.R. Reberts* Date *9/6/00* Check if self-employed Preparer's SSN or PTIN **065-12-5087** **Usily** Firm's name (or yours, if self-employed) **V. ASSOCIATES** EIN **13-2842281** **110 EAST 59TH STREET NEW YORK, NY** ZIP code **10022** For work Reduction Act Notice, see page 1 of separate instructions.