# EXHIBIT 47



**Company Name:** Financial Trust Company, Inc.

| Gross Sales (Ineligible Sales) & Eligible for Tax Benefits ... | ( \$ - ) | \$ | 63504348 |
| ------------------------------------------------------------------------------------- | ---------- | ---- | ---------- |
| Other Income (Ineligible) & Eligible for Tax Benefits | ( \$ - ) | \$ | 57278258 |
| Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) |  | \$ | 786038 |
| Average No. of Employees; Full Time & (Part Time/Other)... | 11 |  |  |
| Average No. of Residents; Full Time & (Part Time/Other)... | 11 |  |  |
| Average No. of Non-Residents; Full Time & (Part Time/Other)... |  |  |  |
| Other Employee Costs (Unemployment & health insurance, pension, allowance, etc.) |  | \$ | 225223 |
| Employee Income Taxes Paid and Withheld |  | \$ | 211323 |

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

| **Gross Receipts:** | Amount Paid | \$ |  |
| -------------------------------------------------- | ------------------------------------------ | ---- | ------------------------- |
|  | Dollar Value of Exemption |  | 2540174 |
| **Real Property Tax:** | Amount Paid | \$ | 0 |
|  | Dollar Value of Exemption |  | 0 |
| **Excise Taxes:** | Total Paid | \$ | 0 |
|  | Dollar Value of Exemption/Refund |  | 0 |
| **Income Taxes:** | Total Paid | \$ | 3411196 |
|  | Dollar Value of Exemption/Refund |  | 27424383 |
| **Customs Duties:** | Total Paid | \$ | 0 |
|  | Dollar Value of Exemption/Refund |  | 0 |
| **Other:** | Hotel room taxes paid | \$ | 0 |
|  | Other Taxes, Fee Paid to V.I. Government | \$ | # 844747 = 1200 + 83247 |
| **TOTAL TAXES PAID:** |  | \$ | 3494443 |
| **TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS:** |  | \$ | 29964557 |

RECEIVED
OCT 15 2005

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

|  | Eligible Supplier | V.I. Suppliers | Non-Local | Totals |
| -------------------------------------- | ----------------------- | ------------------------ | ------------------------ | --------------------------- |
| **Goods and Services:** |  |  |  |  |
| Raw materials, components |  |  |  | \$ - |
| Food, beverage |  |  |  | \$ - |
| Freight Charges |  | 150 |  | \$ 150 |
| Insurance |  | 23805 | 3315 | \$ 27120 *DFT.* |
| Legal/ Accounting | 42490 | 2771 | 145406 | \$ 190666 *✓* |
| Advertising / Promotion | 1351 |  |  | \$ 1351 |
| Utilities (tel., water, elect. etc.) | 12699 | 35353 | 4795 | \$ 52846 *✓* |
| Interest & Other Bank Chg. |  | 145 | 97 | \$ 242 *✓* |
| Supplies | 7957 | 12767 | 2177 | \$ 22901 *✓* |
| Repairs/Maintenance | 1276 | 1069 | 3964 | \$ 6308 *✓* |
| Other (List Separately) | 12778 *✓* 14277 | 36980 *✓* 369179 | 7109 *✓* 389066 | \$ 390566 *✓* |
| **Subtotal, Goods and Svcs:** | **75551 *✓*** | **-80049 *✓*** | **445240 *✓*** | **166863 *✓*** |
| **Total, Goods and Svcs:** |  |  |  | **\$ 690654 *✓*** |
| Capital Expenditures: |  |  |  | \$ - |
| Building & Improvements |  |  |  | \$ - |
| Leasehold Improvements |  |  |  | \$ - |
| Machinery / Equipment |  |  | 6215 | \$ 6215 *✓* |
| Furniture / Fixtures |  |  |  | \$ - |
| Vehicles |  |  |  | \$ - |
| Other (List Separately) |  |  |  | \$ - |
| **Subtotal, Capital Expend:** | **0** | **0** | **6215** | **\$ 6215** |
| **GRAND TOTALS** | **80049** | **445238** | **173077** | **\$ 698364** |

**CUMULATIVE CAPITAL EXPENDITURES UNDER EDC CERTIFICATE**

Name/Signature of Preparer: Jeanne Bunner
(Signature)
Jeanne [Redacted]
(Print Name)

Date: 10/15/05
Telephone Number: 340-775-2525



Company Name: Financial Trust Company, Inc.

EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT -Other

|  | Eligible Supplier | V.I. Suppliers | Non-Local | Totals |
| ------------------------------------------------ | ---------------------------- | ---------------------------- | ------------- | ---------------------------- |
| <b>Goods and Services:</b> |  |  |  | 2973 <i>→ DIF</i> |
| Dues |  | 2570 | 403 \$ | 2972 <i>→ DIF</i> |
| Postage and delivery | 206 | 4456 | 596 \$ | 5258 <i>→ DIF</i> |
| Travel and transportation | 72 | 7696 | 300 \$ | 8067 <i>→ DIF</i> |
| [REDACTED] market services |  |  | 5810 \$ | 5810 <i>✓</i> |
| Charitable contributions |  |  |  |  |
| Company |  | 9950 |  | 9950 |
| Foundation |  | 263976 |  | 263976 |
| Co-op marketing fee/compliance fees <i>(S)</i> | <u>12,500</u> <i>14000</i> |  |  | <u>12,500</u> <i>14000</i> |
| Rent |  | 80532 |  | 80532 <i>(S)</i> |
| <b>Subtotal, Goods and Svcs:</b> | <u>12778</u> <i>14277</i> | <u>26980</u> <i>369179</i> | <u>7109</u> | <u>36980</u> <i>390566</i> |

*(S) #14000 → #12,500 → EDC CO-OP MARKETING FEES*
*→ #1,500 → SEE FEES DAD TO GOV'T. : COMPLIANCE FEES*



*Investors Dream*

**EDC ANNUAL REPORT**

Value of Exemptions of Stockholders/Partners/Members

**BENEFICIARY** Financial Trust Company, Inc.

**Fiscal Year Ending** December 31, 2004

| Stockholders, Partners or Members | Social Security No. | Physical Address | % Distributable Shares | EDC Income | Business Activity | Total Tax Due | EDC Credit | Balance Tax Due |
| ----------------------------------- | --------------------- | ------------------------------------------------------- | ------------------------ | ------------------------------------------------------------- | ------------------- | --------------- | ------------ | ----------------- |
| Jeffrey E. Epstein | [REDACTED] | Little Saint James St. [REDACTED] U.S. Virgin Islands | 100 | See page 1 of Economic Development Commission Annual Report |  |  |  |  |
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|  |  |  |  | **TOTAL** | \$ | \$ | \$ | \$ |

Note: Totals of EDC Credit and Balance Tax Due must be carried forward to the EDC Annual Report and reported under Taxes and Duties (See instructions).