# EXHIBIT 52

United States Virgin Islands



ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT

Fiscal/Calendar Year Ending March 23, 2012

Financial Trust Company, Inc.

Investors Dream Sales (Ineligible Sales) & Eligible for Tax Benefits ...

| Other Income (Ineligible) & Eligible for Tax Benefits | ( \$ - ) | \$ |
| ------------------------------------------------------------------------------------- | ---------- | --------- |
| Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) | \$( ) | 1978702 |
| Average No. of Employees; Full Time & (Part Time/Other)... |  | 208812 |
| Average No. of Residents; Full Time & (Part Time/Other)... | 10 |  |
| Average No. of Non-Residents; Full Time & (Part Time/Other)... | 10 |  |
| Other Employee Costs (Unemployment & health insurance, pension, allowance, etc.) |  | 49513 |
| Employee Income Taxes Paid and Withheld |  | 61072 |

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

| **Gross Receipts:** | Amount Paid | \$ | 0 |
| -------------------------------------------------- | ------------------------------------------ | ---- | --------- |
|  | Dollar Value of Exemption |  | 0 |
| **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 | \$ | 1432123 |
|  | Dollar Value of Exemption/Refund |  | 423407 |
| **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 | \$ | 0 |
| **TOTAL TAXES PAID:** |  | \$ | 1432123 |
| **TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS:** |  | \$ | 423407 |

EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT

|  | Eligible Supplier | V.I. Suppliers | Non-Local | Totals |
| -------------------------------------- | ------------------- | ---------------- | -------------- | --------------- |
| **Goods and Services:** |  |  |  |  |
| Raw materials, components | 0 | 0 | 0 | 0 |
| Food, beverage | 0 | 0 | 0 | 0 |
| Freight Charges | 0 | 0 | 0 | 0 |
| Insurance | 0 | 4811 | 0 | 4611 |
| Legal/ Accounting | 0 | 1450 | 23542 | 24902 |
| Advertising / Promotion | 0 | 1912 | 0 | 1912 |
| Utilities (tel., water, elect. etc.) | 0 | 15811 | 0 | 15811 |
| Interest & Other Bank Chg. | 0 | 0 | 0 | 0 |
| Supplies | 754 | 5769 | 672 | 7195 |
| Repairs/Maintenance | 1791 | 8408 | 0 | 10199 |
| Other (List Separately) | 0 | 36343 | 697 | 37040 |
| **Subtotal, Goods and Svcs:** | **2545** | **74304** | **24911** | **101760** |
| **Capital Expenditures:** |  |  |  | 0 |
| Building & Improvements | 0 | 0 | 0 | 0 |
| Leasehold Improvements | 0 | 0 | 0 | 0 |
| Machinery / Equipment | 0 | 8759 | 1408 | 10167 |
| Furniture / Fixtures | 0 | 0 | 0 | 0 |
| Vehicles | 0 | 0 | 0 | 0 |
| Other (List Separately) |  |  |  | 0 |
| **Subtotal, Capital Expend:** | **0** | **8759** | **1408** | **10167** |
| **GRAND TOTALS** | **2545** | **83063** | **26319** | **111927** |

CUMULATIVE CAPITAL EXPENDITURES UNDER EDC CERTIFICATE

779,738

Name/Signature of Preparer:

*Jeanne Bronne*
*Jeanne Bronne*

Date:

10/15/13

Telephone Number:

340-775-2525



RECEIVED
Time: 4:25 PM
OCT 15 2013
By: *[Signature]*
Economic Development Authority/STT

**Fiscal/Calendar Year Ending March 23, 2012**

Company Name: Financial Trust Company, Inc.

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

|  | Eligible Supplier | V.I. Suppliers | Non-Local | Totals |
| ---------------------------------- | ------------------- | ---------------- | --------------- | -------------- |
| **Goods and Services:** |  |  |  |  |
| Dues and subscriptions | 0 | 45 | 23 \$ | 68 |
| Seminars and education | 0 | 0 | 0 \$ | 0 |
| Postage and delivery | 0 | 764 | 0 \$ | 764 |
| Travel and related | 0 | 1032 | 0 \$ | 1032 |
| Meals and transportation | 0 | 1309 | 0 \$ | 1309 |
| License and fees | 0 | 4395 | 0 | 4395 |
| EDC Fees - Compliance, WDF | 0 | 7500 | 0 \$ | 7500 |
| Rent | 0 | 21096 | 0 \$ | 21096 |
| Other expenses | 0 | 200 | 874 \$ | 874 |
| **Subtotal, Goods and Svcs:** | **0** | **36343** | **697 \$** | **37040** |

**OTHER EMPLOYEE COSTS**

| Employee benefits - health insurance and life insurance | \$ | 45553 |
| --------------------------------------------------------- | ---- | -------------- |
| Simple IRA 3% employer contributions | \$ | 3980 |
|  | \$ | <u>49513</u> |

By letter dated June 27, 2012 the Economic Development Commission granted a suspension of benefits effective March 23, 2012 to March 22, 2013. By letter dated March 28, 2013 the Company requested a termination of benefits.
 The information included in the 2012 EDC Annual Report provides data through the date of suspension of benefits, March 23, 2012.

**EXPENDITURES FOR CHARITABLE CONTRIBUTIONS -2012**

|  | V.I. Educational | V.I. Charity | Academic Scholarship Program | Totals |
| ----------------------------------------- | ------------------ | -------------- | ------------------------------ | -------------- |
| Charitable contributions - paid in 2012 | 20250 | 41875 | 30000 \$ | 92125 |
|  | <u>20250</u> | <u>41875</u> | <u>30000</u> \$ | <u>92125</u> |

**ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT
Fiscal/Calendar Year Ending December 31, 2012**

| Date | Charitable Organization | Amount |
| ------------ | ----------------------------------------- | --------------- |
| 02/13/2012 | Antilles School, Inc. | 10,000 |
| 02/22/2012 | St. [REDACTED]'s Junior Fire Fighters | 3,000 |
| 03/05/2012 | Antilles School, Inc. | 2,500 |
| 04/02/2012 | Ivanna Eudora Kean High School | 1,500 |
| 04/02/2012 | UVI-Upward Bound Parents' Association | 250 |
| 12/21/2012 | Antilles School, Inc. | <u>3,000</u> |
|  |  | <u>20,250</u> |
| 01/23/2012 | Humane Society of St. [REDACTED] | 3,000 |
| 01/23/2012 | V.I. Volleyball Federation, Inc. | 1,600 |
| 01/23/2012 | My Brothers Workshop | 5,000 |
| 01/23/2012 | Lutheran Social Services of the V.I. | 2,500 |
| 01/23/2012 | Alvin McBean East Little League | 3,500 |
| 01/23/2012 | Kids Cope, Inc. | 10,000 |
| 02/09/2012 | Ten Thousand Helpers of St. Croix, Inc. | 2,000 |
| 03/05/2012 | St. [REDACTED]'s Baseball Explorers | 2,500 |
| 03/05/2012 | SPARKS | 150 |
| 03/05/2012 | VITEMA | 1,000 |
| 03/06/2012 | The St. [REDACTED]'s Reformed Church | 2,500 |
| 04/02/2012 | V.I. Tennis Association | 5,000 |
| 06/07/2012 | Wesley Methodist Church | 125 |
| 08/28/2012 | Community Foundation of the V. I. | 2,500 |
| 10/30/2012 | Virgin Island Public TV System | <u>500</u> |
|  |  | <u>41,875</u> |
| 06/04/2012 | Embry-Fiddle Aeronautical University | 10,000 |
| 06/07/2012 | The University of Tampa | 10,000 |
| 07/31/2012 | Wesleyan College | <u>10,000</u> |
|  |  | <u>30,000</u> |
|  |  | <u>92,125</u> |