# EXHIBIT 54

United States Virgin Islands



ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT

Fiscal/Calendar Year Ending December 31, 2013

Southern Trust Company, Inc.

| *Investors Dream* . Sales (Ineligible Sales) & Eligible for Tax Benefits ... | ( \$ - ) | \$ 51,000,000 |
| ------------------------------------------------------------------------------------- | ------------------ | --------------- |
| Other Income (Ineligible) & Eligible for Tax Benefits | \$ ( 4,598,540 ) | \$ 9,834,115 |
| Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) |  | \$ 544,808 |
| Average No. of Employees; Full Time & (Part Time/Other)... |  | 7 |
| Average No. of Residents; Full Time & (Part Time/Other)... |  | 7 |
| Average No. of Non-Residents; Full Time & (Part Time/Other)... |  | 0 |
| Other Employee Costs (Unemployment & health insurance, pension, allowance, etc.) |  | \$ 12,8840 |
| Employee Income Taxes Paid and Withheld |  | \$ 165,811 |

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

| **Gross Receipts:** | Amount Paid | \$ |
| -------------------------------------------------- | ------------------------------------------ | --------------- |
|  | Dollar Value of Exemption | \$ 2,550,000 |
| **Real Property Tax:** | Amount Paid | \$ |
|  | Dollar Value of Exemption | \$ |
| **Excise Taxes:** | Total Paid | \$ |
|  | Dollar Value of Exemption/Refund | \$ |
| **Income Taxes:** | Total Paid | \$ 2,143,371 |
|  | Dollar Value of Exemption/Refund | \$ 19,290,340 |
| **Customs Duties:** | Total Paid | \$ |
|  | Dollar Value of Exemption/Refund | \$ |
| **Other:** | Hotel room taxes paid | \$ |
|  | Other Taxes, Fee Paid to V.I. Government | \$ 1,297 |
| **TOTAL TAXES PAID:** |  | \$ 2,144,668 |
| **TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS:** |  | \$ 21,840,340 |

EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT

|  | Eligible Supplier | V.I. Suppliers | Non-Local | Totals |
| -------------------------------------- | ------------------- | ---------------- | ----------- | ------------ |
| **Goods and Services:** |  |  |  |  |
| Raw materials, components |  |  |  | \$ - |
| Food, beverage |  |  |  | \$ - |
| Freight Charges |  |  |  | \$ - |
| Insurance |  | 3,185 | 4,524 | \$ 7,709 |
| Legal/ Accounting |  | 14,030 | 762,714 | \$ 778,744 |
| Advertising / Promotion |  |  |  | \$ - |
| Utilities (tel., water, elect. etc.) |  | 56,951 |  | \$ 58,951 |
| Interest & Other Bank Chg. |  | 538 | 39 | \$ 577 |
| Supplies |  | 6,157 |  | \$ 6,157 |
| Repairs/Maintenance |  | 8,153 |  | \$ 11,572 |
| Other (List Separately) | 3,419 | 113,380 | 4,183 | \$ 124,233 |
| **Subtotal, Goods and Svcs:** | 10,089 | 202,394 | 771,460 | \$ 983,943 |
| **Capital Expenditures:** |  |  |  | \$ - |
| Building & Improvements |  |  |  | \$ - |
| Leasehold Improvements |  |  |  | \$ - |
| Machinery / Equipment |  | 7,232 |  | \$ 7,232 |
| Furniture / Fixtures |  | 823 |  | \$ 823 |
| Vehicles |  |  |  | \$ - |
| Other (List Separately) |  |  |  | \$ - |
| **Subtotal, Capital Expend:** |  | 8,055 |  | \$ 8,055 |
| **GRAND TOTALS** | 10,089 | 210,449 | 771,460 | \$ 991,998 |

CUMULATIVE CAPITAL EXPENDITURES UNDER EDC CERTIFICATE

Name/Signature of Preparer:

*Jeanne Brennan*
(Signature)
Jeanne Brennan
(Pres. Agent)

Date:

Telephone Number:

10/14/14
340-775-2525



Fiscal/Calendar Year Ending December 31, 2013

Company Name: Southern Trust Company, Inc.

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

|  | Eligible Supplier | V.I. Suppliers | Non-Local | Totals |
| -------------------------------------- | ------------------- | ---------------- | -------------- | ---------------- |
| **Goods and Services:** |  |  |  |  |
| Dues and subscriptions | - | 135 | 415 | 550 |
| Seminars and education | - | - | 599 | 599 |
| Postage and delivery | - | 1,367 | - | 1,367 |
| Travel and related | - | 967 | 490 | 1,447 |
| Meals and transportation | - | 3,267 | - | 3,267 |
| EDC Fees - Compliance, WDF | - | 5,500 | - | 5,500 |
| Rent | - | 89,652 | - | 89,652 |
| Office expenses | 6,670 | 6,604 | 2,690 | 15,864 |
| Business expenses | - | 5,275 | - | 5,275 |
| Other expenses | - | 713 | - | 713 |
| **Subtotal, Goods and Services:** | **6,670** | **113,380** | **4,184** | **124,234** |

**OTHER EMPLOYEE COSTS**

| Employee benefits - health insurance and life insurance | \$ | 117,531 |
| --------------------------------------------------------- | ---- | ---------------- |
| Simple IRA 3% employer contributions | \$ | 11,309 |
|  | \$ | <u>128,840</u> |

**EXPENDITURES FOR CHARITABLE CONTRIBUTIONS -2013**

|  | V.I. Public Education | V.I. Charity | Totals |
| -------------------------- | ----------------------- | ------------------ | ------------------ |
| Charitable contributions | \$ <u>76,000</u> | \$ <u>20,924</u> | \$ <u>96,924</u> |

| Name - recipient | Amount |
| ------------------------------------------- | ------------------------- |
| D. O. E. Office of Insular Superintendent | \$ 56,000 |
| University of the Virgin Islands | <u>20,000</u> |
|  | <u>76,000</u> |
| St. [REDACTED] Reformed Church | 3,000 |
| Community Foundation of the V. I. | 2,500 |
| Zero Tolerance Basketball Org. Inc. | 3,864 |
| Wesley Methodist Church | 500 |
| Virgin Island Golf Federation, Inc. | 1,000 |
| Community Foundation of the V. I. | 10,000 |
| Wesley Methodist Church | <u>60</u> |
|  | <u>20,924</u> |
| <b>Total Charitable Giving</b> | <b>\$ <u>96,924</u></b> |



Investors Dream

**EDC ANNUAL REPORT**
 Value of Exemptions of Stockholders/Partners/Members

BENEFICIARY Southern Trust Company, Inc.

Fiscal Year Ending December 31, 2013

Case 1:22-cv-10904-JSR Document 194-16 Filed 06/20/23 Page 4 of 4

| 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 Island, St. Thomas USVI | 100 | See page 1 of EDC Annual report. | See page 1 of EDC Annual report. | See page 1 of EDC Annual report. | See page 1 of EDC Annual report. | See page 1 of EDC 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).