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 |
| $ | 128,840 |
EXPENDITURES FOR CHARITABLE CONTRIBUTIONS -2013¶
| V.I. Public Education | V.I. Charity | Totals | |
|---|---|---|---|
| Charitable contributions | $ 76,000 | $ 20,924 | $ 96,924 |
| Name - recipient | Amount |
|---|---|
| D. O. E. Office of Insular Superintendent | $ 56,000 |
| University of the Virgin Islands | 20,000 |
| 76,000 | |
| 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 | 60 |
| 20,924 | |
| Total Charitable Giving | $ 96,924 |
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. |
| 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).¶