# EXHIBIT 55 United States Virgin Islands ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT Fiscal/Calendar Year Ending December 31, 2014 | *Investors Dream* | Southern Trust Company, Inc. | | | | ------------------------------------------------------------------------------------- | ------------------------------ | ---- | -------------- | | ross Sales (Ineligible Sales) & Eligible for Tax Benefits ... | ( \$ - ) | \$ | 70,000,000 | | Other Income (Ineligible) & Eligible for Tax Benefits | \$( 4,089,102 ) | \$ | (22,330,278) | | Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) | | \$ | 791,384 | | Average No. of Employees; Full Time & (Part Time/Other)... | | | 8 | | Average No. of Residents; Full Time & (Part Time/Other)... | | | 8 | | Average No. of Non-Residents; Full Time & (Part Time/Other)... | | | 0 | | Other Employee Costs (Unemployment & health insurance, pension, allowance, etc.) | | \$ | 225,205 | | Employee Income Taxes Paid and Withheld | | \$ | 221,202 | TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/refund for each tax) | **Gross Receipts:** | Amount Paid | \$ | - | | -------------------------------------------------- | ------------------------------------------ | ---- | ------------ | | | Dollar Value of Exemption | | 3,500,000 | | **Real Property Tax:** | Amount Paid | \$ | - | | | Dollar Value of Exemption | | - | | **Excluse Taxes:** | Total Paid | \$ | - | | | Dollar Value of Exemption/Refund | | - | | **Income Taxes:** | Total Paid | \$ | 6,089,662 | | | Dollar Value of Exemption/Refund | | 34,360,298 | | **Customs Duties:** | Total Paid | \$ | - | | | Dollar Value of Exemption/Refund | | - | | **Other:** | Hotel room taxes paid | \$ | - | | | Other Taxes, Fee Paid to V.I. Government | \$ | 491 | | **TOTAL TAXES PAID:** | | \$ | 6,090,153 | | **TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS:** | | \$ | 37,860,298 | 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 | 23,485 | 396 | 4,705 | \$ 28,585 | | Legal/ Accounting | - | 33,600 | 1,888,895 | \$ 1,922,495 | | Advertising / Promotion | - | 1,696 | - | \$ 1,696 | | Utilities (tel., water, elect. etc.) | - | 78,025 | - | \$ 78,025 | | Interest & Other Bank Chg. | - | 191 | 533 | \$ 724 | | Supplies and office expense | 10,471 | 16,974 | - | \$ 27,445 | | Repairs/Maintenance | 5,022 | 7,009 | - | \$ 12,032 | | Other (List Separately) | - | 143,387 | 1,232 | \$ 144,619 | | **Subtotal, Goods and Svcs:** | **38,978** | **261,276** | **1,895,366** | **\$ 2,215,621** | | **Capital Expenditures:** | | | | | | Building & Improvements | - | - | - | \$ - | | Leasehold Improvements | - | - | - | \$ - | | Machinery / Equipment | 202,637 | 2,300 | - | \$ 204,937 | | Furniture / Fixtures | - | - | - | \$ - | | Vehicles | 25,000 | - | - | \$ 25,000 | | Software | - | - | 60,000 | \$ 60,000 | | **Subtotal, Capital Expend:** | **227,637** | **2,300** | **60,000** | **\$ 289,937** | | **GRAND TOTALS** | **266,615** | **283,578** | **1,955,368** | **\$ 2,505,558** | CUMULATIVE CAPITAL EXPENDITURES UNDER EDC CERTIFICATE Name/Signature of Preparer: (Signature) (Prep Name) Date: 10/15/15 Felephone Number: 340-775-2525 **RECEIVE** Time: 12:45 PM OCT 15 2015 By: [Signature] Economic Development Authority/STT Fiscal/Calendar Year Ending December 31, 2014 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 | - | 1,105 | - | \$ 1,105 | | Postage and delivery | - | 1,879 | - | \$ 1,879 | | Travel and related | - | 1,916 | 1,232 | \$ 3,148 | | Meals and transportation | - | 5,131 | - | \$ 5,131 | | EDC Fees - Compliance, WDF | - | 23,000 | - | \$ 23,000 | | Rent | - | 107,574 | - | \$ 107,574 | | Business expenses | - | 1,825 | - | \$ 1,825 | | Other expenses | - | 900 | - | \$ 900 | | Miscellaneous | - | 57 | - | \$ 57 | | **Subtotal, Goods and Services:** | - | 143,387 | 1,232 | \$ 144,619 | **OTHER EMPLOYEE COSTS** | Employee benefits - health, life insurance, education | | | \$ 192,120 | | ------------------------------------------------------- | -- | -- | ------------ | | Simple IRA 3% employer contributions | | | \$ 18,595 | | Semiars and continued ed | | | \$ 10,517 | | VI unemployment tax | | | \$ 3,973 | | | | | \$ 225,205 | **ECONOMIC DEVELOPMENT COMMISSION** | BOE Territorial Scholarship Fund | | | \$ 3,000 | | --------------------------------------------------- | -- | -- | ----------- | | Department of Labor - Work Force Development Fund | | | \$ 2,500 | | Renewal activation fee | | | \$ 2,500 | | Certificate fees | | | \$ 15,000 | | | | | \$ 23,000 | **EXPENDITURES FOR CHARITABLE CONTRIBUTIONS** | V.I. Public Education | V.I. Charity | Totals | | ----------------------- | -------------- | ----------- | | \$ 55,696 | \$ 31,310 | \$ 87,006 | | Name - recipient | Date | Amount | | ------------------------------------------------------------------------------------------------- | ------------ | ------------------ | | STEM Fair - 2014 Caribbean Screen Printing & Embroidery | 06/11/2014 | \$ 2,504 | | STEM Fair - 2014 Dala Morton | 06/11/2014 | \$ 200 | | STEM Fair - 2014 L'Etoile Catering | 06/11/2014 | \$ 3,502 | | STEM Fair - 2014 Spon-O-Rama | 06/11/2014 | \$ 9,678 | | STEM Fair - 2014 Vergen Islands Daily News | 06/16/2014 | \$ 500 | | STEM Fair - 2014 Caribbean Screen Printing & Embroidery | 06/16/2014 | \$ 1,407 | | STEM Fair - 2014 Caribbean Screen Printing & Embroidery | 07/01/2014 | \$ 468 | | STEM Fair - 2014 Caribbean Travel Agency | 07/09/2014 | \$ 5,114 | | STEM Fair - 2014 Emagination Computer Campa | 07/15/2014 | \$ 12,325 | | Stem Fair donations - 2014 | | \$ 35,696 | | Science and Math Scholarship CAHS -Binghamton University For the benefit of Ajayi Iniko Anthony | 06/11/2014 | \$ 10,000 | | Science and Math Scholarship IEKHS La Roche College For the benefit of Desla Charlery | 06/10/2014 | \$ 10,000 | | | | \$ 55,696 | | Humane Society of St. Thomas | 01/22/2014 | \$ 3,500 | | Pratartkle Theater | 01/30/2014 | \$ 1,310 | | Antiles School, Inc. | 03/11/2014 | \$ 5,500 | | Wuslay Methodist Church | 04/30/2014 | \$ 500 | | Harmonic Lodge | 10/14/2014 | \$ 150 | | Community Foundation of the V. I. - Children's Holiday Books | 11/13/2014 | \$ 20,000 | | Diocese of St. [REDACTED] | 12/02/2014 | \$ 350 | | | | \$ 31,310 | | **Total Charitable Giving** | | **\$ 87,006** | ## EDC ANNUAL REPORT ### Value of Exemptions of Stockholders/Partners/Members BENEFICIARY Southern Trust Company, Inc. Fiscal Year Ending December 31, 2014 Case 1:22-cv-10904-JSR Document 194-17 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). VL-PM-000007409 HIGHLY CONFIDENTIAL SUBJECT TO PROTECTIVE ORDER