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¶