# EXHIBIT 56 United States Virgin Islands ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT Fiscal/Calendar Year Ending December 31, 2015 Southern Trust Company, Inc. | *Investors Dream* | | | | | | | ------------------------------------------------------------------------------------- | ------------------ | ---------- | ---- | --- | ------------ | | ross Sales (Ineligible Sales) & Eligible for Tax Benefits ... | | ( \$ - ) | \$ | | 54,999,980 | | Other Income (Ineligible) & Eligible for Tax Benefits | \$( \$ 958,818 ) | | \$ | | (951,946) | | Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) | | | \$ | | 907,209 | | 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.) | | | \$ | | 189,663 | | Employee Income Taxes Paid and Withheld | | | \$ | | 273,329 | TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/refund for each tax) | **Gross Receipts:** | Amount Paid | \$ | | | -------------------------------------------------- | ------------------------------------------ | ---- | ------------ | | | Dollar Value of Exemption | \$ | 2,749,999 | | **Real Property Tax:** | Amount Paid | \$ | | | | Dollar Value of Exemption | \$ | | | **Excise Taxes:** | Total Paid | \$ | | | | Dollar Value of Exemption/Refund | \$ | | | **Income Taxes:** | Total Paid | \$ | 4,207,361 | | | Dollar Value of Exemption/Refund | \$ | 17,441,640 | | **Customs Duties:** | Total Paid | \$ | | | | Dollar Value of Exemption/Refund | \$ | | | **Other:** | Hotel room taxes paid | \$ | | | | Other Taxes, Fee Paid to V.I. Government | \$ | 750 | | **TOTAL TAXES PAID:** | | \$ | 4,208,111 | | **TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS:** | | \$ | 20,191,639 | 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 | 23,376 | - | 385 | 23,761 | | Legal/ Accounting | - | 2,077 | 2,046,130 | 2,048,207 | | Advertising / Promotion | - | 1,280 | - | 1,280 | | Utilities (tel., water, elect. etc.) | 40,900 | 43,598 | - | 84,498 | | Interest & Other Bank Chg. | | | \$ | - | | Supplies and office expense | 2,522 | 8,641 | 8,047 | 19,210 | | Repairs/Maintenance | 9,813 | 4,628 | - | 14,441 | | Other (List Separately) | - | 141,678 | 4,024 | 145,702 | | **Subtotal, Goods and Svcs:** | **78,611** | **201,902** | **2,058,586** | **2,337,099** | | Capital Expenditures: | | | \$ | - | | Building & Improvements | - | - | - | - | | Leasehold Improvements | - | 9,255 | - | 9,255 | | Machinery / Equipment | 91,120 | 46,799 | - | 137,919 | | Furniture / Fixtures | 11,600 | 544 | - | 12,145 | | Vehicles | 52,412 | - | - | 52,412 | | Software | - | - | 30,000 | 30,000 | | **Subtotal, Capital Expend:** | **155,132** | **56,599** | **30,000** | **241,731** | | **GRAND TOTALS** | **231,743** | **258,501** | **2,068,586** | **2,576,830** | CUMULATIVE CAPITAL EXPENDITURES UNDER EDC CERTIFICATE \$ 449,723 Name/Signature of Preparer: (Signature) (Print Name) Date: 10/24/16 Telephone Number: 340-775-2525 RECEIVED Time: 2:45 OCT 25 2016 By: *J. Broon* Economic Development Authority/STT Fiscal/Calendar Year Ending December 31, 2016 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 | - | 680 | - | 680 | | Auto | - | 7,450 | - | 7,450 | | Postage and delivery | - | 1,595 | - | 1,595 | | Travel and related | - | 917 | - | 917 | | Meals and transportation | - | 4,133 | - | 4,133 | | EDC Fees | - | 13,000 | - | 13,000 | | Rent | - | 108,716 | - | 108,716 | | Business expenses | - | 3,125 | - | 3,125 | | Other expenses | - | 900 | - | 900 | | Miscellaneous | - | 1,162 | 4,024 | 5,186 | | **Subtotal, Goods and Svcs:** | - | **141,578** | **4,024** | **145,702** | **OTHER EMPLOYEE COSTS** | Employee benefits - health, life insurance, education | | | \$ 158,663 | | ------------------------------------------------------- | -- | -- | ------------ | | Simple IRA - employer contributions of 3% | | | 22,116 | | Seminars and continuing education | | | 8,884 | | | | | \$ 189,663 | **ECONOMIC DEVELOPMENT COMMISSION FEES** | BOE Territorial Scholarship Fund | | | \$ 3,000 | | --------------------------------------------------- | -- | -- | ----------- | | Department of Labor - Work Force Development Fund | | | \$ 2,500 | | Certificate fees | | | \$ 7,500 | | | | | \$ 13,000 | **EXPENDITURES FOR CHARITABLE CONTRIBUTIONS** | V.I. Public Education | V.I. Charity | Totals | | ----------------------- | -------------- | ----------- | | \$ 34,620 | \$ 16,880 | \$ 51,500 | | Name - recipient | Date | Amount | | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------ | ------------------ | | Ivanna Eudora Kean High School/Dancing Classrooms VII Junior Achievement US Virgin Islands * | 12/2/2015 | 20,000 | | Board of Education - Liston Network - computers for public schools | 12/30/2015 | 14,620 | | | | \$ 34,620 | | * - The initial charitable contribution of \$20,000 to Ivanna Eudora Kean High School changed to charitable contributions of \$10,000 each to Dancing Classrooms Virgin Islands and Junior Achievement US Virgin Islands | | | | My Brothers Workshop | 2/9/2015 | 2,000.00 * | | Humane Society of St. Thomas | 2/9/2015 | 1,500.00 * | | Community Foundation of the V. I. | 2/9/2015 | 1,500.00 * | | Antilles School, Inc. | 2/9/2015 | 6,000.00 - | | St. Thomas All Stars Steel Orchestra | 4/21/2015 | 5,000.00 - | | Wastey Methodist Church | 6/12/2015 | 500.00 | | Speak The Word Ministries International | 11/19/2015 | 380.00 | | | | \$ 16,880 | | **Total Charitable Giving** | | **\$ 51,500** | ## EDC ANNUAL REPORT ### Value of Exemptions of Stockholders/Partners/Members Case 1:22-cv-10904-JSR Document 194-18 Filed 06/20/23 Page 4 of 4 BENEFICIARY Southern Trust Company, Inc. Fiscal Year Ending December 31, 2015 | 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: States of EDC Credit and Balance Tax Due must be carried forward to the Annual Report and reported under Taxes and Duties (See instructions). VL-PM-000007476 HIGHLY CONFIDENTIAL SUBJECT TO PROTECTIVE ORDER