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¶