EXHIBIT 57¶
United States Virgin Islands¶
ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT¶
Fiscal/Calendar Year Ending December 31, 2016¶
Southern Trust Company, Inc.¶
| Investors Dream | |||
|---|---|---|---|
| ross Sales (Ineligible Sales) & Eligible for Tax Benefits | ( $ - ) | $ - | |
| Other Income (Ineligible) & Eligible for Tax Benefits | $( 7,092,966 ) | $ 13,173,675 | |
| Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) | $ 868,869 | ||
| 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.) | $ 202,434 | ||
| Employee Income Taxes Paid and Withheld | $ 264,626 |
TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/refund for each tax)¶
| Gross Receipts: | Amount Paid | $ - | |
|---|---|---|---|
| Dollar Value of Exemption | $ - | ||
| Real Property Tax: | Amount Paid | $ - | |
| Dollar Value of Exemption | $ - | ||
| Excise Taxes: | Total Paid | $ - | |
| Dollar Value of Exemption/Refund | $ - | ||
| Income Taxes: | Total Paid | $ 299,580 | |
| Dollar Value of Exemption/Refund | $ 111,932 | ||
| Customs Duties: | Total Paid | $ - | |
| Dollar Value of Exemption/Refund | $ - | ||
| Other: | Hotel room taxes paid | $ - | |
| Other Taxes, Fee Paid to V.I. Government | $ 790 | ||
| TOTAL TAXES PAID: | $ 300,370 | ||
| TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS: | $ 111,932 |
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 | 3,955 | 615 | - | $ 4,570 ✓ |
| Legal/ Accounting | - | 3,030 | 1,290,100 | $ 1,293,130 ✓ |
| Advertising / Promotion | - | 2,640 | - | $ 2,640 ✓ |
| Utilities (tel., water, elect. etc.) | 71,250 | 31,745 | - | $ 102,995 ✓ |
| Interest & Other Bank Chg. | - | 677 | 705 | $ 1,381 ✓ |
| Supplies and office expense | 1,783 | 6,118 | 6,700 | $ 16,581 ✓ |
| Repairs/Maintenance | 5,561 | 645 | - | $ 6,206 ✓ |
| Other (List Separately) | - | 150,515 | - | $ 150,515 ✓ |
| Subtotal, Goods and Svcs: | 82,530 | 197,985 | 1,297,505 | $ 1,578,020 ✓ |
| Capital Expenditures: | ||||
| Building & Improvements | - | - | - | $ - |
| Leasehold Improvements | - | 10,131 | - | $ 10,131 |
| Machinery / Equipment | - | - | - | $ - |
| Furniture / Fixtures | - | - | - | $ - |
| Vehicles | - | - | - | $ - |
| Software | - | - | - | $ - |
| Subtotal, Capital Expend: | - | 10,131 | - | $ 10,131 |
| GRAND TOTALS | 82,530 | 208,117 | 1,297,505 | $ 1,588,151 |
CUMULATIVE CAPITAL EXPENDITURES UNDER EDC CERTIFICATE¶
$ 459,854¶
Name/Signature of Preparer:¶
Jeanne (Signature) Jeanne [Redacted] (Preparer Name)¶
Date: 2/9/18 felephone Number: 340-775-2525¶
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 | - | 1,180 | - | $ 1,180 ✓ |
| Auto | - | 7,040 | - | $ 7,040 ✓ |
| Postage and delivery | - | 1,633 | - | $ 1,633 ✓ |
| Travel and related | - | 1,534 | - | $ 1,534 ✓ |
| Meals and transportation | - | 3,372 | - | $ 3,372 ✓ |
| EDC Fees | - | 20,500 | - | $ 20,500 ✓ |
| Rent | - | 108,716 | - | $ 108,716 ✓ |
| Business expenses | - | 5,640 | - | $ 5,640 ✓ |
| Other expenses | - | 900 | - | 900 ✓ |
| Miscellaneous | - | - | - | - |
| Subtotal, Goods and Services: | - | 150,516 | - | $ 150,516 |
OTHER EMPLOYEE COSTS¶
| Employee benefits - health, life insurance, education | $ 176,554 | ||
|---|---|---|---|
| Simple IRA - employer contributions of 3% | $ 20,747 | ||
| Seminars and continuing education | $ 5,133 | ||
| $ 202,434 |
ECONOMIC DEVELOPMENT COMMISSION FEES¶
| BOE Territorial Scholarship Fund | $ 3,000 | ||
|---|---|---|---|
| Department of Labor - Work Force Development Fund | $ 2,500 | ||
| Certificate fees - Annual Compliance Fee | $ 7,500 | ||
| $ 13,000 |
EXPENDITURES FOR CHARITABLE CONTRIBUTIONS¶
| V.I. Public Education | V.I. Charity | Totals | |
|---|---|---|---|
| $ 25,000 | $ 28,250 | $ 53,250 |
| Name - recipient | Date | Amount |
|---|---|---|
| Community Foundation of the V. I. | 05/05/2016 | 10,000 |
| Organization Black Aerospace Professional | 04/28/2016 | 15,000 |
| Lutheran Social Services of the V. I. | 12/09/2016 | 20,000 |
| Antilles School, Inc. | 02/29/2016 | 5,500 |
| Community Foundation of the V. I. | 05/03/2016 | 2,500 |
| Hermonic Lodge | 10/25/2016 | 250 |
| $ 53,250 |
BENEFICIARY Southern Trust Comoanv. Inc.¶
EDC ANNUAL REPORT Value of Exemptions of Stockholders/Partners/Members¶
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Fiscal Year Ending December 31.2011 2¶
| 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. [REDACTED] 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).¶
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