EXHIBIT 58¶
United States Virgin Islands¶
ECONOMIC DEVELOPMENT COMMISSION ANNUAL REPORT¶
Fiscal/Calendar Year Ending December 31, 2017¶
Southern Trust Company, Inc.¶
Investors Dream¶
Sales (Ineligible Sales) & Eligible for Tax Benefits …¶
Other Income (Ineligible) & Eligible for Tax Benefits Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) Average No. of Employees; Full Time & (Part Time/Other)… Average No. of Residents; Full Time & (Part Time/Other)… Average No. of Non-Residents; Full Time & (Part Time/Other)… Other Employee Costs (Unemployment & health insurance, pension, allowance, etc.) Employee Income Taxes Paid and Withheld¶
| ( $ - ) | $ | 6,000,000 |
|---|---|---|
| $( 7,283,867 ) | $ | 48,549,085 |
| $ | 824,646 | |
| 8 | ||
| 8 | ||
| 0 | ||
| $ | 163,365 | |
| $ | 257,868 |
TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/refund for each tax)¶
| Gross Receipts: | Amount Paid | $ |
|---|---|---|
| Dollar Value of Exemption | $ 400,000 | |
| Real Property Tax: | Amount Paid | $ |
| Dollar Value of Exemption | $ | |
| Excise Taxes: | Total Paid | $ |
| Dollar Value of Exemption/Refund | $ | |
| Income Taxes: | Total Paid | $ 71,340 |
| Dollar Value of Exemption/Refund | $ 124,031 | |
| Customs Duties: | Total Paid | $ |
| Dollar Value of Exemption/Refund | $ | |
| Other: | Hotel room taxes paid | $ |
| Other Taxes, Fee Paid to V.I. Government | $ 7950 | |
| TOTAL TAXES PAID: | $ 71,790 | |
| TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS: | $ 524,031 |
EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT¶
Goods and Services:¶
- Raw materials, components
- Food, beverage
- Freight Charges
- Insurance
- Legal Accounting
- Advertising / Promotion
- Utilities (tel., water, elect. etc.)
- Interest & Other Bank Chg.
- Supplies and office expense
- Repairs/Maintenance
- Other (List Separately)
- Subtotal, Goods and Svcs:
| Eligible Supplier | V.I. Suppliers | Non-Local | Totals |
|---|---|---|---|
| $ | |||
| $ | |||
| $ | |||
| 24,761 | - | $ 24,761 | |
| - | 2,052 | $ 1,413,977 | |
| - | 1,430 | $ 1,430 | |
| 50,588 | 25,328 | $ 75,916 | |
| - | - | $ | |
| 40 | 19,011 | $ 32,062 | |
| 12,652 | 1,550 | $ 14,202 | |
| 5,899 | 110,750 | $ 107,15 | |
| 93,939 | 160,121 | $ 1,603,062 | |
| 147,21 | - | $ | |
| - | - | $ | |
| - | - | $ | |
| 16,938 | - | $ 17,324 | |
| - | 5,908 | $ 20,419 | |
| - | 40,876 | $ 40,876 | |
| - | - | $ | |
| - | - | $ | |
| - | - | $ | |
| 72,325 | 6,294 | $ 78,619 | |
| GRAND TOTALS | 93,939 | 232,446 | $ 1,761,681 |
CUMULATIVE CAPITAL EXPENDITURES UNDER EQC CERTIFICATE¶
Name/Signature of Preparer:¶
Jeanne Brennan (Signature) Date: 10/12/17 Jeanne Brennan (Prep Name) Telephone Number: 340-775-2525¶
Fiscal/Calendar Year Ending December 31, 2017¶
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 | 5,899 | 5,709 | - | 11,808 |
| Postage and delivery | - | 1,515 | - | 1,515 |
| Travel and related | - | 3,651 | - | 3,651 |
| EDC Fees | - | 13,000 | - | 13,000 |
| Rent | - | 72,477 | - | 72,477 |
| Business expenses | - | 7,625 | - | 7,825 |
| Other expenses (subj. circled) | - | 5,292 | 4,066 | 9,358 |
| Miscellaneous | - | 600 | - | 600 |
| Subtotal, Goods and Svcs: | 5,899 | 110,750 | 4,066 | 120,715 |
| 97750 | 107715 |
OTHER EMPLOYEE COSTS¶
| Employee benefits - health, life insurance, education | $ 140,106 | ||
|---|---|---|---|
| Simple IRA - employer contributions of 3% | 19,026 | ||
| Seminars and continuing education | 4,233 | ||
| $ 163,365 |
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 | ||
| $ |
EXPENDITURES FOR CHARITABLE CONTRIBUTIONS¶
| V.I. Public Education | V.I. Charity | Totals | |
|---|---|---|---|
| $ 25,000 | $ 26,200 | $ 51,200 |
| Name - recipient | Amount |
|---|---|
| Dept. of Planning & Natural Resources - Library Revolving Fund | $ 25,000 |
| Lutheran Social Services of the V.I. | 20,000 |
| St. [REDACTED] Rescue, Inc. | 4,200 |
| Community Foundation of the V. I. | 1,500 |
| Wesley Methodist Church | 500 |
| $ 51,200 |
EDC ANNUAL REPORT¶
Value of Exemptions of Stockholders/Partners/Members¶
BENEFICIARY Southern Trust Company, Inc.¶
Fiscal Year Ending December 31, 2017¶
| 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).¶