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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K
(Mark
One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended December 31, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to
Commission
File No. 000-55445
DREAM
HOMES & DEVELOPMENT CORPORATION
(Exact
Name of Registrant As Specified In Its Charter)
Nevada |
|
40-0011701 |
(State
Or Other Jurisdiction Of |
|
(I.R.S.
Employer |
Incorporation
Or Organization) |
|
Identification
No.) |
314
South Main Street Forked River, New Jersey 08731
(Address
of Principal Executive Offices and Zip Code)
Registrant’s
Telephone Number, Including Area Code: (609) 693-8881
Securities
registered pursuant to Section 12(b) of the Act: None
Securities
registered pursuant to Section 12(g) of the Exchange Act:
Common
Stock, $.001 par value per share
(Title
of class)
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act ☐ Yes ☒ No
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒
No
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). ☐ Yes ☒ No
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒ Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”,
“smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
Accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☒
Emerging
Growth Company ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date.
Class |
|
Outstanding
at August 28, 2024 |
|
|
|
Common
Stock, par value $0.001 |
|
47,414,493 |
List
hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which
the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus
filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification
purposes (e.g., annual report to security holders for fiscal year ended December 31, 2023): None
TABLE
OF CONTENTS
CERTAIN
DEFINITIONS
Unless
the context requires otherwise, all references in this Annual Report on Form 10-K (the “Annual Report”) to “Dream Homes
& Development Corporation,” “Dream” “Company,” “we,” “our” and “us”
refer to Dream Homes & Development Corporation.
SPECIAL
NOTE ON FORWARD-LOOKING STATEMENTS
This
Annual Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve
substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form
10-K are forward-looking statements. We have tried, whenever possible, to identify these forward-looking statements using words such
as “anticipates,” “believes,” “estimates,” “continues,” “likely,” “may,”
“opportunity,” “potential,” “projects,” “will,” “expects,” “plans,”
“intends” and similar expressions to identify forward-looking statements, whether in the negative or the affirmative. These
statements reflect our current beliefs and are based upon information currently available to us. Accordingly, such forward-looking statements
involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance or achievements to
differ materially from those expressed in, or implied by, such statements.
Forward-looking
statements reflect our management’s expectations or predictions of future conditions, events or results based on various assumptions
and management’s estimates of trends and economic factors in the markets in which we are active, as well as our business plans.
They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. Our
actual results and financial conditions may differ, possibly materially, from the anticipated results and financial conditions indicated
in these forward-looking statements. There are a number of factors that could cause actual conditions, events or results to differ materially
from those described in the forward-looking statements contained in this Annual Report. A discussion of factors that could cause actual
conditions, events or results to differ materially from those expressed in any forward-looking statements appears in “Part 1—Item
1A—Risk Factors.”
Readers
are cautioned not to place undue reliance on forward-looking statements in this Annual Report or that we make from time to time, and
to consider carefully the factors discussed in “Part 1—Item 1A—Risk Factors” of this Annual Report in evaluating
these forward-looking statements. These forward-looking statements are representative only as of the date they are made, and we undertake
no obligation to update any forward-looking statement as a result of new information, future events or otherwise.
Any
forward-looking statement contained herein speaks only as of the date on which we make it. Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update
any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by
law.
This
Form 10-K also contains market data related to our business and industry. See Item 1 “Business.” This market data includes
projections that are based on a number of assumptions. If these assumptions turn out to be incorrect, actual results may differ from
the projections based on these assumptions. As a result, our markets may not grow at the rates projected by these data, or at all. The
failure of these markets to grow at these projected rates may have a material adverse effect on our business, financial condition, results
of operations and the market price of our common stock.
PART
I
Item
1. Business
Overview
Building
on a history of over 1,700 new homes built and over 400 elevation/renovation/addition projects since 1993, the management of Dream Homes
& Development Corporation has positioned the company to emerge as a rapidly growing regional developer of new single-family subdivisions
as well as a leader in coastal new home and modular construction, elevation and mitigation. Since Superstorm Sandy flooded 40,000 owner-occupied
homes, Dream Homes has helped hundreds of homeowners to build new homes or raise their homes to comply with new FEMA requirements. While
other involved with coastal construction in Flood Hazard Areas have not been able to remain in business, Dream Homes has excelled. As
many of our competitors have failed, Dream Homes has developed a reputation as the region’s most trusted builder and has even become
known as the “rescue builders” for homeowners whose projects have been abandoned by others who have struggled to adapt to
the changing market and complex Federal, State and local regulations. Due to the damage caused by the storm, as well as the material
changes in the FEMA flood maps which now require over 40,000 homeowners along the New Jersey coastline to elevate their existing homes,
or demolish and build new homes, Dream Homes is positioned to capitalize on this opportunity for substantial revenue growth.
Management
anticipates steady growth in this division of the company, since the rebuilding process will continue indefinitely. The company anticipates
being able to address a percentage of this market. Dream Homes’ potential operations include the development and sale of a variety
of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family
homes.
A
new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This
focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion
is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first
time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second
factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build
To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount
of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed
new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.
The
Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all
new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale
to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time,
and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become
a third division of the Company, behind custom new homes and renovation/elevation projects.
Recently,
there has been an excessive amount of new business in the New Jersey market due to the effects of the Covid-19 virus. An excessive number
of buyers from north Jersey and the New York metropolitan area have decided to act immediately towards building 2nd homes,
with immediate plans for retirement.
In
addition to the projects which the Company currently has under contract for elevation, renovation, new construction and development,
there are a number of parcels of land which the Company has the ability to secure, whether through land contract or other types of options.
These parcels represent additional opportunities for development and construction potential on the order of an additional 400 - 800 lots
and/or residential units to be developed and built within an approximate time horizon of 5 years. Conceivably, this volume of production
could yield $120,000,000 - $240,000,000 in gross revenue and $25,000,000 - $50,000,000 in earnings to the Company.
Management
recognized that the effects of Super Storm Sandy (which occurred on 10/29/12) would be far reaching and cause an almost unlimited demand
for construction services, as well as specific construction information. Due to the damage caused by the storm, as well as the material
changes in the FEMA flood maps which now require over 40,000 homeowners along the New Jersey coastline to elevate their homes, management
feels that focusing on the construction field will continue to provide a stable revenue stream for the company.
Due
to the opportunities afforded by the market conditions, Dream Homes and Development Corporation will continue to pursue opportunities
in the construction and real estate field, specifically in new home construction, home elevations and renovations.
In
addition to the existing elevation, renovation and new home projects currently in process, Dream has also estimated an additional $5,800,000
worth of residential construction projects and currently has over 500 active prospects to its data base. All these prospects are prime
candidates for new stick and modular homes, elevations and rebuilding projects.
Our
Competitive Strengths and Growth Strategy
The
Company currently offers the following range of services and products: land development and approvals, infrastructure installation, new
single and multi-family site-built and modular construction, engineering & structural design, soil studies, architectural and design/build
capabilities, construction management services, general contracting of all residential single and multi-family construction, helical
and timber pile installation, masonry foundations and concrete work of all varieties, management of home elevation and moving projects,
The Company offers comprehensive full turn-key solutions, from plan design through certificate of occupancy, which gives it a competitive
advantage over many other construction & development companies.
A
new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This
focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion
is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first
time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second
factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build
To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount
of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed
new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.
The
Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all
new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale
to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time,
and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become
a third division of the Company, behind custom new homes and renovation/elevation projects.
Finance
and credit facilities
Dream
Homes has secured a line of credit from a private lender for general working capital. This credit line is structured on an on-demand
basis, bears an interest rate of 12% APR charged only for funds in use, and is in the amount of $1,000,000. This facility has been utilized
in part to acquire the Berkeley Terrace, the 70 unit townhome property, as well as to further expand various aspects of the company.
The lender has indicated willingness to fund future real-estate based investments (such as acquisition of buildable lots, construction
of new single family homes and single family home purchases for renovation), on an ongoing basis.
Our
Products and Services
The
Company offers the following range of services and products: new site built and modular homes, engineering & structural design, soil
studies, architectural and design/build capabilities, construction management services, general contracting of all residential single
and multi-family construction, helical and timber pile installation, masonry foundations and concrete work of all varieties, management
of home elevation and moving projects and complete finish requirements for all interior construction. The Company offers full turnkey
solutions, from plan design through project completion.
Marketing,
Sales and Subscriber Support
One
of the Company’s most significant strengths is in social media and digital marketing. There is a constant stream of new information
that is being placed on Facebook, Twitter, the Rebuilding Blog and other media channels. The Company is regularly ranked on the first
page in Google searches and is a strong source of new inquiries and recurring business. The Company’s web site can be found at
www.dreamhomesltd.com and the blog at http://blog.dreamhomesltd.com.
Concentrations
Currently
the concentrations of the Company’s operations fall into 3 broad categories, as follows: New construction & development on
single lots, renovation/elevation work, and new subdivisions for single and multi-family homes.
Our
Markets
The
Company continues to focus on growing as a fully integrated real estate construction and development company specializing in the construction
of townhouses, single-family homes and all types of residential properties. In addition, the Company performs elevation and moving of
homes and development and sale of approved and improved land. Operations are located primarily in central and southern New Jersey. Principal
real estate operations are currently conducted in the central & southern part of the State of New Jersey, although it is our intention
to expand into additional markets based on market demand.
Our
ability to offer elevation management, complete renovation, demolition and new construction and full architectural and engineering services
gives us the ability to offer all clients a full range of services.
A
new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This
focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion
is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first
time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second
factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build
To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount
of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed
new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.
The
Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all
new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale
to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time,
and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become
a third division of the Company, behind custom new homes and renovation/elevation projects.
Our
initial investment goal is to evaluate each property to determine the best path to take in order to maximize potential return for that
particular property. With new construction, our intention is to purchase either fully improved or at least fully approved properties.
Fully approved properties includes those having all the entitlements and permits in hand, and as needed, to post performance guarantees
and/or file subdivision maps, and/or proceed with infrastructure construction, such as utilities, roads and other site improvements.
With new construction, we have adopted this business model to help reduce our exposure to the many risks and costs associated with land
development.
From
time to time, and as we come across an outstanding investment opportunity in land development priced at a level that justifies the inherent
risks and costs associated with land development, the Company may contract for, and will bring through the approval process, various
types of raw land. The Company will continue to allocate capital in the pursuit of approvals, since the risk/reward of developmental
activity is so great. It should be noted that we do not generally take ownership of the property until the approval process has been
completed, but rather control the property through contracts and options. In these instances, if we should fail to obtain approvals for
any reason, whether through unsuitability, change of zoning or other factors, our loss shall be limited to the money expended for the
approvals to that date. Our planned business model includes the acquisition, construction, and sale of a variety of residential properties,
including construction of entry-level and first time move-up single-family and multi-family homes.
In
addition to offering traditional stick frame construction of our homes, we may also offer modular and manufactured homes, townhomes and
condominiums.
In
our opinion, the most effective business model for residential development and construction is to target the largest current and future
segment of the home buying market, which appears to be primarily first-time and move-up purchasers, as well as those homeowners forced
to move or relocate due to Storm Sandy, another storm related event, or obsolescence of their existing property.
In
our opinion, the southern New Jersey real estate market represents one of the most attractive real estate investment opportunities, with
the greatest opportunity for future appreciation being concentrated in Ocean, Atlantic, Cape May, Monmouth and Middlesex counties. These
areas primarily fall within 1-hour driving time, and serve as “bedroom” communities for, the Atlantic City, New York and
Philadelphia metropolitan areas. In our opinion, the residential housing demand in this area, particularly in the market segments which
we intend to address, enjoys a fundamental support level, based on several factors. These factors include excellent air, rail and road
infrastructure (Atlantic City and Philadelphia), Casino and support services also in Atlantic City & Philadelphia, tourism, and a
central location between Philadelphia and New York. Additionally, there has been a chronic affordable housing shortage throughout New
Jersey and all indication are that condition will continue the foreseeable future. This situation plays well into the Company’s
strengths, which are focused on entry-level or first time move-up housing, as well as elevations and renovations of existing damaged
homes. Finally, all these market areas have tremendous growth potential due to market effects on the already very limited available housing
supply.
Employees
The
company relies on certain administrative & payroll support for employees from Dream Homes Ltd., which currently has an ownership
interest in the Company. DHL provides payroll services that includes officers of the Company as well as employees and allocates payroll
proportionately as required.
There
are currently 8 full time employees, including 3 officers, in addition to a number of part time employees on an as-needed basis, who
are being compensated under this arrangement. These include, but are not limited to, the following people listed below. As of December
31, 2023, the Company has not entered into any employment or consulting agreements.
The
management team, which consists of the present officers of the corporation as well as others who are considered key personnel, is as
follows:
Vincent
Simonelli, President, CEO, Chairman
Rich
Pezzullo, Director
Valerie
Jones, Senior VP and Board Secretary
Mark
Sampson, Regional Construction Supervisor
Dave
Shaheen, Esq., General Counsel, Real Estate
Christopher
Dieterich, Esq., Director, Securities Counsel and overall moral authority figure
Vincent
Simonelli, CEO, Chairman and President: Dream Homes & Development Corp.’s senior manager and principal, Vincent C. Simonelli,
has over 31 years of active experience in real estate finance, development, construction and marketing. Currently, Mr. Simonelli is President
and Chairman for Dream Homes & Development Corporation. Since 1993, Mr. Simonelli has developed, built and marketed over 200,000
square feet of commercial and over 1700 residential dwellings. Mr. Simonelli’s knowledge of the developmental and approval process
throughout New Jersey makes him qualified to lead the Company in its real estate acquisition and development efforts. Mr. Simonelli attended
Montclair State College, the NY Institute of Finance, and Ocean County College.
Richard
Pezzullo, Director: Richard Pezzullo is a graduate of Cornell University and served 20 years in the US Army Reserve, attaining the
rank of Major. Since 1990, he has built and continues to run Netcentric Computer Solutions, which provides Information Technology and
CTO/CIO services and currently support over 15,000 workstations in 60 locations throughout the US, UK, Japan and Morocco.
Mr.
Pezzullo regularly advises managers on the operational ramifications of decisions made regarding software deployment, employee retention
and project implementation, and over the past 15 years his breadth of knowledge across industry lines has been beneficial to Dream’s
senior management.
Valerie
Jones, Secretary and Senior VP: Valerie is responsible for the recruiting, hiring, supervision and the training of office and field
staff. She is responsible for the development of policy and procedures as well as the implementation of company protocol. Valerie provides
strategic leadership in all facets of human resource management, oversees the daily management of all accounting operations and maintains
all customer contracts, vendor accounts and payroll service. Valerie continues her education with the attendance of educational seminars
and classes and has been with the company since 2011.
Mark
Sampson, Regional Supervisor: Mark Sampson has been with the Company for 9 years and manages a number of projects for Dream Homes.
Mark has extensive experience in all phases of carpentry, framing, client and team management.
Dave
Shaheen,Esq., General Counsel, Real Estate
Vito
DeMaio, Esq., General Counsel, Litigation
Christopher
Dieterich, Esq., Securities Counsel and overall moral authority figure
MANAGEMENT
POLICIES
It
is the policy of management to conduct the business of the company under generally accepted practices, complying with all rules and regulations,
which govern this type of business. The Company has also adopted a Code of Ethics which must be followed by all members of the management
team and which is filed as Exhibit 14.1 hereto.
Legal
Proceedings
To
the knowledge of the officers and directors of the Company, neither the Company nor any of its officers or directors is a party to any
material legal proceeding or litigation and such persons know of no material legal proceeding or litigation contemplated or threatened.
None of the officers or directors has been convicted of a felony or misdemeanor relating to securities or performance in corporate office.
The
Company recently had two non-binding arbitration awards assessed against its subsidiary, Shore Custom Homes Corp. Though the Company
considers these lawsuits to be frivolous and without merit, it has chosen to disclose their existence in the interest of full transparency.
In demonstration of its opposition to these awards, the Company has filed for trial de novo in both cases and intends to vigorously defend
its position in court.
In
addition to the above referenced awards, the Company is involved in several other minor lawsuits in which it also expects to prevail,
The Company considers the substance of these claims to be of no merit.
The
Company is vigorously defending all lawsuits and fully expects to prevail in court.
In
the opinion of the Company and of its professional advisors, none of the lawsuits which the Company is currently involved in have any
substantive validity or potential for material consequence to the Company.
All
other normal operations of the Company and its subsidiaries are continuing with no negative effect from these lawsuits.
Facilities
The
Company currently occupies a 2,000 square foot office space at 314 S. Main Street in Forked River, NJ which is rented for $2,500 per
month, on a net, net basis.
Item
1A. Risk Factors
The
Purchase of the Shares is highly speculative and involves a high degree of risk. Each prospective Investor is urged to consider carefully
the risk factors discussed below, in addition to the risks set forth elsewhere, in determining whether an investment in the Company should
be made and is appropriate for them. You should not invest in our common stock unless you can afford to lose your entire investment and
you are not dependent on the funds you are investing.
Our
business operations have been and may continue to be materially and adversely affected by the outbreak of the novel respiratory illness
coronavirus (“COVID-19”).
On
March 11, 2020, the World Health Organization declared the outbreak of the novel respiratory illness COVID-19 a pandemic. The new strain
of COVID-19 is considered to be highly contagious and poses a serious public health threat. The outbreak of COVID-19 emerged in China,
where many of the Company’s material suppliers are located.
Any
outbreak of such epidemic illness or other adverse public health developments may materially and adversely affect the global economy,
our markets and our business. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery
and assembly process within any of our market areas could continue to result in delays in the delivery of products and services to our
customers, increased costs and reduced revenue.
We
cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of its impact.
If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially
and adversely affected as a result of the deteriorating market outlook, the slowdown in regional and national economic growth, weakened
liquidity and financial condition of our customers or other factors that we cannot foresee. Any of these factors and other factors beyond
our control could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business,
cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and
results of operations.
Our
Board of Directors contains two independent directors.
Our
board is composed of three members, Vincent Simonelli, Christopher Deiterich & Richard Pezzullo. Mr. Simonelli and affiliated companies,
current own or control 56.80% of the issued and outstanding common stock shares of Dream Homes & Development Corporation. Christopher
Deiterich is the second board member, SEC counsel for the Company and an independent director. Mr. Pezzullo was previously an employee
of Dream Homes, serving as the VP of Information Technology, but no longer holds that position, though he remains as third member of
the board. The NASDAQ is the exchange that we selected in order to determine whether our directors and committee members meet the independence
criteria of a national securities exchange, as required by Item 407(a)(1) of Regulation S-K. An independent director means a person who
is not an employee (or a relative of an employee), who has no material business relationship with the company, and is not a significant
owner of the company’s shares. Due to our small size, the Company does not presently have a separately designated audit committee,
compensation committee, or nominating committee.
Our
home sales and operating revenues could decline due to macro-economic and other factors outside of our control, such as changes in consumer
confidence, declines in employment levels and volatile material and supply costs.
Changes
in national and regional economic conditions, as well as local economic conditions where we conduct our operations and where prospective
purchasers of our homes live, may result in more caution on the part of homebuyers and, consequently, fewer home purchases. These economic
uncertainties involve, among other things, conditions of supply and demand in local markets and changes in consumer confidence and income,
employment levels, and government regulations. These risks and uncertainties could periodically have an adverse effect on consumer demand
for and the pricing of our homes, which could cause our operating revenues to decline. Failure to achieve revenues, or a reduction in
our revenues once achieved, could, in turn, negatively affect the market price of our securities. The homebuilding industry is cyclical,
has from time to time experienced significant difficulties, and is significantly affected by changes in general and local economic conditions
such as:
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employment levels and job growth;
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availability of financing for home buyers;
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interest rates & volatile material and supply costs;
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consumer confidence;
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housing demand; and
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population growth
An
oversupply of alternatives to new homes, such as rental properties and used homes could depress prices and reduce margins for the sale
of new homes.
Weather
conditions and natural disasters such as hurricanes, tornadoes, earthquakes, floods and fires can harm the local homebuilding business.
The
difficulties described above could cause us to take longer and incur more costs to build our homes. We may not be able to recapture increased
costs by raising prices in many cases because we fix our new home prices up to twelve months in advance of delivery by signing home sales
contracts. In addition, some home buyers may cancel or not honor their home sales contracts altogether.
A
substantial increase in mortgage interest rates or unavailability of mortgage financing may reduce consumer demand for our homes.
Virtually
all purchasers of our homes finance their acquisitions through lenders providing mortgage financing. A substantial increase in mortgage
interest rates or unavailability of mortgage financing would adversely affect the ability of prospective first time and move-up homebuyers
to obtain financing for our homes, as well as adversely affect the ability of prospective move-up homebuyers to sell their current homes.
As a result, once we commence sales, our margins, revenues, and cash flows may also be adversely affected.
If
we are unsuccessful in competing against our homebuilding competitors, our market share could decline or our growth could be impaired
and, as a result, our financial results could suffer. Notwithstanding that potential risk, the barriers to entry in the elevation/renovation
portion of our business are very high, primarily due to the complexity of the home elevation process.
Though
competition in the homebuilding industry is intense, and there are relatively low barriers to entry into the new home building business,
there is markedly less competition in the elevation/renovation portion of the business. This is primarily due to the complexity and technical
difficulty of the home elevation business. Increased competition in the new home building business could hurt our business, as it could
prevent us from acquiring attractive parcels of land on which to build homes or make such acquisitions more expensive, hinder our market
share expansion, and lead to pricing pressures on our homes that may adversely impact our margins and revenues. If we are unable to successfully
compete, our financial results could suffer and the value of, or our ability to service, our debt, including the notes, could be adversely
affected.
In
the elevation/renovation portion of our business, competition has lessened over the last several years, due to the reasons listed above.
Consequently, the Company’s market share of this portion of our business has increased, as competitors have abandoned the elevation
/ renovation business and focused on new home construction, which is markedly less difficult than completing elevation projects.
We
could experience a reduction in new home sales and revenues or reduced cash flows due to our inability to acquire land for our housing
developments if we are unable to obtain reasonably priced financing to support our homebuilding activities. Notwithstanding, the elevation/renovation
portion of our business should suffer little or no effect for these reasons, since the primary source of funds for this type of project
is private and client based.
The
new homebuilding industry is capital intensive, and homebuilding requires significant up-front expenditures to acquire land and begin
development. Accordingly, we incur substantial indebtedness to finance our homebuilding activities. Although we believe that internally
generated funds and available borrowings under our revolving credit facility will be available to fund our capital and other expenditures
(including land purchases in connection with ordinary development activities), the amounts available from such sources may not be sufficient.
If such sources are not sufficient, we would seek additional capital in the form of equity or debt financing from a variety of potential
sources, including additional bank financing and/or securities offerings. The amount and types of indebtedness which we may incur are
limited by the terms of the indentures governing the notes and our other existing debt.
Although
as noted above, the new homebuilding industry is very capital intensive, the elevation/renovation portion of our business should suffer
little or no effect, since the primary source of funds for this type of project is private and client based. At this time approximately
75% of our revenue is based on elevation/renovation work, which is not subject to any great degree to the availability or lack thereof,
of institutional capital. The Company may need to seek out loans from banks to finance these projects. As part of their financing agreements,
the banks typically require Vincent Simonelli to personally guarantee these loans. If Mr. Simonelli cannot qualify as a guarantor and
there is no one other than him in the Company to provide those guarantees, the financing of the deals may be adversely affected. The
exact amount of funding required for each particular property is not clear at the present time but will be determined when full approvals
have been obtained and the Company is prepared to take title for each individual property.
We
are subject to extensive government regulation which could cause us to incur significant liabilities or restrict our business activities.
Changes
in regulatory requirements could cause us to incur significant liabilities and operating expenses and could restrict our business activities.
We are subject to local, state and federal statutes and rules regulating, among other things, certain developmental matters, building
and site design, and matters concerning the protection of health and the environment.
We
may incur additional operating expenses due to compliance programs or fines, penalties and remediation costs pertaining to environmental
regulations within our markets.
We
are subject to a variety of local, state, and federal statutes, ordinances, rules, and regulations concerning the protection of health
and the environment. The particular environmental laws, which apply to any given community, vary greatly according to the community site,
the site’s environmental conditions, and the present and former use of the site. Environmental laws may result in delays, may cause
expensive compliance programs and us to implement time consuming and may prohibit or severely restrict development in certain environmentally
sensitive regions or areas. From time to time, the United States Environmental Protection Agency and similar federal or state agencies
review homebuilders’ compliance with environmental laws and may levy fines and penalties for failure to strictly comply with applicable
environmental laws or impose additional requirements for future compliance as a result of past failures. Any such actions taken with
respect to us may increase our costs. Further, we expect that increasingly stringent requirements will be imposed on homebuilders in
the future. Environmental regulations can also have an adverse impact on the availability and price of certain raw materials such as
lumber.
We
may be subject to significant potential liabilities because of construction defect, product liability, and warranty claims made against
us.
As
a homebuilder, we have been, and continue to be, subject to construction defect, product liability, and home warranty claims, including
moisture intrusion and related mold claims, arising in the ordinary course of business. These claims are common to the homebuilding industry
and can be costly.
With
respect to certain general liability exposures, including construction defect, moisture intrusion and related mold claims and product
liability, interpretation of underlying current and future trends, assessment of claims and the related liability and reserve estimation
process is highly judgmental due to the complex nature of these exposures, with each exposure exhibiting unique circumstances. Furthermore,
once claims are asserted for construction defects, it is difficult to determine the extent to which the assertion of these claims will
expand geographically. Although we have obtained insurance for construction defect claims, such policies may not be available or adequate
to cover any liability for damages, the cost of repairs, and/or the expense of litigation surrounding current claims, and future claims
may arise out of uninsurable events or circumstances not covered by insurance and not subject to effective indemnification agreements
with our subcontractors.
Our
operating expenses could increase if we are required to pay higher insurance premiums or litigation costs for claims involving construction
defect and product liability claims, which could cause our net income to decline.
The
costs of insuring against construction defect and product liability claims are high, and the amount and scope of coverage offered by
insurance companies is currently limited. This coverage may be further restricted and may become more costly.
Increasingly
in recent years, lawsuits (including class action lawsuits) have been filed against builders, asserting claims of personal injury and
property damage caused by the presence of mold in residential dwellings. Our insurance may not cover all of the claims, including personal
injury claims, arising from the presence of mold, or such coverage may become prohibitively expensive. If we are not able to obtain adequate
insurance against these claims, we may experience losses that could reduce our net income and restrict our cash flow available to service
debt.
Historically,
builders have recovered from subcontractors and their insurance carriers a significant portion of the construction defect liabilities
and costs of defense that the builders have incurred. Insurance coverage available to subcontractors for construction defects is becoming
increasingly expensive, and the scope of coverage is restricted. If we cannot effectively recover from our subcontractors or their carriers,
we may suffer greater losses which could decrease our net income.
Raw
material and labor shortages and price fluctuations could delay or increase the cost of new home construction and adversely affect our
operating results.
The
homebuilding industry has from time to time experienced raw material and labor shortages. In particular, shortages and fluctuations in
the price of lumber or in other important raw materials could result in delays in the start or completion of, or increase the cost of,
developing one or more of our residential communities. In addition, we contract with subcontractors to construct our homes. Therefore,
the timing and quality of our construction depends on the availability, skill and cost of our subcontractors. Delays or cost increases
caused by shortages and price fluctuations could harm our operating results, the impact of which may be further affected by our ability
to raise sales prices.
We
experience fluctuations and variability in our operating results on a quarterly basis and, as a result, our historical performance may
not be a meaningful indicator of future results.
Our
operating results in a future quarter or quarters may fall below expectations of securities analysts or investors and, as a result, the
market value of the common stock, whether trading or not, may fluctuate. Because of such variability, our historical performance may
not be a meaningful indicator of future results. Our quarterly results of operations may continue to fluctuate in the future because
of a variety of both national and local factors, including, among others:
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the timing of home closings and land sales;
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our ability to continue to acquire additional land or secure option contracts to acquire land on acceptable terms;
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conditions of the real estate market in areas where we operate and of the general economy;
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raw material and labor shortages;
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seasonal home buying patterns; and
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other changes in operating expenses, including the cost of labor and raw materials, personnel and general economic conditions.
Our
future growth may include additional acquisitions of companies that may not be successfully integrated and may not achieve expected benefits.
Acquisitions
of companies may contribute to our growth and be a component of our growth strategy. Consistent with this strategy, we may engage in
discussions with and evaluate potential acquisition targets, some of which may be significant, although we currently have no binding
definitive agreements for any significant acquisitions of companies. In the future, we may acquire other businesses. Because of acquisitions
of companies, we may need to seek additional financing and integrate product lines, dispersed operations, and distinct corporate cultures.
These integration efforts may not succeed or may distract our management from operating our existing business. Additionally, we may not
be able to enhance our earnings because of acquisitions. Our failure to successfully manage future acquisitions could harm our operating
results.
The
occurrence of natural disasters could increase our operating expenses and reduce our revenues and cash flows.
The
climates and geology of the states in which we operate (currently solely located within New Jersey) present increased risks of natural
disasters. To the extent that hurricanes, severe storms, droughts, floods, wildfires or other natural disasters or similar events occur,
our homes that might be under construction in the future or any of our building lots in such states could be damaged or destroyed, which
may result in losses exceeding our insurance coverage. Any of these events could increase our operating expenses, impair our cash flows,
and reduce our revenues, which could, in turn, negatively affect the market price of our securities.
Future
terrorist attacks against the United States or increased domestic or international instability could have an adverse effect on our operations.
Adverse
developments in the war on terrorism, future terrorist attacks against the United States, or any outbreak or escalation of hostilities
between the United States and any foreign power, including the armed conflict with Iraq, may cause disruption to the economy, our company,
our employees and our customers, which could adversely affect our revenues, operating expenses, and financial condition.
Compliance
with changing regulation of corporate governance and public disclosure may result in additional expenses, which as a smaller public company
may be disproportionately high.
Changing
laws, regulations and standards relating to corporate governance and public disclosure, including the Sarbanes-Oxley Act, new SEC regulations,
and stock market rules, are creating uncertainty for development companies such as us. These new and changing laws, regulations and standards
are subject to varying interpretations in many cases due to their lack of specificity, and as a result, their application in practice
may evolve over time as new guidance is provided by regulatory and governing bodies, which could result in continuing uncertainty regarding
compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. As a result, our efforts
to comply with evolving laws, regulations, and standards will likely result in increased general and administrative expenses and a diversion
of management time and attention from revenue-generating activities to compliance activities. If we are unable to comply with the newly
enacted JOBS Act regulations, which lessen if not eliminate the harsher impact of some of the reporting requirements, expenses will remain
higher than other companies which are able to meet the new rules. In particular, our efforts to comply with Section 404 of the Sarbanes-Oxley
Act and the related regulations regarding our required assessment of our internal controls over financial reporting and our independent
registered public accounting firm’s audit of that assessment will require the commitment of significant financial and managerial
resources. We expect these efforts to require the continued commitment of significant resources. Further, our board members, chief executive
officer, and chief financial officer could face an increased risk of personal liability in connection with the performance of their duties.
As a result, we may have difficulty attracting and retaining qualified board members and executive officers, which could slow down our
business. If we are unable to fully comply with new or changed laws, regulations and standards, or if our efforts differ from the activities
intended by regulatory or governing bodies due to ambiguities related to practice, our reputation may be harmed and our stock price may
suffer.
Failure
to achieve and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 could have a material
adverse effect on our business and operating results. In addition, current and potential stockholders could lose confidence in our financial
reporting, which could have an adverse effect on our stock price.
Effective
internal controls are necessary for us to provide reliable financial reports and effectively prevent fraud. If we cannot provide reliable
financial reports or prevent fraud, our operating results could be harmed. If we are unable to maintain the status of “Emerging
Growth Company”, we will be required to document and test our internal control procedures in order to satisfy the requirements
of Section 404 of the Sarbanes-Oxley Act of 2002, which requires annual management assessments of the effectiveness of our internal controls
over financial reporting and a report by our independent registered public accounting firm addressing these assessments. Although we
intend to augment our internal controls procedures and expand our accounting staff, there is no guarantee that this effort will be adequate.
We
may need additional capital in the future, but there is no assurance that funds will be available on acceptable terms.
We
may need to raise additional funds in order to achieve growth or fund other business initiatives. This financing may not be available
in sufficient amounts or on terms acceptable to us and may be dilutive to existing stockholders. Additionally, any securities issued
to raise funds may have rights, preferences or privileges senior to those of existing stockholders. If adequate funds are not available
or are not available on acceptable terms, our ability to expand, develop or enhance services or products, or respond to competitive pressures
will be limited.
RISKS
RELATING TO OUR COMMON SHARES
You
will not receive dividend income from an investment in the shares and as a result, you may never see a return on your investment.
We
have never declared or paid a cash dividend on our shares nor will we in the foreseeable future. We currently intend to retain any future
earnings, if any, to finance the operation and expansion of our business. Accordingly, investors who anticipate the need for immediate
income from their investments by way of cash dividends should refrain from purchasing any of the securities offered by our company. As
we do not intend to declare dividends in the future, you may never see a return on your investment and you indeed may lose your entire
investment.
Rule
144
In
general, persons who have beneficially owned restricted shares of our common stock for at least six months, and any affiliate of the
company who owns either restricted or unrestricted shares of our common stock, are entitled to sell their securities without registration
with the SEC under an exemption from registration provided by Rule 144 under the Securities Act.
Non-Affiliates
Any
person who is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding a sale,
may sell an unlimited number of restricted securities under Rule 144 if:
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the
restricted securities have been held for at least six months (including the holding period of any prior owner other than one of our
affiliates); |
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we
have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale; and |
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we
are current in our Exchange Act reporting at the time of sale. |
Affiliates
Persons
seeking to sell restricted securities who are our affiliates at the time of, or any time during the three months preceding, a sale, would
be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required
to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three-month period only
that number of securities that does not exceed the greater of either of the following:
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the
average weekly trading volume of our common stock during the four calendar weeks preceding the filing of a notice on Form 144 with
respect to the sale. |
Additionally,
persons who are our affiliates at the time of, or any time during the three months preceding, a sale may sell unrestricted securities
under the requirements of Rule 144 described above, without regard to the six month holding period of Rule 144, which does not apply
to sales of unrestricted securities.
Unlimited
Resales by Non-Affiliates
Any
person who is not deemed to have been an affiliate of ours at the time of, or at any time during the three months preceding, a sale and
has held the restricted securities for at least one year, including the holding period of any prior owner other than one of our affiliates,
will be entitled to sell an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange
Act periodic reporting or whether we are current in our Exchange Act reporting.
Our
common stock is a “Penny Stock,” and compliance with requirements for dealing in penny stocks may make it difficult for holders
of our common stock to resell their shares.
Our
common stock is currently listed in the public market in what is known as the over-the-counter market and at least for the foreseeable
future, our common stock will be deemed to be a “penny stock” as that term is defined in Rule 3a51-1 under the Securities
Exchange Act of 1934. Rule 15g-2 under the Exchange Act requires broker/dealers dealing in penny stocks to provide potential investors
with a document disclosing the risks of penny stocks and to obtain from these investors a manually signed and dated written acknowledgement
of receipt of the document before effecting a transaction in a penny stock for the investor’s account. Compliance with these requirements
may make it more difficult for holders of our common stock to resell their shares to third Parties or otherwise, which could have a material
adverse effect on the liquidity and market price of our common stock.
Penny
stocks are stocks with a price of less than $5.00 per share unless traded on NASDAQ or a national securities exchange.
Penny
stocks are also stocks, which are issued by companies with Net tangible assets of less than $2.0 million (if the issuer has been in continuous
operation for at least three years); or $5.0 million (if in continuous operation for less than three years); or average revenue of less
than $6.0 million for the last three years.
Our
stock price may fluctuate significantly, and you may not be able to resell your shares at or above the current market price.
The
trading price of our common stock is likely to be volatile and subject to wide price fluctuations in response to various factors, including:
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regulatory
or political developments; |
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market
conditions in the broader stock market; |
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actual
or anticipated fluctuations in our quarterly financial and results of operations; |
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introduction
of new products or services by us or our competitors; |
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issuance
of new or changed securities analysts’ reports or recommendations; |
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investor
perceptions of us and the construction industry; |
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sales,
or anticipated sales, of large blocks of our stock; |
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additions
or departures of key personnel; |
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litigation
and governmental investigations; and |
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changing
economic conditions. |
These
and other factors may cause the market price and demand for our common stock to fluctuate substantially, which may limit or prevent investors
from readily selling their shares of common stock and may otherwise negatively affect the liquidity of our common stock. In addition,
in the past, when the market price of a stock has been volatile, holders of that stock have sometimes instituted securities class action
litigation against the Company that issued the stock. If any of our stockholders were to bring a lawsuit against us, we could incur substantial
costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business.
Sales
of substantial amounts of our common stock in the public markets, or the perception that such sales might occur, could reduce the price
of our common stock and may dilute your voting power and your ownership interest in us.
If
our existing stockholders sell substantial amounts of our common stock in the public market, the market price of our common stock could
decrease significantly. The perception in the public market that our existing stockholders might sell shares of common stock could also
depress our market price.
Insiders
have substantial control over us and could limit your ability to influence the outcome of key transactions, including a change of control.
As
of December 31, 2023, our principal stockholders, directors, and executive officers and entities affiliated with them owned approximately
79.0 % of the outstanding shares of our common stock. As a result, these stockholders, if acting together, would be able to influence
or control matters requiring approval by our stockholders, including the election of directors and the approval of mergers or other extraordinary
transactions. They may also have interests that differ from yours and may vote in a way with which you disagree and which may be adverse
to your interests. The concentration of ownership may have the effect of delaying, preventing, or deterring a change of control of our
company, could deprive our stockholders of an opportunity to receive a premium for their common stock as part of a sale of our company
and may materially adversely affect the market price of our common stock.
As
a public company, we are required to:
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Prepare
and distribute periodic public reports and other stockholder communications in compliance with our obligations under the federal
securities laws and OTCBB rules; |
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or expand the roles and duties of our board of directors and committees of the board; |
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maintain
a more comprehensive financial reporting and disclosure compliance functions; |
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maintain
an accounting and financial reporting department, including personnel with expertise in accounting and reporting for a public company; |
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●
|
enhance
and formalize closing procedures at the end of our accounting periods; |
|
|
|
|
●
|
maintain
an internal audit function; |
|
|
|
|
●
|
enhance
our investor relations function; |
|
|
|
|
●
|
establish
and maintain new internal policies, including those relating to disclosure controls and procedures; and |
|
|
|
|
● |
involve
and retain to a greater degree outside counsel and accountants in the activities listed above. |
These
requirements entail a significant commitment of additional resources. We may not be successful in implementing these requirements and
implementing them could adversely affect our business or results of operations. In addition, if we fail to implement the requirements
with respect to our internal accounting and audit functions, our ability to report our results of operations on a timely and accurate
basis could be impaired.
Item
1B. Unresolved Staff Comments
None.
Item
2. Properties
Our
corporate headquarters are located at 314 South Main Street, Forked River, NJ 08731.
Item
3. Legal Proceedings
The
Company is currently not subject to any material litigation or regulatory proceedings. See further discussion in the Legal Proceedings
section above.
Item
4. Mine Safety Disclosures
N/A
PART
II
Item
5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
The
common stock is currently traded on the OTC under the ticker symbol DREM.
As
of December 31, 2023, there were shares of common stock issued and outstanding held by approximately 77 holders of record.
Item
6. Selected Financial Data
The
following selected financial data has been derived from and should be read in conjunction with our financial statements and related notes
in Item 15 of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item
7 of this report.
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Statements of Income: | |
| | | |
| | |
Revenue | |
$ | 5,656,452 | | |
$ | 6,310,883 | |
Gross profit | |
| 1,085,550 | | |
| 1,079,725 | |
Income from operations | |
| 68,803 | | |
| 205,522 | |
Net income (loss) | |
$ | (97,379 | ) | |
$ | 154,090 | |
Basic and diluted income (loss) per common share | |
$ | (.00 | ) | |
$ | .00 | |
Balance Sheet Data: | |
| | | |
| | |
Cash | |
$ | 2,712,503 | | |
$ | 525,389 | |
Total assets | |
| 10,108,509 | | |
| 7,182,456 | |
Total liabilities | |
| 9,370,244 | | |
| 6,543,612 | |
Total Stockholders’ equity | |
$ | 738,265 | | |
$ | 638,844 | |
Item
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Forward-Looking
Statements
Management’s
Discussion and Analysis or Plan of Operation contains “forward-looking” statements, as well as historical information. Although
we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that the expectations
reflected in these forward-looking statements will prove to be correct. Forward-looking statements include those that use forward-looking
terminology, such as the words “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“may,” “project,” “plan,” “will,” “shall,” “should,” and similar
expressions, including when used in the negative. Although we believe the expectations reflected in these forward-looking statements
are reasonable and achievable, these statements involve risks and uncertainties, and no assurance can be given that actual results will
be consistent with these forward-looking statements. Current shareholders and prospective investors are cautioned that any forward-looking
statements are not guarantees of future performance. Such forward-looking statements by their nature involve substantial risks and uncertainties,
certain of which are beyond our control, and actual results for future periods could differ materially from those discussed in this report,
depending on a variety of important factors, among which are our ability to implement our business strategy, our ability to compete with
major established companies, the acceptance of our products in our target markets, our ability to attract and retain qualified personnel,
our ability to obtain financing, our ability to continue as a going concern, and other risks described from time to time in our filings
with the Securities and Exchange Commission. Forward-looking statements contained in this report speak only as of the date of this report.
Future events and actual results could differ materially from the forward-looking statements. You should read this report completely
and with the understanding that actual future results may be materially different from what management expects. We will not update forward-looking
statements even though its situation may change in the future.
We
undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Important factors on which such statements are based are assumptions concerning uncertainties, including but not limited to uncertainties
associated with the following:
(a)
potential fluctuation in quarterly results;
(b)
our failure to earn revenues or profits;
(c)
inadequate capital and barriers to raising the additional capital or to obtaining the financing needed to implement our business plans;
(d)
inadequate capital to continue business;
(e)
changes in demand for our products and services;
(f)
rapid and significant changes in markets;
(g)
litigation with or legal claims and allegations by outside parties;
(h)
insufficient revenues to cover operating costs.
You
should read the following discussion and analysis in conjunction with our financial statements and notes thereto, included herewith.
This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future, or that
any conclusion reached herein will necessarily be indicative of actual operating results in the future. Such discussion represents only
the best present assessment of management.
PLAN
OF OPERATION
Building
on a history of over 1,700 new homes built and over 400 elevation/renovation/addition projects since 1993, the management of Dream Homes
& Development Corporation has positioned the company to emerge as a rapidly growing regional developer of new single-family subdivisions
as well as a leader in coastal new home and modular construction, elevation and mitigation. Since Superstorm Sandy flooded 40,000 owner-occupied
homes, Dream Homes has helped hundreds of homeowners to build new homes or raise their homes to comply with new FEMA requirements. While
other involved with coastal construction in Flood Hazard Areas, Dream Homes has excelled. As many of our competitors have failed, Dream
Homes has developed a reputation as the region’s most trusted builder and has even become known as the “rescue builders have
struggled to adapt to the changing market and complex Federal, State and local regulations” builder for homeowners whose projects
have been abandoned by others. Due to the damage caused by the storm, as well as the material changes in the FEMA flood maps which now
require over 40,000 homeowners along the New Jersey coastline to elevate their homes, Dream Homes is positioned to capitalize on this
opportunity for substantial revenue growth.
A
new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This
focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion
is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first
time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second
factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build
To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount
of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed
new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.
The
Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all
new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale
to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time,
and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become
a third division of the Company, behind custom new homes and renovation/elevation projects.
Management
recognized that the effects of Super Storm Sandy, which occurred on 10/29/12, would be far reaching and cause an almost unlimited demand
for construction services, as well as specific construction information. Due to the damage caused by the storm, as well as the material
changes in the FEMA flood maps which now require over 40,000 homeowners along the New Jersey coastline to elevate their homes, management
feels that focusing on the construction field will continue to provide a stable revenue stream for the company.
Dream
Homes and Development Corporation continues to pursue opportunities in the real estate field, specifically in new home construction,
home elevations and renovations. The amount of these projects currently under contract as of December 31, 2023 is $???????????.
In
addition to the above projects, which are in process, the Company has also estimated an additional $5,800,000 worth of residential construction
projects and added over 200 active prospects to its data base. All of these prospects are prime candidates for rebuilding and new home
projects.
In
addition to the projects which the Company currently has under contract for elevation, renovation, new construction and development,
there are a number of parcels of land which the Company has the ability to secure, whether through land contract or other types of options.
These parcels represent additional opportunities for development and construction potential on the order of an additional 400 - 800 lots
and/or residential units to be developed and built within an approximate time horizon of 5 years. Conceivably, this volume of production
could yield $120,000,000 - $240,000,000 in gross revenue and $25,000,000 - $50,000,000 in earnings to the Company.
The
Company has positioned itself to well serve a significant portion of the entire coastal region, from southern Ocean County north to Middlesex
County.
Properties
currently owned and in the development stage
Berkeley
Terrace – Bayville, NJ – 70 approved townhome units
The
Company is in title to this property and finalized an infrastructure and construction finance facility which closed on 3/31/23. This
facility included refinancing the land debt, and securing funding for a large portion of the site construction, as well as funding the
first building of 10 townhomes. The amount of the facility is $4,670,000.
The
Company began infrastructure work on the property in June of 2023, with land clearing completed and the site stabilized for soils erosion
control. Sanitary sewer, water and drainage has been installed in Phase 1 and the majority of Phase 2.
The
first 5 building pads have been compacted and completed.
Base
paving has been completed and 74% of the entire site has been improved.
The
vertical construction of Building 7 will begin in December of 2023.
The
Company has entered into an agreement with a national builder to deliver improved building sites for this project. It is in the Company’s
opinion that the financial advantages inherent in the sale of a portion of the improved lots in this development outweigh the advantages
of building and selling or leasing the entire development.
Lacey
Township, New Jersey, “Dream Homes at the Pines”
Dream
Homes currently owns a parcel approved for 68 new townhomes in Ocean County NJ, of which 54 are market rate and 14 are affordable housing.
The acquisition was made in June of 2021. This property has received final approvals, Department of Transportation approval, CAFRA approval,
MUA, County, Fire and other outside agency approvals. This development is scheduled to begin construction in 2023.
The
Company acquired this property on June 29, 2021 and is currently in title.
Preliminary
approval was granted in 2021 and Final approval was granted in fall of 2022.
The
Company has secured permanent funding to install infrastructure and vertical construction for this project and has retired the previous
lender.
Site
bonds, escrows and fees have been posted, with clearing having started in the 4th quarter of 2023.
The
Company has entered into an agreement with a national builder to deliver improved building sites for this project. It is in the Company’s
opinion that the financial advantages inherent in the sale of a portion of the improved lots in this development outweigh the advantages
of building and selling or leasing the entire development.
Louis
Avenue – Bayville, NJ – 17 townhome units
The
Company was heard before the Berkeley Township Planning Board on October 3, 2020 and the planning board awarded preliminary approvals
for 17 townhome units.
The
Company acquired this property on August 4, 2021.
The
Company received Final approvals on August 8, 2021.
Autumn
Run – Gloucester County
On
December 7, 2018, the Company signed a contract to purchase a property in Gloucester County, NJ, which has been approved for 62 units
of age-restricted manufactured housing. The property is currently in the final approval stage. An application was made to the DEP for
a wetlands letter of interpretation, which was approved as proposed. Further action before the planning board is pending due to delays
caused by township closures due to Covid-19. The Company had a virtual workshop meeting on September 15, 2020 and an additional virtual
meeting was conducted on November 17, 2020.
The
application for a use variance was heard on May 24, 2021 and the variance was approved.
The
Company applied for preliminary and final site plan approval and was heard at the April 2023 planning board meeting. Preliminary approval
was granted, and the Company is in the process of preparing to submit for finals in the 4th quarter of 2023.
The
Company took title to this property in early September of 2023. It is the Company’s intention to develop this property, sell the
individual manufactured homes and continue to own operate the development as a land lease rental property.
These
new developments which the Company owns represent a significant value in new construction. This work will occur over the next 3-4 years
and is in addition to the custom spot lot & elevation/renovation division of the business. Management is very positive about these
new developments, as well as the cutting-edge construction technologies being employed to create healthier, safer, more energy efficient
homes.
Properties
Under Contract to Purchase and in the Approval Stage
Properties
in discussion with signed letters of intent, not in contract
Discussions
have been occurring since December of 2017 and a signed letter of intent has been offered to acquire property to develop 102 townhome
units in southern Ocean County, NJ. This property was originally in contract and under development by the Company’s management
team during the 2006-2009 period, at which time the project was not finalized due to the financial crisis of 2009. As such, a large amount
of engineering, environmental, traffic and architectural work has been completed. It is Management’s opinion that this property
is moving forward to contract. This property is not fully approved and is unimproved.
Additional
Comment
Dream
Homes has experienced solid growth in both the new home and elevation divisions, as well as strong additions to our personnel infrastructure,
which are just now beginning to bear fruit.
For
the 4th year in a row, the Company was again awarded the Ocean County Reader’s Choice Best of the Best for 2020 in two categories
(Best Custom Modular Builder and Best Home Improvement Contractor), which caused significant new awareness and interest from the public.
This has led to increased showroom traffic, completed estimates and signed contracts. Referrals about Dream Homes are also being generated
from many industry professionals, such as architects, engineers and attorneys, who’ve either had clients with abandoned projects
or simply want to retain Dream due to superior performance and reliability.
The
phrase ‘The Region’s Most Trusted Builder’ accurately describes the Company, which is becoming increasingly well known
to homeowners in need of new custom modular and site-built homes, elevation & renovation work. The management team has never failed
to complete a project in over 29 years in the industry.
The
Company’s business model over the last year has been focused on increasing the new home and new development portion of our business,
until it represents 50% - 70% of our entire revenue stream, from the current level of 20%. New home development has a much greater scalability
and growth potential than elevation/renovation work. The Company has enjoyed steady growth in the renovation/elevation portion of the
company and anticipates that by year end 2022 each part of the company (new homes and elevation work) will represent 50% of total revenue.
By mid-year 2023, new home construction and development should represent over 70% of revenue.
Management
hopes for steady growth in all segments of the company, since the rebuilding process will occur over the next 15-20 years. The combined
total number of homes affected by Storm Sandy that will need to be raised or demolished and rebuilt is in excess of 30,000 homes, of
which less than 10,000 have been rebuilt. This remaining combined market for new construction and elevation projects in the Company’s
market area is estimated to be in the range of $3.4 billion dollars. The company anticipates being able to efficiently address a decent
percentage of this market. Dream Homes’ potential operations include the development and sale of a variety of residential communities,
including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes.
Additionally,
the Company has developed referral networks with 3 major modular manufacturing companies, from which a dependable and steady stream of
leads and prospects has been received over the last 6-month period. Based on these associations, it is anticipated that the Custom Modular
segment of the business will enjoy significant growth for the foreseeable future.
Since
modular home manufacturers will not sell directly to the public, and will only sell to a licensed builder, manufacturers need dependable
new home builders to refer their leads. The Company has proven itself to be a valuable trade partner for these 3 manufacturers and has
received numerous prospects and leads, some of which have already turned into contracts.
Due
to the opportunities afforded by the market conditions, Dream Homes and Development Corporation will continue to pursue opportunities
in the construction and real estate field, specifically in new home construction, home elevations and renovations.
Critical
Accounting Policies and Estimates
Our
discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared
in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates
and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures. We review our estimates
and judgments on an on-going basis. We base our estimates and judgments on historical experience and on various other assumptions that
we believe to be reasonable under the circumstances. Actual results may differ from these estimates. We believe the following accounting
policies are critical to the judgments and estimates we use in preparing our financial statements.
Net
Income (Loss) Per Common Share
Basic
net income (Basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares
outstanding during the period.
Diluted
net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive
securities outstanding during the period (none for the periods presented).
RESULTS
OF OPERATIONS – DREAM HOMES & DEVELOPMENT CORPORATION
The
summary of selected financial data table below
DREAM
HOMES & DEVELOPMENT CORPORATION
STATEMENTS
OF OPERATIONS
| |
Year ended
December 31, 2023 | | |
Year ended
December 31, 2022 | |
| |
| | |
| |
Revenue: | |
| | | |
| | |
Construction contracts | |
$ | 5,656,452 | | |
$ | 6,310,883 | |
| |
| | | |
| | |
Cost of construction contracts | |
| 4,570,902 | | |
| 5,231,158 | |
| |
| | | |
| | |
Gross profit | |
| 1,085,550 | | |
| 1,079,725 | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively | |
| 1,010,531 | | |
| 871,797 | |
Depreciation expense | |
| 6,216 | | |
| 2,406 | |
| |
| | | |
| | |
Total operating expenses | |
| 1,016,747 | | |
| 874,203 | |
| |
| | | |
| | |
Income from operations | |
| 68,803 | | |
| 205,522 | |
| |
| | | |
| | |
Other income (expenses): | |
| | | |
| | |
Loan forgiveness | |
| - | | |
| 51,360 | |
Interest expense | |
| (166,182 | ) | |
| (102,792 | ) |
Total other income (expenses) | |
| (166,182 | ) | |
| (51,432 | ) |
| |
| | | |
| | |
Net income (loss) before income taxes | |
| (97,379 | ) | |
| 154,090 | |
Provision for income taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Net income (loss) | |
$ | (97,379 | ) | |
$ | 154,090 | |
Results
of Operations - Comparison for the years ended December 31, 2023 and 2022
Revenues
For
the years ended December 31, 2023 and December 31, 2022, net revenues were $5,656,452 as compared to $6,310,883 for the year ended December
31, 2022, resulting in an decrease in net revenues of $654,431. As of December 31, 2023 and 2022, all of our sales were domestic.
Cost
of Construction contracts and Sales
For
the years ended December 31, 2023 and December 31, 2022, cost of construction contracts and sales were $4,570,902 as compared to $5,231,158,
resulting in an decrease in cost of construction contracts of $660,256. Decrease due to decrease in construction contracts.
Operating
Expenses
Operating
expenses increased $142,544 from $874,203 in 2022 to $1,016,747 in 2023. The increase was primarily due to legal and professional expenses
and selling, general and administration expenses.
Major
selling, general and administrative expenses for the year ended December 31, 2022 of $874,203 include salary expense of $391,615, bad
debts of $128,362, insurance of $44,234, sales commissions expense of $48,852, and rent expense of $52,000.
Major
selling, general and administrative expenses for the year ended December 31, 2023 of $1,016,747 include salary expense of $325,937, legal
and professional fees of $146,980, vehicle expenses of $14.542, insurance of $108,377 , stock based compensation of $91,800, and rent
expense of $39,000.
Liquidity
and Capital Resources
As
of December 31, 2023 and 2022, our cash balance was $2,712,503 and $525,389, respectively, total assets were $ 10,108,509 and $7,182,456,
respectively, and total current liabilities amounted to $9,370,244 and $6,543,612, respectively, including loans payable to related parties
of $418,219 and $254,895, respectively. As of December 31, 2023 and 2022, the total stockholders’ equity was $738,265 and $638,844,
respectively.
Inflation
The
impact of inflation on the costs of our company, and the ability to pass on cost increases to clients over time is dependent upon market
conditions. Inflationary pressures have had a significant impact on our operations during this year, and we anticipate that inflationary
factors will continue to have a significant impact on future operations.
OFF-BALANCE
SHEET ARRANGEMENTS
We
do not maintain off-balance sheet arrangements nor do we participate in non-exchange traded contracts requiring fair value accounting
treatment.
Risk
Foreign
Currency Exchange Rate Risk
We
are not exposed to potential gains or losses from foreign currency fluctuations.
Item
7A. Quantitative and Qualitative Disclosures About Market Risk
Pursuant
to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as
it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).
Item
8. Financial Statements and Supplementary Data
INDEX
TO THE CONSOLIDATED FINANCIAL STATEMENTS
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
![A close up of a sign
Description automatically generated](https://www.sec.gov/Archives/edgar/data/1518336/000149315224035617/form10-k_001.jpg)
Report
of Independent Registered Public Accounting Firm
To
the Board of Directors and Stockholders of
DREAM
HOMES & DEVELOPMENT CORPORATION.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Dream Homes & Development Corporation (the ‘Company’) as
of December 31, 2023, and the related consolidated statements of operations, changes in stockholders’ equity and cash flows for
the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our
opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company
as of December 31, 2023, the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with accounting
principles generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. Communication of critical audit matters does not alter in
any way our opinion on the financial statements taken as a whole and we are not, by communicating the critical audit matters, providing
separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.
Accounting
for construction contract
The
Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred
to date compared to total estimated contract cost. The cost of revenue includes construction and other incidental costs, are recognized
in the period in which they are determined.
Significant
judgement is exercised by the management in determining the contract revenue and cost. The Company’s estimates of contract revenue
and cost are highly detailed, and many factors change during a contract performance period that result in a change to contract profitability.
Also,
the Company generally provides limited warranties for work performed under its construction contracts with periods typically extending
for a limited duration following substantial completion of the Company’s work on a project.
Our
principal audit procedures related to the Company’s revenue recognition for construction contract included the following:
|
● |
We gained an understanding of internal controls related to revenue recognition |
|
|
|
|
● |
We evaluated management significant accounting policies for reasonableness |
|
|
|
|
● |
We reviewed the Company’s analysis of contracts and agreed to the financial statements
and tested the cost accumulation on selected contracts. |
|
|
|
|
● |
We tested managements estimates of costs to complete by reviewing past performance on contracts, experience on other contracts, and
information gained in other phases of the audit. |
|
|
|
|
● |
We tested the mathematical accuracy of management calculation of revenue, and the associated timing of the revenue recognized in
the financial statements |
|
|
|
|
● |
We reviewed the contract source document and assessed the reasonableness and compliance to the terms of the contract |
/S/
Olayinka Oyebola
OLAYINKA
OYEBOLA & CO.
(Chartered
Accountants)
Lagos,
Nigeria
We
have served as the Company’s auditor since 2024.
September
6, 2024
DREAM
HOMES & DEVELOPMENT CORPORATION
CONSOLIDATED
BALANCE SHEETS
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | |
Cash | |
$ | 2,712,503 | | |
$ | 525,389 | |
Accounts receivable, net of allowance for doubtful accounts | |
| 202,507 | | |
| 213,008 | |
Prepaid contract interest | |
| 332,362 | | |
| - | |
Contract assets | |
| 53,005 | | |
| 256,558 | |
Total current assets | |
| 3,300,377 | | |
| 994,955 | |
| |
| | | |
| | |
PROPERTY AND EQUIPMENT, net | |
| - | | |
| 6,216 | |
| |
| | | |
| | |
OTHER ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Security deposit | |
| 2,200 | | |
| 2,200 | |
Deposits and costs coincident to acquisition of land for development | |
| 6,805,932 | | |
| 6,179,085 | |
| |
| | | |
| | |
Total assets | |
$ | 10,108,509 | | |
$ | 7,182,456 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 537,972 | | |
$ | 644,913 | |
Accrued interest | |
| 354,722 | | |
| 227,308 | |
Deposits held | |
| 510,000 | | |
| 10,000 | |
Contract liabilities | |
| 232,603 | | |
| 256,757 | |
Loans payable-others | |
| 236,703 | | |
| - | |
Note payable-line of credit | |
| 921,960 | | |
| 908,660 | |
Note payable-bank | |
| - | | |
| 492,500 | |
Mortgages payable | |
| - | | |
| 3,113,563 | |
Loans payable to related parties | |
| 523,219 | | |
| 254,895 | |
Total current liabilities | |
| 3,317,179 | | |
| 5,908,596 | |
Long-term mortgages payable | |
| 6,158,065 | | |
| 635,016 | |
Total liabilities | |
| 9,475,244 | | |
| 6,543,612 | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of December 31, 2023 and 2022, there are no shares outstanding | |
| | | |
| | |
Common stock; 70,000,000 shares authorized, $.001 par value, as of December 31, 2023 and 2022, there are 40,414,493 and 35,824,493 shares outstanding, respectively | |
| 40,414 | | |
| 35,824 | |
Additional paid-in capital | |
| 2,327,330 | | |
| 2,240,120 | |
Accumulated deficit | |
| (1,734,479 | ) | |
| (1,637,100 | ) |
| |
| | | |
| | |
Total stockholders’ equity | |
| 633,265 | | |
| 638,844 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 10,108,509 | | |
$ | 7,182,456 | |
The
accompanying notes are an integral part of these financial statements.
DREAM
HOMES & DEVELOPMENT CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS
| |
Year ended
December 31, 2023 | | |
Year ended
December 31, 2022 | |
| |
| | |
| |
Revenue: | |
| | | |
| | |
Construction contracts | |
$ | 5,656,452 | | |
$ | 6,310,883 | |
| |
| | | |
| | |
Cost of construction contracts | |
| 4,570,902 | | |
| 5,231,158 | |
| |
| | | |
| | |
Gross profit | |
| 1,085,550 | | |
| 1,079,725 | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively | |
| 1,010,531 | | |
| 871,797 | |
Depreciation expense | |
| 6,216 | | |
| 2,406 | |
| |
| | | |
| | |
Total operating expenses | |
| 1,016,747 | | |
| 874,203 | |
| |
| | | |
| | |
Income from operations | |
| 68,803 | | |
| 205,522 | |
| |
| | | |
| | |
Other income (expenses): | |
| | | |
| | |
Loan forgiveness | |
| - | | |
| 51,360 | |
Interest expense | |
| (166,182 | ) | |
| (102,792 | ) |
Total other income (expenses) | |
| (166,182 | ) | |
| (51,432 | ) |
| |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Net income (loss) | |
$ | (97,379 | ) | |
$ | 154,090 | |
| |
| | | |
| | |
Basic and diluted income (loss) per common share | |
$ | (.00 | ) | |
$ | .00 | |
| |
| | | |
| | |
Weighted average common shares outstanding-basic and diluted | |
| 39,190,493 | | |
| 35,824,493 | |
The
accompanying notes are an integral part of these financial statements.
DREAM
HOMES & DEVELOPMENT CORPORATION
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For
the years ended December 31, 2023 and 2022
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
Common stock issued and to be issued | | |
Additional Paid in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance at December 31, 2022 | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,637,100 | ) | |
$ | 638,844 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of 4,590,000 restricted common shares for stock-based compensation valued at $ 91,800 | |
| 4,590,000 | | |
| 4,590 | | |
| 87,210 | | |
| | | |
| 91,800 | |
Net loss for the year ended December 31, 2023 | |
| | | |
| | | |
| | | |
| (97,379 | ) | |
| (97,379 | ) |
Balance at December 31, 2023 | |
| 40,414,493 | | |
$ | 40,414 | | |
$ | 2,327,330 | | |
$ | (1,734,479 | ) | |
$ | 633,265 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2021 | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,791,190 | ) | |
$ | 484,754 | |
Balance | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,791,190 | ) | |
$ | 484,754 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income for the year ended December 31, 2022 | |
| - | | |
| - | | |
| - | | |
| 154,090 | | |
| 154,090 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| 154,090 | | |
| 154,090 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2022 | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,637,100 | ) | |
$ | 638,844 | |
Balance | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,637,100 | ) | |
$ | 638,844 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
The
accompanying notes are an integral part of these financial statements.
DREAM
HOMES & DEVELOPMENT CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
| |
For the year ended
December 31, 2023 | | |
For the year ended
December 31, 2022 | |
| |
| | |
| |
OPERATING ACTIVITIES | |
| | | |
| | |
Net income (loss) | |
$ | (97,379 | ) | |
$ | 154,090 | |
Adjustments to reconcile net income to net cash provided (used) in operating activities: | |
| | | |
| | |
Depreciation expense | |
| 6,216 | | |
| 2,406 | |
Stock-based compensation | |
| 91,800 | | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 10,501 | | |
| 176,403 | |
Prepaid contract interest | |
| (332,362 | ) | |
| | |
Employee advances | |
| - | | |
| 2,705 | |
Contract assets | |
| 203,553 | | |
| 2,087 | |
Accounts payable and accrued liabilities | |
| 20,473 | | |
| 409,460 | |
Deposits held | |
| 500,000 | | |
| 6,001 | |
Contract liabilities | |
| 24,154 | | |
| (156,784 | ) |
Net cash used in operating activities | |
| 426,956 | | |
| 596,368 | |
| |
| | | |
| | |
INVESTING ACTIVITIES | |
| | | |
| | |
Purchase of office equipment and vehicles | |
| - | | |
| (19,018 | ) |
Deposits and costs coincident to acquisition of land for development | |
| - | | |
| - | |
Net cash used in investing activities | |
| - | | |
| (19,018 | ) |
| |
| | | |
| | |
FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds (payments) on note payable-line of credit | |
| 13,300 | | |
| (16,500 | ) |
Payments on acquisition of property held for development | |
| - | | |
| (623,293 | ) |
Proceeds from loans payable-others | |
| 236,703 | | |
| - | |
Proceeds (payments) on bank note | |
| (492,500 | ) | |
| 333,937 | |
Proceeds from loans payable to related parties, net | |
| 163,324 | | |
| 62,456 | |
Proceeds from mortgages payable, net of refinance and payments | |
| 1,839,331 | | |
| - | |
Net cash provided (used) by financing activities | |
| 1,760,158 | | |
| (243,400 | ) |
| |
| | | |
| | |
NET INCREASE IN CASH | |
| 2,187,114 | | |
| 333,950 | |
| |
| | | |
| | |
CASH BALANCE, BEGINNING OF PERIOD | |
| 525,389 | | |
| 191,439 | |
| |
| | | |
| | |
CASH BALANCE, END OF PERIOD | |
$ | 2,712,503 | | |
$ | 525,389 | |
| |
| | | |
| | |
Supplemental Disclosures of Cash Flow Information: | |
| | | |
| | |
Interest paid | |
$ | - | | |
$ | - | |
Income taxes paid | |
$ | - | | |
$ | - | |
Non-Cash Investing and Financing Activities: | |
| | | |
| | |
Issuance of restricted common stock for debt | |
$ | 105,000 | | |
$ | - | |
The
accompanying notes are an integral part of these financial statements.
DREAM
HOMES & DEVELOPMENT CORPORATION
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years
Ended December 31, 2023 and 2022
Note
1 - Significant Accounting Policies
Nature
of Operations
Dream
Homes & Development Corporation is a regional builder and developer of new single-family homes and subdivisions, as well as a market
leader in coastal construction, elevation and mitigation. In the ten years that have passed since Superstorm Sandy flooded 40,000 owner-occupied
homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements.
In
addition to the coastal construction market, Dream Homes will continue to pursue opportunities in new single and multi-family home construction,
with 4 new developments totaling 267 units in title, or under contract and in development. Dream Homes’ operations will include
the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first
time move-up single-family and multi-family homes.
A
new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This
focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion
is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first
time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second
factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build
To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount
of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed
new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.
The
Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all
new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale
to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time,
and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become
a third division of the Company, behind custom new homes and renovation/elevation projects.
History
Dream
Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”)
on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common
shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).
On
March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a
web site at www.dreamhomesltd.com as well as a blog, located at http://blog.dreamhomesltd.com.
Principles
of Consolidation
The
consolidated financial statements include the accounts of DHDC and its wholly owned subsidiaries (collectively, the “Company”).
All intercompany balances and transactions have been eliminated in consolidation.
Property
and Equipment
Property
and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated
useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying
notes. Actual results could differ materially from these estimates.
Fair
Value of Financial Instruments
Fair
value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction
between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring
fair value, as follows:
●
Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.
●
Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and
liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.
●
Level 3 inputs are less observable and reflect our own assumptions.
Our
financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and loans payable
to related parties. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and
loans payable to related parties approximates fair value because of their short maturities.
Construction
Contracts
Revenue
recognition:
The
Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred
to date compared to total estimated contract cost. Cost of revenue includes an allocation of general overhead cost. Changes to total
estimated contract cost or losses, if any, are recognized in the period in which they are determined.
The
Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for
a limited duration following substantial completion of the Company’s work on a project.
The
Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet
date, if any, as current assets and liabilities consistent with the length of time of its project operating cycle. For example:
|
● |
Costs
and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount
of contract billings to date and are classified as a current asset. |
|
● |
Billings
in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and
profits (or contract revenue) recognized to date and are classified as a current liability. |
Costs
and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change
orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting
method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur
when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders
occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change
orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts
can be reliably estimated.
Change
in Estimates:
The
Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period
that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions: availability
of skilled contract labor: performance of major material suppliers and subcontractors: on-going subcontractor negotiations and buyout
provisions: unusual weather conditions: changes in the timing of scheduled work: change orders: accuracy of the original bid estimate:
changes in estimated labor productivity and costs based on experience to date: achievement of incentive-based income targets: and the
expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the
project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project
costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions
in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller
than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance
of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates
are disclosed in the notes to the consolidated financial statements.
Income
Taxes
The
Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for income tax reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in the provision for income tax in the statements of operations. The
Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance when
realization of the assets is not reasonably assured.
The
Company recognizes in its financial statements the impact of tax positions that meet a “more likely than not” threshold,
based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement.
Net
Income (Loss) Per Common Share
Basic
net income (basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares
outstanding during the period.
Diluted
net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive
securities outstanding during the period.
Recent
Accounting Pronouncements
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09,
Revenue from Contracts with Customers (Accounting Standards Codification “ASC” Topic 606). The purpose of this ASU is to
converge revenue recognition requirements per GAAP and International Financial Reporting Standards (“IFRS”). The core principle
of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount
that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in
this ASU were originally effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not
permitted by the FASB; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral
of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting
periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We adopted this ASU on January
1, 2018 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.
In
February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and subsequent amendments to the initial guidance:
ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”), which provides guidance for
accounting for leases. Topic 842 requires lessees to classify leases as either finance or operating leases and to record a right-of-use
asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification
will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the
term of the lease. We adopted this ASU on January 1, 2019 and adoption of this ASU did not have a material impact on our financial position,
results of operations and cash flows.
Certain
other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and
therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from
adoption of these standards is not expected to be material.
2
- Property and Equipment
Property
and equipment is summarized as follows:
Schedule of Property and Equipment
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Office equipment | |
$ | 5,115 | | |
$ | 5,115 | |
Vehicles | |
| 60,772 | | |
| 60,772 | |
Less: Accumulated depreciation | |
| (65,887 | ) | |
| (59,671 | ) |
| |
| | | |
| | |
Property and Equipment- net | |
$ | - | | |
$ | 6,216 | |
Depreciation
expense for the years ended December 31, 2023 and 2022 was $6,216 and $2,406, respectively.
3-
Deposits and Costs Coincident to Acquisition of Land for Development
Deposits
and costs coincident to acquisition of land for development are summarized as follows:
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Lacey Township, New Jersey, Pines property: | |
| | | |
| | |
| |
| | | |
| | |
Cost to acquire property | |
| 1,583,012 | | |
| 1,692,178 | |
Site engineering, permits, and other costs | |
| 809,245 | | |
| 809,245 | |
Total Pines property | |
| 2,392,257 | | |
| 2,501,423 | |
| |
| | | |
| | |
Other deposits: | |
| | | |
| | |
Louis Avenue, Bayville, New Jersey-17 units | |
| 619,264 | | |
| 619,264 | |
Berkeley Terrace – Bayville, New Jersey 70 units | |
| 2,325,401 | | |
| 2,506,990 | |
Autumn Run – Clayton – New Jersey – 62 units | |
| 1,329,125 | | |
| 411,523 | |
Other | |
| 139,885 | | |
| 139,885 | |
Total other deposits | |
| 4,413,675 | | |
| 3,677,662 | |
| |
| | | |
| | |
Total | |
$ | 6,805,932 | | |
$ | 6,179,085 | |
Properties
currently owned and in the development stage
Berkeley
Terrace – Bayville, NJ – 70 approved townhome units
The
Company is in title to this property and finalized an infrastructure and construction finance facility which closed on 3/31/23. This
facility included refinancing the land debt, and securing funding for a large portion of the site construction, as well as funding the
first building of 10 townhomes. The amount of the facility is $4,670,000.
The
Company began infrastructure work on the property in June of 2023, with land clearing completed and the site stabilized for soils erosion
control. Sanitary sewer, water and drainage has been installed in Phase 1 and the majority of Phase 2.
The
first 5 building pads have been compacted and completed.
Base
paving has been completed and 74% of the entire site has been improved.
The
vertical construction of Building 7 will begin in December of 2023.
The
Company has entered into an agreement with a national builder to deliver improved building sites for this project. It is in the Company’s
opinion that the financial advantages inherent in the sale of a portion of the improved lots in this development outweigh the advantages
of building and selling or leasing the entire development.
Lacey
Township, New Jersey, “Dream Homes at the Pines”
Dream
Homes currently owns a parcel approved for 68 new townhomes in Ocean County NJ, of which 54 are market rate and 14 are affordable housing.
The acquisition was made in June of 2021. This property has received final approvals, Department of Transportation approval, CAFRA approval,
MUA, County, Fire and other outside agency approvals. This development is scheduled to begin construction in 2023.
The
Company acquired this property on June 29, 2021 and is currently in title.
Preliminary
approval was granted in 2021 and Final approval was granted in fall of 2022.
The
Company has secured permanent funding to install infrastructure and vertical construction for this project and has retired the previous
lender.
Site
bonds, escrows and fees have been posted, with clearing having started in the 4th quarter of 2023.
The
Company has entered into an agreement with a national builder to deliver improved building sites for this project. It is in the Company’s
opinion that the financial advantages inherent in the sale of a portion of the improved lots in this development outweigh the advantages
of building and selling or leasing the entire development.
Louis
Avenue – Bayville, NJ – 17 townhome units
The
Company was heard before the Berkeley Township Planning Board on October 3, 2020 and the planning board awarded preliminary approvals
for 17 townhome units.
The
Company acquired this property on August 4, 2021.
The
Company received Final approvals on August 8, 2021.
Autumn
Run – Gloucester County
On
December 7, 2018, the Company signed a contract to purchase a property in Gloucester County, NJ, which has been approved for 62 units
of age-restricted manufactured housing. The property is currently in the final approval stage. An application was made to the DEP for
a wetlands letter of interpretation, which was approved as proposed. Further action before the planning board is pending due to delays
caused by township closures due to Covid-19. The Company had a virtual workshop meeting on September 15, 2020 and an additional virtual
meeting was conducted on November 17, 2020.
The
application for a use variance was heard on May 24, 2021 and the variance was approved.
The
Company applied for preliminary and final site plan approval and was heard at the April 2023 planning board meeting. Preliminary approval
was granted, and the Company is in the process of preparing to submit for finals in the 4th quarter of 2023.
The
Company took title to this property in early September of 2023. It is the Company’s intention to develop this property, sell the
individual manufactured homes and continue to own operate the development as a land lease rental property.
These
new developments which the Company owns represent a significant value in new construction. This work will occur over the next 3-4 years
and is in addition to the custom spot lot & elevation/renovation division of the business. Management is very positive about these
new developments, as well as the cutting-edge construction technologies being employed to create healthier, safer, more energy efficient
homes.
Mortgages
on Properties Held for Development:
Schedule Mortgages on Properties Held for Development
| |
December 31, 2023 | | |
December 31, 2022 | |
Edisto Loan Fund, LLC | |
$ | - | | |
$ | 1,388,563 | |
Lynx Asset Services, LLC | |
| 750,000 | | |
| 1,725,000 | |
Karbar, LLC | |
| 350,000 | | |
| - | |
Briney Ave, LLC | |
| 1,900,000 | | |
| - | |
Anchor Loans, LP-Berkely | |
| 2,506,049 | | |
| - | |
AC Development, LLC | |
| 328,479 | | |
| 311,479 | |
AVB Development | |
| 323,537 | | |
| 323,537 | |
Total mortgages payable | |
| 6,158,065 | | |
| 3,748,579 | |
Less current portion | |
| - | | |
| (3,113,563 | ) |
Long-term portion | |
$ | 6,158,065 | | |
$ | 635,016 | |
4-Loans
Payable to Related Parties/Others
Loans
payable to related parties is summarized as follows:
Schedule of Loans Payable to Related Parties
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Loans payable-Rich Pezzullo | |
$ | 24,000 | | |
$ | - | |
Loan payable-Dream Homes, LTD | |
| 17,809 | | |
| - | |
Loans payable to GPIL | |
| 376,410 | | |
| 254,895 | |
Total | |
$ | 505,410 | | |
$ | 254,895 | |
Advances
from the loans bear interest at a rate of 12%, with interest being payable on demand. Accrued interest as of December 31, 2023 and 2022
aggregate $ 48,255 and $ 37,250, respectively.
Notes
payable-others is summarized as follows:
Schedule of Notes Payable - Others
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Note payable-Chipman Trust | |
$ | 122,500 | | |
$ | - | |
Note payable-LG Funding | |
| 15,040 | | |
| - | |
Note payable-MV Development LLC | |
| - | | |
| - | |
Note payable-Channel Partners | |
| 99,163 | | |
| - | |
Total | |
$ | 236,703 | | |
$ | - | |
The
notes have interest ranging from 12% to 15% payable on demand. All notes are secured by real estate.
5
- Common Stock Issuances
In
March 2020, the Company issued 2,997,500 restricted shares for compensation valued at $ 119,500.
On
September 25, 2020, the Company issued 110,000 restricted shares for debt reduction value at $7,700.
On
September 30, 2020, the Company issued 2,600,000 restricted shares for compensation valued at $ 78,000.
On
October 28, 2020, the Company issued 48,000 restricted shares for compensation valued at $ 3,360.
On
November 10, 2020, the Company issued 30,000 restricted shares for compensation valued at $ 1,800.
On
February 11, 2021, the Company issued 2,830,000 restricted shares for compensation valued at $ 113,200.
On
July 13, 2021, the Company issued 28,000 restricted shares for legal services valued at $ 14,000.
On
October 22, 2021, the Company issued 500,000 restricted shares for compensation valued at $ 21,000.
On
October 28, 2021, the Company issued 550.000 restricted shares for compensation valued at $ 22,600.
On
April 24, 2023, the Company issued 4,590,000 restricted shares for compensation valued at $ 91,800.
6
– Income Taxes
As
a result of the Tax Cuts and Jobs Act (Tax Legislation) enacted on December 22, 2017, the United States corporate income tax rate is
21% effective January 1, 2018.
The
sources of the differences follow:
Schedule
of States Federal Income Tax Rate Income Loss Before Income Taxes
| |
Year ended
December 31, 2023 | | |
Year ended
December 31, 2022 | |
| |
| | |
| |
Expected tax at 21% | |
$ | (20,450 | ) | |
$ | 32,359 | |
State income taxes, net of federal income tax benefit | |
| (5,842 | ) | |
| 10,780 | |
Non-deductible stock-based compensation | |
| 19,278 | | |
| - | |
Non-taxable loan forgiveness income | |
| - | | |
| (13,868 | ) |
Change in valuation allowance/NOL carryforward | |
| 7,014 | | |
| (29,271 | ) |
Provision for (benefit from) income taxes | |
$ | - | | |
$ | - | |
7-
Commitments and Contingencies
Construction
Contracts
As
of December 31, 2023, the Company was committed under 4 construction contracts outstanding with home owners and investors with contract
prices totaling $ 2,121,128, which are being fulfilled in the ordinary course of business. None of these construction projects
are expected to take over one year to complete from commencement of construction. The Company has no significant commitments with material
suppliers or subcontractors that involve any sums of substance or of long-term duration at the date of issuance of these financial statements.
As
of December 31, 2023, the Company was committed under 2 construction management contracts with investors and equity partners with contract
prices totaling $ 1,114,547, which are being fulfilled in the ordinary course of business.
As
of December 31, 2023, the Company was committed under 2 contracts with national builders to deliver improved building pads in 2 developments
the Company owns. These gross contract prices total $ 9,712,500 and $7,492,500, which are being fulfilled in the ordinary course of business
and shall accrete to 2024 and 2025 earnings.
The
Company owns 21.58% of these contracts.
Employment
Agreements
The
Company currently has no outstanding employment agreements.
Lease
Agreements
The
Company has occupied office space located in Forked River, New Jersey. Commencing April 2017, the Company originally paid monthly rent
of $2,500 for this office space.
Line
of Credit
On
September 15, 2016, DHDC established a $500,000 line of credit with General Development Corp., a non-bank lender. On September 15, 2021,
DHDC increased the existing line of credit from $500,000 to $1,000,000. Advances under the line bear interest at a rate of 12%, with
interest being payable on demand. The outstanding principal is due and payable in 60 months. The line is secured by the personal guarantee
of the Company’s Chief Executive Officer. The agreement to fund automatically renews on a yearly basis as long as interest payments
are current or as agreed. To date, the Company has received several advances under the line of credit. As of December 31, 2023, the outstanding
principal balance was $921,960.
8.
Related Party Transactions
Dream
Homes Ltd. Allocated payroll
The
Company uses the services of Dream Homes Ltd. (DHL) personnel for its operations. For the years ended December 31, 2023 and 2022, selling,
general and administrative expenses include $173,425 and $165,000, respectively, for the Company’s estimated share of DHL’s
gross payroll and payroll taxes and include $97,250 and $95,800, respectively, salary paid to the Company’s Chief Executive Officer,
and $80,000 respectively salary paid to the Company’s Secretary and Senior VP.
9
- Stock Warrants
The
Company has no outstanding warrants.
10
– Subsequent Events
ITEM
9. – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM
9A. – CONTROLS AND PROCEDURES.
(a)
Disclosure Controls and Procedures
The
Company is required to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed
in its reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the
time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and
communicated to the Company’s management, including its chief executive officer (also its principal executive officer) and its
chief financial officer (also its principal financial and accounting officer) to allow for timely decisions regarding required disclosure.
Pursuant
to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), the Company’s management, including the
Company’s President (“President”), the Company’s principal executive officer (“CEO”) and Chief Financial
Officer (“CFO”) (the Company’s principal financial and accounting officer), have evaluated the effectiveness of the
Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period
covered by this report. Based upon that evaluation the Company’s CEO, President and CFO concluded that the Company’s disclosure
controls and procedures were effective as of December 31, 2022 to ensure that information required to be disclosed by the Company in
the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time
periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s
management, including the Company’s CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.
(b)
Management’s Report on Internal Control over Financial Reporting
The
Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal
control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a
process designed by, or under the supervision of, the company’s principal executive and principal financial officers and effected
by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States of America and includes those policies and procedures that:
● |
Pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of the company; |
● |
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being
made only in accordance with authorizations of management and directors of the company; and |
|
|
● |
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s
assets that could have a material effect on the financial statements. |
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect
to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material
misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent
limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to
reduce, though not eliminate, this risk.
As
of December 31, 2023, management assessed the effectiveness of the Company’s internal control over financial reporting based on
the criteria for effective internal control over financial reporting established in Internal Control—Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments.
Based on that evaluation, the Company concluded that, during the period covered by this report, such internal controls and procedures
were not effective to detect the inappropriate application of US GAAP rules as more fully described below. This was due to deficiencies
that existed in the design or operation of its internal controls over financial reporting that adversely affected its internal controls
and that may be considered to be material weaknesses.
The
matters involving internal controls and procedures that the Company’s management considered to be material weaknesses under the
standards of the Public Company Accounting Oversight Board was (a) the lack of a functioning audit committee, (b) there are insufficient
written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and
SEC disclosure requirements, (c) there is a lack of expertise with US generally accepted accounting principles and SEC rules and regulations
for review of critical accounting areas and disclosures and material non-standard transactions and (d) lack of effective oversight during
the financial close process resulting in ineffective oversight in the establishment and monitoring of required internal controls and
procedures. The aforementioned material weaknesses were identified by the Company’s management in connection with the review of
its financial statements for the year ended December 31, 2023.
Management
believes that the material weaknesses set forth above did not have an effect on its financial results. However, management believes that
the lack of a functioning audit committee and the lack of a majority of outside directors, coupled with not having individuals on staff
or retainer with a thorough knowledge of US GAAP and SEC rules and regulations and lack of effective oversight on the financial close
process results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could
result in a material misstatement in its financial statements in future periods.
This
annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control
over financial reporting. Management’s report was not subject to attestation by its registered public accounting firm pursuant
to temporary rules of the SEC that permit the Company to provide only management’s report in this annual report.
Remediation
Plan
Management
is sensitive to the issues presented and intends to take appropriate action when the Company’s financial resources permit. Management
will continue to review and make necessary changes to the overall design of its internal control environment.
PART
III
Item
10. Directors, Executive Officers and Corporate Governance
Family
Relationships
There
are no family relationships among any of our officers or directors.
Indemnification
of Directors and Officers
Our
Articles of Incorporation and Bylaws both provide for the indemnification of our officers and directors to the fullest extent permitted
by Nevada law.
Limitation
of Liability of Directors
Pursuant
to the Nevada General Corporation Law, our Articles of Incorporation exclude personal liability for our Directors for monetary damages
based upon any violation of their fiduciary duties as Directors, except as to liability for any breach of the duty of loyalty, acts or
omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or any transaction from which a Director
receives an improper personal benefit. This exclusion of liability does not limit any right which a Director may have to be indemnified
and does not affect any Director’s liability under federal or applicable state securities laws. We have agreed to indemnify our
directors against expenses, judgments, and amounts paid in settlement in connection with any claim against a Director if he acted in
good faith and in a manner he believed to be in our best interests.
Election
of Directors and Officers
Directors
are elected to serve until the next annual meeting of stockholders and until their successors have been elected and qualified. Officers
are appointed to serve until the meeting of the Board of Directors following the next annual meeting of stockholders and until their
successors have been elected and qualified.
Section
16(a) Beneficial Ownership Reporting Compliance
Section
16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), requires our executive officers and directors,
and persons who beneficially own more than ten percent of our common stock, to file initial reports of ownership and reports of changes
in ownership with the SEC. Executive officers, directors and greater-than-ten-percent beneficial owners are required by SEC regulations
to furnish us with copies of all Section 16(a) forms they file. Based upon a review of the copies of such forms furnished to us and written
representations from our executive officers and directors, we believe that as of the date of this filing they were all current in their
filings.
Code
of Ethics
A
code of ethics relates to written standards that are reasonably designed to deter wrongdoing and to promote:
|
1) |
Honest
and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships; |
|
|
|
|
2) |
Full,
fair, accurate, timely and understandable disclosure in reports and documents that are filed with, or submitted to, the Commission
and in other public communications made by an issuer; |
|
|
|
|
3) |
Compliance
with applicable governmental laws, rules and regulations; |
|
|
|
|
4) |
The
prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and |
|
|
|
|
5) |
Accountability
for adherence to the code. |
We
have not adopted a corporate code of ethics that applies to our principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions.
Our
decision to not adopt such a code of ethics results from our having a small management structure for the Company. We believe that the
limited interaction which occurs having such a small management structure for the Company eliminates the current need for such a code,
in that violations of such a code would be reported to the party generating the violation.
Corporate
Governance
We
currently do not have standing audit, nominating and compensation committees of the board of directors, or committees performing similar
functions. Until formal committees are established, our entire board of directors will perform the same functions as an audit, nominating
and compensation committee.
DIRECTORS
AND EXECUTIVE OFFICERS
The
name, age and titles of our executive officers and directors is as follows:
Name and Address of Executive
Officer and/or Director |
|
Age
|
|
Position |
|
|
|
|
|
Vincent
C. Simonelli |
|
57 |
|
President,
Treasurer, and Director (Principal Executive, Financial and Accounting Officer) |
|
|
|
|
|
Christopher
Dietrich, Esq. |
|
75 |
|
SEC
Council, Director |
|
|
|
|
|
Richard
Pezzullo |
|
64
|
|
Director |
|
|
|
|
|
Valerie
Jones |
|
51
|
|
Senior
Vice-president, Board Secretary |
AUDIT
COMMITTEE
We
do not have an audit committee financial expert. We do not have an audit committee financial expert because we believe the cost related
to retaining a financial expert at this time is prohibitive.
ITEM
11. EXECUTIVE COMPENSATION
The
table below summarizes all compensation awarded to, earned by, or paid to our executive officers by any person for all services rendered
in all capacities to us for the years ended December 31, 2022 and 2021.
Summary
Compensation Table
Name and Principal Position | |
Year | | |
Salary (a) ($) | | |
Bonus ($) | | |
Stock Awards ($) | | |
Option Awards ($) | | |
Non-Equity Incentive Plan Compensation ($) | | |
All Other Compensation ($) | | |
All Other Compensation ($) | | |
Total ($) | |
Vincent C. Simonelli | |
| 2022 | | |
$ | 81,100 | | |
| -0- | | |
| $ | | |
| -0- | | |
| -0- | | |
| -0- | | |
| -0- | | |
$ | | |
President, CEO | |
| 2021 | | |
$ | 80,600 | | |
| -0- | | |
$ | 155,000 | | |
$ | -0- | | |
| -0- | | |
| -0- | | |
| -0- | | |
$ | 233,000 | |
and Treasurer | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Valerie Jones | |
| 2022 | | |
$ | 71,900 | | |
| -0- | | |
| $ | | |
| -0- | | |
| -0- | | |
| -0- | | |
| -0- | | |
| | |
Secretary | |
| 2021 | | |
$ | 63,700 | | |
| -0- | | |
$ | 30,000 | | |
$ | 18,127 | | |
| -0- | | |
| -0- | | |
| -0- | | |
$ | 88,600 | |
There
are no current employment agreements between the company and its officers.
Note
(a): These payroll amounts represent allocated payroll paid by DHL, which is currently a 11.74% owner of the Company.
CHANGE
OF CONTROL
As
of December 31, 2023, we had no pension plans or compensatory plans or other arrangements which provide compensation in the event of
a termination of employment or a change in our control.
ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The
following table provides certain information regarding the ownership of our common stock, as of December 31, 2023 and as of the date
of the filing of this annual report by:
|
● |
each
of our executive officers; |
|
● |
each
director; |
|
● |
each
person known to us to own more than 5% of our outstanding common stock; and |
|
● |
all
of our executive officers and directors and as a group. |
Title of Class | |
Name
and Address of
Beneficial Owner | |
Amount
and Nature of
Beneficial Ownership | |
Percentage | |
| |
| |
| |
| |
Common Stock | |
Vincent Simonelli CEO & Director | |
16,549,571 shares of common stock (1) | |
| 52.34 | % |
| |
| |
| |
| | |
Common Stock | |
Valerie Jones Secretary | |
1,180,000 shares of common stock | |
| 1.67 | % |
| |
| |
| |
| | |
| |
| |
| |
| | |
Common Stock | |
Richard Pezzullo Director | |
368,000 shares of common stock | |
| .81 | % |
| |
| |
| |
| | |
Common Stock | |
Athena. Monahan* | |
3,000,0000 shares of common stock | |
| 11.59 | % |
| |
| |
| |
| | |
Common Stock | |
Roger L. Fidler Esq. | |
1,650,000 shares of common stock | |
| 6.37 | % |
| |
| |
| |
| | |
All officers and directors (3 persons) | |
| |
18,097,571 shares of common stock | |
| 57.15 | % |
The
percent of class is based on 47,414,493 shares of common stock issued and outstanding as of December 31, 2023.
(1)
Includes 4,049,996 shares owned by Dream Homes Ltd. (DHL) and 2,265,575 shares owned by General Property Investments LLC (GPIL). Mr.
Simonelli owns 80% of DHL and 100% of GPIL.
*Athena
Monahan is the heir to the shares of Mr. Monahan, her husband.
ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None
at this time.
ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
During
fiscal year ended December 31, 2022 and 2021, we incurred approximately $29,500 in fees to our principal independent accountants for
professional services rendered in connection with the audit of our financial statements and for the quarterly reviews of our financial
statements.
| |
2023 | | |
2022 | |
Audit Fees | |
$ | 29,500 | | |
$ | 29,500 | |
Tax Fees | |
| Nil | | |
| Nil | |
All Other Fees | |
| Nil | | |
| Nil | |
Total | |
$ | 29,500 | | |
$ | 29,500 | |
PART
IV
Item
15. Exhibits
The
following exhibits are filed as part of this annual report.
(1)
Previously filed.
(*)
Filed herewith.
SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
Dream
Homes & Development Corporation |
|
|
|
Dated:
September 10, 2024 |
By: |
/s/
Vincent Simonelli |
|
|
Vincent
Simonelli, President, Principal Executive and Financial and Accounting Officer |
EXHIBIT 31.1
CERTIFICATIONS
I, Vincent C. Simonelli, certify that:
1. I have reviewed this annual report of Dream Homes
& Development Corporation.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the issuer as of, and for, the periods presented in this report;
4. The issuer’s other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as 4efined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period
in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the issuer’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the issuer’s
internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s
internal control over financial reporting; and
5. The issuer’s other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors
and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s
ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the issuer’s internal control over financial reporting.
Date: September 10, 2024 |
|
|
|
/s/ Vincent C. Simonelli |
|
CEO and CFO |
|
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the annual report of Dream Homes
& Development Corporation (the “Company”) on Form 10-K for the year ended December 31, 2023 (the “Report”),
as filed with the Securities and Exchange Commission on the date hereof, I, Vincent C. Simonelli, CEO and CFO of the Company, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. The Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Vincent C. Simonelli |
|
CEO and CFO |
|
Dated: September 10, 2024
A signed original of this written statement required
by Section 906 has been provided to Dream Homes & Development Corporation and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request.
v3.24.2.u1
Cover - USD ($)
|
12 Months Ended |
|
|
Dec. 31, 2023 |
Aug. 28, 2024 |
Jun. 30, 2023 |
Cover [Abstract] |
|
|
|
Document Type |
10-K
|
|
|
Amendment Flag |
false
|
|
|
Document Annual Report |
true
|
|
|
Document Transition Report |
false
|
|
|
Document Period End Date |
Dec. 31, 2023
|
|
|
Document Fiscal Period Focus |
FY
|
|
|
Document Fiscal Year Focus |
2023
|
|
|
Current Fiscal Year End Date |
--12-31
|
|
|
Entity File Number |
000-55445
|
|
|
Entity Registrant Name |
DREAM
HOMES & DEVELOPMENT CORPORATION
|
|
|
Entity Central Index Key |
0001518336
|
|
|
Entity Tax Identification Number |
40-0011701
|
|
|
Entity Incorporation, State or Country Code |
NV
|
|
|
Entity Address, Address Line One |
314
South Main Street
|
|
|
Entity Address, City or Town |
Forked River
|
|
|
Entity Address, State or Province |
NJ
|
|
|
Entity Address, Postal Zip Code |
08731
|
|
|
City Area Code |
(609)
|
|
|
Local Phone Number |
693-8881
|
|
|
Title of 12(g) Security |
Common
Stock, $.001 par value per share
|
|
|
Entity Well-known Seasoned Issuer |
No
|
|
|
Entity Voluntary Filers |
No
|
|
|
Entity Current Reporting Status |
No
|
|
|
Entity Interactive Data Current |
No
|
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
|
Entity Small Business |
true
|
|
|
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v3.24.2.u1
Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS |
|
|
Cash |
$ 2,712,503
|
$ 525,389
|
Accounts receivable, net of allowance for doubtful accounts |
202,507
|
213,008
|
Prepaid contract interest |
332,362
|
|
Contract assets |
53,005
|
256,558
|
Total current assets |
3,300,377
|
994,955
|
PROPERTY AND EQUIPMENT, net |
|
6,216
|
OTHER ASSETS |
|
|
Security deposit |
2,200
|
2,200
|
Deposits and costs coincident to acquisition of land for development |
6,805,932
|
6,179,085
|
Total assets |
10,108,509
|
7,182,456
|
CURRENT LIABILITIES |
|
|
Accounts payable and accrued expenses |
537,972
|
644,913
|
Accrued interest |
354,722
|
227,308
|
Deposits held |
510,000
|
10,000
|
Contract liabilities |
232,603
|
256,757
|
Loans payable-others |
236,703
|
|
Note payable-line of credit |
921,960
|
908,660
|
Note payable-bank |
|
492,500
|
Mortgages payable |
|
3,113,563
|
Total current liabilities |
3,317,179
|
5,908,596
|
Long-term mortgages payable |
6,158,065
|
635,016
|
Total liabilities |
9,475,244
|
6,543,612
|
STOCKHOLDERS’ EQUITY |
|
|
Common stock; 70,000,000 shares authorized, $.001 par value, as of December 31, 2023 and 2022, there are 40,414,493 and 35,824,493 shares outstanding, respectively |
40,414
|
35,824
|
Additional paid-in capital |
2,327,330
|
2,240,120
|
Accumulated deficit |
(1,734,479)
|
(1,637,100)
|
Total stockholders’ equity |
633,265
|
638,844
|
Total liabilities and stockholders’ equity |
10,108,509
|
7,182,456
|
Related Party [Member] |
|
|
CURRENT LIABILITIES |
|
|
Loans payable to related parties |
$ 523,219
|
$ 254,895
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v3.24.2.u1
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, shares authorized |
70,000,000
|
70,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
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40,414,493
|
35,824,493
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Revenue: |
|
|
Construction contracts |
$ 5,656,452
|
$ 6,310,883
|
Cost of construction contracts |
4,570,902
|
5,231,158
|
Gross profit |
1,085,550
|
1,079,725
|
Operating Expenses: |
|
|
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively |
1,010,531
|
871,797
|
Depreciation expense |
6,216
|
2,406
|
Total operating expenses |
1,016,747
|
874,203
|
Income from operations |
68,803
|
205,522
|
Other income (expenses): |
|
|
Loan forgiveness |
|
51,360
|
Interest expense |
(166,182)
|
(102,792)
|
Total other income (expenses) |
(166,182)
|
(51,432)
|
Net income (loss) before income taxes |
(97,379)
|
154,090
|
Provision for income taxes |
|
|
Net income (loss) |
$ (97,379)
|
$ 154,090
|
Basic income (loss) per common share |
$ 0.00
|
$ 0.00
|
Diluted income (loss) per common share |
$ 0.00
|
$ 0.00
|
Weighted average common shares outstanding-basic |
39,190,493
|
35,824,493
|
Weighted average common shares outstanding-diluted |
39,190,493
|
35,824,493
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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Consolidated Statements of Changes in Stockholders' Equity - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 35,824
|
$ 2,240,120
|
$ (1,791,190)
|
$ 484,754
|
Balance, shares at Dec. 31, 2021 |
35,824,493
|
|
|
|
Net income (loss) |
|
|
154,090
|
154,090
|
Balance at Dec. 31, 2022 |
$ 35,824
|
2,240,120
|
(1,637,100)
|
638,844
|
Balance, shares at Dec. 31, 2022 |
35,824,493
|
|
|
|
Issuance of 4,590,000 restricted common shares for stock-based compensation valued at $ 91,800 |
$ 4,590
|
87,210
|
|
91,800
|
Issuance of 4,590,000 restricted common shares for stock-based compensation valued at $ 91,800, shares |
4,590,000
|
|
|
|
Net income (loss) |
|
|
(97,379)
|
(97,379)
|
Balance at Dec. 31, 2023 |
$ 40,414
|
$ 2,327,330
|
$ (1,734,479)
|
$ 633,265
|
Balance, shares at Dec. 31, 2023 |
40,414,493
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
OPERATING ACTIVITIES |
|
|
Net income (loss) |
$ (97,379)
|
$ 154,090
|
Adjustments to reconcile net income to net cash provided (used) in operating activities: |
|
|
Depreciation expense |
6,216
|
2,406
|
Stock-based compensation |
91,800
|
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
10,501
|
176,403
|
Prepaid contract interest |
(332,362)
|
|
Employee advances |
|
2,705
|
Contract assets |
203,553
|
2,087
|
Accounts payable and accrued liabilities |
20,473
|
409,460
|
Deposits held |
500,000
|
6,001
|
Contract liabilities |
24,154
|
(156,784)
|
Net cash used in operating activities |
426,956
|
596,368
|
INVESTING ACTIVITIES |
|
|
Purchase of office equipment and vehicles |
|
(19,018)
|
Deposits and costs coincident to acquisition of land for development |
|
|
Net cash used in investing activities |
|
(19,018)
|
FINANCING ACTIVITIES |
|
|
Proceeds (payments) on note payable-line of credit |
13,300
|
(16,500)
|
Payments on acquisition of property held for development |
|
(623,293)
|
Proceeds from loans payable-others |
236,703
|
|
Proceeds (payments) on bank note |
(492,500)
|
333,937
|
Proceeds from loans payable to related parties, net |
163,324
|
62,456
|
Proceeds from mortgages payable, net of refinance and payments |
1,839,331
|
|
Net cash provided (used) by financing activities |
1,760,158
|
(243,400)
|
NET INCREASE IN CASH |
2,187,114
|
333,950
|
CASH BALANCE, BEGINNING OF PERIOD |
525,389
|
191,439
|
CASH BALANCE, END OF PERIOD |
2,712,503
|
525,389
|
Supplemental Disclosures of Cash Flow Information: |
|
|
Interest paid |
|
|
Income taxes paid |
|
|
Non-Cash Investing and Financing Activities: |
|
|
Issuance of restricted common stock for debt |
$ 105,000
|
|
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v3.24.2.u1
Significant Accounting Policies
|
12 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
Note
1 - Significant Accounting Policies
Nature
of Operations
Dream
Homes & Development Corporation is a regional builder and developer of new single-family homes and subdivisions, as well as a market
leader in coastal construction, elevation and mitigation. In the ten years that have passed since Superstorm Sandy flooded 40,000 owner-occupied
homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements.
In
addition to the coastal construction market, Dream Homes will continue to pursue opportunities in new single and multi-family home construction,
with 4 new developments totaling 267 units in title, or under contract and in development. Dream Homes’ operations will include
the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first
time move-up single-family and multi-family homes.
A
new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This
focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion
is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first
time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second
factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build
To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount
of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed
new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.
The
Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all
new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale
to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time,
and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become
a third division of the Company, behind custom new homes and renovation/elevation projects.
History
Dream
Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”)
on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common
shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).
On
March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a
web site at www.dreamhomesltd.com as well as a blog, located at http://blog.dreamhomesltd.com.
Principles
of Consolidation
The
consolidated financial statements include the accounts of DHDC and its wholly owned subsidiaries (collectively, the “Company”).
All intercompany balances and transactions have been eliminated in consolidation.
Property
and Equipment
Property
and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated
useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying
notes. Actual results could differ materially from these estimates.
Fair
Value of Financial Instruments
Fair
value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction
between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring
fair value, as follows:
●
Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.
●
Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and
liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.
●
Level 3 inputs are less observable and reflect our own assumptions.
Our
financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and loans payable
to related parties. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and
loans payable to related parties approximates fair value because of their short maturities.
Construction
Contracts
Revenue
recognition:
The
Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred
to date compared to total estimated contract cost. Cost of revenue includes an allocation of general overhead cost. Changes to total
estimated contract cost or losses, if any, are recognized in the period in which they are determined.
The
Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for
a limited duration following substantial completion of the Company’s work on a project.
The
Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet
date, if any, as current assets and liabilities consistent with the length of time of its project operating cycle. For example:
|
● |
Costs
and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount
of contract billings to date and are classified as a current asset. |
|
● |
Billings
in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and
profits (or contract revenue) recognized to date and are classified as a current liability. |
Costs
and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change
orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting
method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur
when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders
occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change
orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts
can be reliably estimated.
Change
in Estimates:
The
Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period
that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions: availability
of skilled contract labor: performance of major material suppliers and subcontractors: on-going subcontractor negotiations and buyout
provisions: unusual weather conditions: changes in the timing of scheduled work: change orders: accuracy of the original bid estimate:
changes in estimated labor productivity and costs based on experience to date: achievement of incentive-based income targets: and the
expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the
project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project
costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions
in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller
than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance
of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates
are disclosed in the notes to the consolidated financial statements.
Income
Taxes
The
Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for income tax reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in the provision for income tax in the statements of operations. The
Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance when
realization of the assets is not reasonably assured.
The
Company recognizes in its financial statements the impact of tax positions that meet a “more likely than not” threshold,
based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement.
Net
Income (Loss) Per Common Share
Basic
net income (basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares
outstanding during the period.
Diluted
net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive
securities outstanding during the period.
Recent
Accounting Pronouncements
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09,
Revenue from Contracts with Customers (Accounting Standards Codification “ASC” Topic 606). The purpose of this ASU is to
converge revenue recognition requirements per GAAP and International Financial Reporting Standards (“IFRS”). The core principle
of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount
that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in
this ASU were originally effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not
permitted by the FASB; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral
of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting
periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We adopted this ASU on January
1, 2018 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.
In
February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and subsequent amendments to the initial guidance:
ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”), which provides guidance for
accounting for leases. Topic 842 requires lessees to classify leases as either finance or operating leases and to record a right-of-use
asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification
will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the
term of the lease. We adopted this ASU on January 1, 2019 and adoption of this ASU did not have a material impact on our financial position,
results of operations and cash flows.
Certain
other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and
therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from
adoption of these standards is not expected to be material.
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v3.24.2.u1
Property and Equipment
|
12 Months Ended |
Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
2
- Property and Equipment
Property
and equipment is summarized as follows:
Schedule of Property and Equipment
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Office equipment | |
$ | 5,115 | | |
$ | 5,115 | |
Vehicles | |
| 60,772 | | |
| 60,772 | |
Less: Accumulated depreciation | |
| (65,887 | ) | |
| (59,671 | ) |
| |
| | | |
| | |
Property and Equipment- net | |
$ | - | | |
$ | 6,216 | |
Depreciation
expense for the years ended December 31, 2023 and 2022 was $6,216 and $2,406, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
Deposits and Costs Coincident to Acquisition of Land for Development
|
12 Months Ended |
Dec. 31, 2023 |
Real Estate [Abstract] |
|
Deposits and Costs Coincident to Acquisition of Land for Development |
3-
Deposits and Costs Coincident to Acquisition of Land for Development
Deposits
and costs coincident to acquisition of land for development are summarized as follows:
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Lacey Township, New Jersey, Pines property: | |
| | | |
| | |
| |
| | | |
| | |
Cost to acquire property | |
| 1,583,012 | | |
| 1,692,178 | |
Site engineering, permits, and other costs | |
| 809,245 | | |
| 809,245 | |
Total Pines property | |
| 2,392,257 | | |
| 2,501,423 | |
| |
| | | |
| | |
Other deposits: | |
| | | |
| | |
Louis Avenue, Bayville, New Jersey-17 units | |
| 619,264 | | |
| 619,264 | |
Berkeley Terrace – Bayville, New Jersey 70 units | |
| 2,325,401 | | |
| 2,506,990 | |
Autumn Run – Clayton – New Jersey – 62 units | |
| 1,329,125 | | |
| 411,523 | |
Other | |
| 139,885 | | |
| 139,885 | |
Total other deposits | |
| 4,413,675 | | |
| 3,677,662 | |
| |
| | | |
| | |
Total | |
$ | 6,805,932 | | |
$ | 6,179,085 | |
Properties
currently owned and in the development stage
Berkeley
Terrace – Bayville, NJ – 70 approved townhome units
The
Company is in title to this property and finalized an infrastructure and construction finance facility which closed on 3/31/23. This
facility included refinancing the land debt, and securing funding for a large portion of the site construction, as well as funding the
first building of 10 townhomes. The amount of the facility is $4,670,000.
The
Company began infrastructure work on the property in June of 2023, with land clearing completed and the site stabilized for soils erosion
control. Sanitary sewer, water and drainage has been installed in Phase 1 and the majority of Phase 2.
The
first 5 building pads have been compacted and completed.
Base
paving has been completed and 74% of the entire site has been improved.
The
vertical construction of Building 7 will begin in December of 2023.
The
Company has entered into an agreement with a national builder to deliver improved building sites for this project. It is in the Company’s
opinion that the financial advantages inherent in the sale of a portion of the improved lots in this development outweigh the advantages
of building and selling or leasing the entire development.
Lacey
Township, New Jersey, “Dream Homes at the Pines”
Dream
Homes currently owns a parcel approved for 68 new townhomes in Ocean County NJ, of which 54 are market rate and 14 are affordable housing.
The acquisition was made in June of 2021. This property has received final approvals, Department of Transportation approval, CAFRA approval,
MUA, County, Fire and other outside agency approvals. This development is scheduled to begin construction in 2023.
The
Company acquired this property on June 29, 2021 and is currently in title.
Preliminary
approval was granted in 2021 and Final approval was granted in fall of 2022.
The
Company has secured permanent funding to install infrastructure and vertical construction for this project and has retired the previous
lender.
Site
bonds, escrows and fees have been posted, with clearing having started in the 4th quarter of 2023.
The
Company has entered into an agreement with a national builder to deliver improved building sites for this project. It is in the Company’s
opinion that the financial advantages inherent in the sale of a portion of the improved lots in this development outweigh the advantages
of building and selling or leasing the entire development.
Louis
Avenue – Bayville, NJ – 17 townhome units
The
Company was heard before the Berkeley Township Planning Board on October 3, 2020 and the planning board awarded preliminary approvals
for 17 townhome units.
The
Company acquired this property on August 4, 2021.
The
Company received Final approvals on August 8, 2021.
Autumn
Run – Gloucester County
On
December 7, 2018, the Company signed a contract to purchase a property in Gloucester County, NJ, which has been approved for 62 units
of age-restricted manufactured housing. The property is currently in the final approval stage. An application was made to the DEP for
a wetlands letter of interpretation, which was approved as proposed. Further action before the planning board is pending due to delays
caused by township closures due to Covid-19. The Company had a virtual workshop meeting on September 15, 2020 and an additional virtual
meeting was conducted on November 17, 2020.
The
application for a use variance was heard on May 24, 2021 and the variance was approved.
The
Company applied for preliminary and final site plan approval and was heard at the April 2023 planning board meeting. Preliminary approval
was granted, and the Company is in the process of preparing to submit for finals in the 4th quarter of 2023.
The
Company took title to this property in early September of 2023. It is the Company’s intention to develop this property, sell the
individual manufactured homes and continue to own operate the development as a land lease rental property.
These
new developments which the Company owns represent a significant value in new construction. This work will occur over the next 3-4 years
and is in addition to the custom spot lot & elevation/renovation division of the business. Management is very positive about these
new developments, as well as the cutting-edge construction technologies being employed to create healthier, safer, more energy efficient
homes.
Mortgages
on Properties Held for Development:
Schedule Mortgages on Properties Held for Development
| |
December 31, 2023 | | |
December 31, 2022 | |
Edisto Loan Fund, LLC | |
$ | - | | |
$ | 1,388,563 | |
Lynx Asset Services, LLC | |
| 750,000 | | |
| 1,725,000 | |
Karbar, LLC | |
| 350,000 | | |
| - | |
Briney Ave, LLC | |
| 1,900,000 | | |
| - | |
Anchor Loans, LP-Berkely | |
| 2,506,049 | | |
| - | |
AC Development, LLC | |
| 328,479 | | |
| 311,479 | |
AVB Development | |
| 323,537 | | |
| 323,537 | |
Total mortgages payable | |
| 6,158,065 | | |
| 3,748,579 | |
Less current portion | |
| - | | |
| (3,113,563 | ) |
Long-term portion | |
$ | 6,158,065 | | |
$ | 635,016 | |
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v3.24.2.u1
Loans Payable to Related Parties/Others
|
12 Months Ended |
Dec. 31, 2023 |
Loans Payable To Related Partiesothers |
|
Loans Payable to Related Parties/Others |
4-Loans
Payable to Related Parties/Others
Loans
payable to related parties is summarized as follows:
Schedule of Loans Payable to Related Parties
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Loans payable-Rich Pezzullo | |
$ | 24,000 | | |
$ | - | |
Loan payable-Dream Homes, LTD | |
| 17,809 | | |
| - | |
Loans payable to GPIL | |
| 376,410 | | |
| 254,895 | |
Total | |
$ | 505,410 | | |
$ | 254,895 | |
Advances
from the loans bear interest at a rate of 12%, with interest being payable on demand. Accrued interest as of December 31, 2023 and 2022
aggregate $ 48,255 and $ 37,250, respectively.
Notes
payable-others is summarized as follows:
Schedule of Notes Payable - Others
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Note payable-Chipman Trust | |
$ | 122,500 | | |
$ | - | |
Note payable-LG Funding | |
| 15,040 | | |
| - | |
Note payable-MV Development LLC | |
| - | | |
| - | |
Note payable-Channel Partners | |
| 99,163 | | |
| - | |
Total | |
$ | 236,703 | | |
$ | - | |
The
notes have interest ranging from 12% to 15% payable on demand. All notes are secured by real estate.
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v3.24.2.u1
Common Stock Issuances
|
12 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
Common Stock Issuances |
5
- Common Stock Issuances
In
March 2020, the Company issued 2,997,500 restricted shares for compensation valued at $ 119,500.
On
September 25, 2020, the Company issued 110,000 restricted shares for debt reduction value at $7,700.
On
September 30, 2020, the Company issued 2,600,000 restricted shares for compensation valued at $ 78,000.
On
October 28, 2020, the Company issued 48,000 restricted shares for compensation valued at $ 3,360.
On
November 10, 2020, the Company issued 30,000 restricted shares for compensation valued at $ 1,800.
On
February 11, 2021, the Company issued 2,830,000 restricted shares for compensation valued at $ 113,200.
On
July 13, 2021, the Company issued 28,000 restricted shares for legal services valued at $ 14,000.
On
October 22, 2021, the Company issued 500,000 restricted shares for compensation valued at $ 21,000.
On
October 28, 2021, the Company issued 550.000 restricted shares for compensation valued at $ 22,600.
On
April 24, 2023, the Company issued 4,590,000 restricted shares for compensation valued at $ 91,800.
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v3.24.2.u1
Income Taxes
|
12 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
6
– Income Taxes
As
a result of the Tax Cuts and Jobs Act (Tax Legislation) enacted on December 22, 2017, the United States corporate income tax rate is
21% effective January 1, 2018.
The
sources of the differences follow:
Schedule
of States Federal Income Tax Rate Income Loss Before Income Taxes
| |
Year ended
December 31, 2023 | | |
Year ended
December 31, 2022 | |
| |
| | |
| |
Expected tax at 21% | |
$ | (20,450 | ) | |
$ | 32,359 | |
State income taxes, net of federal income tax benefit | |
| (5,842 | ) | |
| 10,780 | |
Non-deductible stock-based compensation | |
| 19,278 | | |
| - | |
Non-taxable loan forgiveness income | |
| - | | |
| (13,868 | ) |
Change in valuation allowance/NOL carryforward | |
| 7,014 | | |
| (29,271 | ) |
Provision for (benefit from) income taxes | |
$ | - | | |
$ | - | |
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
Commitments and Contingencies
|
12 Months Ended |
Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
7-
Commitments and Contingencies
Construction
Contracts
As
of December 31, 2023, the Company was committed under 4 construction contracts outstanding with home owners and investors with contract
prices totaling $ 2,121,128, which are being fulfilled in the ordinary course of business. None of these construction projects
are expected to take over one year to complete from commencement of construction. The Company has no significant commitments with material
suppliers or subcontractors that involve any sums of substance or of long-term duration at the date of issuance of these financial statements.
As
of December 31, 2023, the Company was committed under 2 construction management contracts with investors and equity partners with contract
prices totaling $ 1,114,547, which are being fulfilled in the ordinary course of business.
As
of December 31, 2023, the Company was committed under 2 contracts with national builders to deliver improved building pads in 2 developments
the Company owns. These gross contract prices total $ 9,712,500 and $7,492,500, which are being fulfilled in the ordinary course of business
and shall accrete to 2024 and 2025 earnings.
The
Company owns 21.58% of these contracts.
Employment
Agreements
The
Company currently has no outstanding employment agreements.
Lease
Agreements
The
Company has occupied office space located in Forked River, New Jersey. Commencing April 2017, the Company originally paid monthly rent
of $2,500 for this office space.
Line
of Credit
On
September 15, 2016, DHDC established a $500,000 line of credit with General Development Corp., a non-bank lender. On September 15, 2021,
DHDC increased the existing line of credit from $500,000 to $1,000,000. Advances under the line bear interest at a rate of 12%, with
interest being payable on demand. The outstanding principal is due and payable in 60 months. The line is secured by the personal guarantee
of the Company’s Chief Executive Officer. The agreement to fund automatically renews on a yearly basis as long as interest payments
are current or as agreed. To date, the Company has received several advances under the line of credit. As of December 31, 2023, the outstanding
principal balance was $921,960.
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v3.24.2.u1
Related Party Transactions
|
12 Months Ended |
Dec. 31, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
8.
Related Party Transactions
Dream
Homes Ltd. Allocated payroll
The
Company uses the services of Dream Homes Ltd. (DHL) personnel for its operations. For the years ended December 31, 2023 and 2022, selling,
general and administrative expenses include $173,425 and $165,000, respectively, for the Company’s estimated share of DHL’s
gross payroll and payroll taxes and include $97,250 and $95,800, respectively, salary paid to the Company’s Chief Executive Officer,
and $80,000 respectively salary paid to the Company’s Secretary and Senior VP.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
Significant Accounting Policies (Policies)
|
12 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
Nature of Operations |
Nature
of Operations
Dream
Homes & Development Corporation is a regional builder and developer of new single-family homes and subdivisions, as well as a market
leader in coastal construction, elevation and mitigation. In the ten years that have passed since Superstorm Sandy flooded 40,000 owner-occupied
homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements.
In
addition to the coastal construction market, Dream Homes will continue to pursue opportunities in new single and multi-family home construction,
with 4 new developments totaling 267 units in title, or under contract and in development. Dream Homes’ operations will include
the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first
time move-up single-family and multi-family homes.
A
new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This
focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion
is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first
time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second
factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build
To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount
of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed
new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.
The
Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all
new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale
to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time,
and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become
a third division of the Company, behind custom new homes and renovation/elevation projects.
History
Dream
Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”)
on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common
shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).
On
March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a
web site at www.dreamhomesltd.com as well as a blog, located at http://blog.dreamhomesltd.com.
|
Principles of Consolidation |
Principles
of Consolidation
The
consolidated financial statements include the accounts of DHDC and its wholly owned subsidiaries (collectively, the “Company”).
All intercompany balances and transactions have been eliminated in consolidation.
|
Property and Equipment |
Property
and Equipment
Property
and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated
useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying
notes. Actual results could differ materially from these estimates.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
Fair
value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction
between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring
fair value, as follows:
●
Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.
●
Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and
liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.
●
Level 3 inputs are less observable and reflect our own assumptions.
Our
financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and loans payable
to related parties. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and
loans payable to related parties approximates fair value because of their short maturities.
|
Construction Contracts |
Construction
Contracts
Revenue
recognition:
The
Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred
to date compared to total estimated contract cost. Cost of revenue includes an allocation of general overhead cost. Changes to total
estimated contract cost or losses, if any, are recognized in the period in which they are determined.
The
Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for
a limited duration following substantial completion of the Company’s work on a project.
The
Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet
date, if any, as current assets and liabilities consistent with the length of time of its project operating cycle. For example:
|
● |
Costs
and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount
of contract billings to date and are classified as a current asset. |
|
● |
Billings
in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and
profits (or contract revenue) recognized to date and are classified as a current liability. |
Costs
and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change
orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting
method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur
when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders
occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change
orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts
can be reliably estimated.
Change
in Estimates:
The
Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period
that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions: availability
of skilled contract labor: performance of major material suppliers and subcontractors: on-going subcontractor negotiations and buyout
provisions: unusual weather conditions: changes in the timing of scheduled work: change orders: accuracy of the original bid estimate:
changes in estimated labor productivity and costs based on experience to date: achievement of incentive-based income targets: and the
expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the
project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project
costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions
in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller
than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance
of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates
are disclosed in the notes to the consolidated financial statements.
|
Income Taxes |
Income
Taxes
The
Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for income tax reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in the provision for income tax in the statements of operations. The
Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance when
realization of the assets is not reasonably assured.
The
Company recognizes in its financial statements the impact of tax positions that meet a “more likely than not” threshold,
based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement.
|
Net Income (Loss) Per Common Share |
Net
Income (Loss) Per Common Share
Basic
net income (basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares
outstanding during the period.
Diluted
net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive
securities outstanding during the period.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09,
Revenue from Contracts with Customers (Accounting Standards Codification “ASC” Topic 606). The purpose of this ASU is to
converge revenue recognition requirements per GAAP and International Financial Reporting Standards (“IFRS”). The core principle
of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount
that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in
this ASU were originally effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not
permitted by the FASB; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral
of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting
periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We adopted this ASU on January
1, 2018 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.
In
February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and subsequent amendments to the initial guidance:
ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”), which provides guidance for
accounting for leases. Topic 842 requires lessees to classify leases as either finance or operating leases and to record a right-of-use
asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification
will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the
term of the lease. We adopted this ASU on January 1, 2019 and adoption of this ASU did not have a material impact on our financial position,
results of operations and cash flows.
Certain
other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and
therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from
adoption of these standards is not expected to be material.
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v3.24.2.u1
Property and Equipment (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
Property
and equipment is summarized as follows:
Schedule of Property and Equipment
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Office equipment | |
$ | 5,115 | | |
$ | 5,115 | |
Vehicles | |
| 60,772 | | |
| 60,772 | |
Less: Accumulated depreciation | |
| (65,887 | ) | |
| (59,671 | ) |
| |
| | | |
| | |
Property and Equipment- net | |
$ | - | | |
$ | 6,216 | |
|
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v3.24.2.u1
Deposits and Costs Coincident to Acquisition of Land for Development (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
Real Estate [Abstract] |
|
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development |
Deposits
and costs coincident to acquisition of land for development are summarized as follows:
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Lacey Township, New Jersey, Pines property: | |
| | | |
| | |
| |
| | | |
| | |
Cost to acquire property | |
| 1,583,012 | | |
| 1,692,178 | |
Site engineering, permits, and other costs | |
| 809,245 | | |
| 809,245 | |
Total Pines property | |
| 2,392,257 | | |
| 2,501,423 | |
| |
| | | |
| | |
Other deposits: | |
| | | |
| | |
Louis Avenue, Bayville, New Jersey-17 units | |
| 619,264 | | |
| 619,264 | |
Berkeley Terrace – Bayville, New Jersey 70 units | |
| 2,325,401 | | |
| 2,506,990 | |
Autumn Run – Clayton – New Jersey – 62 units | |
| 1,329,125 | | |
| 411,523 | |
Other | |
| 139,885 | | |
| 139,885 | |
Total other deposits | |
| 4,413,675 | | |
| 3,677,662 | |
| |
| | | |
| | |
Total | |
$ | 6,805,932 | | |
$ | 6,179,085 | |
|
Schedule Mortgages on Properties Held for Development |
Mortgages
on Properties Held for Development:
Schedule Mortgages on Properties Held for Development
| |
December 31, 2023 | | |
December 31, 2022 | |
Edisto Loan Fund, LLC | |
$ | - | | |
$ | 1,388,563 | |
Lynx Asset Services, LLC | |
| 750,000 | | |
| 1,725,000 | |
Karbar, LLC | |
| 350,000 | | |
| - | |
Briney Ave, LLC | |
| 1,900,000 | | |
| - | |
Anchor Loans, LP-Berkely | |
| 2,506,049 | | |
| - | |
AC Development, LLC | |
| 328,479 | | |
| 311,479 | |
AVB Development | |
| 323,537 | | |
| 323,537 | |
Total mortgages payable | |
| 6,158,065 | | |
| 3,748,579 | |
Less current portion | |
| - | | |
| (3,113,563 | ) |
Long-term portion | |
$ | 6,158,065 | | |
$ | 635,016 | |
|
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v3.24.2.u1
Loans Payable to Related Parties/Others (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
Loans Payable To Related Partiesothers |
|
Schedule of Loans Payable to Related Parties |
Loans
payable to related parties is summarized as follows:
Schedule of Loans Payable to Related Parties
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Loans payable-Rich Pezzullo | |
$ | 24,000 | | |
$ | - | |
Loan payable-Dream Homes, LTD | |
| 17,809 | | |
| - | |
Loans payable to GPIL | |
| 376,410 | | |
| 254,895 | |
Total | |
$ | 505,410 | | |
$ | 254,895 | |
|
Schedule of Notes Payable - Others |
Notes
payable-others is summarized as follows:
Schedule of Notes Payable - Others
| |
December 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Note payable-Chipman Trust | |
$ | 122,500 | | |
$ | - | |
Note payable-LG Funding | |
| 15,040 | | |
| - | |
Note payable-MV Development LLC | |
| - | | |
| - | |
Note payable-Channel Partners | |
| 99,163 | | |
| - | |
Total | |
$ | 236,703 | | |
$ | - | |
|
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Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Schedule of States Federal Income Tax Rate Income Loss Before Income Taxes |
The
sources of the differences follow:
Schedule
of States Federal Income Tax Rate Income Loss Before Income Taxes
| |
Year ended
December 31, 2023 | | |
Year ended
December 31, 2022 | |
| |
| | |
| |
Expected tax at 21% | |
$ | (20,450 | ) | |
$ | 32,359 | |
State income taxes, net of federal income tax benefit | |
| (5,842 | ) | |
| 10,780 | |
Non-deductible stock-based compensation | |
| 19,278 | | |
| - | |
Non-taxable loan forgiveness income | |
| - | | |
| (13,868 | ) |
Change in valuation allowance/NOL carryforward | |
| 7,014 | | |
| (29,271 | ) |
Provision for (benefit from) income taxes | |
$ | - | | |
$ | - | |
|
X |
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Significant Accounting Policies (Details Narrative) - $ / shares
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Jan. 06, 2009 |
Accounting Policies [Abstract] |
|
|
|
Capital stock authorized |
|
|
75,000,000
|
Common stock, shares authorized |
70,000,000
|
70,000,000
|
70,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
5,000,000
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
Property and equipment estimated useful life |
5 years
|
|
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v3.24.2.u1
Schedule of Property and Equipment (Details) - USD ($)
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Less: Accumulated depreciation |
$ (65,887)
|
$ (59,671)
|
Property and Equipment- net |
|
6,216
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
5,115
|
5,115
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 60,772
|
$ 60,772
|
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v3.24.2.u1
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development (Details) - USD ($)
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
Total |
$ 6,805,932
|
$ 6,179,085
|
Total other deposits |
4,413,675
|
3,677,662
|
Lacey Township, New Jersey, Pines Property [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Cost to acquire property |
1,583,012
|
1,692,178
|
Site engineering, permits, and other costs |
809,245
|
809,245
|
Total |
2,392,257
|
2,501,423
|
Louis Avenue, Bayville, New Jersey-17 units [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total other deposits |
619,264
|
619,264
|
Berkeley Terrace - Bayville, New Jersey 70 units [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total other deposits |
2,325,401
|
2,506,990
|
Autumn Run - Clayton - New Jersey - 62 units [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total other deposits |
1,329,125
|
411,523
|
Other [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total other deposits |
$ 139,885
|
$ 139,885
|
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v3.24.2.u1
Schedule Mortgages on Properties Held for Development (Details) - USD ($)
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
$ 6,158,065
|
$ 3,748,579
|
Less current portion |
|
(3,113,563)
|
Long-term portion |
6,158,065
|
635,016
|
Edisto Loan Fund, LLC [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
|
1,388,563
|
Lynx Asset Services, LLC [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
750,000
|
1,725,000
|
Karbar, LLC [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
350,000
|
|
Briney Ave LLC [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
1,900,000
|
|
Anchor Loans, LP-Berkely [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
2,506,049
|
|
AC Development, LLC [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
328,479
|
311,479
|
AVB Development [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
$ 323,537
|
$ 323,537
|
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v3.24.2.u1
Schedule of Loans Payable to Related Parties (Details) - USD ($)
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Rich Pezzullo [Member] | Loans Payable [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Loans payable to related parties |
$ 24,000
|
|
Dream Homes, Ltd [Member] | Loans Payable [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Loans payable to related parties |
17,809
|
|
GPIL [Member] | Loans Payable [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Loans payable to related parties |
376,410
|
254,895
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Loans payable to related parties |
$ 505,410
|
$ 254,895
|
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Schedule of Notes Payable - Others (Details) - USD ($)
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Notes payable others |
$ 236,703
|
|
Chipman Trust [Member] | Notes Payable, Other Payables [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Notes payable others |
122,500
|
|
LG Funding [Member] | Notes Payable, Other Payables [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Notes payable others |
15,040
|
|
MV Development [Member] | Notes Payable, Other Payables [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Notes payable others |
|
|
Channel [Member] | Notes Payable, Other Payables [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Notes payable others |
$ 99,163
|
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v3.24.2.u1
Common Stock Issuances (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
12 Months Ended |
Apr. 24, 2023 |
Oct. 28, 2021 |
Oct. 22, 2021 |
Jul. 13, 2021 |
Feb. 11, 2021 |
Nov. 10, 2020 |
Oct. 28, 2020 |
Sep. 30, 2020 |
Sep. 25, 2020 |
Mar. 31, 2020 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for stock based compensation, shares |
|
|
|
|
|
|
|
|
|
|
4,590,000
|
Number of shares issued for stock based compensation, value |
|
|
|
|
|
|
|
|
|
|
$ 91,800
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for stock based compensation, shares |
4,590,000
|
550.000
|
500,000
|
28,000
|
2,830,000
|
30,000
|
48,000
|
2,600,000
|
|
2,997,500
|
|
Number of shares issued for stock based compensation, value |
$ 91,800
|
$ 22,600
|
$ 21,000
|
$ 14,000
|
$ 113,200
|
$ 1,800
|
$ 3,360
|
$ 78,000
|
|
$ 119,500
|
|
Number of shares issued for debt reductions, shares |
|
|
|
|
|
|
|
|
110,000
|
|
|
Number of shares issued for debt reductions, values |
|
|
|
|
|
|
|
|
$ 7,700
|
|
|
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v3.24.2.u1
Schedule of States Federal Income Tax Rate Income Loss Before Income Taxes (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Expected tax at 21% |
$ (20,450)
|
$ 32,359
|
State income taxes, net of federal income tax benefit |
(5,842)
|
10,780
|
Non-deductible stock-based compensation |
19,278
|
|
Non-taxable loan forgiveness income |
|
(13,868)
|
Change in valuation allowance/NOL carryforward |
7,014
|
(29,271)
|
Provision for (benefit from) income taxes |
|
|
v3.24.2.u1
v3.24.2.u1
v3.24.2.u1
Commitments and Contingencies (Details Narrative)
|
Apr. 30, 2017
USD ($)
|
Sep. 15, 2016
USD ($)
|
Dec. 31, 2023
USD ($)
Integer
|
Sep. 15, 2021
USD ($)
|
Sep. 14, 2021
USD ($)
|
Gross construction contract price |
|
|
$ 9,712,500
|
|
|
Debt outstanding principal balance |
|
|
$ 921,960
|
|
|
Nonbank Lender [Member] | General Development Corp [Member] |
|
|
|
|
|
Line of credit |
|
$ 500,000
|
|
$ 1,000,000
|
$ 500,000
|
Line of credit interest rate |
|
12.00%
|
|
|
|
Lease Agreement [Member] |
|
|
|
|
|
Rent expense |
$ 2,500
|
|
|
|
|
Contracts [Member] |
|
|
|
|
|
Equity investment ownership percentage |
|
|
21.58%
|
|
|
Construction Contracts [Member] |
|
|
|
|
|
Number of contracts assigned | Integer |
|
|
4
|
|
|
Construction contract price |
|
|
$ 2,121,128
|
|
|
Investors And Equity [Member] |
|
|
|
|
|
Number of contracts assigned | Integer |
|
|
2
|
|
|
Construction contract price |
|
|
$ 1,114,547
|
|
|
Builders [Member] |
|
|
|
|
|
Construction contract price |
|
|
$ 7,492,500
|
|
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v3.24.2.u1
Related Party Transactions (Details Narrative) - USD ($)
|
12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
Selling general and administrative expenses |
$ 1,010,531
|
$ 871,797
|
Chief Executive Officer [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Salary paid |
80,000
|
|
Dream Homes, Ltd [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Selling general and administrative expenses |
173,425
|
165,000
|
Payroll taxes |
$ 97,250
|
$ 95,800
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable for statutory payroll taxes incurred through that date and withheld from employees pertaining to services received from them, including entity's matching share of the employees FICA taxes and contributions to the state and federal unemployment insurance programs. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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