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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the Quarterly Period Ended September 30, 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 |
|
20-2208821 |
(State
Or Other Jurisdiction
Of
Incorporation Or Organization) |
|
(I.R.S.
Employer
Identification
No.) |
314
South Main Street Forked River, New Jersey 08731
(Address
of Principal Executive Offices and Zip Code)
609
693 8881
Registrant’s
Telephone Number, Including Area Code:
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 every Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T 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 whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large
Accelerated Filer ☐ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☒
Emerging
Growth Company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
☐ No ☒
The
number of shares outstanding of the registrant’s common stock, as of November 20, 2023 was 40,414,493.
DREAM
HOMES & DEVELOPMENT CORPORATION
TABLE
OF CONTENTS
DREAM
HOMES & DEVELOPMENT CORPORATION
CONSOLIDATED
BALANCE SHEETS
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | |
Cash | |
$ | 56,075 | | |
$ | 525,389 | |
Accounts receivable | |
| 178,119 | | |
| 213,008 | |
Prepaid fees-property held for development | |
| 610,796 | | |
| - | |
Contract assets | |
| 157,855 | | |
| 256,558 | |
Total current assets | |
| 1,002,845 | | |
| 994,955 | |
| |
| | | |
| | |
PROPERTY AND EQUIPMENT, net | |
| 1,491 | | |
| 6,216 | |
| |
| | | |
| | |
OTHER ASSETS | |
| | | |
| | |
Security deposit | |
| 2,200 | | |
| 2,200 | |
Deposits and costs coincident to acquisition of land for development | |
| 9,542,783 | | |
| 6,179,085 | |
| |
| | | |
| | |
Total assets | |
$ | 10,549,319 | | |
$ | 7,182,456 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 846,421 | | |
$ | 644,913 | |
Accrued interest | |
| 328,475 | | |
| 227,308 | |
Deposits held | |
| 10,000 | | |
| 10,000 | |
Contract liabilities | |
| 55,609 | | |
| 256,757 | |
Note payable-line of credit | |
| 921,960 | | |
| 908,660 | |
Mortgages payable, current portion | |
| - | | |
| 3,113,563 | |
Note payable-bank | |
| 369,180 | | |
| 492,500 | |
Notes payable -others | |
| 451,795 | | |
| - | |
Loans payable-related party | |
| 435,410 | | |
| 254,895 | |
Loans payable | |
| 435,410 | | |
| 254,895 | |
Total current liabilities | |
| 3,418,850 | | |
| 5,908,596 | |
Long-Term Mortgages payable | |
| 5,814,699 | | |
| 635,016 | |
Total liabilities | |
| 9,233,549 | | |
| 6,543,612 | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of September 30, 2023 and December 31, 2022, there are no shares outstanding | |
| - | | |
| - | |
Common stock; 70,000,000 shares authorized, $.001 par value, as of September 30, 2023 and December 31, 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 | |
| (1,051,974 | ) | |
| (1,637,100 | ) |
| |
| | | |
| | |
Total stockholders’ equity | |
| 1,315,770 | | |
| 638,844 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 10,549,319 | | |
$ | 7,182,456 | |
The
accompanying notes are an integral part of these financial statements.
DREAM
HOMES & DEVELOPMENT CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS
Three
Months Ended September 30, 2023 and 2022 (Unaudited)
| |
September 30,
2023 | | |
September 30,
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Revenue: | |
| | | |
| | |
Construction contracts | |
$ | 1,644,071 | | |
$ | 992,274 | |
Sale of property held for development | |
| - | | |
| 3,200,000 | |
Total revenue | |
| 1,644,071 | | |
| 4,192,274 | |
| |
| | | |
| | |
Cost of property held for development | |
| - | | |
| 2,021,700 | |
Cost of construction contracts | |
| 944,466 | | |
| 1,042,831 | |
Total cost of contract revenue/property held for development | |
| 944,466 | | |
| 3,064,531 | |
| |
| | | |
| | |
Gross profit | |
| 699,605 | | |
| 1,127,743 | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
Selling, general and administrative, including stock based compensation of $0 and $0, respectively | |
| 154,942 | | |
| 359,566 | |
Depreciation expense | |
| 1,575 | | |
| 261 | |
| |
| | | |
| | |
Total operating expenses | |
| 156,517 | | |
| 359,827 | |
| |
| | | |
| | |
Income from operations | |
| 543,088 | | |
| 767,916 | |
| |
| | | |
| | |
Other income (expenses): | |
| | | |
| | |
Forgiveness of PPP loan | |
| - | | |
| 51,356 | |
Interest expense | |
| (20,120 | ) | |
| (27,260 | ) |
Total other income (expenses) | |
| (20,120 | ) | |
| 24,096 | |
| |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | |
| |
| | | |
| | |
Net income | |
$ | 522,968 | | |
$ | 792,012 | |
| |
| | | |
| | |
Basic and diluted income per common share | |
$ | .01 | | |
$ | .02 | |
| |
| | | |
| | |
Weighted average common shares outstanding-basic and diluted | |
| 40,414,493 | | |
| 35,824,493 | |
The
accompanying notes are an integral part of these financial statement.
DREAM
HOMES & DEVELOPMENT CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS
Nine
Months Ended September 30, 2023 and 2022 (Unaudited)
| |
September 30,
2023 | | |
September 30,
2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Revenue: | |
| | | |
| | |
Construction contracts | |
$ | 3,455,206 | | |
$ | 3,069,681 | |
Sale of property held for development | |
| - | | |
| 3,200,000 | |
Total revenue | |
| 3,455,206 | | |
| 6,269,681 | |
| |
| | | |
| | |
Cost of property held for development | |
| - | | |
| 2,021,700 | |
Cost of construction contracts | |
| 2,071,214 | | |
| 2,455,787 | |
Total cost of contract revenue/property held for development | |
| 2,071,214 | | |
| 4,477,487 | |
| |
| | | |
| | |
Gross profit | |
| 1,383,992 | | |
| 1,792,194 | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively | |
| 692,974 | | |
| 767,659 | |
Depreciation expense | |
| 4,725 | | |
| 3,648 | |
| |
| | | |
| | |
Total operating expenses | |
| 697,699 | | |
| 771,307 | |
| |
| | | |
| | |
Income from operations | |
| 686,293 | | |
| 1,020,887 | |
| |
| | | |
| | |
Other income (expenses): | |
| | | |
| | |
Forgiveness of PPP loan | |
| - | | |
| 51,356 | |
Interest expense | |
| (101,167 | ) | |
| (86,012 | ) |
Total other income (expenses) | |
| (101,167 | ) | |
| (34,656 | ) |
| |
| | | |
| | |
Provision for income taxes | |
| | | |
| - | |
| |
| | | |
| | |
Net income (loss) | |
$ | 585,126 | | |
$ | 986,231 | |
| |
| | | |
| | |
Basic and diluted income (loss) per common share | |
$ | .01 | | |
$ | .03 | |
| |
| | | |
| | |
Weighted average common shares outstanding-basic and diluted | |
| 39,394,493 | | |
| 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
nine months ended September 30, 2023 and 2022
(Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
Common stock issued and to be issued | | |
Additional Paid in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
For the nine months ended September 30, 2022: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2021 | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,791,190 | ) | |
$ | 484,754 | |
Net income for the three months March 31, 2022 | |
| - | | |
| - | | |
| - | | |
| 165,206 | | |
| 165,206 | |
Balance at March 31, 2022 | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,625,984 | ) | |
$ | 649,960 | |
Net income for the three months ended June 30, 2022 | |
| - | | |
| - | | |
| - | | |
| 29,013 | | |
| 29,013 | |
Balance at June 30, 2022 | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,596,971 | ) | |
$ | 678,973 | |
Net income for the three months months ended September 30, 2022 | |
| - | | |
| - | | |
| - | | |
| 792,012 | | |
| 792,012 | |
Balance at September 30, 2022 | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (804,959 | ) | |
$ | 1,470,985 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For the nine months ended September 30, 2023: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 31, 2022 | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,627,100 | ) | |
$ | 638,844 | |
Net income for the three months ended March 31, 2023 | |
| - | | |
| - | | |
| - | | |
| 100,416 | | |
| 100,416 | |
Balance at March 31, 2023 | |
| 35,824,493 | | |
$ | 35,824 | | |
$ | 2,240,120 | | |
$ | (1,536,684 | ) | |
$ | 739,260 | |
Issuance of 4,590,000 restricted common shares | |
| 4,590,000 | | |
| 4,590 | | |
| 87,210 | | |
| - | | |
| 91,800 | |
Issuance of restricted common shares | |
| 4,590,000 | | |
| 4,590 | | |
| 87,210 | | |
| - | | |
| 91,800 | |
Net loss for the three months ended June 30, 2023 | |
| - | | |
| - | | |
| - | | |
| (38,258 | ) | |
| (38,258 | ) |
Balance at June 30, 2023 | |
| 40,414,493 | | |
$ | 40,414 | | |
$ | 2,327,330 | | |
$ | (1,574,942 | ) | |
$ | 792,802 | |
Balance | |
| 40,414,493 | | |
$ | 40,414 | | |
$ | 2,327,330 | | |
$ | (1,574,942 | ) | |
$ | 792,802 | |
Net income for the three months months ended September 30, 2023 | |
| - | | |
| - | | |
| - | | |
| 522,968 | | |
| 522,968 | |
Net income (loss) | |
| | | |
| | | |
| | | |
| 522,968 | | |
| 522,968 | |
Balance at September 30, 2023 | |
| 40,414,493 | | |
$ | 40,414 | | |
$ | 2,327,330 | | |
$ | (1,051,974 | ) | |
$ | 1,315,770 | |
Balance | |
| 40,414,493 | | |
$ | 40,414 | | |
$ | 2,327,330 | | |
$ | (1,051,974 | ) | |
$ | 1,315,770 | |
The
accompanying notes are an integral part of these financial statements.
DREAM
HOMES & DEVELOPMENT CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For
the nine months ended September 30, 2023 and 2022
(Unaudited)
| |
September 30, 2023 | | |
September 30, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
OPERATING ACTIVITIES | |
| | | |
| | |
Net income (loss) | |
$ | 585,126 | | |
$ | 986,231 | |
Adjustments to reconcile net loss to net cash provided (used) in operating activities: | |
| | | |
| | |
Depreciation expense | |
| 4,725 | | |
| 3,648 | |
Stock-based compensation | |
| 91,800 | | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 34,889 | | |
| (297,250 | ) |
Employee advances | |
| - | | |
| 2,705 | |
Prepaid fees-property held for development | |
| (610,796 | ) | |
| - | |
Contract assets | |
| 98,703 | | |
| (266,380 | ) |
Accounts payable and accrued liabilities | |
| 202,508 | | |
| 352,799 | |
Accrued interest | |
| 101,167 | | |
| 80,275 | |
Contract liabilities | |
| (201,148 | ) | |
| (217,346 | ) |
Net cash (used) provided in operating activities | |
| 306,974 | | |
| 644,682 | |
| |
| | | |
| | |
INVESTING ACTIVITIES | |
| | | |
| | |
Purchase of vehicle | |
| - | | |
| (19,018 | ) |
Deposits and costs coincident to acquisition of land for development | |
| (3,363,698 | ) | |
| - | |
Net cash used in investing activities | |
| (3,363,698 | ) | |
| (19,018 | ) |
| |
| | | |
| | |
FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds (payments) from notes payable-line of credit | |
| 13,300 | | |
| (16,500 | ) |
Proceeds-payments, net, on acquisition of property held for development | |
| 2,065,120 | | |
| (591,286 | ) |
Proceeds from loans payable-other | |
| 451,795 | | |
| - | |
Proceeds from note payable-bank | |
| 107,175 | | |
| 207,350 | |
Payments on bank notes | |
| (230,495 | ) | |
| | |
Loan forgiveness | |
| - | | |
| (51,356 | ) |
Proceeds from loans-related party | |
| 180,515 | | |
| 62,456 | |
Net cash provided in financing activities | |
| 2,587,410 | | |
| (389,336 | ) |
| |
| | | |
| | |
NET INCREASE (DECREASE) IN CASH | |
| (469,314 | ) | |
| 236,328 | |
| |
| | | |
| | |
CASH BALANCE, BEGINNING OF PERIOD | |
| 525,389 | | |
| 191,439 | |
| |
| | | |
| | |
CASH BALANCE, END OF PERIOD | |
$ | 56,075 | | |
$ | 427,767 | |
| |
| | | |
| | |
Supplemental Disclosures of Cash Flow Information: | |
| | | |
| | |
Interest paid | |
$ | - | | |
$ | - | |
Income taxes paid | |
$ | - | | |
$ | - | |
Non-Cash Investing and Financing Activities: | |
| | | |
| | |
Issuance of 4,590,000 restricted common stock for compensation | |
$ | 91,800 | | |
$ | - | |
The
accompanying notes are an integral part of these financial statements.
DREAM
HOMES & DEVELOPMENT CORPORATION
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
For
the nine months ended September 30, 2023 and 2022
(Unaudited)
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 twelve 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 depreciation, amortization and 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 641 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
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Office equipment | |
$ | 5,115 | | |
$ | 5,115 | |
Vehicles | |
| 60,772 | | |
| 60,772 | |
Less: Accumulated depreciation | |
| (64,396 | ) | |
| (59,671 | ) |
| |
| | | |
| | |
Property and Equipment- net | |
$ | 1,491 | | |
$ | 6,216 | |
Depreciation
expense for the nine months ended September 30, 2023 and 2022 was $4,725 and $3,648 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
| |
September 30,
2023 | | |
December
31,
2022 | |
| |
| | |
| |
Lacey Township, New Jersey, Pines property: | |
| | | |
| | |
Cost to acquire property | |
| 1,692,178 | | |
| 1,692,178 | |
Site engineering, permits, and other costs | |
| 809,245 | | |
| 809,245 | |
Total Pines property | |
| 2,501,423 | | |
| 2,501,423 | |
| |
| | | |
| | |
Other deposits: | |
| | | |
| | |
Louis Avenue, Bayville, New Jersey-17 units | |
| 619,264 | | |
| 619,264 | |
Berkeley Terrace – Bayville, New Jersey 70 units | |
| 4,179,650 | | |
| 2,506,990 | |
Autumn Run – Clayton – New Jersey – 62 units | |
| 2,102,561 | | |
| 411,523 | |
Other | |
| 139,885 | | |
| 139,885 | |
Total other deposits | |
| 7,041,360 | | |
| 3,677,662 | |
| |
| | | |
| | |
Total | |
$ | 9,542,783 | | |
$ | 6,179,085 | |
Properties
Currently Owned and in Development
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 Ryan Homes to deliver improved building sites for a portion of 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
Pines - Lacey Township, New Jersey – 68 approved townhome units
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 are scheduled to be posted in the near future, with clearing scheduled to occur in the 4th quarter
of 2023.
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
| |
September 30,
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 | |
| 2,147,683 | | |
| - | |
AC Development, LLC | |
| 343,479 | | |
| 311,479 | |
AVB Development | |
| 323,537 | | |
| 323,537 | |
Total mortgages payable | |
| 5,814,699 | | |
| 3,748,579 | |
Less current portion | |
| - | | |
| (3,113,563 | ) |
Long-term portion | |
$ | 5,814,699 | | |
$ | 635,016 | |
4-Notes
Payable-Others/Loans Payable to Related Parties
Loans
payable to related parties is summarized as follows:
Schedule of Loans Payable to Related Parties
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Loan payable-Rich Pezzullo | |
$ | 24,000 | | |
$ | - | |
Loan payable-MV Development | |
| 130,000 | | |
| - | |
Loans payable to GPIL | |
| 281,410 | | |
| 254,895 | |
Total | |
$ | 435,410 | | |
$ | 254,895 | |
Advances
from the loans bear interest at a rate of 12%, with interest being payable on demand.
Notes
payable - others is summarized as follows:
Schedule of Notes Payable - Others
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Note payable-Chipman Trust | |
$ | 197,500 | | |
$ | - | |
Note payable-MV Development LLC | |
| 130,000 | | |
| - | |
Note payable-Channel Partners | |
| 124,295 | | |
| - | |
Total | |
$ | 451,795 | | |
$ | - | |
The
above notes bear interest ranging from 12% to 15% per annum and are payable on demand. All notes are secured by real estate and/or personal
and corporate obligations.
5
- Common Stock Issuances
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 common 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.
As
of September 30, 2023 the Company has available for federal and state income tax purposes a net operating loss carry forward that may
be used to offset future taxable income.
7-
Commitments and Contingencies
Construction
Contracts
As
of September 30, 2023, the Company was committed under 9
construction contracts outstanding with homeowners
and investors with contract prices totaling $ 4,600,817,
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.
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 $2,000 for this office space. In May of 2020, this amount was subsequently increased to $2,500 per month. As of September of 2023,
the monthly rental amount has increased to $3,000 per month.
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 guarantee of
the Company as well as 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 September 30, 2023 and December 31, 2022, the outstanding principal balance was $950,990 and $908,660, respectively.
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 nine months ended September 30, 2023 and 2022,
the Company’s estimated share of DHL’s gross payroll and payroll taxes include $288,065 and $260,310, respectively.
9
- Stock Warrants
The
Company has no outstanding warrants.
10
– Subsequent Events
The
Company has evaluated subsequent events through the date the financial statements are scheduled to be filed and have the following notes
and comments.
Lacey
Pines – 68 townhouse units
Site
performance bonds, escrow and inspection fees have been posted and accepted by the township.
The
property has been staked for clearing limits and tree clearing and soil stabilization is scheduled to begin on or about November 27,
2023.
The
Company is in discussions to enter into an agreement with a national builder to sell improved building pads. Such an agreement, should
it be finalized, would cause the company substantial additional income, including construction management and general/administrative
fees, as well as net earnings from the development of improved building sites.
Berkeley
Terrace – 70 Units
The
Company has substantially completed site improvements at Berkeley Terrace and has entered into an agreement with a national builder to
sell improved building pads for a portion of the site.
This
agreement will create substantial additional income for the Company, including construction management and general/administrative fees,
as well as net earnings from the development of improved building sites.
The
Company has no other subsequent events that required disclosure.
ITEM
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
This
Quarterly Report on Form 10-Q and other written reports and oral statements made from time to time by the Company may contain so-called
“forward-looking statements,” all of which are subject to risks and uncertainties. One can identify these forward-looking
statements by their use of words such as “expect,” “plan,” “will,” “may,” “anticipate,”
“believe,” “estimate,” “should,” “intend,” “forecast,” “project”
the negative or plural of these words, and other comparable terminology. One can identify them by the fact that they do not relate strictly
to historical or current facts. statements are likely to address the Company’s growth strategy, financial results and product and
development programs. One must carefully consider any such statement and should understand that many factors could cause actual results
to differ from the Company’s forward-looking statements. These factors include inaccurate assumptions and a broad variety of other
risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual
future results may vary materially. The Company does not assume the obligation to update any forward-looking statement. One should carefully
evaluate such statements in light of factors described in the Company’s filings with the SEC, especially the Company’s Annual
Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q. In various filings the Company has identified important factors
that could cause actual results to differ from expected or historic results. One should understand that it is not possible to predict
or identify all such factors. Consequently, the reader should not consider any such list to be a complete list of all potential risks
or uncertainties.
Use
of Terms
The
following discussion analyzes our financial condition and results of operations for the three months ended September 30, 2023 and 2022.
Unless the context indicates or suggests otherwise, reference to “we”, “our”, “us” and the “Company”
in this section refers to the operations of Dream Homes & Development Corporation (DHDC),
PLAN
OF OPERATION
Overview
Building
on a history of over 2,000 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 companies 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 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 has capitalized
on this opportunity for continued 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 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 continue to cause a steady demand for construction
services. 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 a continued focus on this portion of the market
will continue to provide a stable revenue stream for the company.
Dream
Homes and Development Corporation, through its subsidiaries and affiliate companies, continues to pursue opportunities in the real estate
field, specifically in new home construction, home elevations and renovations.
In
addition to the above projects, which are in process, the Company has also estimated an additional $6,500,000 worth of residential construction
projects and added over 200 active prospects to its data base. All these prospects are prime candidates for educational videos and short
books on specific construction and rebuilding topics, as well as candidates for rebuilding 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.
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.
The
Company was awarded the Ocean County Best of the Best Awards repeatedly in several categories (Best Custom Modular Builder and Best Home
Improvement Contractor), and this recognition has created continued and significant new awareness and interest from the public. This
has led to more 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 and is becoming increasingly well known
to homeowners in need of new homes, elevation & renovation work. The management team has never failed to complete a project in over
30 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. Though the Company has enjoyed steady growth in the renovation/elevation portion
of the company the new homes division continues to represent a greater percentage of total 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 5% - 10%
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.
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.
RESULTS
OF OPERATIONS – DREAM HOMES & DEVELOPMENT CORPORATION
The
summary below should be referenced in connection with a review of the following discussion of our results of operations for the nine
months ended September 30, 2023 and 2022.
STATEMENTS
OF OPERATIONS
For
the nine months ended September 30, 2023 and 2022
(Unaudited)
Revenue: | |
| 2023 | | |
| 2022 | |
Construction contracts | |
$ | 3,455,206 | | |
$ | 3,069,681 | |
Sale of property held for development | |
| - | | |
| 3,200,000 | |
Total revenue | |
| 3,455,206 | | |
| 6,269,681 | |
| |
| | | |
| | |
Cost of property held for development | |
| - | | |
| 2,021,700 | |
Cost of construction contracts | |
| 2,071,214 | | |
| 2,455,787 | |
Total cost of contract revenue/property held for development | |
| 2,071,214 | | |
| 4,477,487 | |
| |
| | | |
| | |
Gross profit | |
| 1,383,992 | | |
| 1,792,194 | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively | |
| 692,974 | | |
| 767,659 | |
Depreciation expense | |
| 4,725 | | |
| 3,648 | |
| |
| | | |
| | |
Total operating expenses | |
| 697,699 | | |
| 771,307 | |
| |
| | | |
| | |
Income (loss) from operations | |
| 686,293 | | |
| 1,020,887 | |
| |
| | | |
| | |
Other income (expenses): | |
| | | |
| | |
Forgiveness of PPP loan | |
| - | | |
| 51,356 | |
Interest expense | |
| (101,167 | ) | |
| (86,012 | ) |
Total other income (expenses) | |
| (101,167 | ) | |
| (34,656 | ) |
| |
| | | |
| | |
Net income (loss) before income taxes | |
| 585,126 | | |
| 986,231 | |
Provision for income taxes | |
| | | |
| - | |
| |
| | | |
| | |
Net income (loss) | |
$ | 585,126 | | |
$ | 986,231 | |
Revenues
For
the nine months ended September 30, 2023 and 2022, revenues were $3,455,206 and $6,269,681 respectively.
The
decrease in revenue was due to a substantial portion of the gross revenue in Q3 2023 being derived from the sale of property held for
development. There was no equivalent sale of property in the 3rd quarter of 2023.
Cost
of Sales
For
the nine months ended September 30, 2023 and 2022, cost of construction contracts were $2,071,214 and $4,477,487, respectively. The decrease
is due to the sale of property held for development, and it’s associated cost in 2022.
Operating
Expenses
Operating
expenses decreased $73,608 from $771,307 in 2022 to $697,699 in 2023.
Liquidity
and Capital Resources
As
of September 30, 2023 and December 31, 2022, our cash balance was $56,075 and $525,389, respectively, total assets were $10,549,319 and
$7,182,456, respectively, and total current liabilities amounted to $9,233,549 and $6,543,612, respectively, including loans payable
to related parties of $435,410 and $254,895, respectively. As of September 30, 2023 and December 31, 2022, the total stockholders’
equity was $1,315,770 and $638,844, respectively. We may seek additional capital to fund potential costs associated with expansion and/or
acquisitions.
Inflation
The
impact of inflation on the costs of our company, and the ability to pass on cost increases to clients over time may be limited and is
always dependent upon market conditions. At times, inflationary pressures have had a significant impact on our operations, and we anticipate
that inflationary factors may have an impact on future operations.
We
do not maintain off-balance sheet arrangements, nor do we participate in non-exchange traded contracts requiring fair value accounting
treatment.
OFF-BALANCE
SHEET ARRANGEMENTS
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
applicable.
Item
4. Controls and Procedures.
Disclosure
Controls and Procedures
The
Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information
required to be disclosed in the reports filed under the Exchange Act, such as this Form 10-Q, is collected, recorded, processed, summarized
and reported within the time periods specified in the rules of the Securities and Exchange Commission. The Company’s disclosure
controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely
decisions regarding required disclosure. As required under Exchange Act Rule 13a-15, the Company’s management, including the Principal
Executive Officer and Principal Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures
as of the end of the period covered by this report. Based upon that evaluation, the Company’s President concluded that the Company’s
disclosure controls and procedures are not effective 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 President, as appropriate, to allow timely decisions regarding required disclosure.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings.
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.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item
3. Defaults upon Senior Securities.
None.
Item
4. Mine Safety Disclosure
Not
Applicable.
Item
5. Other Information.
None.
Item
6. Exhibits.
The
following exhibits are included with this filing:
3.1* Articles of Incorporation (Form S-1 Registration No. 333-174674 filed June 2, 2011).
3.2* By-laws (Form S-1 Registration No. 333-174674 filed June 2, 2011).
4.1* Specimen Stock Certificate (Form S-1 Registration No. 333-174674 filed June 2, 2011).
10.1* Intellectual Property Purchase Agefreement (Form S-1 Registration No. 333-174674 filed June 2, 2011).
10.2* Consulting Agreement with William Kazmierczak 5-22-2010 (Form S-1 Registration No. 333-174674 filed June 2, 2011).
31 Sarbanes-Oxley Section 302 certification by Vincent Simonelli
32 Sarbanes-Oxley Section 906 certification by Vincent Simonelli
*
Previously filed and Incorporated by reference.
SIGNATURES
Pursuant
to the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be
signed on behalf by the undersigned; duly authorized.
Date:
|
Dream
Homes & Development Corporation |
November
20, 2023 |
|
|
By: |
/s/
Vincent Simonelli |
|
|
Vincent
Simonelli |
|
|
Chief
Executive Officer and Chief Financial Officer |
EXHIBIT
31
CERTIFICATIONS
I,
Vincent C. Simonelli, certify that:
1.
I have reviewed this quarterly 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:
November 20, 2023 |
|
|
|
/s/
Vincent C. Simonelli |
|
CEO
and CFO |
|
EXHIBIT
32
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 quarterly report of Dream Homes & Development Corporation (the “Company”) on Form 10-Q for the quarter
ended September 30, 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:
November 20, 2023
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.
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v3.23.3
Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS |
|
|
Cash |
$ 56,075
|
$ 525,389
|
Accounts receivable |
178,119
|
213,008
|
Prepaid fees-property held for development |
610,796
|
|
Contract assets |
157,855
|
256,558
|
Total current assets |
1,002,845
|
994,955
|
PROPERTY AND EQUIPMENT, net |
1,491
|
6,216
|
OTHER ASSETS |
|
|
Security deposit |
2,200
|
2,200
|
Deposits and costs coincident to acquisition of land for development |
9,542,783
|
6,179,085
|
Total assets |
10,549,319
|
7,182,456
|
CURRENT LIABILITIES |
|
|
Accounts payable and accrued expenses |
846,421
|
644,913
|
Accrued interest |
328,475
|
227,308
|
Deposits held |
10,000
|
10,000
|
Contract liabilities |
55,609
|
256,757
|
Note payable-line of credit |
921,960
|
908,660
|
Mortgages payable, current portion |
|
3,113,563
|
Note payable-bank |
369,180
|
492,500
|
Notes payable -others |
451,795
|
|
Total current liabilities |
3,418,850
|
5,908,596
|
Long-Term Mortgages payable |
5,814,699
|
635,016
|
Total liabilities |
9,233,549
|
6,543,612
|
STOCKHOLDERS’ EQUITY |
|
|
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of September 30, 2023 and December 31, 2022, there are no shares outstanding |
|
|
Common stock; 70,000,000 shares authorized, $.001 par value, as of September 30, 2023 and December 31, 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 |
(1,051,974)
|
(1,637,100)
|
Total stockholders’ equity |
1,315,770
|
638,844
|
Total liabilities and stockholders’ equity |
10,549,319
|
7,182,456
|
Related Party [Member] |
|
|
CURRENT LIABILITIES |
|
|
Loans payable |
$ 435,410
|
$ 254,895
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 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
|
Common stock, shares outstanding |
40,414,493
|
35,824,493
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenue: |
|
|
|
|
Total revenue |
$ 1,644,071
|
$ 4,192,274
|
$ 3,455,206
|
$ 6,269,681
|
Total cost of contract revenue/property held for development |
944,466
|
3,064,531
|
2,071,214
|
4,477,487
|
Gross profit |
699,605
|
1,127,743
|
1,383,992
|
1,792,194
|
Operating Expenses: |
|
|
|
|
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively |
154,942
|
359,566
|
692,974
|
767,659
|
Depreciation expense |
1,575
|
261
|
4,725
|
3,648
|
Total operating expenses |
156,517
|
359,827
|
697,699
|
771,307
|
Income from operations |
543,088
|
767,916
|
686,293
|
1,020,887
|
Other income (expenses): |
|
|
|
|
Forgiveness of PPP loan |
|
51,356
|
|
51,356
|
Interest expense |
(20,120)
|
(27,260)
|
(101,167)
|
(86,012)
|
Total other income (expenses) |
(20,120)
|
24,096
|
(101,167)
|
(34,656)
|
Net income (loss) before income taxes |
522,968
|
792,012
|
585,126
|
986,231
|
Provision for income taxes |
|
|
|
|
Net income (loss) |
$ 522,968
|
$ 792,012
|
$ 585,126
|
$ 986,231
|
Basic income (loss) per common share |
$ 0.01
|
$ 0.02
|
$ 0.01
|
$ 0.03
|
Diluted income (loss) per common share |
$ 0.01
|
$ 0.02
|
$ 0.01
|
$ 0.03
|
Weighted average common shares outstanding-basic |
40,414,493
|
35,824,493
|
39,394,493
|
35,824,493
|
Weighted average common shares outstanding-diluted |
40,414,493
|
35,824,493
|
39,394,493
|
35,824,493
|
Construction [Member] |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
$ 1,644,071
|
$ 992,274
|
$ 3,455,206
|
$ 3,069,681
|
Total cost of contract revenue/property held for development |
944,466
|
1,042,831
|
2,071,214
|
2,455,787
|
Property Held For Development [Member] |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
|
3,200,000
|
|
3,200,000
|
Total cost of contract revenue/property held for development |
|
$ 2,021,700
|
|
$ 2,021,700
|
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v3.23.3
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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) |
|
|
165,206
|
165,206
|
Balance at Mar. 31, 2022 |
$ 35,824
|
2,240,120
|
(1,625,984)
|
649,960
|
Balance, shares at Mar. 31, 2022 |
35,824,493
|
|
|
|
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) |
|
|
|
986,231
|
Balance at Sep. 30, 2022 |
$ 35,824
|
2,240,120
|
(804,959)
|
1,470,985
|
Balance, shares at Sep. 30, 2022 |
35,824,493
|
|
|
|
Balance at Mar. 31, 2022 |
$ 35,824
|
2,240,120
|
(1,625,984)
|
649,960
|
Balance, shares at Mar. 31, 2022 |
35,824,493
|
|
|
|
Net income (loss) |
|
|
29,013
|
29,013
|
Balance at Jun. 30, 2022 |
$ 35,824
|
2,240,120
|
(1,596,971)
|
678,973
|
Balance, shares at Jun. 30, 2022 |
35,824,493
|
|
|
|
Net income (loss) |
|
|
792,012
|
792,012
|
Balance at Sep. 30, 2022 |
$ 35,824
|
2,240,120
|
(804,959)
|
1,470,985
|
Balance, shares at Sep. 30, 2022 |
35,824,493
|
|
|
|
Balance at Dec. 31, 2022 |
$ 35,824
|
2,240,120
|
(1,627,100)
|
638,844
|
Balance, shares at Dec. 31, 2022 |
35,824,493
|
|
|
|
Net income (loss) |
|
|
100,416
|
100,416
|
Balance at Mar. 31, 2023 |
$ 35,824
|
2,240,120
|
(1,536,684)
|
739,260
|
Balance, shares at Mar. 31, 2023 |
35,824,493
|
|
|
|
Balance at Dec. 31, 2022 |
$ 35,824
|
2,240,120
|
(1,627,100)
|
638,844
|
Balance, shares at Dec. 31, 2022 |
35,824,493
|
|
|
|
Net income (loss) |
|
|
|
585,126
|
Balance at Sep. 30, 2023 |
$ 40,414
|
2,327,330
|
(1,051,974)
|
1,315,770
|
Balance, shares at Sep. 30, 2023 |
40,414,493
|
|
|
|
Balance at Mar. 31, 2023 |
$ 35,824
|
2,240,120
|
(1,536,684)
|
739,260
|
Balance, shares at Mar. 31, 2023 |
35,824,493
|
|
|
|
Net income (loss) |
|
|
(38,258)
|
(38,258)
|
Issuance of restricted common shares |
$ 4,590
|
87,210
|
|
91,800
|
Issuance of restricted common shares, shares |
4,590,000
|
|
|
|
Balance at Jun. 30, 2023 |
$ 40,414
|
2,327,330
|
(1,574,942)
|
792,802
|
Balance, shares at Jun. 30, 2023 |
40,414,493
|
|
|
|
Net income (loss) |
|
|
522,968
|
522,968
|
Balance at Sep. 30, 2023 |
$ 40,414
|
$ 2,327,330
|
$ (1,051,974)
|
$ 1,315,770
|
Balance, shares at Sep. 30, 2023 |
40,414,493
|
|
|
|
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v3.23.3
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - shares
|
|
|
|
3 Months Ended |
9 Months Ended |
Apr. 24, 2023 |
Oct. 28, 2021 |
Oct. 22, 2021 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Restricted Stock [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Issuance of restricted common shares |
4,590,000
|
550.000
|
500,000
|
4,590,000
|
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
OPERATING ACTIVITIES |
|
|
Net income (loss) |
$ 585,126
|
$ 986,231
|
Adjustments to reconcile net loss to net cash provided (used) in operating activities: |
|
|
Depreciation expense |
4,725
|
3,648
|
Stock-based compensation |
91,800
|
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
34,889
|
(297,250)
|
Employee advances |
|
2,705
|
Prepaid fees-property held for development |
(610,796)
|
|
Contract assets |
98,703
|
(266,380)
|
Accounts payable and accrued liabilities |
202,508
|
352,799
|
Accrued interest |
101,167
|
80,275
|
Contract liabilities |
(201,148)
|
(217,346)
|
Net cash (used) provided in operating activities |
306,974
|
644,682
|
INVESTING ACTIVITIES |
|
|
Purchase of vehicle |
|
(19,018)
|
Deposits and costs coincident to acquisition of land for development |
(3,363,698)
|
|
Net cash used in investing activities |
(3,363,698)
|
(19,018)
|
FINANCING ACTIVITIES |
|
|
Proceeds (payments) from notes payable-line of credit |
13,300
|
(16,500)
|
Proceeds-payments, net, on acquisition of property held for development |
2,065,120
|
(591,286)
|
Proceeds from loans payable-other |
451,795
|
|
Proceeds from note payable-bank |
107,175
|
207,350
|
Payments on bank notes |
(230,495)
|
|
Loan forgiveness |
|
(51,356)
|
Proceeds from loans-related party |
180,515
|
62,456
|
Net cash provided in financing activities |
2,587,410
|
(389,336)
|
NET INCREASE (DECREASE) IN CASH |
(469,314)
|
236,328
|
CASH BALANCE, BEGINNING OF PERIOD |
525,389
|
191,439
|
CASH BALANCE, END OF PERIOD |
56,075
|
427,767
|
Supplemental Disclosures of Cash Flow Information: |
|
|
Interest paid |
|
|
Income taxes paid |
|
|
Non-Cash Investing and Financing Activities: |
|
|
Issuance of 4,590,000 restricted common stock for compensation |
$ 91,800
|
|
X |
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - shares
|
|
|
|
3 Months Ended |
9 Months Ended |
Apr. 24, 2023 |
Oct. 28, 2021 |
Oct. 22, 2021 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Restricted Stock [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Issuance of restricted common stock for compensation |
4,590,000
|
550.000
|
500,000
|
4,590,000
|
4,590,000
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.3
Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 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 twelve 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 depreciation, amortization and 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 641 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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v3.23.3
Property and Equipment
|
9 Months Ended |
Sep. 30, 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
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Office equipment | |
$ | 5,115 | | |
$ | 5,115 | |
Vehicles | |
| 60,772 | | |
| 60,772 | |
Less: Accumulated depreciation | |
| (64,396 | ) | |
| (59,671 | ) |
| |
| | | |
| | |
Property and Equipment- net | |
$ | 1,491 | | |
$ | 6,216 | |
Depreciation
expense for the nine months ended September 30, 2023 and 2022 was $4,725 and $3,648 respectively.
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v3.23.3
Deposits and Costs Coincident to Acquisition of Land for Development
|
9 Months Ended |
Sep. 30, 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
| |
September 30,
2023 | | |
December
31,
2022 | |
| |
| | |
| |
Lacey Township, New Jersey, Pines property: | |
| | | |
| | |
Cost to acquire property | |
| 1,692,178 | | |
| 1,692,178 | |
Site engineering, permits, and other costs | |
| 809,245 | | |
| 809,245 | |
Total Pines property | |
| 2,501,423 | | |
| 2,501,423 | |
| |
| | | |
| | |
Other deposits: | |
| | | |
| | |
Louis Avenue, Bayville, New Jersey-17 units | |
| 619,264 | | |
| 619,264 | |
Berkeley Terrace – Bayville, New Jersey 70 units | |
| 4,179,650 | | |
| 2,506,990 | |
Autumn Run – Clayton – New Jersey – 62 units | |
| 2,102,561 | | |
| 411,523 | |
Other | |
| 139,885 | | |
| 139,885 | |
Total other deposits | |
| 7,041,360 | | |
| 3,677,662 | |
| |
| | | |
| | |
Total | |
$ | 9,542,783 | | |
$ | 6,179,085 | |
Properties
Currently Owned and in Development
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 Ryan Homes to deliver improved building sites for a portion of 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
Pines - Lacey Township, New Jersey – 68 approved townhome units
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 are scheduled to be posted in the near future, with clearing scheduled to occur in the 4th quarter
of 2023.
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
| |
September 30,
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 | |
| 2,147,683 | | |
| - | |
AC Development, LLC | |
| 343,479 | | |
| 311,479 | |
AVB Development | |
| 323,537 | | |
| 323,537 | |
Total mortgages payable | |
| 5,814,699 | | |
| 3,748,579 | |
Less current portion | |
| - | | |
| (3,113,563 | ) |
Long-term portion | |
$ | 5,814,699 | | |
$ | 635,016 | |
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v3.23.3
Notes Payable-Others/Loans Payable to Related Parties
|
9 Months Ended |
Sep. 30, 2023 |
Notes Payable-othersloans Payable To Related Parties |
|
Notes Payable-Others/Loans Payable to Related Parties |
4-Notes
Payable-Others/Loans Payable to Related Parties
Loans
payable to related parties is summarized as follows:
Schedule of Loans Payable to Related Parties
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Loan payable-Rich Pezzullo | |
$ | 24,000 | | |
$ | - | |
Loan payable-MV Development | |
| 130,000 | | |
| - | |
Loans payable to GPIL | |
| 281,410 | | |
| 254,895 | |
Total | |
$ | 435,410 | | |
$ | 254,895 | |
Advances
from the loans bear interest at a rate of 12%, with interest being payable on demand.
Notes
payable - others is summarized as follows:
Schedule of Notes Payable - Others
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Note payable-Chipman Trust | |
$ | 197,500 | | |
$ | - | |
Note payable-MV Development LLC | |
| 130,000 | | |
| - | |
Note payable-Channel Partners | |
| 124,295 | | |
| - | |
Total | |
$ | 451,795 | | |
$ | - | |
The
above notes bear interest ranging from 12% to 15% per annum and are payable on demand. All notes are secured by real estate and/or personal
and corporate obligations.
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v3.23.3
Common Stock Issuances
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Common Stock Issuances |
5
- Common Stock Issuances
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 common shares for compensation valued at $ 91,800.
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 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.
As
of September 30, 2023 the Company has available for federal and state income tax purposes a net operating loss carry forward that may
be used to offset future taxable income.
|
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
7-
Commitments and Contingencies
Construction
Contracts
As
of September 30, 2023, the Company was committed under 9
construction contracts outstanding with homeowners
and investors with contract prices totaling $ 4,600,817,
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.
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 $2,000 for this office space. In May of 2020, this amount was subsequently increased to $2,500 per month. As of September of 2023,
the monthly rental amount has increased to $3,000 per month.
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 guarantee of
the Company as well as 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 September 30, 2023 and December 31, 2022, the outstanding principal balance was $950,990 and $908,660, respectively.
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v3.23.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2023 and 2022,
the Company’s estimated share of DHL’s gross payroll and payroll taxes include $288,065 and $260,310, respectively.
|
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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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
10
– Subsequent Events
The
Company has evaluated subsequent events through the date the financial statements are scheduled to be filed and have the following notes
and comments.
Lacey
Pines – 68 townhouse units
Site
performance bonds, escrow and inspection fees have been posted and accepted by the township.
The
property has been staked for clearing limits and tree clearing and soil stabilization is scheduled to begin on or about November 27,
2023.
The
Company is in discussions to enter into an agreement with a national builder to sell improved building pads. Such an agreement, should
it be finalized, would cause the company substantial additional income, including construction management and general/administrative
fees, as well as net earnings from the development of improved building sites.
Berkeley
Terrace – 70 Units
The
Company has substantially completed site improvements at Berkeley Terrace and has entered into an agreement with a national builder to
sell improved building pads for a portion of the site.
This
agreement will create substantial additional income for the Company, including construction management and general/administrative fees,
as well as net earnings from the development of improved building sites.
The
Company has no other subsequent events that required disclosure.
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v3.23.3
Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 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 twelve 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 depreciation, amortization and 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 641 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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v3.23.3
Property and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
Property
and equipment is summarized as follows:
Schedule of Property and Equipment
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Office equipment | |
$ | 5,115 | | |
$ | 5,115 | |
Vehicles | |
| 60,772 | | |
| 60,772 | |
Less: Accumulated depreciation | |
| (64,396 | ) | |
| (59,671 | ) |
| |
| | | |
| | |
Property and Equipment- net | |
$ | 1,491 | | |
$ | 6,216 | |
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v3.23.3
Deposits and Costs Coincident to Acquisition of Land for Development (Tables)
|
9 Months Ended |
Sep. 30, 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
| |
September 30,
2023 | | |
December
31,
2022 | |
| |
| | |
| |
Lacey Township, New Jersey, Pines property: | |
| | | |
| | |
Cost to acquire property | |
| 1,692,178 | | |
| 1,692,178 | |
Site engineering, permits, and other costs | |
| 809,245 | | |
| 809,245 | |
Total Pines property | |
| 2,501,423 | | |
| 2,501,423 | |
| |
| | | |
| | |
Other deposits: | |
| | | |
| | |
Louis Avenue, Bayville, New Jersey-17 units | |
| 619,264 | | |
| 619,264 | |
Berkeley Terrace – Bayville, New Jersey 70 units | |
| 4,179,650 | | |
| 2,506,990 | |
Autumn Run – Clayton – New Jersey – 62 units | |
| 2,102,561 | | |
| 411,523 | |
Other | |
| 139,885 | | |
| 139,885 | |
Total other deposits | |
| 7,041,360 | | |
| 3,677,662 | |
| |
| | | |
| | |
Total | |
$ | 9,542,783 | | |
$ | 6,179,085 | |
|
Schedule Mortgages on Properties Held for Development |
Mortgages
on Properties Held for Development:
Schedule Mortgages on Properties Held for Development
| |
September 30,
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 | |
| 2,147,683 | | |
| - | |
AC Development, LLC | |
| 343,479 | | |
| 311,479 | |
AVB Development | |
| 323,537 | | |
| 323,537 | |
Total mortgages payable | |
| 5,814,699 | | |
| 3,748,579 | |
Less current portion | |
| - | | |
| (3,113,563 | ) |
Long-term portion | |
$ | 5,814,699 | | |
$ | 635,016 | |
|
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v3.23.3
Notes Payable-Others/Loans Payable to Related Parties (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Notes Payable-othersloans Payable To Related Parties |
|
Schedule of Loans Payable to Related Parties |
Loans
payable to related parties is summarized as follows:
Schedule of Loans Payable to Related Parties
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Loan payable-Rich Pezzullo | |
$ | 24,000 | | |
$ | - | |
Loan payable-MV Development | |
| 130,000 | | |
| - | |
Loans payable to GPIL | |
| 281,410 | | |
| 254,895 | |
Total | |
$ | 435,410 | | |
$ | 254,895 | |
|
Schedule of Notes Payable - Others |
Notes
payable - others is summarized as follows:
Schedule of Notes Payable - Others
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Note payable-Chipman Trust | |
$ | 197,500 | | |
$ | - | |
Note payable-MV Development LLC | |
| 130,000 | | |
| - | |
Note payable-Channel Partners | |
| 124,295 | | |
| - | |
Total | |
$ | 451,795 | | |
$ | - | |
|
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v3.23.3
Significant Accounting Policies (Details Narrative) - $ / shares
|
Sep. 30, 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
|
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v3.23.3
Schedule of Property and Equipment (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Less: Accumulated depreciation |
$ (64,396)
|
$ (59,671)
|
Property and Equipment- net |
1,491
|
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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v3.23.3
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
Total |
$ 9,542,783
|
$ 6,179,085
|
Total other deposits |
7,041,360
|
3,677,662
|
Lacey Township New Jersey Pines Contract [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Cost to acquire property |
1,692,178
|
1,692,178
|
Site engineering, permits, and other costs |
809,245
|
809,245
|
Total |
2,501,423
|
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 |
4,179,650
|
2,506,990
|
Autumn Run Clayton New Jersey 62 Units [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total other deposits |
2,102,561
|
411,523
|
Other [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Total other deposits |
$ 139,885
|
$ 139,885
|
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v3.23.3
Schedule Mortgages on Properties Held for Development (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
$ 5,814,699
|
$ 3,748,579
|
Less current portion |
|
(3,113,563)
|
Long-term portion |
5,814,699
|
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 [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
2,147,683
|
|
AC Development, LLC [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
343,479
|
311,479
|
AVB Development [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total mortgages payable |
$ 323,537
|
$ 323,537
|
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v3.23.3
Schedule of Loans Payable to Related Parties (Details) - Related Party [Member] - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Loans payable to related parties |
$ 435,410
|
$ 254,895
|
Loans Payable [Member] | Rich Pezzullo [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Loans payable to related parties |
24,000
|
|
Loans Payable [Member] | MV Development [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Loans payable to related parties |
130,000
|
|
Loans Payable [Member] | GPIL [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Loans payable to related parties |
$ 281,410
|
$ 254,895
|
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Schedule of Notes Payable - Others (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Notes payable others |
$ 451,795
|
|
Chipman Trust [Member] | Notes Payable, Other Payables [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Notes payable others |
197,500
|
|
MV Development [Member] | Notes Payable, Other Payables [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Notes payable others |
130,000
|
|
Channel [Member] | Notes Payable, Other Payables [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Total, Notes payable others |
$ 124,295
|
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v3.23.3
Common Stock Issuances (Details Narrative) - Restricted Stock [Member] - USD ($)
|
|
|
|
3 Months Ended |
9 Months Ended |
Apr. 24, 2023 |
Oct. 28, 2021 |
Oct. 22, 2021 |
Jun. 30, 2023 |
Sep. 30, 2023 |
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
|
4,590,000
|
4,590,000
|
Number of shares issued for stock based compensation, value |
$ 91,800
|
$ 22,600
|
$ 21,000
|
|
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v3.23.3
v3.23.3
Commitments and Contingencies (Details Narrative)
|
|
|
1 Months Ended |
|
|
|
|
Apr. 30, 2017
USD ($)
|
Sep. 15, 2016
USD ($)
|
May 31, 2020
USD ($)
|
Sep. 30, 2023
USD ($)
Integer
$ / shares
|
Dec. 31, 2022
USD ($)
|
Sep. 15, 2021
USD ($)
|
Sep. 14, 2021
USD ($)
|
Guarantor Obligations [Line Items] |
|
|
|
|
|
|
|
Debt outstanding principal balance |
|
|
|
$ 950,990
|
$ 908,660
|
|
|
Nonbank Lender [Member] | General Development Corp [Member] |
|
|
|
|
|
|
|
Guarantor Obligations [Line Items] |
|
|
|
|
|
|
|
Line of credit |
|
$ 500,000
|
|
|
|
$ 1,000,000
|
$ 500,000
|
Line of credit interest rate |
|
12.00%
|
|
|
|
|
|
Lease Agreement [Member] |
|
|
|
|
|
|
|
Guarantor Obligations [Line Items] |
|
|
|
|
|
|
|
Rent expense |
$ 2,000
|
|
|
|
|
|
|
Increase in rent expense |
|
|
$ 2,500
|
|
|
|
|
Monthly rental amount increased per month |
|
|
|
$ 3,000
|
|
|
|
Construction Contracts [Member] |
|
|
|
|
|
|
|
Guarantor Obligations [Line Items] |
|
|
|
|
|
|
|
Number of contracts assigned | Integer |
|
|
|
9
|
|
|
|
Construction contract price | $ / shares |
|
|
|
$ 4,600,817
|
|
|
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- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
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- DefinitionNumber of separate real estate development properties located on land subject to ground leases.
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v3.23.3
Related Party Transactions (Details Narrative) - USD ($)
|
Sep. 30, 2023 |
Sep. 30, 2022 |
DHL [Member] |
|
|
Payroll taxes |
$ 288,065
|
$ 260,310
|
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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