Company: DREM
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001641172-25-011417
Chunk: 9

Company: Dream Homes & Development Corp.
Filing Date: 2025-05-19
Form: 10-Q
Item: Item 8
Chunk 9
---
 
     (2,893) 
     (2,893)
  
    Total 
    $44,607  
    $44,607 

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.

7
- Common Stock Issuances

In
January 2025, the Company issued 1,150,000 restricted shares for services, valued at $25,300.

In
January 2024, the Company issued 7,000,000 restricted shares for the forgiveness of loans to Dream Homes Ltd., a related party, for $105,000.

8
– Income Taxes

As
a result of the Tax Cuts and Jobs Act (Tax Legislation) enacted on December 22, 2017, the United States corporate income tax rate is
21% effective January 1, 2018.

The
sources of the differences follow:

 Schedule
of States Federal Income Tax rate Income Loss Before Income Taxes

    March 31, 2025  
    March 31, 2024 

    Three months ended 

    March 31, 2025  
    March 31, 2024 

    Expected tax at statutory rates 
    $73,965  
    $(25,750)
  
    State income taxes, net of federal income tax benefit 
     -  
     5,266 
  
    Non-deductible stock-based compensation 
     7,590  
     - 
  
    Non-taxable loan forgiveness income 
     -  
     - 
  
    Change in valuation allowance/NOL carryforward 
     -  
     (20,484)
  
    Provision for (benefit from) income taxes 
    $81,555  
    $- 

    F-11

9-
Commitments and Contingencies

Construction
Contracts

As
of March 31, 2025, the Company was committed under construction contracts outstanding with homeowners and investors with contract prices
totaling $2,457,623, 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