Company: DREM
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001641172-25-025675
Chunk: 10

Company: Dream Homes & Development Corp.
Filing Date: 2025-08-27
Form: 10-Q
Item: Item 8
Chunk 10
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-Chipman Trust 
    $47,500  
    $47,500 
  
    Note payable-Channel Partners 
     (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 General Property Investments LLC., 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 

    June 30, 2025  
    June 30, 2024 

    Six months ended 

    June 30, 2025  
    June 30, 2024 

    Expected tax at statutory rates 
    $150,281  
    $(25,750)
  
    State income taxes, net of federal income tax benefit 
     64,406  
     5,266 
  
    Non-deductible stock-based compensation 
     5,313  
     - 
  
    Non-taxable loan forgiveness income 
     -  
     - 
  
    Change in valuation allowance/NOL carryforward 
     -  
     (20,484)
  
    Provision for (benefit from) income taxes 
    $220,000  
    $- 

9-
Commitments and Contingencies

Construction
Contracts

As
of June 30, 2025, the Company was committed under construction contracts outstanding with homeowners and investors with contract prices
totaling $17,143,062, 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