Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 287

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 287
---
    ended  December 31, 2024  
    Year
    ended  December 31, 2023 

    Expected
    tax at 21% 
    $255,112  
    $(20,450 
  
    State
    income taxes, net of federal income tax benefit 
     (5,266) 
     (5,842)
  
    Non-deductible
    stock-based compensation 
     -  
     19,278 
  
    Non-taxable
    loan forgiveness income 
     -  
     - 
  
    Change
    in valuation allowance/NOL carryforward 
     (12,649) 
     7,014 
  
    Provision
    for (benefit from) income taxes 
    $237,197  
    $- 

7
- Commitments and Contingencies

Construction
Contracts

As
of December 31, 2024, the Company was committed under construction contracts outstanding with homeowners and national builders with contract
prices totaling $14,958,275, 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, or from 12/31/24, whichever date is later. 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.

    F-13

Employment
Agreements

The
Company currently has no outstanding employment agreements.

Lease
Agreements

The
Company has occupied office space located in Forked River, New Jersey for a significant period of time. In May of 2020, the rent was
increased to $2,500 per month and 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 was originally due and payable in 60 months. The line is secured by the guarantee
of the Company as