Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 215

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 215
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 12% to 15% payable on demand. All notes are secured by real estate.

5
- Common Stock Issuances

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 in forgiveness of debt.

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.

The
sources of the differences follow:

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

    Year
    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.