Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 388

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 388
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 rate). ASU 2023-09
will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating
ASU 2023-09 and does not expect it to have a material effect on its consolidated financial statements.

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

                                            December 31,
                                                                               2024

                                            December 31,
                                                                               2023

    Office
    equipment 
    $ 
                                            38,615     
     $5,115

    Vehicles 
       29,272
                                                
       60,772

    Model
    furnishings and improvements 
     117,086  
     - 
  
    Less:
    Accumulated depreciation 
       (69,187
                                            ) 
       (65,887
                                            )

    Property
    and Equipment- net 
    $115,786
                                                
     $-

Depreciation
expense for the years ended December 31, 2024 and 2023 was $3,300 and $6,216, respectively.

    F-9

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

    December
    31, 2024 
      December
    31, 2023
  
    Lacey
    Township, New Jersey, Pines property: 

    Cost
    to acquire property 
    $-  
    $1,583,012 
  
    Site
    engineering, permits, and other costs 
     -  
     809,245 
  
    Total
    Pines property 
     -  
     2,392,257