Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 375

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 375
---
,086  
     (97,379)
  
    Provision for income taxes 
     (499,981) 
     - 

    Net income (loss) 
     875,966  
     (97,379)

    Net income attributable to non-controlling interest 
     499,981  
     - 

    Net income (loss) attributable to Dream Homes and Development Corporation 
    $375,985  
    $(97,379)

20

Results
of Operations - Comparison for the years ended December 31, 2024 and 2023

Revenues

For
the years ended December 31, 2024 and December 31, 2023, net revenues were $4,972,827 as compared to $5,656,452 for the year ended December
31, 2022, resulting in a decrease in net revenues of $683,625. The decrease in sales was due to a greater concentration on land development,
and the sale of improved building lots to national builders, which revenues were just accreting to earnings during this time. As of December
31, 2024 and 2023, all of our sales were domestic.

Cost
of Construction contracts and Sales

For
the years ended December 31, 2024 and December 31, 2023, cost of construction contracts and sales were $2,709,889 as compared to $4,570,902,
resulting in a decrease in cost of construction contracts of $1,861,013. The decrease was consistent with the decrease in revenues.

Operating
Expenses

Operating
expenses decreased $253,727 from $1,016,747 in 2023 to $763,020 in 2024. The decrease was primarily due to stock based compensation of
$91,800 in 2023 as well as lower legal and professional expenses and selling, general and administration expenses.

Major
selling, general and administrative expenses for the year ended December 31, 2024 of $763,020 include salary expense of $312,381, legal
and professional fees of $181,701, insurance of $125,586, rent expense of $41,000 and other administrative expenses of $99,052.

Major
selling, general and administrative expenses for the year ended December 31, 2023 of $1,016,747 include salary expense of $325,937, legal
and professional fees of $260,