Company: DREM
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022261
Chunk: 11

Company: Dream Homes & Development Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 11
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,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.

    F-12

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 

    September 30, 
2025  
    September 30, 
2024 

    Nine months ended 

    September 30, 
2025  
    September 30, 
2024 

    Expected tax at statutory rates 
    $108,050  
    $12,425 
  
    State income taxes, net of federal income tax benefit 
     46,307  
     5,266 
  
    Non-deductible stock-based compensation 
     5,313  
     - 
  
    Non-taxable loan forgiveness income 
     -  
     - 
  
    Change in valuation allowance/NOL carryforward 
     -  
     (12,425)
  
    Provision for (benefit from) income taxes 
    $159,670  
    $5,266 

9-
Commitments and Contingencies

Construction
Contracts

As
of September 30, 2025, the Company was committed under construction contracts outstanding with homeowners and wholesale commercial buyers
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 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.

Employment
Agreements

The
Company currently has no outstanding employment agreements.