Company: DREM
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001641172-25-025675
Chunk: 0

Company: Dream Homes & Development Corp.
Filing Date: 2025-08-27
Form: 10-Q
Item: Item 8
Chunk 0
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NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

For
the six months ended June 30, 2025 and 2024

(Unaudited)

Note
1 - Significant Accounting Policies

Nature
of Operations

 Dream
Homes & Development Corporation is a regional builder and developer of new single and multi-family homes and subdivisions, as well
as a market leader in real estate development. Operations include custom homes, Build to Lease, Build for Sale and Sale of Improved Lots
to national builders.

History

Dream
Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”)
on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common
shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).

On
March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a
web site at www.dreamhomesltd.com.

Principles
of Consolidation

The
consolidated financial statements include the accounts of DHDC and its wholly owned subsidiaries (collectively, the “Company”).
All intercompany balances and transactions have been eliminated in consolidation.

Property
and Equipment

Property
and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated
useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.

Use
of Estimates

The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying
notes. Actual results could differ materially from these estimates.

Fair
Value of Financial Instruments

Fair
value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction
between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring
fair value, as follows:

●Level
                                            1 inputs are quoted prices available for identical assets and liabilities in active markets.

●Level
                                            2 inputs are observable for the asset or liability, either directly or indirectly, including
                                            quoted prices for