Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 255

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 255
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procedures. The aforementioned material weaknesses were identified by the Company’s management in connection with the review of
its financial statements for the year ended December 31, 2024.

Management
believes that the material weaknesses set forth above did not have an effect on its financial results. However, management believes that
the lack of a functioning audit committee and the lack of a majority of outside directors, coupled with not having individuals on staff
or retainer with a thorough knowledge of US GAAP and SEC rules and regulations and lack of effective oversight on the financial close
process results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could
result in a material misstatement in its financial statements in future periods.

This
annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control
over financial reporting. Management’s report was not subject to attestation by its registered public accounting firm pursuant
to temporary rules of the SEC that permit the Company to provide only management’s report in this annual report.

Remediation
Plan

Management
is sensitive to the issues presented and intends to take appropriate action when the Company’s financial resources permit. Management
will continue to review and make necessary changes to the overall design of its internal control environment.

23

PART
III

Item
10. Directors, Executive Officers and Corporate Governance

Family
Relationships

There
are no family relationships among any of our officers or directors.

Indemnification
of Directors and Officers

Our
Articles of Incorporation and Bylaws both provide for the indemnification of our officers and directors to the fullest extent permitted
by Nevada law.

Limitation
of Liability of Directors

Pursuant
to the Nevada General Corporation Law, our Articles of Incorporation exclude personal liability for our Directors for monetary damages
based upon any violation of their fiduciary duties as Directors, except as to liability for any breach of the duty of loyalty, acts or
omissions not in good faith or which involve intentional misconduct or a knowing violation of law, or any transaction from which a Director
receives an improper personal benefit. This exclusion of liability does not limit any right which a Director may have to be indemnified
and does not affect any Director’s liability under federal or applicable state securities laws. We have agreed to indemnify our
directors against expenses, judgments, and amounts paid in settlement in connection with any claim against a Director if he acted in
good faith and in a manner he believed to