Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 72

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 72
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2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”).
ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional
information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater
than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax 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