Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 252

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 252
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 being payable on demand. The outstanding principal was originally due and payable in 60 months. The line is secured by the guarantee
of the Company as well as the personal guarantee of the Company’s Chief Executive Officer. The agreement to fund automatically
renews on a yearly basis as long as interest payments are current or as agreed. To date, the Company has received several advances under
the line of credit. As of December 31, 2024 and 2023, the outstanding principal balance was $921,960 and $921,960, respectively.

8
- Related Party Transactions

Dream
Homes Ltd. allocated payroll

The
Company formerly used the services of Dream Homes Ltd. for its personnel operations.

Beginning
in 2024, payroll services and operations are being provided by another a subsidiary of the Company.

For
the three months ended December 31, 2024, the Company’s estimated share of DHL’s gross payroll and payroll taxes were $111,574.

9
- Stock Warrants

The
Company has no outstanding warrants.

10
- Subsequent Events

The
Company has evaluated subsequent events through the date the financial statements are scheduled to be filed and they are as follows.

Subsequent
event: From the Lacey Pines development, Building Pad 1, comprised of 6 improved building pads, was sold and closed title on 1/24/25. 48 improved building pads are
scheduled to close in the next 12 months.

Subsequent
event: From the Berkeley Terrace development, Building Pad 6, comprised of 8 improved building pads, was sold and closed title on 1/24/25. At that time all underlying debt
for this property was retired. 42 improved building pads are scheduled to close in the next 12 months.

The
Company issued 1,150,000 shares of common stock for services.

F-14

ITEM
9. – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM
9A. – CONTROLS AND PROCEDURES.

(a)
Disclosure Controls and Procedures

The
Company is required to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed
in its reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the
time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is