Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 448

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 448
---
     525,389 
  
    CASH
    BALANCE, END OF PERIOD 
    $1,054,046  
    $2,712,503 

    Supplemental
    Disclosures of Cash Flow Information: 

    Interest
    paid 
    $-  
    $- 
  
    Taxes
    paid 
    $-  
    $- 

    Shares
    issued for related party debt conversion 
    $105,000  
    $- 

    Issuance
    of 4,590,000 restricted common stock for compensation 
    $-  
    $91,800 

The
accompanying notes are an integral part of these financial statements.

F-6

DREAM
HOMES & DEVELOPMENT CORPORATION

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

Years
Ended December 31, 2024 and 2023

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, partnerships and other entities which
the Company has a controlling interest and variable interest entities in which the Company is deemed the primary beneficiary (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