Company: DREM
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022261
Chunk: 4

Company: Dream Homes & Development Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 4
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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. 

    F-7

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

    September 30, 2025  
    December 31, 2024 

    Office equipment 
    $38,615  
    $38,615 
  
    Vehicles 
     29,272  
     29,272 
  
    Model furnishings and improvements 
     117,086  
     117,086 
  
    Property and Equipment-
    gross 
     184,973  
     184,973 
  
    Less: Accumulated depreciation 
     (86,555) 
     (69,187)

    Property and Equipment- net 
    $98,418  
    $115,786 

Depreciation
expense for the nine months ended September 30, 2025 and 2024 was $17,368 and $0 respectively.

Depreciation
expense for the three months ended September 30, 2025 and 2024 was $5,789 and $0 respectively.

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 to Acquisition of Land for Development

    September 30, 2025  
    December 31, 2024 

    Louis Avenue, Bayville, New Jersey-17 units 
     726,117  
     663,551 
  
    Autumn Run – Clayton – New Jersey – 62 units 
     1,835,368  
     1,508,192 
  
    Mathistown Rd- Little Egg Harbor, New Jersey 
     188,424  
     29,350