Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 182

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 182
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 existed in the design or operation of its internal controls over financial reporting that adversely affected its internal controls
and that may be considered to be material weaknesses.

The
matters involving internal controls and procedures that the Company’s management considered to be material weaknesses under the
standards of the Public Company Accounting Oversight Board was (a) the lack of a functioning audit committee, (b) there are insufficient
written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and
SEC disclosure requirements, (c) there is a lack of expertise with US generally accepted accounting principles and SEC rules and regulations
for review of critical accounting areas and disclosures and material non-standard transactions and (d) lack of effective oversight during
the financial close process resulting in ineffective oversight in the establishment and monitoring of required internal controls and
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