Company: DREM
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004861
Chunk: 77

Company: Dream Homes & Development Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 77
---
 Note
    payable-Chipman Trust 
    $47,500  
    $122,500 
  
    Note
    payable-LG Funding 
     -  
     15,040 
  
    Note
    payable-MV Development LLC 
     -  
     - 
  
    Note
    payable-Channel Partners 
        
     99,163 
  
    Others 
     (2,893) 

    Total 
    $44,607  
    $236,703 

The
notes have interest ranging from 12% to 15% payable on demand. All notes are secured by real estate.

5
- Common Stock Issuances

In
January 2024,, the Company issued 7,000,000 restricted shares for the forgiveness of loans to General Property Investments LLC., a related
party, for $105,000 in forgiveness of debt.

On
April 24, 2023, the Company issued 4,590,000 restricted common shares for compensation valued at $ 91,800.

6
– Income Taxes

As
a result of the Tax Cuts and Jobs Act (Tax Legislation) enacted on December 22, 2017, the United States corporate income tax rate is
21% effective January 1, 2018.

The
sources of the differences follow:

 Schedule
of States Federal Income Tax rate Income Loss Before Income Taxes

    Year
    ended  December 31, 2024  
    Year
    ended  December 31, 2023 

    Expected
    tax at 21% 
    $255,112  
    $(20,450 
  
    State
    income taxes, net of federal income tax benefit 
     (5,266) 
     (5,842)
  
    Non-deductible
    stock-based compensation 
     -  
     19,278 
  
    Non-taxable
    loan forgiveness income 
     -  
     - 
  
    Change
    in valuation allowance/NOL carryforward 
     (12,649) 
     7,014 
  
    Provision
    for (benefit from) income taxes 
    $237,197  
    $- 

7
- Commitments and Contingencies

Construction
Contracts

As
of December 31, 2024, the Company was committed under construction contracts outstanding