Dream Homes & Development Corp. Files Q1 2024 10-Q

TL;DR

Dream Homes & Development Corp. (DHDC) filed Q1 2024 10-Q. Check financials.

AI Summary

Dream Homes & Development Corp. filed its 10-Q for the period ending March 31, 2024. The company, formerly Virtual Learning Company, Inc., is incorporated in Nevada and operates in educational services. Its principal business address is in Forked River, NJ.

Why It Matters

This filing provides investors with an update on the company's financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented.

Key Players & Entities

• Dream Homes & Development Corp. (company) — Filer
• Virtual Learning Company, Inc. (company) — Former company name
• 0001518336 (company) — Central Index Key
• 20240331 (date) — Period of report
• 20241015 (date) — Filing date

FAQ

Filing Documents

• form10-q.htm (10-Q) — 511KB
• ex31.htm (EX-31) — 11KB
• ex32.htm (EX-32) — 6KB
• 0001493152-24-041166.txt ( ) — 2955KB
• drem-20240331.xsd (EX-101.SCH) — 26KB
• drem-20240331_cal.xml (EX-101.CAL) — 42KB
• drem-20240331_def.xml (EX-101.DEF) — 88KB
• drem-20240331_lab.xml (EX-101.LAB) — 198KB
• drem-20240331_pre.xml (EX-101.PRE) — 157KB
• form10-q_htm.xml (XML) — 380KB

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) F-5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS 7 ITEM 4. CONTROLS AND PROCEDURES 7 PART II. OTHER INFORMATION 7 ITEM 1. LEGAL PROCEEDINGS 7 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 7 ITEM 3. DEFAULTS UPON SENIOR SECURITIES AND CONVERTIBLE NOTES 7 ITEM 4. MINE SAFETY DISCLOSURES 7 ITEM 5. OTHER INFORMATION 7 ITEM 6. EXHIBITS 8

SIGNATURES

SIGNATURES 9 2 DREAM HOMES AND DEVELOPMENT CORPORATION CONSOLIDATED BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 (Audited) ASSETS CURRENT ASSETS Cash $ 2,451,803 $ 2,712,503 Accounts receivable, net 165,403 202,507 Prepaid contract interest 332,362 332,362 Contract assets 101,797 53,005 Total current assets 3,051,365 3,300,377 OTHER ASSETS Security deposit 2,200 2,200 Deposits and costs coincident to acquisition of land for development 6,903,180 6,805,932 Other assets 895 - Total assets $ 9,957,640 $ 10,108,509 CURRENT LIABILITIES Accounts payable and accrued expenses $ 621,335 $ 537,972 Accrued interest 353,012 354,722 Deposits held 510,000 510,000 Contract liabilities 171,408 232,603 Loans payable-others 180,506 236,703 Note payable-line of credit 921,960 921,960 Loans payable to related parties 425,707 523,219 Total current liabilities 3,183,928 3,317,179 Long-term mortgages payable 6,158,065 6,158,065 Total liabilities 9,341,993 9,475,244 STOCKHOLDERS' EQUITY Preferred stock; 5,000,000 shares authorized, $ .001 par value, as of March 31, 2024 and December 31, 2023, there are no shares outstanding - - Common stock; 70,000,000 shares authorized, $ .001 par value, as of March 31, 2024 and December 31, 2023, there are 47,414,493 and 40,414,493 shares outstanding, respectively 47,414 40,414 Additional paid-in capital 2,425,330 2,327,330 Accumulated deficit ( 1,857,097 ) ( 1,734,479 ) Total stockholders' equity 615,647 633,265 Total liabilities and stockholders' equity $ 9,957,640 $ 10,108,509 The accompanying notes are an integral part of these financial statements . F-1 DREAM HOMES AND DEVELOPMENT CORPORATION CONSOLIDATED FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED) 2024 2023 March 31, 2024 2023 Revenue: Construction contracts $ 1,473,735 $ 1,104,466 Cost of

Properties

Properties currently owned and in the development stage Berkeley Terrace – Bayville, NJ – 70 approved townhome units The Company is in title to this property and finalized an infrastructure and construction finance facility which closed on 3/31/23. This facility included refinancing the land debt, and securing funding for a large portion of the site construction, as well as funding the first building of 10 townhomes. The amount of the facility is $ 4,670,000 . The Company began infrastructure work on the property in June of 2023, with land clearing completed and the site stabilized for soils erosion control. Sanitary sewer, water and drainage has been installed in Phase 1 and the majority of Phase 2. The first 5 building pads have been compacted and completed. Base paving has been completed and 74% of the entire site has been improved. The vertical construction of Building 8 began in December of 2023. The Company has entered into an agreement with a national builder to deliver improved building sites for this project. It is in the Company's opinion that the financial advantages inherent in the sale of a portion of the improved lots in this development outweigh the advantages of building and selling or leasing the entire development. Lacey Township, New Jersey, "Lacey Pines" Dream Homes currently owns a parcel approved for 68 new townhomes in Ocean County NJ, of which 54 are market rate and 14 are affordable housing. The acquisition was made in June of 2021. This property has received final approvals, Department of Transportation approval, CAFRA approval, MUA, County, Fire and other outside agency approvals. This development began in 2023. The Company acquired this property on June 29, 2021 and is currently in title. Preliminary approval was granted in 2021. The Company has secured permanent funding to install infrastructure and vertical construction for this project and has retired the previous lender. Site bonds, escrows and fees have been

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View this 10-Q filing on SEC EDGAR