Dream Homes & Development Corp. Q2 2024 10-Q Filing

TL;DR

Dream Homes & Development Corp. filed its Q2 2024 10-Q. Operations in real estate & construction.

AI Summary

Dream Homes & Development Corp. filed its 10-Q for the period ending June 30, 2024. The company, formerly Virtual Learning Company, Inc., is incorporated in Nevada and operates in real estate and construction. Its principal executive offices are located at 314 S. Main Street, Forked River, NJ.

Why It Matters

This filing provides investors with a quarterly update on the financial performance and operational status of Dream Homes & Development Corp., crucial for understanding its real estate development activities.

Risk Assessment

Risk Level: low — The provided text is a standard SEC filing header and does not contain specific financial performance data or risk disclosures.

Key Players & Entities

• Dream Homes & Development Corp. (company) — Filer
• Virtual Learning Company, Inc. (company) — Former company name
• 314 S. Main Street, Forked River, NJ (location) — Business and Mail Address
• 20240630 (date) — Period of Report

FAQ

Filing Documents

• form10-q.htm (10-Q) — 477KB
• ex31.htm (EX-31) — 11KB
• ex32.htm (EX-32) — 6KB
• 0001493152-24-043460.txt ( ) — 2932KB
• drem-20240630.xsd (EX-101.SCH) — 28KB
• drem-20240630_cal.xml (EX-101.CAL) — 46KB
• drem-20240630_def.xml (EX-101.DEF) — 96KB
• drem-20240630_lab.xml (EX-101.LAB) — 209KB
• drem-20240630_pre.xml (EX-101.PRE) — 169KB
• form10-q_htm.xml (XML) — 329KB

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) F-5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS 7

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 7

OTHER INFORMATION

PART II. OTHER INFORMATION 7

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 7

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 7

DEFAULTS UPON SENIOR SECURITIES AND CONVERTIBLE NOTES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES AND CONVERTIBLE NOTES 7

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 7

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 7

SIGNATURES

SIGNATURES 9 2 DREAM HOMES AND DEVELOPMENT CORPORATION CONSOLIDATED BALANCE SHEETS June 30, 2024 (Unaudited) December 31, 2023 (Audited) ASSETS CURRENT ASSETS Cash $ 1,868,077 $ 2,712,503 Accounts receivable, net 144,917 202,507 Prepaid contract interest 332,362 332,362 Contract assets 106,872 53,005 Total current assets 2,452,228 3,300,377 PROPERTY AND EQUIPMENT, net 2,500 - OTHER ASSETS Security deposit 2,200 2,200 Deposits and costs coincident to acquisition of land for development 6,964,366 6,805,932 Other assets 19,600 - Total assets $ 9,440,894 $ 10,108,509 CURRENT LIABILITIES Accounts payable and accrued expenses $ 858,819 $ 537,972 Accrued interest 353,012 354,722 Deposits held 660,000 510,000 Contract liabilities 144,790 232,603 Loans payable-others 47,500 236,703 Note payable-line of credit 921,960 921,960 Loans payable to related parties 797,395 523,219 Total current liabilities 3,783,476 3,317,179 Long-term mortgages payable 5,785,618 6,158,065 Total liabilities 9,569,094 9,475,244 STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock; 5,000,000 shares authorized, $ .001 par value, as of June 30, 2024 and December 31, 2023, there are no shares outstanding - - Common stock; 70,000,000 shares authorized, $ .001 par value, as of June 30, 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 ( 2,600,944 ) ( 1,734,479 ) Total stockholders' equity (deficit) ( 128,200 ) 633,265 Total liabilities and stockholders' equity (deficit) $ 9,440,894 $ 10,108,509 The accompanying notes are an integral part of these financial statements . F-1 DREAM HOMES AND DEVELOPMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED) 2024 2023 2024 2023 Th

Properties

Properties currently owned and in the development stage Berkeley Terrace – Bayville, NJ – 70 approved townhome units The Company has been 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, 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 the majority of the property. The first 5 building pads have been compacted and completed. Base paving has been completed and the entire site has been improved. The vertical construction of Building 8 began in December of 2023. The vertical construction of Building 1 is scheduled to began in July of 2024. 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. As of 6/30/24, 10 improved building pads have been sold to a national builder. An additional 10 improved building pads are scheduled to close within days of 6/30/24. See Note 10 "Subsequent Events" for additional information. 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 Company acquired this property on June 29, 2021 and is currently in title. This property has received final approvals, Department of Transportation approval, CAFRA approval, MUA, County, Fire and other outside agency approvals. The site an

Properties

Properties under Contract to Purchase and in Development Summary These new developments which the Company owns or is in contract to purchase represent a significant value in new construction or forward contracts that have been sold. This work will occur over the next 3-4 years and is in addition to the custom spot lot & elevation/renovation division of the business. Management is very positive about these new developments. Mortgages on Properties Held for Development: Schedule Mortgages on Properties Held for Development June 30, 2024 December 31, 2023 Edisto Loan Fund, LLC $ - $ Lynx Asset Services, LLC 750,000 750,000 Karbar, LLC - 350,000 Briney Ave LLC 1,879,553 1,900,000 Anchor Loans, LP 2,506,049 2,506,049 AC Development, LLC 326,479 328,479 AVB Development 323,537 323,537 Total mortgages payable 5,785,618 6,158,065 Less current portion - - Long-term portion $ 5,785,618 $ 6,158,065 During the six months ended June 30, 2024, a Company controlled by the CEO of the Company settled the mortgage loan with Karbar LLC. 4 - Notes Payable-Others/Loans Payable to Related Parties Loans payable to related parties is summarized as follows: Schedule of Loans Payable to Related Parties June 30, 2024 December

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