Dream Homes & Development Corp. Files Q3 2024 10-Q

TL;DR

Dream Homes & Development Corp. dropped its Q3 2024 10-Q. Check financials.

AI Summary

Dream Homes & Development Corp. filed its Q3 2024 10-Q report on November 25, 2024, covering the period ending September 30, 2024. The company, formerly Virtual Learning Company, Inc., is incorporated in Nevada and operates in the operative builders sector from Forked River, NJ. This filing provides financial updates for the third quarter and year-to-date performance.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance and operational details for Dream Homes & Development Corp. during the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that requires careful analysis to assess the company's current financial health and future prospects.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20241125 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Dream Homes & Development Corp. (company) — Filer of the 10-Q report
• Virtual Learning Company, Inc. (company) — Former name of Dream Homes & Development Corp.
• 20240930 (date) — End of the reporting period for the 10-Q
• 20241125 (date) — Filing date of the 10-Q
• 314 S. MAIN STREET (location) — Business and mailing address
• FORKED RIVER (location) — City of business and mailing address
• NJ (location) — State of business and mailing address
• 08731 (location) — ZIP code of business and mailing address

FAQ

Filing Documents

• form10-q.htm (10-Q) — 531KB
• ex31.htm (EX-31) — 11KB
• ex32.htm (EX-32) — 6KB
• 0001493152-24-047593.txt ( ) — 3008KB
• drem-20240930.xsd (EX-101.SCH) — 28KB
• drem-20240930_cal.xml (EX-101.CAL) — 47KB
• drem-20240930_def.xml (EX-101.DEF) — 93KB
• drem-20240930_lab.xml (EX-101.LAB) — 211KB
• drem-20240930_pre.xml (EX-101.PRE) — 167KB
• form10-q_htm.xml (XML) — 343KB

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 8

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 8

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 8

DEFAULTS UPON SENIOR SECURITIES AND CONVERTIBLE NOTES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES AND CONVERTIBLE NOTES 8

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 8

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 8

SIGNATURES

SIGNATURES 10 2 DREAM HOMES AND DEVELOPMENT CORPORATION CONSOLIDATED BALANCE SHEETS September 30, 2024 (Unaudited) December 31, 2023 (Audited) ASSETS CURRENT ASSETS Cash $ 1,811,609 $ 2,712,503 Accounts receivable, net 155,119 202,507 Prepaid contract interest 332,362 332,362 Contract assets 107,124 53,005 Total current assets 2,406,214 3,300,377 PROPERTY AND EQUIPMENT, net 4,500 - OTHER ASSETS Security deposit 2,200 2,200 Deposits and costs coincident to acquisition of land for development 7,057,720 6,805,932 Other assets 70,975 - Total assets $ 9,541,609 $ 10,108,509 CURRENT LIABILITIES Accounts payable and accrued expenses $ 903,874 $ 537,972 Accrued interest 393,295 354,722 Deposits held 562,783 510,000 Contract liabilities 157,494 232,603 Mortgages payable 1,354,473 - Loans payable-others 46,929 236,703 Note payable-line of credit 921,960 921,960 Loans payable to related parties 701,154 523,219 Total current liabilities 5,041,962 3,317,179 Long-term mortgages payable 2,430,561 6,158,065 Total liabilities 7,472,523 9,475,244 STOCKHOLDERS' EQUITY Preferred stock; 5,000,000 shares authorized, $ .001 par value, as of September 30, 2024 and December 31, 2023, there are no shares outstanding - - Common stock; 70,000,000 shares authorized, $ .001 par value, as of September 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 3,696,984 2,327,330 Accumulated deficit ( 1,675,312 ) ( 1,734,479 ) Total stockholders' equity 2,069,086 633,265 Total liabilities and stockholders' equity $ 9,541,609 $ 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 AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED) 2024

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 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. The Company has sold two 10-unit building pad sites in 2024. Vertical construction of Building 8 began in December of 2023. The vertical construction of Building 1 began in July of 2024. As of September 30, 2024, 20 improved building pads have been sold to a national builder. 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. Preliminary approval was granted in 2021 and final approval in 2023. The Company has secured permanent f

Properties

Properties under Contract to Purchase and in Development The Company has signed a contract to obtain approvals, acquire and improve a 120 unit townhome property in Southern Ocean County. This property has been sold on an "as-improved" basis to a national builder. The initial closing to acquire the property should occur in 2026, with site improvements to begin shortly thereafter. The sale of improved building pads should begin in late 2026 / early 2027. 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/renov

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View this 10-Q filing on SEC EDGAR