Form 10-Q - Quarterly report [Sections 13 or 15(d)]

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 30, 2023

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to __________

 

Commission File No. 000-55445

 

DREAM HOMES & DEVELOPMENT CORPORATION

(Exact Name of Registrant As Specified In Its Charter)

 

Nevada		20-2208821
(State Or Other Jurisdiction Of Incorporation Or Organization)		(I.R.S. Employer Identification No.)

 

314 South Main Street Forked River, New Jersey 08731

(Address of Principal Executive Offices and Zip Code)

 

609 693 8881

Registrant’s Telephone Number, Including Area Code:

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

 

Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☒

Emerging Growth Company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☒

 

The number of shares outstanding of the registrant’s common stock, as of August 21, 2023 was 40,414,493.

 

 

 

 

 

DREAM HOMES & DEVELOPMENT CORPORATION

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Consolidated Balance Sheets	F-1
Consolidated Statements of Operations and Comprehensive Income (Loss)	F-2
Consolidated Statements of Changes in Stockholders’ Equity	F-4
Consolidated Statements of Cash Flow	F-5
Notes to Consolidated Financial Statements	F-6
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS	8
ITEM 4. CONTROLS AND PROCEDURES	8
PART II. OTHER INFORMATION	8
ITEM 1. LEGAL PROCEEDINGS	8
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	8
ITEM 3. DEFAULTS UPON SENIOR SECURITIES AND CONVERTIBLE NOTES	8
ITEM 4. MINE SAFETY DISCLOSURES	8
ITEM 5. OTHER INFORMATION	8
ITEM 6. EXHIBITS	9
SIGNATURES	10

 

2

 

 

DREAM HOMES & DEVELOPMENT CORPORATION

 

CONSOLIDATED BALANCE SHEETS

 

		June 30, 2023				December 31, 2022
			(Unaudited)
ASSETS
CURRENT ASSETS
Cash		$	17,679			$	525,389
Accounts receivable			127,848				213,008
Prepaid fees-property held for development			398,304				-
Contract assets			111,089				256,558
Total current assets			654,920				994,955
PROPERTY AND EQUIPMENT, net			3,066				6,216
OTHER ASSETS
Security deposit			2,200				2,200
Deposits and costs coincident to acquisition of land for development			7,158,634				6,179,085
Total assets		$	7,818,820			$	7,182,456
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses		$	945,818			$	644,913
Accrued interest			287,133				227,308
Deposits held			10,000				10,000
Contract liabilities			92,997				256,757
Note payable-line of credit			923,660				908,660
Mortgages payable, current portion			1,388,563				3,113,563
Note payable-bank			369,178				492,500
Notes payable -others			552,833				-
Loans payable-related party			436,820				254,895
Total current liabilities			5,007,002				5,908,596
Long-Term Mortgages payable			2,019,016				635,016
Total liabilities			7,026,018				6,543,612
STOCKHOLDERS’ EQUITY
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of June 30, 2023 and December 31, 2022, there are no shares outstanding			-				-
Common stock; 70,000,000 shares authorized, $.001 par value, as of June 30, 2023 and December 31, 2022, there are 40,414,493 and 35,824,493 shares outstanding, respectively			40,414				35,824
Additional paid-in capital			2,327,330				2,240,120
Accumulated deficit			(1,574,942	)			(1,637,100	)
Total stockholders’ equity			792,802				638,844
Total liabilities and stockholders’ equity		$	7,818,820			$	7,182,456

 

The accompanying notes are an integral part of these financial statements.

 

F-1

 

 

DREAM HOMES & DEVELOPMENT CORPORATION

 

CONSOLIDATED STATEMENTS OF OPERATIONS

For the three Months Ended June 30, 2023 and 2022 (Unaudited)

 

		June 30, 2023				June 30, 2022
			(Unaudited)				(Unaudited)
Revenue:
Construction contracts		$	706,669			$	1,082,202
Cost of construction contracts			475,304				828,090
Gross profit			231,365				254,112
Operating Expenses:
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively			242,598				192,071
Depreciation expense			1,575				1,698
Total operating expenses			244,173				193,769
Income (loss) from operations			(12,808	)			60,343
Other income (expenses):
Interest expense			(25,450	)			(31,330	)
Total other income (expenses)			(25,450	)			(31,330	)
Net income (loss) before income taxes			(38,258	)			29,013
Provision for income taxes							-
Net income (loss)		$	(38,258	)		$	29,013
Basic and diluted income (loss) per common share		$	(.00	)		$	.00
Weighted average common shares outstanding-basic and diluted			39,190,495				35,824,493

 

The accompanying notes are an integral part of these financial statement.

 

F-2

 

 

DREAM HOMES & DEVELOPMENT CORPORATION

 

CONSOLIDATED STATEMENTS OF OPERATIONS

Six Months Ended June 30, 2023 and 2022 (Unaudited)

 

		June 30, 2023				June 30, 2022
			(Unaudited)				(Unaudited)
Revenue:
Construction contracts		$	1,811,135			$	2,077,407
Cost of construction contracts			1,126,748				1,412,956
Gross profit			684,387				664,451
Operating Expenses:
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively			538,032				408,093
Depreciation expense			3,150				3,387
Total operating expenses			541,182				411,480
Income from operations			143,205				252,971
Other income (expenses):
Interest expense			(81,047	)			(58,752	)
Total other income (expenses)			(81,047	)			(58,752	)
Net income before income taxes			62,158				194,219
Provision for income taxes							-
Net income		$	62,158			$	194,219
Basic and diluted income per common share		$	.00			$	.01
Weighted average common shares outstanding-basic and diluted			37,507,493				35,824,493

 

The accompanying notes are an integral part of these financial statement.

 

F-3

 

 

DREAM HOMES & DEVELOPMENT CORPORATION

 

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the six months ended June 30, 2023 and 2022

(Unaudited)

 

		Common stock issued and to be issued								Additional Paid in				Accumulated
		Shares				Amount				Capital				Deficit				Total
For the six months ended June 30, 2022:
Balance at December 31, 2021			35,824,493			$	35,824			$	2,240,120			$	(1,791,190	)		$	484,754
Net income for the three months ended March 31, 2022			-				-				-				165,206				165,206
Balance at March 31, 2022			35,824,493			$	35,824			$	2,240,120			$	(1,625,984	)		$	649,960
Net income for the three months ended June 30, 2022															29,013				29,013
Balance at June 30, 2022			35,824,493			$	35,824			$	2,240,120			$	(1,596,971	)		$	678,973
For the six months ended June 30, 2021:
Balance at December 31, 2022			35,824,493			$	35,824			$	2,240,120			$	(1,637,100	)		$	638,844
Net income for the three months ended March 31, 2023			-				-				-				100,416				100,416
Balance at March 31, 2023			35,824,493			$	35,824			$	2,240,120			$	(1,536,684	)		$	739,260
Issuance of 4,590,000 common shares			4,590,000				4,590				87,210								91,800
Net loss for the three months ended June 30, 2023															(38,258	)			(38,258	)
Balance at June 30, 2023			40,414,493			$	40,414			$	2,327,330			$	(1,574,942	)		$	792,802

 

The accompanying notes are an integral part of these financial statements.

 

F-4

 

  

DREAM HOMES & DEVELOPMENT CORPORATION

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended June 30, 2023 and 2022

(Unaudited)

 

		June 30, 2023				June 30, 2022
			(Unaudited)				(Unaudited)
OPERATING ACTIVITIES
Net income		$	62,158			$	194,219
Adjustments to reconcile net income to net cash provided (used) in operating activities:
Depreciation expense			3,150				3,387
Stock-based compensation			91,800				-
Changes in operating assets and liabilities:
Accounts receivable			85,160				38,502	)
Employee advances			-				2,705
Prepaid fees-property held for development			(398,304	)			-
Contract assets			145,469				(372,898	)
Accounts payable and accrued liabilities			300,905				120,485
Accrued interest			59,828				53,015
Contract liabilities			(163,760	)			(80,203	)
Net cash (used) provided in operating activities			186,406				(40,788	)
INVESTING ACTIVITIES
Purchase of vehicle			-				(5,790	)
Deposits and costs coincident to acquisition of land for development			(979,549	)			(609,391	)
Net cash used in investing activities			(979,549	)			(615,181	)
FINANCING ACTIVITIES
Proceeds (payments) from notes payable-line of credit			15,000				(18,572	)
Proceeds from mortgages			1,350,000				-
Payments on mortgages			(1,725,000	)			-
Proceeds from notes payable-other			552,833				31,028
Proceeds from note payable-bank			107,175				491,462
Payments on bank notes			(196,500	)			-
Proceeds from loans-related party			181,925				82,456
Net cash provided in financing activities			285,433				586,374
NET (DECREASE) IN CASH			(507,710	)			(69,595	)
CASH BALANCE, BEGINNING OF PERIOD			525,389				191,439
CASH BALANCE, END OF PERIOD		$	17,679			$	121,844
Supplemental Disclosures of Cash Flow Information:
Interest paid		$	-			$	-
Income taxes paid		$	-			$	-
Non-Cash Investing and Financing Activities:
Issuance of 4,590,000 restricted common stock for compensation		$	91,800			$	-

 

The accompanying notes are an integral part of these financial statements.

 

F-5

 

  

DREAM HOMES & DEVELOPMENT CORPORATION

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended June 30, 2023 and 2022

(Unaudited)

 

Note 1 - Significant Accounting Policies

 

Nature of Operations

 

Dream Homes & Development Corporation is a regional builder and developer of new single-family homes and subdivisions, as well as a market leader in coastal construction, elevation and mitigation. In the ten years that have passed since Superstorm Sandy flooded 40,000 owner-occupied homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements.

 

In addition to the coastal construction market, Dream Homes will continue to pursue opportunities in new single and multi-family home construction, with 4 new developments totaling 267 units in title, or under contract and in development. Dream Homes’ operations will include the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes.

 

A new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.

 

The Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time, and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become a third division of the Company, behind custom new homes and renovation/elevation projects.

 

History

 

Dream Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”) on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).

 

On March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a web site at www.dreamhomesltd.com as well as a blog, located at http://blog.dreamhomesltd.com.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of DHDC and its wholly owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated in consolidation.

 

F-6

 

  

Property and Equipment

 

Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.

 

Fair Value of Financial Instruments

 

Fair value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows:

 

● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.

 

● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

 

● Level 3 inputs are less observable and reflect our own assumptions.

 

Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and loans payable to related parties. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and loans payable to related parties approximates fair value because of their short maturities.

 

Construction Contracts

 

Revenue recognition:

 

The Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation, amortization and general overhead cost. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined.

 

The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project.

 

The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date, if any, as current assets and liabilities consistent with the length of time of its project operating cycle. For example:

 

	●	Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset.
	●	Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability.

 

F-7

 

  

Costs and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated.

 

Change in Estimates:

 

The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions: availability of skilled contract labor: performance of major material suppliers and subcontractors: on-going subcontractor negotiations and buyout provisions: unusual weather conditions: changes in the timing of scheduled work: change orders: accuracy of the original bid estimate: changes in estimated labor productivity and costs based on experience to date: achievement of incentive-based income targets: and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates are disclosed in the notes to the consolidated financial statements.

 

Income Taxes

 

The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the provision for income tax in the statements of operations. The Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance when realization of the assets is not reasonably assured.

 

The Company recognizes in its financial statements the impact of tax positions that meet a “more likely than not” threshold, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

 

Net Income (Loss) Per Common Share

 

Basic net income (basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

 

F-8

 

 

Diluted net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive securities outstanding during the period.

 

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification “ASC” Topic 606). The purpose of this ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU were originally effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We adopted this ASU on January 1, 2018 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and subsequent amendments to the initial guidance: ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”), which provides guidance for accounting for leases. Topic 842 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. We adopted this ASU on January 1, 2019 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.

 

Certain other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

 

2 - Property and Equipment

 

Property and equipment is summarized as follows:

 

		June 30, 2023				December 31, 2022
Office equipment		$	5,115			$	5,115
Vehicles			60,772				60,772
Less: Accumulated depreciation			(62,821	)			(59,671	)
Property and Equipment- net		$	3,066			$	6,216

 

Depreciation expense for the six months ended June 30, 2023 and 2022 was $3,150 and $3,387, respectively.

 

F-9

 

  

3- Deposits and Costs Coincident to Acquisition of Land for Development

 

Deposits and costs coincident to acquisition of land for development are summarized as follows:

 

		June 30, 2023				December 31, 2022
Lacey Township, New Jersey, Pines property:
Cost to acquire property			1,692,178				1,692,178
Site engineering, permits, and other costs			809,245				809,245
Total Pines property			2,501,423				2,501,423
Other deposits:
Louis Avenue, Bayville, New Jersey-17 units			619,264				619,264
Berkeley Terrace – Bayville, New Jersey 70 units			3,486,539				2,506,990
Autumn Run – Clayton – New Jersey – 62 units			411,523				411,523
Other			139,885				139,885
Total other deposits			4,657,211				3,677,662
Total		$	7,158,634			$	6,179,085

 

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 recently finalized an infrastructure and construction finance facility.

This funding package closed on 3/31/23, and included refinancing of the land debt, and the placement of a funding facility for site construction, and funding vertical construction of the first building of 10 townhomes. The amount of the facility is $4,670,000.

 

The Company will begin heavy infrastructure work on the property in May of 2023, with land clearing completed and the site stabilized for soils erosion control.

 

The vertical construction of Building 1 will begin in August of 2023.

 

Lacey Township, New Jersey, “Dream Homes at the 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 is scheduled to begin construction in late 2023 or early 2024.

 

The Company acquired this property on June 29, 2021 and is currently in title.

 

Preliminary approval was granted in 2021 and Final approval was granted in fall of 2022.

 

The Company is actively seeking loans with funding sources to finalize infrastructure and vertical construction for this project.

 

Louis Avenue – Bayville, NJ – In title

 

The Company was heard before the Berkeley Township Planning Board on October 3, 2020 and the planning board awarded preliminary approvals for 17 townhome units.

 

F-10

 

 

The Company acquired this property on August 4, 2021.

 

The Company received Final approvals on August 8, 2021.

 

Properties Under Contract to Purchase and in the Approval Stage

 

Autumn Run – Gloucester County

 

On December 7, 2018, the Company signed a contract to purchase a property in Gloucester County, NJ, which will be approved for +/- 63 units of age-restricted manufactured housing. The property is currently in the approval stage. An application was made to the DEP for a wetlands letter of interpretation, which was approved as proposed. Further action before the planning board is pending due to delays caused by township closures due to Covid-19. The Company had a virtual workshop meeting on September 15, 2020 and an additional virtual meeting was conducted on November 17, 2020.

 

The application for a use variance was heard on May 24, 2021 and the variance was approved.

 

The Company applied for preliminary and final site plan approval and was heard at the April 2023 planning board meeting. Preliminary approval was granted, and the Company will submit for finals in the 3^rd quarter of 2023.

 

Mortgages on Properties Held for Development:

 

		June 30, 2023				December 31, 2022
Edisto Loan Fund, LLC		$	1,388,563			$	1,388,563
Lynx Asset Services, LLC			-				1,725,000
Anchor Loans, LP			1,350,000				-
AC Development, LLC			345,479				311,479
AVB Development			323,537				323,537
Total mortgages payable			3,407,579				3,748,579
Less current portion			(1,388,563	)			(3,113,563	)
Long-term portion		$	2,019,016			$	635,016

 

4-Notes Payable-Others/Loans Payable to Related Parties

 

Loans payable to related parties is summarized as follows:

 

		June 30, 2023				December 31, 2022
Loan payable-Rich Pezzullo		$	24,000			$	-
Loan payable-Dream Homes, LTD			143,000				-
Loans payable to GPIL			269,820				254,895
Total		$	436,820			$	254,895

 

Advances from the loans bear interest at a rate of 12%, with interest being payable on demand. Accrued interest as of June 30, 2023 and December 31, 2022 aggregate $ 54,050 and $ 37,250, respectively.

 

Notes payable-others is summarized as follows:

 

		June 30, 2023				December 31, 2022
Note payable-Chipman Trust		$	197,500			$	-
Note payable-MV Development LLC			200,000				-
Note payable-Channel Partners			155,333				-
Total		$	552,833			$	-

 

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

 

F-11

 

 

5 - Common Stock Issuances

 

On February 11, 2021, the Company issued 2,830,000 restricted shares for compensation valued at $ 113,200.

 

On July 13, 2021, the Company issued 28,000 restricted shares for legal services valued at $ 14,000.

 

On October 22, 2021, the Company issued 500,000 restricted shares for compensation valued at $ 21,000.

 

On October 28, 2021, the Company issued 550.000 restricted shares for compensation valued at $ 22,600.

 

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.

 

As of June 30, 2023 the Company has available for federal and state income tax purposes a net operating loss carry forward that may be used to offset future taxable income.

 

7- Commitments and Contingencies

 

Construction Contracts

 

As of June 30, 2023, the Company was committed under 17 construction contracts outstanding with homeowners and investors with contract prices totaling $ 6,024,890, which are being fulfilled in the ordinary course of business. None of these construction projects are expected to take over one year to complete from commencement of construction. The Company has no significant commitments with material suppliers or subcontractors that involve any sums of substance or of long-term duration at the date of issuance of these financial statements.

 

Employment Agreements

 

The Company currently has no outstanding employment agreements.

 

Lease Agreements

 

The Company has occupied office space located in Forked River, New Jersey. Commencing April 2017, the Company originally paid monthly rent of $2,000 for this office space. This amount was subsequently increased to $2,500 per month.

 

F-12

 

 

Line of Credit

 

On September 15, 2016, DHDC established a $500,000 line of credit with General Development Corp., a non-bank lender. On September 15, 2021, DHDC increased the existing line of credit from $500,000 to $1,000,000. Advances under the line bear interest at a rate of 12%, with interest being payable on demand. The outstanding principal is due and payable in 60 months. The line is secured by the personal guarantee of the Company’s Chief Executive Officer. The agreement to fund automatically renews on a yearly basis as long as interest payments are current or as agreed. To date, the Company has received several advances under the line of credit. As of June 30, 2023 and December 31, 2022, the outstanding principal balance was $923,660 and $908,660, respectively.

 

8. Related Party Transactions

 

Dream Homes Ltd. Allocated payroll

 

The Company uses the services of Dream Homes Ltd. (DHL) personnel for its operations. For the six months ended June 30, 2023 and 2022, the Company’s estimated share of DHL’s gross payroll and payroll taxes include $186,249 and $170,094, respectively.

 

9 - Stock Warrants

 

The Company has no outstanding warrants.

 

10 – Subsequent Events

 

The Company has evaluated subsequent events through the date the financial statements were available to be issued. The Company has no subsequent events that required disclosure.

 

F-13

 

  

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

This Quarterly Report on Form 10-Q and other written reports and oral statements made from time to time by the Company may contain so-called “forward-looking statements,” all of which are subject to risks and uncertainties. One can identify these forward-looking statements by their use of words such as “expect,” “plan,” “will,” “may,” “anticipate,” “believe,” “estimate,” “should,” “intend,” “forecast,” “project” the negative or plural of these words, and other comparable terminology. One can identify them by the fact that they do not relate strictly to historical or current facts. statements are likely to address the Company’s growth strategy, financial results and product and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company’s forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement. One should carefully evaluate such statements in light of factors described in the Company’s filings with the SEC, especially the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. One should understand that it is not possible to predict or identify all such factors. Consequently, the reader should not consider any such list to be a complete list of all potential risks or uncertainties.

 

Use of Terms

 

The following discussion analyzes our financial condition and results of operations for the three months ended June 30, 2023 and 2022. Unless the context indicates or suggests otherwise, reference to “we”, “our”, “us” and the “Company” in this section refers to the operations of Dream Homes & Development Corporation (DHDC),

 

PLAN OF OPERATION

 

Overview

 

Building on a history of over 1,700 new homes built and over 400 elevation/renovation/addition projects since 1993, the management of Dream Homes & Development Corporation has positioned the company to emerge as a rapidly growing regional developer of new single-family subdivisions as well as a leader in coastal new home and modular construction, elevation and mitigation. Since Superstorm Sandy flooded 40,000 owner-occupied homes, Dream Homes has helped hundreds of homeowners to build new homes or raise their homes to comply with new FEMA requirements. While other companies involved with coastal construction in Flood Hazard Areas, Dream Homes has excelled. As many of our competitors have failed, Dream Homes has developed a reputation as the region’s most trusted builder and has even become known as the “rescue builder” for homeowners whose projects have been abandoned by others. Due to the damage caused by the storm, as well as the material changes in the FEMA flood maps which now require over 40,000 homeowners along the New Jersey coastline to elevate their homes, Dream Homes has capitalized on this opportunity for continued revenue growth.

 

A new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.

 

3

 

 

The Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale to Build for Lease. The Company intends to hold these properties upon completion and lease-up for an indeterminate period of time, and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become a third division of the Company, behind custom new homes and renovation/elevation projects.

 

Management recognized that the effects of Super Storm Sandy, which occurred on 10/29/12, would continue to cause a steady demand for construction services. Due to the damage caused by the storm, as well as the material changes in the FEMA flood maps which now require over 40,000 homeowners along the New Jersey coastline to elevate their homes, management feels that a continued focus on this portion of the market will continue to provide a stable revenue stream for the company.

 

Dream Homes and Development Corporation, through its subsidiaries and affiliate companies, continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations. The amount of these projects currently under contract as of June 30, 2023 is $ 6,024,890.

 

In addition to the above projects, which are in process, the Company has also estimated an additional $6,500,000 worth of residential construction projects and added over 200 active prospects to its data base. All these prospects are prime candidates for educational videos and short books on specific construction and rebuilding topics, as well as candidates for rebuilding projects.

 

In addition to the projects which the Company currently has under contract for elevation, renovation, new construction and development, there are a number of parcels of land which the Company has the ability to secure, whether through land contract or other types of options. These parcels represent additional opportunities for development and construction potential.

 

Properties Currently Owned

 

The Company is in title to this property and finalized an infrastructure and construction finance facility.

The funding package closed on 3/31/23, and included refinancing the land debt, and placing a funding facility 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.

The first 2 building pads have been compacted and completed.

 

The vertical construction of Building 1 will begin in October of 2023.

 

Lacey Township, New Jersey, “Dream Homes at the 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 is scheduled to begin construction in 2023.

 

The Company acquired this property on June 29, 2021 and is currently in title.

 

Preliminary approval was granted in 2021 and Final approval was granted in fall of 2022.

 

4

 

 

It is anticipated that costs for the balance of the development approvals will be approximately +/- $20,000.

 

The Company is actively seeking loans with funding sources to finalize infrastructure and vertical construction for this project.

 

Louis Avenue – Bayville, NJ – In title

 

The Company was heard before the Berkeley Township Planning Board on October 3, 2020 and the planning board awarded preliminary approvals for 17 townhome units.

 

The Company acquired this property on August 4, 2021.

 

The Company received Final approvals on August 8, 2021.

 

Properties Under Contract to Purchase and in the Approval Stage

 

Autumn Run – Gloucester County

 

On December 7, 2018, the Company signed a contract to purchase a property in Gloucester County, NJ, which has been approved for 62 units of age-restricted manufactured housing. The property is currently in the final approval stage. An application was made to the DEP for a wetlands letter of interpretation, which was approved as proposed. Further action before the planning board is pending due to delays caused by township closures due to Covid-19. The Company had a virtual workshop meeting on September 15, 2020 and an additional virtual meeting was conducted on November 17, 2020.

 

The application for a use variance was heard on May 24, 2021 and the variance was approved.

 

The Company applied for preliminary and final site plan approval and was heard at the April 2023 planning board meeting. Preliminary approval was granted, and the Company will submit for finals in the 3^rd quarter of 2023.

 

These new developments which the Company owns as well as the one that is in development represent over $70 million in value in new construction. 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, as well as the cutting-edge construction technologies being employed to create healthier, safer, more energy efficient homes.

 

These new developments which the Company owns as well as the one that is in development represent over $70 million in value in new construction. 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, as well as the cutting-edge construction technologies being employed to create healthier, safer, more energy efficient homes.

 

5

 

 

Dream Homes has experienced solid growth in both the new home and elevation divisions, as well as strong additions to our personnel infrastructure, which are just now beginning to bear fruit. Our new Modular Home Showroom in Little Egg Harbor has also led to an increase in modular traffic and sales, as well as facilitated and increased client selections throughout our entire region.

 

The Company was awarded the Ocean County Best of the Best Awards for 2017, 2018, 2019 & 2020 in two categories (Best Custom Modular Builder and Best Home Improvement Contractor), which has caused significant new awareness and interest from the public. This has led to more showroom traffic, completed estimates and signed contracts. Referrals about Dream Homes are also being generated from many industry professionals, such as architects, engineers and attorneys, who’ve either had clients with abandoned projects or simply want to retain Dream due to superior performance and reliability.

 

The phrase ‘The Region’s Most Trusted Builder’ accurately describes the company and is becoming increasingly well known to homeowners in need of new homes, elevation & renovation work. The management team has never failed to complete a project in over 28 years in the industry.

 

The Company’s business model over the last year has been focused on increasing the new home and new development portion of our business, until it represents 50% - 70% of our entire revenue stream, from the current level of 20%. New home development has a much greater scalability and growth potential than elevation/renovation work. Though the Company has enjoyed steady growth in the renovation/elevation portion of the company the new homes division continues to represent a greater percentage of total revenue.

 

Management hopes for steady growth in all segments of the company, since the rebuilding process will occur over the next 15-20 years. The combined total number of homes affected by Storm Sandy that will need to be raised or demolished and rebuilt is in excess of 30,000 homes, of which less than 10,000 have been rebuilt. This remaining combined market for new construction and elevation projects in the Company’s market area is estimated to be in the range of $3.4 billion dollars. The company anticipates being able to efficiently address 5% - 10% of this market. Dream Homes’ potential operations include the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes.

 

Due to the opportunities afforded by the market conditions, Dream Homes and Development Corporation will continue to pursue opportunities in the construction and real estate field, specifically in new home construction, home elevations and renovations.

 

6

 

 

RESULTS OF OPERATIONS – DREAM HOMES & DEVELOPMENT CORPORATION

 

The summary below should be referenced in connection with a review of the following discussion of our results of operations for the six months ended June 30, 2023 and 2022.

 

STATEMENTS OF OPERATIONS

For the six months ended June 30, 2023 and 2022

(Unaudited)

 

		June 30, 2023				June 30, 2022
			(Unaudited)				(Unaudited)
Revenue:
Construction contracts		$	1,811,135			$	2,077,407
Cost of construction contracts			1,126,748				1,412,956
Gross profit			684,387				664,451
Operating Expenses:
Selling, general and administrative			538,032				408,093
Depreciation expense			3,150				3.387
Total operating expenses			541,182				411,480
Income from operations			143,205				252,971
Other income (expenses):
Interest expense			(81,047	)			(58,752	)
Total other income (expenses)			(81,047	)			(58,752
Net income before income taxes			62,158				194,219
Provision for income taxes							-
Net income		$	62,158			$	194,219

 

Revenues

 

For the six months ended June 30, 2023 and 2022, revenues were $1,811,135 and $2,077,4047, respectively.

 

The decrease was due from new contracts delayed until the third quarter 2023.

 

Cost of Sales

 

For the six months ended June 30, 2023 and 2022, cost of construction contracts were $1,126,748 and $1,412,956, respectively.

 

Operating Expenses

 

Operating expenses increased $129,702 from $411,480 in 2022 to $541,182 in 2023. This increase is mainly due from stock-based compensation in the amount of $91,800.

 

7

 

 

Liquidity and Capital Resources

 

As of June 30, 2023 and December 31, 2022, our cash balance was $17,679 and $525,389, respectively, total assets were $7,818,820 and $7,182,456, respectively, and total current liabilities amounted to $7,026,018 and $6,543,612, respectively, including loans payable to related parties of $436,820 and $254,895, respectively. As of June 30, 2023 and December 31, 2022, the total stockholders’ equity was $739,260 and $638,844, respectively. We may seek additional capital to fund potential costs associated with expansion and/or acquisitions.

 

Inflation

 

The impact of inflation on the costs of our company, and the ability to pass on cost increases to its subscribers over time is dependent upon market conditions. We are not aware of any inflationary pressures that have had any significant impact on our operations since inception, and we do not anticipate that inflationary factors will have a significant impact on future operations.

 

OFF-BALANCE SHEET ARRANGEMENTS

 

We do not maintain off-balance sheet arrangements nor do we participate in non-exchange traded contracts requiring fair value accounting treatment.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

The Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this Form 10-Q, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the Securities and Exchange Commission. The Company’s disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. As required under Exchange Act Rule 13a-15, the Company’s management, including the Principal Executive Officer and Principal Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the Company’s President concluded that the Company’s disclosure controls and procedures are not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s President, as appropriate, to allow timely decisions regarding required disclosure.

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosure

 

Not Applicable.

 

Item 5. Other Information.

 

None.

 

8

 

 

Item 6. Exhibits.

 

The following exhibits are included with this filing:

 

3.1* Articles of Incorporation (Form S-1 Registration No. 333-174674 filed June 2, 2011).

 

3.2* By-laws (Form S-1 Registration No. 333-174674 filed June 2, 2011).

 

4.1* Specimen Stock Certificate (Form S-1 Registration No. 333-174674 filed June 2, 2011).

 

10.1* Intellectual Property Purchase Agefreement (Form S-1 Registration No. 333-174674 filed June 2, 2011).

 

10.2* Consulting Agreement with William Kazmierczak 5-22-2010 (Form S-1 Registration No. 333-174674 filed June 2, 2011).

 

31 Sarbanes-Oxley Section 302 certification by Vincent Simonelli

 

32 Sarbanes-Oxley Section 906 certification by Vincent Simonelli

 

* Previously filed and Incorporated by reference.

 

9

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf by the undersigned; duly authorized.

 

Date:	Dream Homes & Development Corporation
August 18, 2023
	By:	/s/ Vincent Simonelli
		Vincent Simonelli
		Chief Executive Officer and Chief Financial Officer

 

10

 

  

 

EXHIBIT 31

 

CERTIFICATIONS

 

I, Vincent C. Simonelli, certify that:

 

1. I have reviewed this quarterly report of Dream Homes & Development Corporation.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

 

4. The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as 4efined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

 

5. The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

 

Date: August 18, 2023
/s/ Vincent C. Simonelli
CEO and CFO

 

 

 

 

EXHIBIT 32

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Dream Homes & Development Corporation (the “Company”) on Form 10-Q for the quarter ended June 30, 2023 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Vincent C. Simonelli, CEO and CFO of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/s/ Vincent C. Simonelli
CEO and CFO

 

Dated: August 18, 2023

 

A signed original of this written statement required by Section 906 has been provided to Dream Homes & Development Corporation and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 21, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-55445
Entity Registrant Name	DREAM HOMES & DEVELOPMENT CORPORATION
Entity Central Index Key	0001518336
Entity Tax Identification Number	20-2208821
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	314 South Main Street
Entity Address, City or Town	Forked River
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08731
City Area Code	609
Local Phone Number	693 8881
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,414,493

Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash	$ 17,679	$ 525,389
Accounts receivable	127,848	213,008
Prepaid fees-property held for development	398,304
Contract assets	111,089	256,558
Total current assets	654,920	994,955
PROPERTY AND EQUIPMENT, net	3,066	6,216
OTHER ASSETS
Security deposit	2,200	2,200
Deposits and costs coincident to acquisition of land for development	7,158,634	6,179,085
Total assets	7,818,820	7,182,456
CURRENT LIABILITIES
Accounts payable and accrued expenses	945,818	644,913
Accrued interest	287,133	227,308
Deposits held	10,000	10,000
Contract liabilities	92,997	256,757
Note payable-line of credit	923,660	908,660
Mortgages payable, current portion	1,388,563	3,113,563
Note payable-bank	369,178	492,500
Notes payable -others	552,833
Total current liabilities	5,007,002	5,908,596
Long-Term Mortgages payable	2,019,016	635,016
Total liabilities	7,026,018	6,543,612
STOCKHOLDERS’ EQUITY
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of June 30, 2023 and December 31, 2022, there are no shares outstanding
Common stock; 70,000,000 shares authorized, $.001 par value, as of June 30, 2023 and December 31, 2022, there are 40,414,493 and 35,824,493 shares outstanding, respectively	40,414	35,824
Additional paid-in capital	2,327,330	2,240,120
Accumulated deficit	(1,574,942)	(1,637,100)
Total stockholders’ equity	792,802	638,844
Total liabilities and stockholders’ equity	7,818,820	7,182,456
Related Party [Member]
CURRENT LIABILITIES
Loans payable-related party	$ 436,820	$ 254,895

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	70,000,000	70,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares outstanding	40,414,493	35,824,493

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Construction contracts	$ 706,669	$ 1,082,202	$ 1,811,135	$ 2,077,407
Cost of construction contracts	475,304	828,090	1,126,748	1,412,956
Gross profit	231,365	254,112	684,387	664,451
Operating Expenses:
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively	242,598	192,071	538,032	408,093
Depreciation expense	1,575	1,698	3,150	3,387
Total operating expenses	244,173	193,769	541,182	411,480
Income (loss) from operations	(12,808)	60,343	143,205	252,971
Other income (expenses):
Interest expense	(25,450)	(31,330)	(81,047)	(58,752)
Total other income (expenses)	(25,450)	(31,330)	(81,047)	(58,752)
Net income (loss) before income taxes	(38,258)	29,013	62,158	194,219
Provision for income taxes
Net income (loss)	$ (38,258)	$ 29,013	$ 62,158	$ 194,219
Basic income (loss) per common share	$ (0.00)	$ 0.00	$ 0.00	$ 0.01
Diluted income (loss) per common share	$ (0.00)	$ 0.00	$ 0.00	$ 0.01
Weighted average common shares outstanding-basic	39,190,495	35,824,493	37,507,493	35,824,493
Weighted average common shares outstanding-diluted	39,190,495	35,824,493	37,507,493	35,824,493

Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Stock based compensation	$ 91,800	$ 0	$ 91,800	$ 0

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 35,824	$ 2,240,120	$ (1,791,190)	$ 484,754
Beginning balance, shares at Dec. 31, 2021	35,824,493
Net Income (loss)			165,206	165,206
Ending balance, value at Mar. 31, 2022	$ 35,824	2,240,120	(1,625,984)	649,960
Ending balance, shares at Mar. 31, 2022	35,824,493
Beginning balance, value at Dec. 31, 2021	$ 35,824	2,240,120	(1,791,190)	484,754
Beginning balance, shares at Dec. 31, 2021	35,824,493
Net Income (loss)				194,219
Ending balance, value at Jun. 30, 2022	$ 35,824	2,240,120	(1,596,971)	678,973
Ending balance, shares at Jun. 30, 2022	35,824,493
Beginning balance, value at Mar. 31, 2022	$ 35,824	2,240,120	(1,625,984)	649,960
Beginning balance, shares at Mar. 31, 2022	35,824,493
Net Income (loss)			29,013	29,013
Ending balance, value at Jun. 30, 2022	$ 35,824	2,240,120	(1,596,971)	678,973
Ending balance, shares at Jun. 30, 2022	35,824,493
Beginning balance, value at Dec. 31, 2022	$ 35,824	2,240,120	(1,637,100)	638,844
Beginning balance, shares at Dec. 31, 2022	35,824,493
Net Income (loss)			100,416	100,416
Ending balance, value at Mar. 31, 2023	$ 35,824	2,240,120	(1,536,684)	739,260
Ending balance, shares at Mar. 31, 2023	35,824,493
Beginning balance, value at Dec. 31, 2022	$ 35,824	2,240,120	(1,637,100)	638,844
Beginning balance, shares at Dec. 31, 2022	35,824,493
Net Income (loss)				62,158
Ending balance, value at Jun. 30, 2023	$ 40,414	2,327,330	(1,574,942)	792,802
Ending balance, shares at Jun. 30, 2023	40,414,493
Beginning balance, value at Mar. 31, 2023	$ 35,824	2,240,120	(1,536,684)	739,260
Beginning balance, shares at Mar. 31, 2023	35,824,493
Net Income (loss)			(38,258)	(38,258)
Issuance of 4,590,000 common shares	$ 4,590	87,210		$ 91,800
Issuance of 4,590,000 common shares, shares	4,590,000			4,590,000
Ending balance, value at Jun. 30, 2023	$ 40,414	$ 2,327,330	$ (1,574,942)	$ 792,802
Ending balance, shares at Jun. 30, 2023	40,414,493

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical)	3 Months Ended
	Jun. 30, 2023 shares
Statement of Stockholders' Equity [Abstract]
Issuance of common shares	4,590,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income	$ 62,158	$ 194,219
Adjustments to reconcile net income to net cash provided (used) in operating activities:
Depreciation expense	3,150	3,387
Stock-based compensation	91,800
Changes in operating assets and liabilities:
Accounts receivable	85,160	38,502
Employee advances		2,705
Prepaid fees-property held for development	(398,304)
Contract assets	145,469	(372,898)
Accounts payable and accrued liabilities	300,905	120,485
Accrued interest	59,828	53,015
Contract liabilities	(163,760)	(80,203)
Net cash (used) provided in operating activities	186,406	(40,788)
INVESTING ACTIVITIES
Purchase of vehicle		(5,790)
Deposits and costs coincident to acquisition of land for development	(979,549)	(609,391)
Net cash used in investing activities	(979,549)	(615,181)
FINANCING ACTIVITIES
Proceeds (payments) from notes payable-line of credit	15,000	(18,572)
Proceeds from mortgages	1,350,000
Payments on mortgages	(1,725,000)
Proceeds from notes payable-other	552,833	31,028
Proceeds from note payable-bank	107,175	491,462
Payments on bank notes	(196,500)
Proceeds from loans-related party	181,925	82,456
Net cash provided in financing activities	285,433	586,374
NET (DECREASE) IN CASH	(507,710)	(69,595)
CASH BALANCE, BEGINNING OF PERIOD	525,389	191,439
CASH BALANCE, END OF PERIOD	17,679	121,844
Supplemental Disclosures of Cash Flow Information:
Interest paid
Income taxes paid
Non-Cash Investing and Financing Activities:
Issuance of 4,590,000 restricted common stock for compensation	$ 91,800

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	6 Months Ended
	Jun. 30, 2023 shares
Statement of Cash Flows [Abstract]
Restricted common stock for compensation	4,590,000

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Note 1 - Significant Accounting Policies   Nature of Operations   Dream Homes & Development Corporation is a regional builder and developer of new single-family homes and subdivisions, as well as a market leader in coastal construction, elevation and mitigation. In the ten years that have passed since Superstorm Sandy flooded 40,000 owner-occupied homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements.   In addition to the coastal construction market, Dream Homes will continue to pursue opportunities in new single and multi-family home construction, with 4 new developments totaling 267 units in title, or under contract and in development. Dream Homes’ operations will include the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes.   A new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.   The Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time, and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become a third division of the Company, behind custom new homes and renovation/elevation projects.   History   Dream Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”) on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).   On March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a web site at www.dreamhomesltd.com as well as a blog, located at http://blog.dreamhomesltd.com.   Principles of Consolidation   The consolidated financial statements include the accounts of DHDC and its wholly owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated in consolidation.      Property and Equipment   Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.   Fair Value of Financial Instruments   Fair value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows:   ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.   ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.   ● Level 3 inputs are less observable and reflect our own assumptions.   Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and loans payable to related parties. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and loans payable to related parties approximates fair value because of their short maturities.   Construction Contracts   Revenue recognition:   The Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation, amortization and general overhead cost. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined.   The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project.   The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date, if any, as current assets and liabilities consistent with the length of time of its project operating cycle. For example:     ● Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset.   ● Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability.      Costs and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated.   Change in Estimates:   The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions: availability of skilled contract labor: performance of major material suppliers and subcontractors: on-going subcontractor negotiations and buyout provisions: unusual weather conditions: changes in the timing of scheduled work: change orders: accuracy of the original bid estimate: changes in estimated labor productivity and costs based on experience to date: achievement of incentive-based income targets: and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates are disclosed in the notes to the consolidated financial statements.   Income Taxes   The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the provision for income tax in the statements of operations. The Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance when realization of the assets is not reasonably assured.   The Company recognizes in its financial statements the impact of tax positions that meet a “more likely than not” threshold, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.   Net Income (Loss) Per Common Share   Basic net income (basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period.     Diluted net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive securities outstanding during the period.   Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification “ASC” Topic 606). The purpose of this ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU were originally effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We adopted this ASU on January 1, 2018 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.   In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and subsequent amendments to the initial guidance: ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”), which provides guidance for accounting for leases. Topic 842 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. We adopted this ASU on January 1, 2019 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.   Certain other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	2 - Property and Equipment   Property and equipment is summarized as follows:       June 30, 2023     December 31, 2022                 Office equipment   $ 5,115     $ 5,115   Vehicles     60,772       60,772   Less: Accumulated depreciation     (62,821 )     (59,671 )                   Property and Equipment- net   $ 3,066     $ 6,216     Depreciation expense for the six months ended June 30, 2023 and 2022 was $3,150 and $3,387, respectively.

Deposits and Costs Coincident to Acquisition of Land for Development	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Deposits and Costs Coincident to Acquisition of Land for Development	3- Deposits and Costs Coincident to Acquisition of Land for Development   Deposits and costs coincident to acquisition of land for development are summarized as follows:       June 30, 2023     December 31, 2022                 Lacey Township, New Jersey, Pines property:                                   Cost to acquire property     1,692,178       1,692,178   Site engineering, permits, and other costs     809,245       809,245   Total Pines property     2,501,423       2,501,423                     Other deposits:                 Louis Avenue, Bayville, New Jersey-17 units     619,264       619,264   Berkeley Terrace – Bayville, New Jersey 70 units     3,486,539       2,506,990   Autumn Run – Clayton – New Jersey – 62 units     411,523       411,523   Other     139,885       139,885   Total other deposits     4,657,211       3,677,662                     Total   $ 7,158,634     $ 6,179,085     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 recently finalized an infrastructure and construction finance facility. This funding package closed on 3/31/23, and included refinancing of the land debt, and the placement of a funding facility for site construction, and funding vertical construction of the first building of 10 townhomes. The amount of the facility is $4,670,000.   The Company will begin heavy infrastructure work on the property in May of 2023, with land clearing completed and the site stabilized for soils erosion control.   The vertical construction of Building 1 will begin in August of 2023.   Lacey Township, New Jersey, “Dream Homes at the 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 is scheduled to begin construction in late 2023 or early 2024.   The Company acquired this property on June 29, 2021 and is currently in title.   Preliminary approval was granted in 2021 and Final approval was granted in fall of 2022.   The Company is actively seeking loans with funding sources to finalize infrastructure and vertical construction for this project.   Louis Avenue – Bayville, NJ – In title   The Company was heard before the Berkeley Township Planning Board on October 3, 2020 and the planning board awarded preliminary approvals for 17 townhome units.     The Company acquired this property on August 4, 2021.   The Company received Final approvals on August 8, 2021.   Properties Under Contract to Purchase and in the Approval Stage   Autumn Run – Gloucester County   On December 7, 2018, the Company signed a contract to purchase a property in Gloucester County, NJ, which will be approved for +/- 63 units of age-restricted manufactured housing. The property is currently in the approval stage. An application was made to the DEP for a wetlands letter of interpretation, which was approved as proposed. Further action before the planning board is pending due to delays caused by township closures due to Covid-19. The Company had a virtual workshop meeting on September 15, 2020 and an additional virtual meeting was conducted on November 17, 2020.   The application for a use variance was heard on May 24, 2021 and the variance was approved.   The Company applied for preliminary and final site plan approval and was heard at the April 2023 planning board meeting. Preliminary approval was granted, and the Company will submit for finals in the 3rd quarter of 2023.   Mortgages on Properties Held for Development:       June 30, 2023     December 31, 2022   Edisto Loan Fund, LLC   $ 1,388,563     $ 1,388,563   Lynx Asset Services, LLC     -       1,725,000   Anchor Loans, LP     1,350,000       -   AC Development, LLC     345,479       311,479   AVB Development     323,537       323,537   Total mortgages payable     3,407,579       3,748,579   Less current portion     (1,388,563 )     (3,113,563 ) Long-term portion   $ 2,019,016     $ 635,016

Notes Payable-Others/Loans Payable to Related Parties	6 Months Ended
	Jun. 30, 2023
Notes Payable-othersloans Payable To Related Parties
Notes Payable-Others/Loans Payable to Related Parties	4-Notes Payable-Others/Loans Payable to Related Parties   Loans payable to related parties is summarized as follows:       June 30, 2023     December 31, 2022                 Loan payable-Rich Pezzullo   $ 24,000     $ -   Loan payable-Dream Homes, LTD     143,000       -   Loans payable to GPIL     269,820       254,895   Total   $ 436,820     $ 254,895     Advances from the loans bear interest at a rate of 12%, with interest being payable on demand. Accrued interest as of June 30, 2023 and December 31, 2022 aggregate $ 54,050 and $ 37,250, respectively.   Notes payable-others is summarized as follows:       June 30, 2023     December 31, 2022                 Note payable-Chipman Trust   $ 197,500     $ -   Note payable-MV Development LLC     200,000       -   Note payable-Channel Partners     155,333       -   Total   $ 552,833     $ -     The notes have interest ranging from 12% to 15% payable on demand. All notes are secured by real estate.

Common Stock Issuances	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Common Stock Issuances	5 - Common Stock Issuances   On February 11, 2021, the Company issued 2,830,000 restricted shares for compensation valued at $ 113,200.   On July 13, 2021, the Company issued 28,000 restricted shares for legal services valued at $ 14,000.   On October 22, 2021, the Company issued 500,000 restricted shares for compensation valued at $ 21,000.   On October 28, 2021, the Company issued 550.000 restricted shares for compensation valued at $ 22,600.   On April 24, 2023, the Company issued 4,590,000 restricted common shares for compensation valued at $ 91,800.

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	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.   As of June 30, 2023 the Company has available for federal and state income tax purposes a net operating loss carry forward that may be used to offset future taxable income.

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7- Commitments and Contingencies   Construction Contracts   As of June 30, 2023, the Company was committed under 17 construction contracts outstanding with homeowners and investors with contract prices totaling $ 6,024,890, which are being fulfilled in the ordinary course of business. None of these construction projects are expected to take over one year to complete from commencement of construction. The Company has no significant commitments with material suppliers or subcontractors that involve any sums of substance or of long-term duration at the date of issuance of these financial statements.   Employment Agreements   The Company currently has no outstanding employment agreements.   Lease Agreements   The Company has occupied office space located in Forked River, New Jersey. Commencing April 2017, the Company originally paid monthly rent of $2,000 for this office space. This amount was subsequently increased to $2,500 per month.     Line of Credit   On September 15, 2016, DHDC established a $500,000 line of credit with General Development Corp., a non-bank lender. On September 15, 2021, DHDC increased the existing line of credit from $500,000 to $1,000,000. Advances under the line bear interest at a rate of 12%, with interest being payable on demand. The outstanding principal is due and payable in 60 months. The line is secured by the personal guarantee of the Company’s Chief Executive Officer. The agreement to fund automatically renews on a yearly basis as long as interest payments are current or as agreed. To date, the Company has received several advances under the line of credit. As of June 30, 2023 and December 31, 2022, the outstanding principal balance was $923,660 and $908,660, respectively.

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions   Dream Homes Ltd. Allocated payroll   The Company uses the services of Dream Homes Ltd. (DHL) personnel for its operations. For the six months ended June 30, 2023 and 2022, the Company’s estimated share of DHL’s gross payroll and payroll taxes include $186,249 and $170,094, respectively.

Stock Warrants	6 Months Ended
	Jun. 30, 2023
Stock Warrants
Stock Warrants	9 - Stock Warrants   The Company has no outstanding warrants.

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	10 – Subsequent Events   The Company has evaluated subsequent events through the date the financial statements were available to be issued. The Company has no subsequent events that required disclosure.

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations   Dream Homes & Development Corporation is a regional builder and developer of new single-family homes and subdivisions, as well as a market leader in coastal construction, elevation and mitigation. In the ten years that have passed since Superstorm Sandy flooded 40,000 owner-occupied homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements.   In addition to the coastal construction market, Dream Homes will continue to pursue opportunities in new single and multi-family home construction, with 4 new developments totaling 267 units in title, or under contract and in development. Dream Homes’ operations will include the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes.   A new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment.   The Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time, and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become a third division of the Company, behind custom new homes and renovation/elevation projects.   History   Dream Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”) on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).   On March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a web site at www.dreamhomesltd.com as well as a blog, located at http://blog.dreamhomesltd.com.
Principles of Consolidation	Principles of Consolidation   The consolidated financial statements include the accounts of DHDC and its wholly owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated in consolidation.
Property and Equipment	Property and Equipment   Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.
Use of Estimates	Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments   Fair value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows:   ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.   ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.   ● Level 3 inputs are less observable and reflect our own assumptions.   Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and loans payable to related parties. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and loans payable to related parties approximates fair value because of their short maturities.
Construction Contracts	Construction Contracts   Revenue recognition:   The Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation, amortization and general overhead cost. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined.   The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project.   The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date, if any, as current assets and liabilities consistent with the length of time of its project operating cycle. For example:     ● Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset.   ● Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability.      Costs and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated.   Change in Estimates:   The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions: availability of skilled contract labor: performance of major material suppliers and subcontractors: on-going subcontractor negotiations and buyout provisions: unusual weather conditions: changes in the timing of scheduled work: change orders: accuracy of the original bid estimate: changes in estimated labor productivity and costs based on experience to date: achievement of incentive-based income targets: and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates are disclosed in the notes to the consolidated financial statements.
Income Taxes	Income Taxes   The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the provision for income tax in the statements of operations. The Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance when realization of the assets is not reasonably assured.   The Company recognizes in its financial statements the impact of tax positions that meet a “more likely than not” threshold, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share   Basic net income (basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period.     Diluted net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive securities outstanding during the period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification “ASC” Topic 606). The purpose of this ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU were originally effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We adopted this ASU on January 1, 2018 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.   In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and subsequent amendments to the initial guidance: ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”), which provides guidance for accounting for leases. Topic 842 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. We adopted this ASU on January 1, 2019 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.   Certain other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment is summarized as follows:       June 30, 2023     December 31, 2022                 Office equipment   $ 5,115     $ 5,115   Vehicles     60,772       60,772   Less: Accumulated depreciation     (62,821 )     (59,671 )                   Property and Equipment- net   $ 3,066     $ 6,216

Deposits and Costs Coincident to Acquisition of Land for Development (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development	Deposits and costs coincident to acquisition of land for development are summarized as follows:       June 30, 2023     December 31, 2022                 Lacey Township, New Jersey, Pines property:                                   Cost to acquire property     1,692,178       1,692,178   Site engineering, permits, and other costs     809,245       809,245   Total Pines property     2,501,423       2,501,423                     Other deposits:                 Louis Avenue, Bayville, New Jersey-17 units     619,264       619,264   Berkeley Terrace – Bayville, New Jersey 70 units     3,486,539       2,506,990   Autumn Run – Clayton – New Jersey – 62 units     411,523       411,523   Other     139,885       139,885   Total other deposits     4,657,211       3,677,662                     Total   $ 7,158,634     $ 6,179,085
Schedule Mortgages on Properties Held for Development	Mortgages on Properties Held for Development:       June 30, 2023     December 31, 2022   Edisto Loan Fund, LLC   $ 1,388,563     $ 1,388,563   Lynx Asset Services, LLC     -       1,725,000   Anchor Loans, LP     1,350,000       -   AC Development, LLC     345,479       311,479   AVB Development     323,537       323,537   Total mortgages payable     3,407,579       3,748,579   Less current portion     (1,388,563 )     (3,113,563 ) Long-term portion   $ 2,019,016     $ 635,016

Notes Payable-Others/Loans Payable to Related Parties (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Payable-othersloans Payable To Related Parties
Schedule of Loans Payable to Related Parties	Loans payable to related parties is summarized as follows:       June 30, 2023     December 31, 2022                 Loan payable-Rich Pezzullo   $ 24,000     $ -   Loan payable-Dream Homes, LTD     143,000       -   Loans payable to GPIL     269,820       254,895   Total   $ 436,820     $ 254,895
Schedule of Notes Payable - Others	Notes payable-others is summarized as follows:       June 30, 2023     December 31, 2022                 Note payable-Chipman Trust   $ 197,500     $ -   Note payable-MV Development LLC     200,000       -   Note payable-Channel Partners     155,333       -   Total   $ 552,833     $ -

Significant Accounting Policies (Details Narrative) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Jan. 06, 2009
Accounting Policies [Abstract]
Capital stock authorized			75,000,000
Common stock, shares authorized	70,000,000	70,000,000	70,000,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001

Schedule of Property and Equipment (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (62,821)	$ (59,671)
Property and Equipment- net	3,066	6,216
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,115	5,115
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 60,772	$ 60,772

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,575	$ 1,698	$ 3,150	$ 3,387

Schedule of Deposits and Costs Coincident to Acquisition of Land for Development (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total	$ 7,158,634	$ 6,179,085
Total other deposits	4,657,211	3,677,662
Lacey Township New Jersey Pines Contract [Member]
Restructuring Cost and Reserve [Line Items]
Cost to acquire property	1,692,178	1,692,178
Site engineering, permits, and other costs	809,245	809,245
Total	2,501,423	2,501,423
Louis Avenue, Bayville, New Jersey-17 units [Member]
Restructuring Cost and Reserve [Line Items]
Total other deposits	619,264	619,264
Berkeley Terrace – Bayville, New Jersey 70 Units [Member]
Restructuring Cost and Reserve [Line Items]
Total other deposits	3,486,539	2,506,990
Autumn Run – Clayton – New Jersey – 62 Units [Member]
Restructuring Cost and Reserve [Line Items]
Total other deposits	411,523	411,523
Other [Member]
Restructuring Cost and Reserve [Line Items]
Total other deposits	$ 139,885	$ 139,885

Schedule Mortgages on Properties Held for Development (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total mortgages payable	$ 3,407,579	$ 3,748,579
Less current portion	(1,388,563)	(3,113,563)
Long-term portion	2,019,016	635,016
Edisto Loan Fund, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Total mortgages payable	1,388,563	1,388,563
Lynx Asset Services, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Total mortgages payable		1,725,000
Anchor Loans LP Berkeley Terrace [Member]
Defined Benefit Plan Disclosure [Line Items]
Total mortgages payable	1,350,000
AC Development, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Total mortgages payable	345,479	311,479
AVB Development [Member]
Defined Benefit Plan Disclosure [Line Items]
Total mortgages payable	$ 323,537	$ 323,537

Deposits and Costs Coincident to Acquisition of Land for Development (Details Narrative) - Townhouse Lots in Bayville NJ [Member]	Mar. 31, 2023 USD ($) Integer
Restructuring Cost and Reserve [Line Items]
Number of properties acquired | Integer	10
Funding facility amount | $	$ 4,670,000

Schedule of Loans Payable to Related Parties (Details) - Related Party [Member] - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total, Loans payable to related parties	$ 436,820	$ 254,895
Loans Payable [Member] | Rich Pezzullo [Member]
Defined Benefit Plan Disclosure [Line Items]
Total, Loans payable to related parties	24,000
Loans Payable [Member] | Dream Homes LTD [Member]
Defined Benefit Plan Disclosure [Line Items]
Total, Loans payable to related parties	143,000
Loans Payable [Member] | GPIL [Member]
Defined Benefit Plan Disclosure [Line Items]
Total, Loans payable to related parties	$ 269,820	$ 254,895

Schedule of Notes Payable - Others (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total, Notes payable others	$ 552,833
Chipman Trust [Member] | Notes Payable, Other Payables [Member]
Defined Benefit Plan Disclosure [Line Items]
Total, Notes payable others	197,500
Maia Tsiklauri [Member] | Notes Payable, Other Payables [Member]
Defined Benefit Plan Disclosure [Line Items]
Total, Notes payable others	200,000
Channel [Member] | Notes Payable, Other Payables [Member]
Defined Benefit Plan Disclosure [Line Items]
Total, Notes payable others	$ 155,333

Notes Payable-Others/Loans Payable to Related Parties (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Interest rate	12.00%
Accrued interest	$ 54,050	$ 37,250
Notes Payable, Other Payables [Member] | Minimum [Member]
Short-Term Debt [Line Items]
Interest rate	12.00%
Notes Payable, Other Payables [Member] | Maximum [Member]
Short-Term Debt [Line Items]
Interest rate	15.00%

Common Stock Issuances (Details Narrative) - Restricted Stock [Member] - USD ($)	Apr. 24, 2023	Oct. 28, 2021	Oct. 22, 2021	Jul. 13, 2021	Feb. 11, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued for stock based compensation, shares	4,590,000	550.000	500,000	28,000	2,830,000
Number of shares issued for stock based compensation, value	$ 91,800	$ 22,600	$ 21,000	$ 14,000	$ 113,200

Income Taxes (Details Narrative)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%

Commitments and Contingencies (Details Narrative)	Apr. 30, 2017 USD ($)	Sep. 15, 2016 USD ($)	Jun. 30, 2023 USD ($) Integer $ / shares	Dec. 31, 2022 USD ($)	Sep. 15, 2021 USD ($)	Sep. 14, 2021 USD ($)
Guarantor Obligations [Line Items]
Debt outstanding principal balance			$ 923,660	$ 908,660
Nonbank Lender [Member] | General Development Corp [Member]
Guarantor Obligations [Line Items]
Line of credit		$ 500,000			$ 1,000,000	$ 500,000
Line of credit interest rate		12.00%
Lease Agreement [Member]
Guarantor Obligations [Line Items]
Rent expense	$ 2,000
Increase in rent expense	$ 2,500
Construction Contracts [Member]
Guarantor Obligations [Line Items]
Number of contracts assigned | Integer			17
Construction contract price | $ / shares			$ 6,024,890

Related Party Transactions (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
DHL [Member]
Payroll taxes	$ 186,249	$ 170,094

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