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Dream Homes & Development Corp (DREM0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $2,182,258 from $1,644,071 in the same quarter the previous year. The increase is attributed to the timing of ongoing property development.
Cost of construction contracts for the quarter was $760,912, compared to $944,466 in the same quarter of the previous year. The decrease is due to the sale of property held for development, and its associated cost in 2024.
Operating expenses decreased to $106,938 from $156,517, primarily due to stock-based compensation of $91,800 in 2023.
Other expenses increased to $388,776 from $20,120, primarily due to losses on debt settlements of $348,493 in 2024.
Net income for the quarter was $925,632, up from $522,968 in the previous year.
For the nine months ended September 30, 2024, revenues were $4,313,707, compared to $3,455,206 in the previous year. The increase is attributed to the timing of ongoing property development.
Cost of construction contracts for the nine months was $3,140,730, compared to $2,071,214 in the previous year. The increase is due to the sale of property held for development, and its associated cost in 2024.
Operating expenses for the nine months decreased to $632,348 from $697,699, primarily due to stock-based compensation of $91,800 in 2023.
Net income for the nine months was $59,167, down from $585,126 in the previous year.
As of September 30, 2024, the company had a cash balance of $1,811,609, total current assets of $2,406,214, and total current liabilities of $5,041,962.
The filing also details various financial agreements, including loans payable to related parties amounting to $701,154.
Dream Homes & Development Corp does not maintain off-balance sheet arrangements.
The company is involved in several minor lawsuits through its subsidiary, Shore Custom Homes Corp, which it expects to prevail.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dream Homes & Development Corp quarterly 10-Q report dated November 25, 2024. To report an error, please email earnings@qz.com.