Tue, Apr 15, 9:10 PM (10 days ago)
**Dream Homes & Development Corporation (DREM) 2024 Annual Report Summary** **Financial Performance:** - **Revenue:** $4,972,827 (down from $5,656,452 in 2023) - **Gross Profit:** $2,262,938 (up from $1,085,550 in 2023) - **Net Income:** $875,966 (up from a loss of $97,379 in 2023) - **Earnings per Share (EPS):** $0.02 (up from $0.00 in 2023) **Operating Expenses:** - **Selling, General, and Administrative Expenses:** $759,720 (down from $1,010,531 in 2023) - **Depreciation Expense:** $3,300 (down from $6,216 in 2023) **Strategic Overview:** - Focus on new single and multi-family home construction, with 5 developments totaling 303 units in title or under contract. - Shift towards Build to Lease and Improved Lots for Sale due to market trends and lender preferences. - Expansion into new markets based on demand. **Future Outlook:** - Positive outlook for new developments, with significant future earnings expected from new construction and forward contracts. - Plans to increase the new home and development portion of the business, aiming for greater scalability and growth potential. **Risk Factors:** - Market risks include economic conditions, competition, and regulatory changes. - Operational risks include construction defects, product liability, and environmental regulations. - Financial risks include access to capital, interest rates, and mortgage financing availability. **Financial Condition:** - **Cash Balance:** $1,054,046 (down from $2,712,503 in 2023) - **Total Assets:** $11,521,321 (up from $10,108,509 in 2023) - **Total Liabilities:** $8,635,436 (down from $9,475,244 in 2023) - **Stockholders' Equity:** $2,885,885 (up from $633,265 in 2023) **Market Position Changes:** - The company is positioning itself as a leader in coastal new home and modular construction, elevation, Build to Lease, and Improved Lots for Sale. - The shift towards Build to Lease and Improved Lots for Sale is expected to become a significant revenue stream. **Key Properties:** - **Berkeley Terrace (Bayville, NJ):** 70 approved townhome units, with significant infrastructure and construction progress. - **Lacey Pines (Ocean County, NJ):** 68 new townhomes, with final approvals and substantial infrastructure work completed. - **Louis Avenue (Bayville, NJ):** 17 townhome units, with final approvals and various development options being pursued. - **Autumn Run (Gloucester County, NJ):** 62 age-restricted manufactured housing units, with final approvals and plans for development and sale. **Ticker:** DREM