Mon, Nov 25, 7:36 PM (18 days ago)
For the third quarter ending September 30, 2024, Dream Homes & Development Corporation (DHDC) reported revenues of $2,182,258, up from $1,644,071 in the same quarter of 2023, driven by ongoing property developments. However, costs increased significantly to $760,912 from $944,466, resulting in a gross profit of $1,421,346. Operating expenses decreased to $106,938 from $156,517, primarily due to the absence of stock-based compensation, leading to an operating income of $1,314,408. Despite this, the company incurred a loss on debt settlements totaling $348,493, contributing to a net income of $925,632, compared to $522,968 in Q3 2023. For the nine-month period, total revenues rose to $4,313,707 from $3,455,206, while net income fell to $59,167 from $585,126, reflecting increased costs associated with property sales. Current liabilities surged to $5,041,962 from $3,317,179, with total stockholders' equity increasing to $2,069,086. DHDC is pivoting towards Build-to-Lease properties to capitalize on market demand, indicating a strategic shift in its operational focus amidst ongoing uncertainties in the real estate sector.