Tue, Sep 10, 7:29 PM (101 days ago)
Dream Homes & Development Corporation reported a decrease in revenue for the fiscal year ending December 31, 2023, at $5,656,452, down from $6,310,883 in 2022. The company incurred a net loss of $97,379, contrasting with a net income of $154,090 the previous year. Operating expenses rose to $1,016,747, primarily due to increased legal and professional fees. Despite these challenges, the company’s cash position improved significantly, with $2,712,503 in cash compared to $525,389 in 2022. Strategically, Dream Homes is shifting focus from traditional sales to a Build-To-Lease model, responding to a housing shortage and lender preferences, which is expected to become a substantial revenue source. The company has several development projects underway, including 400-800 potential new lots, with projected revenues between $120 million and $240 million. Key risks include economic fluctuations, rising interest rates, and regulatory challenges. The company’s financial condition remains stable, but the lack of an audit committee and potential weaknesses in internal controls may pose future risks. Overall, Dream Homes aims for steady growth in the evolving real estate market, especially in coastal construction and home elevation projects.