Tue, Oct 15, 9:15 PM (79 days ago)
Dream Homes & Development Corporation (DHDC) reported a net loss of $122,618 for Q1 2024, contrasting with a profit of $100,416 in Q1 2023. Revenue increased to $1,473,735 from $1,104,466, driven by ongoing property developments. However, the cost of construction surged to $1,240,320 from $651,444, impacting profit margins. Operating expenses rose by 11.7% to $331,717, further straining profitability. As of March 31, 2024, cash reserves decreased to $2,451,803 from $2,712,503, while total assets fell to $9,957,640 from $10,108,509. Current liabilities also declined slightly to $3,183,928. Stockholders' equity decreased to $615,647 from $633,265, reflecting the net loss. The company is pivoting towards a "Build to Lease" strategy in response to market trends, shifting some developments from sale to lease to capitalize on rental demand. This strategic shift aims to enhance revenue streams amid ongoing uncertainties in the construction market. DHDC continues to pursue new home construction and renovations, anticipating stable demand due to past storm recovery efforts. Overall, the financial health shows challenges with profitability but potential for future growth through strategic adaptations.