10-Q/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q/A

(Amendment No. 1)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2018

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File No. 000-55445

DREAM HOMES & DEVELOPMENT CORPORATION

(Exact Name of Registrant As Specified In Its Charter)

Nevada	20-2208821
(State Or Other Jurisdiction Of Incorporation Or Organization)	(I.R.S. Employer Identification No.)

314 South Main Street Forked River, New Jersey 08731

(Address of Principal Executive Offices and Zip Code)

609 693 8881

Registrant’s Telephone Number, Including Area Code:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [  ] No [X]

Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [  ] No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer [  ] Accelerated Filer [  ] Non-Accelerated Filer [  ] Smaller Reporting Company [X]

Emerging Growth Company [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes [  ] No [X]

The number of shares outstanding of the registrant’s common stock, as of September 16, 2019, was 24,200,953

Explanatory Note:

This Amendment No. 1 to the Quarterly Report on Form 10-Q (“Form 10-Q/A”) of Dream Homes & Development Corporation (the “Company”) amends our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018, which was originally filed with the Securities and Exchange Commission on August 20, 2018 (the “Original Form 10-Q”). The originally filed 10-Q was not reviewed by the Company’s independent registered public accounting firm. The Company subsequently terminated its prior independent registered public accounting firm and engaged Boyle, CPA LLC (“Boyle”) as its’ new independent registered public accounting firm. This amended Form 10Q has been reviewed by Boyle. The changes to the originally filed Form 10-Q are updates to subsequent events in Note 11 of the financial statements, a restatement in Note 12 of the financial statements and updates to the filing date and certifications.

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DREAM HOMES & DEVELOPMENT CORPORATION

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION	F-3
ITEM 1. FINANCIAL STATEMENTS	F-3
Consolidated Balance Sheet	F-3
Consolidated Statements of Operations and Comprehensive Income (Loss)	F-4
Consolidated Statements of Cash Flow	F-6
Notes to Consolidated Financial Statements	F-7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	4
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS	9
ITEM 4. CONTROLS AND PROCEDURES	9
PART II. OTHER INFORMATION	10
ITEM 1. LEGAL PROCEEDINGS	10
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	10
ITEM 3. DEFAULTS UPON SENIOR SECURITIES AND CONVERTIBLE NOTES	10
ITEM 4. MINE SAFETY DISCLOSURES	10
ITEM 5. OTHER INFORMATION	10
ITEM 6. EXHIBITS	10
SIGNATURES	11

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PART 1 - FINANCIAL INFORMATION

DREAM HOMES & DEVELOPMENT CORPORATION

CONSOLIDATED BALANCE SHEETS

	June 30, 2018			December 31, 2017
		Unaudited
ASSETS
CURRENT ASSETS
Cash	$	244,389		$	244,684
Accounts receivable		29,228			111,189
Costs in excess of billings and estimated earnings		241,222			69,499
Total current assets		638,834			425,372
PROPERTY AND EQUIPMENT, net		6,688			9,144
OTHER ASSETS
Security deposit		2,200			2,200
Accounts receivable , net of allowance for doubtful accounts ($43,000)		107,000			32,000
Deposits and costs coincident to acquisition of land for Development		270,823			210,129
Total assets	$	901,550		$	678,845
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses	$	461,607		$	391,003
Billings in excess of costs and estimated earnings		163,570			78,483
Accrued income taxes		-			-
Loans payable to related parties		14,743			14,743
Total current liabilities		639,920			484,229
STOCKHOLDERS’ EQUITY
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of June 30, 2018 and December 31, 2017, there are no shares outstanding		-			-
Common stock; 70,000,000 shares authorized, $.001 par value, as of June 30, 2018 and December 31, 2017, there are 24,337,853 and 24,000,953 shares outstanding, respectively; and 202,510 shares committed not yet issued at December 31, 2017 respectively		24,201			24,201
Additional paid-in capital		1,663,520			1,554,144
Accumulated deficit		(1,396,091	)		(1,383,729	)
Total stockholders’equity		261,630			194,616
Total liabilities and stockholders’ equity	$	901,550		$	678,845

The accompanying notes are an integral part of these financial statements.

F-3

DREAM HOMES & DEVELOPMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

	Six months ended June 30, 2018			Six months ended June 30, 2017
	Unaudited			Unaudited
Revenue:
Construction contracts	$	1,299,477		$	1,761,871
Total revenue		1,299,477			1,761,871
Cost of construction contracts		707,192			1,232,975
Gross profit		592,285			528,896
Operating Expenses:
Selling, general and administrative, including stock based compensation of $67,976 and $ 2,800, respectively		602,191			339,887
Depreciation expense		2,456			347
Total operating expenses		604,647			340,229
Income (loss) from operations		(12,362	)		188,667
Other expenses (income):
Interest expense		-			-
Consulting fee income		-			-
Total other expenses (income)		-			-
Net income (loss) before income taxes		(12,362	)		188,667
Provision for income tax (expense)		-			(43,891	)
Net income (loss)	$	(12,362	)	$	144,776
Basic and diluted income (loss) per common share	$	(.00	)	$	.01
Weighted average common shares outstanding-basic and diluted		24,200,953			23,836,735

The accompanying notes are an integral part of these financial statement.

F-4

DREAM HOMES & DEVELOPMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three months ended June 30, 2018			Three months ended June 30, 2017
	Unaudited			Unaudited
Revenue:
Construction contracts	$	917,750		$	1,035,927
Total revenue		917,750			1,035,927
Cost of construction contracts		346,036			720,632
Gross profit		571,714			315,295
Operating Expenses:
Selling, general and administrative, including stock based compensation of $33,988 and $ 0, respectively		327,636			182,178
Depreciation expense		1,227			200
Total operating expenses		328,863			182,378
Income from operations		242,851			132,917
Other expenses (income):
Interest expense		-			-
Consulting fee income		-			-
Total other expenses (income)		-			-
Net income before income taxes		242,851			132,917
Provision for income tax (expense)		-	)		(43,182	)
Net income	$	242,851		$	89,735
Basic and diluted income per common share	$	.01		$	.00
Weighted average common shares outstanding-basic and diluted		24,200,953			23,915,427

The accompanying notes are an integral part of these financial statement.

F-5

DREAM HOMES & DEVELOPMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six months ended June 30, 2018 Unaudited			Six months ended June 30, 2017 Unaudited
OPERATING ACTIVITIES
Net income (loss)	$	(12,362	)	$	144,776
Adjustments to reconcile net income (loss) to net cash provided (used) in operating activities:
Depreciation expense		2,456			347
Stock-based compensation		67,976			2,800
Changes in operating assets and liabilities:
Accounts receivable		6,961			(234,936	)
Costs in excess of billings and estimated earnings		(171,723	)		(31,761	)
Accounts payable and accrued liabilities		70,604			193,673
Accrued income tax		-	)		43,891
Billings in excess of costs and estimated earnings		85,087			61,065
Net cash provided in operating activities		48,999			179,855
INVESTING ACTIVITIES
Purchase of office equipment		-			(5,800	)
Security deposit		-			(2,200	)
Deposit and costs coincident to acquisition of land for development		(60,694	)		(99,700	)
Net cash (used) in investing activities		(60,694	)		(107,700	)
FINANCING ACTIVITIES
Proceeds from sale of common stock		11,400			-
Net cash provided by financing activities		11,400			-
NET INCREASE (DECREASE) IN CASH		(295	)		72,155
CASH BALANCE, BEGINNING OF PERIOD		244,684			266,709
CASH BALANCE, END OF PERIOD	$	244,389		$	338,864
Supplemental Disclosures of Cash Flow Information:
Interest paid	$	-		$	-
Income taxes paid	$	-		$	-
Non-Cash Investing and Financing Activities:
71,429 restricted shares of common stock committed to be issued to Dream Homes, Ltd. for refundable deposit under contract rights to develop land (see Notes 3 and 5)	$	-		$	10,000

The accompanying notes are an integral part of these financial statements.

F-6

DREAM HOMES & DEVELOPMENT CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Six Months Ended June 30, 2018 and 2017 (Unaudited)

Note 1 - Significant Accounting Policies

Nature of Operations

Dream Homes & Development Corporation is a regional builder and developer of new single-family homes and subdivisions, as well as a market leader in coastal construction, elevation and mitigation. In the five years that have passed since Superstorm Sandy flooded 30,000 owner-occupied homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements.

In addition to the coastal construction market, Dream Homes will continue to pursue opportunities in new single and multi-family home construction, with 4 new developments totaling 123 units under contract and in development. Dream Homes’ operations will include the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes.

In addition to the New Jersey market, the Company, through its Dream Building LLC subsidiary, has become licensed in Florida to pursue recent opportunities for elevation, restoration, renovation and new construction brought about by the damage caused by recent hurricanes. Initial markets to be targeted are located primarily in the southwest portion of the state, between Naples and Cape Coral.

In addition to the Company’s construction operations, the Company holds a bi-monthly “Dream Homes Nearly Famous Rebuilding Seminar”, and publishes an informational blog known as the “Dream Homes Rebuilding Blog”. The Rebuilding Seminar is an educational tool for homeowners who need rebuilding or renovations. This seminar has been presented steadily since early 2013, and is designed to educate and assist homeowners in deciphering the confusion about planning and executing complex residential construction projects. A professional team attends each seminar and presents on a diverse variety of topics, including expert advice from architects, engineers, finance people, attorneys, project managers, elevation professionals and builder/general contractors. The “Dream Homes Rebuilding Blog” is an educational platform written by Vincent Simonelli, which offers comprehensive advice on all aspects of construction, finance, development and real estate. The Blog is located at http://blog.dreamhomesltd.com.

History

Dream Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”) on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).

On August 19, 2016, Virtual Learning acquired 4.5% of Dream Homes, Ltd. (“DHL”), 100% of Dream Building, LLC (“DBL”) , a wholly owned subsidiary of DHL, and use of all construction licensing and registrations held by Atlantic Northeast Construction LLC (“ANCL”), a wholly owned subsidiary of DHL, in exchange for the issuance of 2,225,000 shares of Virtual Learning common stock to DHL at an agreed price of $.05 per common share.

F-7

The majority stockholder and chief executive officer of DHL was also the controlling stockholder and chief executive officer of Virtual Learning. As Virtual Learning and DHL were entities under common control, the acquired assets were reflected by Virtual Learning at DHL’s $0 carrying amount on the date of transfer pursuant to Accounting Standards Codification (“ASC”) 805-50-30-5.

From August 19, 2016 to August 23, 2016, Virtual Learning acquired the rights to complete 6 in process construction contracts of ANCL in exchange for the issuance of 2,287,367 shares of Virtual Learning common stock to DHL at an agreed price of $.05 per common share for those ANCL contracts. As Virtual Learning and DHL were entities under common control, the acquired rights were reflected at DHL’s $0 carrying amount on the date of transfer pursuant to ASC 805-50-30-5.

Due to the Company’s change in focus to its construction business, the Company wrote off the remaining unamortized capitalized curriculum development costs of $20,534 at December 31, 2016.

On March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a web site at www.dreamhomesltd.com as well as a blog, located at http://blog.dreamhomesltd.com.

Interim Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they may not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation.

The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2017, which contains the audited financial statements and notes thereto, together with Management’s Discussion and Analysis of Financial Conditions and Results of Operations, for the year ended December 31, 2017. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018.

Principles of Consolidation

The consolidated financial statements include the accounts of DHDC and its wholly owned subsidiary DBL (collectively, the “Company”). All intercompany balances and transactions have been eliminated in consolidation.

F-8

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.

Use of Estimates

The preparation of financial statements in conformity with accounting principles .generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.

Fair Value of Financial Instruments

Fair value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows:

● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.

● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

● Level 3 inputs are less observable and reflect our own assumptions.

Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and loans payable to related parties. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and loans payable to related parties approximates fair value because of their short maturities.

Construction Contracts

Revenue recognition:

The Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation, amortization and general overhead cost. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined.

The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project.

The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date, if any, as current assets and liabilities consistent with the length of time of its project operating cycle. For example:

● Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset.

● Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability.

F-9

Costs and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated.

Change in Estimates:

The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions: availability of skilled contract labor: performance of major material suppliers and subcontractors: on-going subcontractor negotiations and buyout provisions: unusual weather conditions: changes in the timing of scheduled work: change orders: accuracy of the original bid estimate: changes in estimated labor productivity and costs based on experience to date: achievement of incentive-based income targets: and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates are disclosed in the notes to the consolidated financial statements.

F-10

Income Taxes

The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the provision for income tax in the statements of operations. The Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance when realization of the assets is not reasonably assured.

The Company recognizes in its financial statements the impact of tax positions that meet a “more likely than not” threshold, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

Net Income (Loss) Per Common Share

Basic net income (basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

Diluted net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive securities outstanding during the period.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification “ASC” Topic 606). The purpose of this ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU were originally effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The impact of this ASU on our financial position, results of operations and cash flows at June 30, 2018 and for the six months then ended has not been significant.

F-11

Certain other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

2 - Property and Equipment

Property and equipment is summarized as follows:

	June 30, 2018			December 31, 2017
	(Unaudited)
Office equipment	$	4,115		$	4,115
Vehicles		24,565			24,565
Less: Accumulated depreciation		(21,992	)		(19,536	)
Property and Equipment- net	$	6,688		$	9,144

Depreciation expense for the six months ended June 30, 2018 and 2017 was $2,456 and $347, respectively.

3-Deposits and Costs Coincident to Acquisition of Land for Development

Deposits and costs coincident to acquisition of land for development are summarized as follows:

	June 30, 2018		December 31, 2017
	(Unaudited)
Lacey Township, New Jersey, Marina contract:
Deposit		25,000		25,000
Site engineering, permits and other costs:		70,098		23,657
Total Marina Contract		95,098		48,657
Lacey Township, New Jersey, Pines contract:
Deposit		0		10,000
Cost to acquire contract		10,000		10,000
Site engineering, permits, and other costs		118,288		111,215
Total Pines contract		138,288		131,215
Berkeley Township, New Jersey, Tallwoods contract:
Deposit		10,000		10,000
Site engineering, permits, and other costs		27,437		20,257
Total Tallwoods contract		37,437		30,257
Total	$	270,823	$	210,129

F-12

Lacey Township, New Jersey, “Dream Homes at the Pines”, Contract

On December 15, 2016, the Company acquired from General Development Corp. (“GDC”) rights to a contract to purchase over 9 acres of undeveloped land without amenities in Lacey Township, New Jersey (the “Lacey Contract or Dream Homes at the Pines”) for $15,000 cash (paid in December 2016) and 100,000 restricted shares of Company common stock (issued in April 2017) valued at $5,000. GDC acquired the rights to the contract from DHL on December 14, 2016 for $10,000 cash. As discussed in Note 8, Commitments and Contingencies under Line of Credit, the Company also has an available line of credit of $50,000 with GDC.

The Lacey Contract between DHL and the seller of the land was dated March 18, 2016 and provides for a $1,000,000 purchase price with closing on or about 60 days after memorialization of final Development Approvals has been obtained. DHL paid the seller a $10,000 refundable deposit in March 2016 pursuant to the Lacey Contract. In the event the transaction has not closed on at least a portion of the property within 24 months of the completion of the Due Diligence Period (as may be extended by two 6- month extensions), the seller has the option of terminating the contract. Notwithstanding this provision, the Company retains the right at all times to waive any remaining contingencies and proceed to close on the property.

At this time, the contract is in good standing and there is no risk of cancellation. As per the contract, the Company is required to close on this property no later than March 18, 2019, which date is inclusive of the 24-month development period, and 2 additional 6-month extensions.

Due diligence for the above property was completed as of May 17, 2016, and all costs were incurred by Dream Homes Ltd., which was in the contract for the property at the time. No additional costs for due diligence have been incurred by the Company, nor are any anticipated. The Company will incur all current costs associated with this property necessary to obtain all approvals, acquire the land, install the infrastructure and prepare the property to commence construction.

In order to obtain all developmental approvals and be prepared to begin installing infrastructure, various permits and engineering work are required. These permits include but are not limited to township subdivision, county, municipal utility authority, CAFRA (NJ Department of Environmental Protection) and NJ Department of Transportation. To date, design engineering has been completed and a CAFRA application has been prepared and submitted to the environmental scientist, along with a check for $36,750 payable to the NJ DEP. Application for this permit was made in April 2017. As of this date, the CAFRA application has been put on hold pending a determination if the township will be approved by the State of New Jersey for a CAFRA Town Center designation. A permit is expected to be issued in June or July of 2018. A Lacey Township Planning Board meeting was held on December 11, 2017. Additional information was requested from the board and the next meeting will be scheduled upon receipt of outside agency permits and the other requested information.

It is anticipated that complete development approvals will cost approximately $50,000 more to complete. In addition to these approval costs and acquisition costs, infrastructure costs are anticipated to cost approximately $1,000,000. The total amount of funding required to acquire and make this property ready for home construction is approximately $2,090,000 as of June 30, 2018.

F-13

The Company may need to seek loans from banks to finance this project. As part of their financing agreements, the banks typically require Vincent Simonelli to personally guarantee these loans. If Mr. Simonelli cannot qualify as a guarantor and there is no one other than him in the Corporation to provide those guarantees, the financing of the deal may be adversely affected. The exact amount of funding required for this particular property is not clear at the present time but will be determined when full approvals have been obtained and the Company is prepared to take title to the property.

Berkeley Township, New Jersey, “Dream Homes at Tallwoods”, Contract

On March 1, 2017, the Company acquired from DHL rights to a contract to purchase over 7 acres of land in Berkeley Township, NJ (the “Tallwoods Contract or Dream Homes at Tallwoods”) for 71,429 restricted shares of Company common stock (issued in April 2017). The Tallwoods Contract between DHL and the seller of the land was dated January 5, 2017 and provides for a $700,000 purchase price with closing on or about 60 days after final development approvals have been obtained and memorialized. DHL paid the seller a refundable $10,000 deposit in January 2017 pursuant to the Tallwoods contract.

The due diligence period associated with this property expired on March 4, 2017 and all costs associated with same were paid by Dream Homes Ltd. prior to the expiration date. The Company will incur no further costs related to the due diligence aspect of this purchase. The Company will incur all current and future costs associated with this property necessary to obtain all approvals, acquire the land and prepare the property to commence construction.

The land is currently improved with streets and all public utilities in place. As such, the necessary steps required to bring the property through the approval process involve primarily design engineering. Since the property is on an improved street, a major subdivision application will be filed with the township, which will create 13 conforming buildable lots from the existing single 7-acre parcel. Accordingly, the remaining costs will primarily involve engineering and approval costs, as opposed to costs associated with the installation of infrastructure.

At this time, the Company estimates that the total engineering and approval costs will be approximately $40,000. The amount of money required to purchase the property is $700,000 of which $10,000 is currently on deposit. The Company has made application to the Berkeley Township Zoning Board.

In the event the transaction has not closed on at least a portion of the Property within 12 months of the completion of the Due Diligence Period (as may be extended by two 6-month extensions), the seller has the option of terminating the contract. Notwithstanding this provision, the Company retains the right at all times to waive any remaining contingencies and proceed to close on the property.

The Company may need to seek loans from banks to finance this project. As part of their financing agreements, the banks typically require Vincent Simonelli to personally guarantee these loans. If Mr. Simonelli cannot qualify as a guarantor and there is no one other than him in the Corporation to provide those guarantees, the financing of the deal may be adversely affected. The exact amount of funding required for this particular property is not clear at the present time but will be determined when full approvals have been obtained and the Company is prepared to take title to the property.

Lacey Township, New Jersey, “Dream Homes at Forked River”, Marina Contract

The Company has acquired the rights to a purchase contract via contract assignment for 48 waterfront townhomes with boat slips in Lacey, NJ. The project is currently in the approval process and significant engineering, environmental, traffic and architectural work has been completed. The property is a waterfront property, and is partially improved with all boat slips currently installed, the Department of Transportation permit received and the curb cut from Route 9 in place. The property when completely constructed has a retail value of $21 million and is expected to begin site improvements in late 2018 or early 2019.

On December 8, 2017, the Company acquired from DHL rights to a contract to purchase over +/- 7.5 acres of land in Lacey Township, NJ (the “Marina Contract or Dream Homes at Forked River”) for 162,200 restricted shares of Company common stock (committed but not issued as of May 21, 2018). The Contract between DHL and the seller of the land was dated February 24, 2016 and provides for a $2,166,710 purchase price with closing on or about 60 days after final development approvals have been obtained and memorialized. DHL paid the seller a refundable $25,000 deposit in February 2016 pursuant to the Marina contract.

The due diligence period associated with this property expired on May 1, 2016 and all costs associated with same were paid by Dream Homes Ltd. prior to the expiration date. The Company will incur no further costs related to the due diligence aspect of this purchase. The Company will incur all current and future costs associated with this property necessary to obtain all approvals, acquire the land and prepare the property to commence construction.

The land is currently approved for a marina and it is the Company’s intention to modify the approvals to a townhome use, as per the ordinance. The property is currently unimproved. As such, the necessary steps required to bring the property through the approval process involve design engineering as well as environmental approvals. Accordingly, the remaining costs will primarily involve engineering, legal and approval costs.

At this time, the Company estimates that the total engineering and approval costs will be approximately $100,000. The amount of money required to purchase the property is $2,430,000 of which $25,000 is currently on deposit.

The Company may need to seek loans from banks to finance this project. As part of their financing agreements, the banks typically require Vincent Simonelli to personally guarantee these loans. If Mr. Simonelli cannot qualify as a guarantor and there is no one other than him in the Corporation to provide those guarantees, the financing of the deal may be adversely affected. The exact amount of funding required for this particular property is not clear at the present time but will be determined when full approvals have been obtained and the Company is prepared to take title to the property.

F-14

Little Egg Harbor Township, New Jersey, “Dream Homes at Radio Road”, Contract

On March 14, 2018, the Company signed a contract to purchase 4 improved lots in Little Egg Harbor Township, NJ (the “Dream Homes at Radio Road”) for a total of $260,000. The Contract between the Company and the seller of the land provides for a $65,000 per lot purchase price with closing occurring on a rolling basis, as each house is built and sold. In addition, the Company is pursuing financing and is waiting for a formal commitment for a funding facility comprised of acquisition and development funding.

The Company intends to begin construction in the last quarter of 2018 and the homes are projected to sell in the $350,000 - $375,000 range.

Glassboro Township, New Jersey – Robin’s Nest Solar Farm

On May 28, 2018, the Company signed a contract to purchase a 700 KW property to be developed as a solar farm in Glassboro, NJ. The purchase price is $900,000 and the contract is subject to obtaining funding for the solar array as well as a portion of the purchase price. There is also a PPA (power production agreement) in place with a nursing home adjacent to the property, to purchase the entire electrical output for the next 20 years.

In early August, a funding proposal was submitted to Republic Bank, which is a local lender, and discussions are ongoing. If funding is approved, it is expected that this transaction will close in late 2018.

4-Loans Payable to Related Parties

Loans payable to related parties is summarized as follows:

	June 30, 2018		December 31, 2017
	(Unaudited)
Loans payable to chief executive officer	$	11,525	$	11,525
Loans payable to GPIL (see Note 5)		3,118		3,118
Loan payable to DHL		100		100
Total	$	14,743	$	14,743

All the loans above are non-interest bearing and due on demand.

5 - Common Stock Issuances

On August 18, 2016, Virtual Learning issued 2,000,000 restricted shares of common stock to GPIL in satisfaction of $20,000 loans payable (see Note 4).

On August 19, 2016 (see Note 1), Virtual Learning issued 2,225,000 restricted shares of common stock to Dream Homes Ltd. for a 4.5% equity interest in Dream Homes Ltd. and certain other assets, at an agreed price of $.05 per share.

From August 19, 2016 to August 23, 2016 (see Note 1), Virtual Learning issued a total of 2,287,367 restricted shares of common stock to Dream Homes Ltd. for rights to complete 6 in process construction contracts of Atlantic Northeast Construction LLC, a wholly owned subsidiary of Dream Homes Ltd. at an agreed price of $.05 per share.

F-15

On August 19, 2016, Virtual Learning issued 250,000 restricted shares of common stock to Mr. Roger Fidler for legal services. The 250,000 shares were valued at $2,500 (or $.01 per share), which amount was expensed in the three months ended September 30, 2016.

On October 13, 2016, DHL assigned 100,000 restricted shares of Company common stock it held to a minority shareholder of DHL. This minority shareholder of DHL had contributed $100,000 out of approximately $500,000 in a private placement of common stock of DHL in 2010. In addition, this minority stockholder of DHL also received 275,000 restricted shares from DHL in 2011 for consulting services. Accordingly, the Company has not deemed it appropriate to measure stock-based compensation relating to the 100,000 shares assigned by DHL to its minority stockholder.

On October 21, 2016, Virtual Learning issued 160,000 restricted shares of common stock to an individual for accounting services. The 160,000 restricted shares were valued at $8,000 (or $.05 per share), which amount was expensed in the three months ended December 31, 2016.

On December 29, 2016, Virtual Learning issued a total of 326,857 restricted shares of common stock to convertible noteholders for their notes and accrued interest totaling $65,371.

On December 29, 2016, Virtual Learning issued a total of 180,000 restricted shares of common stock (50,000 shares to the Company’s chief executive officer, 50,000 shares to the Company’s secretary, 10,000 shares each to our two outside directors, and a total of 60,000 shares to four other individuals, principally DHL employees, for services rendered. The 180,000 shares were valued at $9,000 (Company officers and outside directors- $6,000, DHL employees-$3,000) (or $.05 per share), which amount was expensed in the three months ended December 31, 2016.

On February 22, 2017, DHDC issued 56,000 restricted shares of common stock to Green Chip Investor Relations pursuant to an Investor Relations and Consulting Services Agreement (see Note 8). The 56,000 restricted shares were valued at $2,800 ( or $.05 per share), which amount was expensed in the three months ended March 31, 2017.

On March 1, 2017, DHDC committed to issue 71,429 restricted shares of common stock (issued April 24, 2017) to DHL valued at $10,000, representing the amount of the refundable deposit on land made by DHL to the Seller in January 2017 for the Berkeley Township New Jersey contract (see Note 3).

On March 14, 2017, DHL assigned 275,000 restricted shares of Company common stock it held to the same minority stockholder of DHL that it assigned 100,000 shares of Company common stock on October 13, 2016 (see sixth preceding paragraph).

On April 26, 2017, DHDC issued 100,000 shares of restricted stock to General Development Corp. as payment of an assignment fee related to the 58 unit townhouse development in Lacey Township, NJ (see Note 3).

On July 12, 2017, DHDC issued 40,000 restricted shares of DHDC’s common stock to Dream Homes, Ltd. (“DHL”) in exchange for vehicles owned by DHL. The transaction reflected $6,000 net carrying value of the assets on DHL’s books at July 12, 2017.

On September 21, 2017, DHL assigned 25,000 restricted shares of Company common stock it held to the Secretary of both DHDC and DHL for services rendered to DHL. Accordingly, no stock-based compensation was recognized by DHDC.

On December 8, 2017, DHDC committed to issue 162,200 restricted shares of common stock to DHL valued at $48,658 (DHL’s historical cost of the assets being assigned), for the assignment of a contract to purchase property from DHL for the Lacey Township New Jersey Pines contract (see Note 3).

On December 11, 2017, DHL assigned 100,000 restricted shares of Company common stock it held to the Company Securities Counsel of both DHDC and DHL in settlement of certain DHL accounts payable due him. Accordingly, no stock-based compensation was recognized by DHDC.

F-16

On December 27, 2017, DHDC committed to issue 12,500 restricted shares of DHDC’s common stock for cash proceeds of $ 5,000 at $.40 per share per the Subscription Agreement.

On December 29, 2017, DHDC committed to issue 27,810 restricted shares of DHDC’s common stock for settlement of $ 11,124 accounts payable at $.40 per share.

On January 31, 2018, DHDC committed to issue 16,000 restricted shares of DHDC’s common stock for cash proceeds of $11,400 at $ .40 per share per the subscription agreement.

On February 9, 2018, DHL assigned 40,000 restricted shares of Company common stock it held to a minority stockholder of DHL. This minority stockholder of DHL had contributed $10,000 out of approximately $500,000 in a private placement of common stock of DHL in 2010. In addition, this minority stockholder of DHL also received 30,000 restricted shares of DHL common stock in 2011 for legal services. Accordingly, no stock-based compensation was recognized by DHDC for this assignment of 40,000 shares.

On February 9, 2018, DHL assigned 25,000 restricted shares of Company common stock it held to the Secretary of both DHDC and DHL for accounting and administrative services rendered to DHL. Accordingly, no stock-based compensation was recognized by DHDC for this assignment of 25,000 shares.

On February 9, 2018, DHL assigned 25,000 restricted shares of Company common stock it held to a director of DHDC and service provider to DHL for legal services provided to DHL. Accordingly, no stock-based compensation was recognized by DHDC for this assignment of 25,000 shares.

On February 26, 2018 DHDC issued 12,500 restricted shares of DHDC’s common stock for cash proceeds of $ 5,000 at $.40 per share per the Subscription Agreement.

On May 17, 2018, DHL assigned 115,340 restricted shares of Company common stock it held to Jerry Andy Jerad Villecco, a supplier of both DHDC and DHL in settlement of certain DHL accounts payable due him. Accordingly, no stock-based compensation was recognized by DHDC. These shares were previously authorized but had not been issued.

6 – Income Taxes

The provisions for (benefit from) income taxes differ from the amounts computed by applying the statutory United States Federal income tax rate (21% in 2018; 35% in 2017)to income (loss) before income taxes.

The sources of the differences follow:

	Six months ended June 30, 2018			Six months ended June 30, 2017
	(Unaudited)			(Unaudited)
Expected tax (benefit)	$	(5,812	)	$	66,033
State income taxes, net of Federal benefit		(1,661	)		7,974
Non-deductible stock-based compensation		14,275			980
Benefit from net operating loss carry forward		(6,802	)		-
Provision for Federal income taxes at lower tax rate on taxable income under $50,000		-			(11,781	)
Change in valuation allowance		-			(19,315	)
Provision for (benefit from) income taxes	$	-		$	43,891

F-17

The significant components of DHDC’s deferred tax asset as of June 30, 2018 and December 31, 2017 are as follows:

	June 30,2018			December 31, 2017
	(Unaudited)
Deferred tax assets:
Net operating loss carry forward	$	57,598		$	-
Valuation allowance		(57,598	)		-
Net deferred tax asset	$	-		$	-

At June 30, 2018, the Company has a net operating loss carryforward of approximately $204,903 which expires in year 2038. Based on management’s present assessment, the company has not yet determined it to be more likely than not that a deferred tax asset of $57,598 attributable to the future utilization of the $204,903 net operating loss carryforward will be realized. Accordingly, the company has recorded a 100% allowance against the deferred tax asset in the financial statements as of June 30, 2018.

Current United States income tax law limits the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.

7- Business Segments

The company currently has one business segment which is residential construction, which is further divided into elevation/renovation, demolition and new home construction and new single and multi-family home developments. The residential construction segment is operated through DHDC’s wholly owned subsidiary Dream Building, LLC (since August 19, 2016).

As discussed in Note 11 (subsequent events), the Company has signed a contract to purchase a property currently approved for a 700 KW solar farm.

F-18

8- Commitments and Contingencies

Construction Contracts

As of June 30, 2018, Dream Building, LLC is committed under 22 construction contracts outstanding with home owners with contract prices totaling $ 3,545,139 which are being fulfilled in the ordinary course of business. None of these construction projects are expected to take significantly in excess of one year to complete from commencement of construction. The Company has no significant commitments with material suppliers or subcontractors that involve any sums of substance or, of long term duration at the date of issuance of these financial statements.

Employment Agreements

On April 28, 2017, DHDC executed an Employment Agreement with its newly appointed Vice President of Business Development. The term of the agreement is from April 28, 2017 to December 31, 2020 and is renewable thereafter at 1-year intervals based on certain sales targets. The agreement provides for compensation based on sales.

On May 8, 2017, DHDC executed an Employment Agreement with its newly appointed Sales Manager. The term of the agreement is from May 8, 2017 to May 8, 2019 and is renewable thereafter at 1-year intervals based on certain sales targets. The agreement provides for compensation based on sales.

For the six months ended June 30, 2018, sales commissions expense pursuant to these two employment agreements were $56,164.

Lease Agreement

On June 20, 2017, DHDC executed a lease for office and storage space located at 2109 Bridge Avenue, Point Pleasant, New Jersey. The term of the Lease is five years from June 20, 2017 to June 20, 2022 with two (2) five (5) year options to renew. The Lease provides for monthly rent commencing August 20, 2017 at $1,200 per month until the earlier of completion of upstairs offices or November 20, 2017, at which time the monthly rent increases to $2,200 per month. Assuming DHDC is current in all rent and other charges, DHDC has the option to cancel the Lease with 90 days written notice to Landlord.

In May of 2018, DHDC renegotiated the lease to provide for a monthly payment of $1,100, which commenced on June 1, 2018.

For the six months ended June 30, 2018, rent expense under this lease agreement was $12,100.

Investor Relations Agreement

On February 10, 2017, the Company entered into an Investor Relations and Consulting Services Agreement with an investor relations firm. The agreement expired on August 31, 2017 and provided for issuance of 56,000 restricted shares of common stock valued at $2,800 to the investor relations firm (stock issued on February 22, 2017) and $2,000 per month fees to be paid to the investor relations firm commencing March 2017.

For the six months ended June 30, 2018 and 2017, consulting fees expense under this agreement was $2,000 and $4,800 respectively.

Line of Credit

On September 15, 2016, DHDC established a $50,000 line of credit with General Development Corp., a non-bank lender. Advances under the line bear interest at a rate of 12% payable monthly and the outstanding principal is due and payable in 60 months. The line is secured by the personal guarantee of the Company’s Chief Executive Officer. The agreement to fund automatically renews on a yearly basis if interest payments are current. To date, the Company has received $20,000 under the line of credit.

F-19

Private Placement

On November 3, 2017, the Company released a Private Placement Memorandum, which consists of an equity and debt offering for up to $5,000,000 in new capital. This capital will be utilized for acquisition and development of several of the properties the Company has under contract, as well as expansion into the Florida market. The offering is comprised of Units for sale as well as convertible debt. Each Unit is priced at $.40 per common share and includes 1 warrant to purchase an additional share of common stock for $.60 within 3 years of the date of Unit purchase. The convertible debt is offered at an 8% coupon, paid quarterly, has a maturity of 4 years and is convertible at $.75 per share. The offering was scheduled to close on January 2, 2018 and was extended unchanged by the Company to September 2, 2018.

As of May 21, 2018, the Company has sold a total of 68,810 units and received $16,400 in cash ($5,000 in December 2017 for 12,500 units, $6,400 in January 2018 for 16,000 units and $5000 in February 2018 for 12,500 units) and was granted a reduction in accounts payable from a lumber vendor of 11,124 for 27,810 units issuable to the vendor as of December 31, 2017.

9- Related Party Transactions

Dream Homes Ltd. Allocated payroll

The Company uses the services of Dream Homes Ltd. (DHL) personnel for its operations. For the six months ended June 30, 2018 and 2017, selling, general and administrative expenses include $236,906 and $217,948, respectively incurred for the Company’s estimated share of DHL’s gross payroll and payroll taxes for the 2018 period. This amount includes $38,500 salary paid to the Company’s Chief Executive Officer and $31,200 salary paid to the Company’s Secretary and VP of Human Resources. At June 30, 2018, accounts payable and accrued expenses include $ 81,135 due to DHL for unpaid payroll reimbursement.

Office Space

The Company has occupied office space located in Forked River, New Jersey which is owned by an affiliated company. Commencing April 2017, the Company has paid DHL monthly rent of $2,000 ($12,000 total for the six months ended June 30, 2018) for this office space.

10- Stock Warrants

On July 12, 2017, DHDC issued 750,000 stock warrants to various members of Dream Homes & Development Corporation’s executive team (including 500,000 to the Company’s Chief Executive Officer, 100,000 to the Company’s Secretary, and a total of 60,000 to the Company’s two other directors and 50,000 to a non-executive DHL project manager employee). These Warrants entitle the holder to purchase shares of Dream Homes & Development Corporation at $0.30 per share through July 20, 2020. These warrants vest to the Holder on a semi-annual basis over a 36-month period contingent upon Holder’s continued association with the Company. The $407,850 total fair value (calculated using the Black Scholes option pricing model and the following assumptions: (1) stock price of $0.60, (2) exercise price of $0.30, (3) dividend yield of 0%, (4) risk-free interest rate of 1.53%, (5) expected volatility of 171%, and (6) term of 3 years) of the 750,000 warrants is being expensed evenly over the 3 years requisite service period of the individuals that were granted these warrants commencing in July 2017. For the six months ended June 30, 2018, stock-based compensation attributable to the warrants was $ 67,976 using the above Black Scholes option pricing model.

Included within the 750,000 warrants described in the preceding paragraph are 20,000 warrants issued to the Company’s Vice President of Business Development that are not covered by the Employment Agreement dated April 28, 2017 described in Note 8. Also included within the 750,000 warrants described in the preceding paragraph are 20,000 warrants issued to the Company’s Sales Manager that are not covered by the Employment Agreement dated May 8, 2017 described in Note 8.

In addition to the 750,000 warrants issued on July 12, 2017 per above, the company issued a total of 68,810 warrants in connection with the Private Placement described above in Note 8. The warrants are exercisable into common stock at an exercise price of $ ..60 per share for a period of 3 years commencing from the respective issuance dates of these warrants.

F-20

11- Subsequent Events

On July 3, 2018 the Company borrowed $60,000 from 3 private lenders in equal amounts of $20,000 each. These lenders were Richard Pezzullo, who is also a director and stockholder of DHDC, Dream Homes Ltd., who is a stockholder in DHDC and General Development Corporation, which is a private lender. Terms for each note are identical. Notes bear interest at 12% APR and mature in 6 months, with the right to extend as needed.

On July 10, 2018, the Company closed on the purchase of a a single-family water view home in Ocean Township, NJ for $68,000. The home is in need of elevation and renovation, which is expected to cost an additional $125,000.

It is the Company’s intention to renovate and sell the property. The property is expected to sell to a 3^rd party purchasers for approximately $350,000.

On July 23, 2018, the Company signed a contract to purchase 2.3 acres of improved/unimproved property in Berkeley Township, NJ. The property was previously approved by the township for 12 duplex residential units. The purchase price is $370,000, for which the company has paid $5,000 deposit to be held in escrow on signing of the contract.

During the period following September 30, 2018, the Company has added $646,086.80 in executed elevation and new home contracts, comprised of 2 separate elevation and renovation contracts, as well as one demolition and new single-family home contract.

During the period following September 30, 2018, on October 20, 2018 the Company entered into contract for the purchase of assets from Premier Modular Homes, LLC for the sum of $119,000, which sum shall be paid on a contingent basis for all sales generated through Premier Modular leads. The acquired assets include phone numbers, web site, use of Premier Modular Home, LLC name, equipment, vehicles and trailers.

The Company also entered into an agreement to lease the Premier Modular Homes showroom and offices located at 884 Route 9 Tuckerton, NJ 08087 for a annual amount of $18,000 with the option to renew yearly for the period of two years.

On November 15, 2018, the Company also received variance approval for the 71 Sheridan Street property in Waretown, NJ. This property was purchased on July 12, 2018. The Company intends to elevate and renovate this property, in preparation for a sale in spring 2019.

12- Restatement of Previously Issued Financial Statements

The Company has restated the consolidated financial statements at June 30, 2018 and for the six months then ended (which were previously included in the Company’s Form 10-Q filed with the SEC on August 20, 2018) in order to reflect the restatements previously made to the December 31, 2017 financial statements, in order to correct errors principally relating to the accounting for construction contracts under the “percentage of completion method.” These prior errors resulted primarily from misinterpretation of facts and circumstances concerning 11 contracts at the date of issuance of the consolidated financial statements by the Company.

F-21

	As Previously			Restatement			As
	Reported			Adjustments			Restated
CURRENT ASSETS
Cash	$	244,389		$	-		$	244,389
Accounts receivable		148,384			(119,156	)		29,228
Costs and estimated earnings in excess of billings		246,061			(4,839	)		241,222
Total current assets		638,834			(123,995	)		514,839
PROPERTY AND EQUIPMENT, net		6,688			-			6,688
OTHER ASSETS
Accounts receivable, net of allowance for doubtful accounts ($43,000)		75,000			32,000			107,000
Security deposit		2,200			-			2,200
Deposits and costs coincident to acquisition of land for development		270,823			-			270,823
Total assets	$	993,545		$	(91,995	)	$	901,550
CURRENT LIABILITIES
Accounts payable and accrued expenses	$	456,939		$	4,668		$	461,607
Billings in excess of costs and estimated earnings		213,339			(49,769	)		163,570
Accrued income taxes		-			-			-
Loans payable to related parties		14,743			-			14,743
Total current liabilities		685,021			(45,101	)		639,920
STOCKHOLDERS’ EQUITY
Preferred stock		-			-			-
Common stock		24,338			(137	)		24,201
Additional paid-in capital		1,663,423			(29,903	)		1,633,520
Accumulated deficit		(1,379,237	)		(16,854	)		(1,396,091	)
Total stockholders’ equity		308,524			(46,894	)		261,630
Total liabilities and stockholders’ equity	$	993,545		$	(91,995	)	$	901,550

The effect of the restatement adjustments on the Consolidated Statement of Operations for the six months ended June 30, 2018 follows:

	As Previously			Restatement			As
	Reported			Adjustments			Restated
Revenue	$	1,299,477		$	-		$	1,299,477
Cost of construction		707,192			-			707,192
Gross profit		592,285			-			592,285
Operating expenses
Selling, general and administrative		617,506			(15,315	)		602,191
Depreciation expense		2,456			-			2,456
		619,962			(15,315	)		604,647
Income tax benefit (expense)		-			-			-
Net loss	$	(27,677	)	$	15,315		$	(12,362	)

F-22

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This Quarterly Report on Form 10-Q and other written reports and oral statements made from time to time by the Company may contain so-called “forward-looking statements,” all of which are subject to risks and uncertainties. One can identify these forward-looking statements by their use of words such as “expect,” “plan,” “will,” “may,” “anticipate,” “believe,” “estimate,” “should,” “intend,” “forecast,” “project” the negative or plural of these words, and other comparable terminology. One can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address the Company’s growth strategy, financial results and product and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company’s forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement. One should carefully evaluate such statements in light of factors described in the Company’s filings with the SEC, especially the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. One should understand that it is not possible to predict or identify all such factors. Consequently, the reader should not consider any such list to be a complete list of all potential risks or uncertainties.

Use of Terms

The following discussion analyzes our financial condition and results of operations for the three months ended June 30, 2018 and 2017. Unless the context indicates or suggests otherwise, reference to “we”, “our”, “us” and the “Company” in this section refers to the operations of Dream Homes & Development Corporation (DHDC),

4

PLAN OF OPERATION

Overview

Building on a history of over 1,500 new homes built, the management of Dream Homes & Development Corporation has positioned the company to emerge as a rapidly growing regional developer of new single-family subdivisions as well as a leader in coastal construction, elevation and mitigation. In the six years that have passed since Superstorm Sandy flooded over 30,000 owner-occupied homes, Dream Homes has helped hundreds of homeowners build new homes or rebuild or raise their homes to comply with new FEMA requirements. While other builders have struggled to adapt to the changing market and complex Federal, State and local regulations involved with coastal construction in Flood Hazard Areas, Dream Homes has excelled. As many of our competitors have failed, Dream Homes has developed a reputation as the region’s most trusted builder and has even become known as the “rescue” builder for homeowners whose projects have been abandoned by others. Due to the damage caused by the storm, as well as the material changes in the FEMA flood maps which now require over 30,000 homeowners along the New Jersey coastline to elevate their homes, Dream Homes is positioned to capitalize on this opportunity for substantial revenue growth.

Management recognized that the effects of Super Storm Sandy, which occurred on 10/29/12, would be far reaching and cause an almost unlimited demand for construction services, as well as specific construction information. Due to the damage caused by the storm, as well as the material changes in the FEMA flood maps which now require over 30,000 homeowners along the New Jersey coastline to elevate their homes, management feels that focusing on the construction field will continue to provide a stable revenue stream for the company.

In addition to the New Jersey market, the Company, through its Dream Building LLC subsidiary, has become licensed in Florida to pursue recent opportunities for elevation, restoration, renovation and new construction brought about by the damage caused by recent hurricanes. Initial markets to be targeted are located primarily in the southwest portion of the state, between Naples and Cape Coral.

Dream Building LLC. operates as a wholly owned subsidiary of Dream Homes and Development Corporation and continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations. The amount of these projects currently under contract as of June 30, 2018 is $3,545,139.

In addition to the above projects, which are in process, Dream Building LLC has also estimated an additional $5,300,000 worth of residential construction projects and added over 200 active prospects to its data base. All of these prospects are prime candidates for educational videos and short books on specific construction and rebuilding topics, as well as candidates for rebuilding projects to be built under the Dream Building LLC division.

5

In addition to the projects which the Company currently has under contract for elevation, renovation, new construction and development, there are a number of parcels of land which the Company has the ability to secure, whether through land contract or other types of options. These parcels represent additional opportunities for development and construction potential on the order of an additional 400 - 800 lots and/or residential units to be developed and built within an approximate time horizon of 5 years.

Properties currently under contract to purchase and in the development stage

Dream Homes is in contract and under development for a parcel which will yield 58 new townhomes in the Ocean County NJ area. This acquisition was made for common stock and occurred in the 4th quarter of 2016. This property is currently in the approval process. This development project is scheduled to begin in late 2018 or early 2019 and is projected to add approximately $13,000,000 to the Company’s gross sales, through its Dream Building LLC division.

The Company has received preliminary CAFRA approval for the 58-unit townhouse development. A planning board hearing for preliminary and final site plan and subdivision approval occurred on December 11, 2017, which produced input and comments from the Planning Board as well as surrounding homeowners. Currently, the property is subject to an application with the state planning commission to be designated as a CAFRA Town Center property, which will enable greater density. As such the planning board has agreed to reschedule the hearing pending passage of this planning zone by New Jersey. It is anticipated that this project will be heard again on the June or July 2018 meeting. Sales at retail for this development should be in the $16 million-dollar range.

The Company is in contract and in the approval process for a 7-acre tract in central Ocean County, New Jersey, which will yield 13 single-family lots. This development project is scheduled to begin in late 2018 and is projected to add approximately $4,500,000 to the Company’s gross sales, through its Dream Building LLC division.

Dream submitted a use variance application to the Board of Adjustment for approval for 13 single family lots, which are fully improved. This application was deemed complete by the town engineer and was head on April 11, 2018. The zoning board refused to rule on the application, and instructed the company to make application to the planning board. A planning board application will be made during the month of June 2018, with the intention to be heard at the July hearing. The construction start date is estimated for late 2018 and these homes are planned for high-efficiency construction techniques, including passive solar roof panels, insulation of R50 in walls and ceilings, low-flow toilets and faucets and LED lighting throughout. Sales at retail for this development are projected to be in the $4 million-dollar range.

The Company has signed a letter of intent and a contract will be signed to acquire the rights to a purchase contract via contract assignment for 48 waterfront townhomes with boat slips in Lacey, NJ. The project is currently in the approval process and significant engineering, environmental, traffic and architectural work has been completed. The property is partially improved with all boat slips built. It has a retail value of $21 million and is expected to start in late 2018 or early 2019.

On July 10, 2018, the Company closed on the purchase of a single-family waterview home in Ocean Township, NJ for $68,000. This purchase was made for cash. The home is in need of elevation and renovation, which is expected to cost an additional $125,000.

It is the Company’s intention to renovate and sell the property. The property is expected to sell to a 3^rd party purchasers for approximately $350,000. A term sheet has been received from a lender in the amount of $200,000.

On May 28, 2018, the Company signed to contract to purchase 2.3 acres of property in Berkeley Township, NJ. The property was previously approved for 12 duplex residential units. The proposed purchase price is $370,000.

Properties in discussion with signed letters of intent, not in contract

A revised 3^rd letter of intent (LOI) has just been offered to acquire 70 townhouse lots in Ocean County, NJ and it is Management’s opinion that this property is moving forward to contract.. This property is approved and unimproved. The project is slated to begin in the last quarter of 2018 and has a retail value of $17 million.

A signed LOI has been offered to build 80 single family lots in Mickleton, NJ to begin early to middle 2018 with a retail value of $50 million This property is approved and partially improved.

6

Discussions have been occurring since December of 2017 and a signed letter of intent has been offered to acquire property to develop 102 townhome units in southern Ocean County, NJ. This property was originally in contract and under development by the Company’s management team during the 2006-2009 period, at which time the project was not finalized due to the financial crisis of 2009. As such, a large amount of engineering, environmental, traffic and architectural work has been completed. It is Management’s opinion that this property is moving forward to contract. This property is not fully approved and is unimproved. The project is slated to begin in late summer of 2019 and has a retail value of $23 million.

On May 3, 2018, the Company submitted a signed letter of intent to purchase 5.5 acres of property in Gloucester County, which is currently approved for an 108-unit apartment complex. in the amount of $1,080,000. The Company has received verbal agreement and signed a contract on May 20, 2018.

On May 17, 2018, the Company submitted a signed contract to purchase a 700 KW property to be developed as a solar farm in Glassboro, NJ. The purchase price is $700,000 and the contract is subject to obtaining funding for the solar array as well as a portion of the purchase price. There is also a PPA (power production agreement) in place with a nursing home adjacent to the property, to purchase the entire electrical output for the next 20 years.

The contract was signed on May 24, 2018 and funding proposals have been sent to local banks.

These new developments with offered, signed letters of intent, as well as the four developments that we have under contract and in development represent over $108 million in new home construction projects on the books in the near future. This work will occur over the next 3-4 years and is in addition to the elevation/renovation division of the business. Management is very positive about these new developments, as well as the cutting-edge construction technologies being employed to create healthier, safer, more energy efficient homes.

Dream Homes has experienced solid growth in both the new home and elevation divisions, as well as strong additions to our personnel infrastructure, which are just now beginning to bear fruit. Our new Design Center in Point Pleasant has also led to an increase in modular traffic and sales, as well as facilitated and increased client selections throughout our entire region.

The Company was awarded the Ocean County Best of the Best for 2017 in two categories (Best Custom Modular Builder and Best Home Improvement Contractor), which caused significant new awareness and interest from the public. This has led to more showroom traffic, completed estimates and signed contracts. Referrals about Dream Homes are also being generated from many industry professionals, such as architects, engineers and attorneys, who’ve either had clients with abandoned projects or simply want to retain Dream due to superior performance and reliability.

The phrase ‘The Region’s Most Trusted Builder’ accurately describes the company, and is becoming increasingly well known to homeowners in need of elevation & renovation work. The management team has never failed to complete a project in over 25 years in the industry.

The Company’s business model over the last year has been focused on increasing the new home and new development portion of our business, until it represents 50% - 70% of our entire revenue stream, from the current level of 20%. New home development has a much greater scalability and growth potential than elevation/renovation work. The Company has enjoyed steady growth in the renovation/elevation portion of the company and anticipates that by year end 2018 each part of the company (new homes and elevation work) will represent 50% of total revenue. By mid-year 2019, new home construction and development should represent over 70% of revenue.

Management hopes for steady growth in all segments of the company, since the rebuilding process will occur over the next 15-20 years. The combined total number of homes affected by Storm Sandy that will need to be raised or demolished and rebuilt is in excess of 30,000 homes, of which less than 10,000 have been rebuilt. This remaining combined market for new construction and elevation projects in the Company’s market area is estimated to be in the range of $3.4 billion dollars. The company anticipates being able to efficiently address 5% - 10% of this market. Dream Homes’ potential operations include the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes.

Among the Company’s other assets that are currently held, are the rights to operate the educational construction seminar known as “Dream Homes Nearly Famous Rebuilding Seminar”, as well as the informational blog known as the “Dream Homes Rebuilding Blog.”

The Nearly Famous Rebuilding Seminar is held bi-monthly, and is a powerful educational tool for homeowners who need of rebuilding or renovations. This seminar has been presented steadily since early 2013, and is designed to educate and assist homeowners in deciphering the confusion about planning and executing complex residential construction projects.

Due to the opportunities afforded by the market conditions, Dream Homes and Development Corporation as well as Dream Building LLC, which operates as a wholly owned subsidiary of Dream, will continue to pursue opportunities in the construction and real estate field, specifically in new home construction, home elevations and renovations.

7

RESULTS OF OPERATIONS – DREAM HOMES & DEVELOPMENT CORPORATION

The summary below should be referenced in connection with a review of the following discussion of our results of operations for the six months ended June 30, 2018 and 2017.

STATEMENTS OF OPERATIONS

Unaudited

	Six months ended June 30, 2018			Six months ended June 30, 2017
	Unaudited			Unaudited
Revenue:
Construction contracts	$	1,299,477		$	1,761,871
Total revenue		1,299,477			1,761,871
Cost of construction contracts		707,192			1,232,975
Gross profit		592,285			528,896
Operating Expenses:
Selling, general and administrative, including stock based compensation of $67,976 and $ 2,800, respectively		602,191			339,887
Depreciation expense		2,456			347
Total operating expenses		604,647			340,229
Income (loss) from operations		(12,362	)		188,667
Other expenses (income):
Interest expense		-			-
Consulting fee income		-			-
Total other expenses (income)		-			-
Net income (loss) before income taxes		(12,362	)		188,667
Provision for income tax (expense)		-			(43,891	)
Net income (loss)	$	(12,362	)	$	144,776
Basic and diluted income (loss) per common share	$	(.00	)		$.01\
Weighted average common shares outstanding-basic and diluted		24,200,953			23,836,735

The accompanying notes are an integral part of these financial state

8

Results of Operations - Comparison for the six months ended June 30, 2018 and 2017.

Revenues

For the six months ended June 30, 2018 and 2017, revenues were $1,299,477 and $1,761,871 respectively. The decrease in revenue of $462,394, was due to weather and other working conditions.

Cost of Sales

For the six months ended June 30, 2018 and 2017, cost of construction contracts were $707,192 and $1,232,975, respectively. This decrease of $525,783 was due mainly to less production.

Operating Expenses

Operating expenses increased $264,418 from $340,229 in 2017 to $604,647 in 2018. The increase is mainly attributable to warrant expense of $67,976, that wasn’t established in the first quarter of 2017, and an increase in sales commissions of $59,022.

Liquidity and Capital Resources

As of June 30, 2018 and December 31, 2017, our cash balance was $244,389 and $244,684, respectively, total assets were $901,550 and $678,845, respectively, and total current liabilities amounted to $639,920 and $484,229, respectively, including loans payable to related parties of $14,743 and $14,743, respectively. As of June 30, 2018 and December 31, 2017, the total stockholders’ equity was $261,630 and $308,524, respectively. We may seek additional capital to fund potential costs associated with expansion and/or acquisitions.

Inflation

The impact of inflation on the costs of our company, and the ability to pass on cost increases to its subscribers over time is dependent upon market conditions. We are not aware of any inflationary pressures that have had any significant impact on our operations since inception, and we do not anticipate that inflationary factors will have a significant impact on future operations.

OFF-BALANCE SHEET ARRANGEMENTS

We do not maintain off-balance sheet arrangements nor do we participate in non-exchange traded contracts requiring fair value accounting treatment.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

The Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this Form 10-Q, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the Securities and Exchange Commission. The Company’s disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. As required under Exchange Act Rule 13a-15, the Company’s management, including the Principal Executive Officer and Principal Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the Company’s President concluded that the Company’s disclosure controls and procedures are not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s President, as appropriate, to allow timely decisions regarding required disclosure.

9

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None ..

Item 3. Defaults upon Senior Securities.

None.

Item 4. Mine Safety Disclosure

Not Applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The following exhibits are included with this filing:

3.1* Articles of Incorporation (Form S-1 Registration No. 333-174674 filed June 2, 2011).

3.2* By-laws (Form S-1 Registration No. 333-174674 filed June 2, 2011).

4.1* Specimen Stock Certificate (Form S-1 Registration No. 333-174674 filed June 2, 2011).

10.1* Intellectual Property Purchase Agreement (Form S-1 Registration No. 333-174674 filed June 2, 2011).

10.2* Consulting Agreement with William Kazmierczak 5-22-2010 (Form S-1 Registration No. 333-174674 filed June 2, 2011).

31.1 Sarbanes-Oxley Section 302 certification by Vincent Simonelli

32.2 Sarbanes-Oxley Section 906 certification by Vincent Simonelli

* Previously filed and Incorporated by reference.

10

SIGNATURES

Pursuant to the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf by the undersigned; duly authorized.

Date: September 18, 2019	Dream Homes & Development Corporation
	By:	/s/ Vincent Simonelli
		Vincent Simonelli
		Chief Executive Officer and Chief Financial Officer

11

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Vincent C. Simonelli, certify that:

1. I have reviewed this quarterly report of Dream Homes & Development Corporation.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as 4efined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

5. The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting.

Date: September 18, 2019

/s/ Vincent C. Simonelli

CEO and CFO

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of Dream Homes & Development Corporation (the “Company”) on Form 10-Q/A for the quarter ended June 30, 2018 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Vincent C. Simonelli, CEO and CFO of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Vincent C. Simonelli

CEO and CFO

Dated: September 18, 2019

A signed original of this written statement required by Section 906 has been provided to Dream Homes & Development Corporation and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Restatement of Previously Issued Financial Statements (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Changes and Error Corrections [Abstract]

Schedule of Effect of Restatement Adjustments in Financial Statements

	As Previously			Restatement			As
	Reported			Adjustments			Restated
CURRENT ASSETS
Cash	$	244,389		$	-		$	244,389
Accounts receivable		148,384			(119,156	)		29,228
Costs and estimated earnings in excess of billings		246,061			(4,839	)		241,222
Total current assets		638,834			(123,995	)		514,839
PROPERTY AND EQUIPMENT, net		6,688			-			6,688
OTHER ASSETS
Accounts receivable, net of allowance for doubtful accounts ($43,000)		75,000			32,000			107,000
Security deposit		2,200			-			2,200
Deposits and costs coincident to acquisition of land for development		270,823			-			270,823
Total assets	$	993,545		$	(91,995	)	$	901,550
CURRENT LIABILITIES
Accounts payable and accrued expenses	$	456,939		$	4,668		$	461,607
Billings in excess of costs and estimated earnings		213,339			(49,769	)		163,570
Accrued income taxes		-			-			-
Loans payable to related parties		14,743			-			14,743
Total current liabilities		685,021			(45,101	)		639,920
STOCKHOLDERS’ EQUITY
Preferred stock		-			-			-
Common stock		24,338			(137	)		24,201
Additional paid-in capital		1,663,423			(29,903	)		1,633,520
Accumulated deficit		(1,379,237	)		(16,854	)		(1,396,091	)
Total stockholders’ equity		308,524			(46,894	)		261,630
Total liabilities and stockholders’ equity	$	993,545		$	(91,995	)	$	901,550

The effect of the restatement adjustments on the Consolidated Statement of Operations for the six months ended June 30, 2018 follows:

	As Previously			Restatement			As
	Reported			Adjustments			Restated
Revenue	$	1,299,477		$	-		$	1,299,477
Cost of construction		707,192			-			707,192
Gross profit		592,285			-			592,285
Operating expenses
Selling, general and administrative		617,506			(15,315	)		602,191
Depreciation expense		2,456			-			2,456
		619,962			(15,315	)		604,647
Income tax benefit (expense)		-			-			-
Net loss	$	(27,677	)	$	15,315		$	(12,362	)

XML

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment is summarized as follows:

	June 30, 2018			December 31, 2017
	(Unaudited)
Office equipment	$	4,115		$	4,115
Vehicles		24,565			24,565
Less: Accumulated depreciation		(21,992	)		(19,536	)
Property and Equipment- net	$	6,688		$	9,144

XML

Deposits and Costs Coincident to Acquisition of Land for Development (Details Narrative)												1 Months Ended		6 Months Ended
	Mar. 28, 2018 USD ($)	Mar. 14, 2018 USD ($)	Dec. 11, 2017 shares	Dec. 08, 2017 USD ($) a shares	Sep. 21, 2017 shares	Apr. 26, 2017 shares	Mar. 04, 2017 USD ($)	Dec. 15, 2016 USD ($) a	Dec. 15, 2016 USD ($) a	Dec. 14, 2016 USD ($)	Mar. 18, 2016 USD ($)	Apr. 30, 2017 USD ($) shares	Jan. 31, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Mar. 01, 2017 a
Payments to acquire land							$ 700,000								$ 5,800
Restricted stock, value														2,800
Purchase price													$ 700,000
Refundable deposit													$ 10,000
Development Costs														50,000
Approval costs, acquisition costs and infrastructure costs														1,000,000
Aggregate amount funding for home construction														2,090,000
Deposits							10,000
Total engineering and approval costs							$ 40,000
Glassboro Township New Jersey [Member]
Development Costs	$ 900,000
Tallwoods Contract [Member]
Purchase of undeveloped land | a																7
Number of restricted common stock shares issued during the period | shares												71,429
Restricted stock, value												$ 10,000
Dream Homes At Radio Road Contract [Member] | Little Egg Harbor Township New Jersey [Member]
Payments to acquire land		$ 65,000
Payments required to purchase property		$ 260,000
Projected selling price		The Company intends to begin construction in the second quarter and the homes are projected to sell in the $350,000 - $375,000 range.
NJ Department of Transportation [Member]
Payable to local authorities														36,750
Dream Homes,Ltd [Member]
Number of restricted common stock shares issued during the period | shares			100,000	162,200	25,000
Restricted stock, value				$ 48,658
Refundable deposit											$ 10,000
Lacey Contract [Member]
Purchase price											$ 1,000,000
General Development Corp [Member]
Purchase of undeveloped land | a								9	9
Payments to acquire land									$ 15,000
Number of restricted common stock shares issued during the period | shares						100,000						100,000
Restricted stock, value												$ 5,000
Payments to acquire management contract rights										$ 10,000
Line of credit outstanding amount								$ 50,000
Dream Homes,Ltd [Member]
Purchase of undeveloped land | a				7.5
Payments to acquire land				$ 2,166,710										2,430,000
Refundable deposit				$ 25,000
Deposits														25,000
Total engineering and approval costs														100,000
Restricted shares of common stock committed but not issued as of April 16, 2018 | shares				162,200
Dream Homes,Ltd [Member] | 2018 [Member]
Payments to acquire land														$ 21,000,000

XML

Stock Warrants (Details Narrative)			3 Months Ended		6 Months Ended
	Jul. 12, 2017 Integer $ / shares shares	Jul. 12, 2017 USD ($) Integer $ / shares shares	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Nov. 03, 2017 $ / shares	May 08, 2017 shares	Apr. 28, 2017 shares
Stock based compensation | $			$ 33,988	$ 0	$ 67,976	$ 2,800
Private Placement [Member]
Stock warrants issued	68,810	68,810
Warrants per share | $ / shares							$ 0.60
Stock Warrant [Member]
Stock warrants issued	750,000	750,000						750,000	750,000
Fair value assumption stock price per share | $ / shares	$ 0.60	$ 0.60
Warrant term	3 years
Stock Warrant [Member] | Vice President of Business Development [Member]
Stock warrants issued									20,000
Stock Warrant [Member] | Sales Manager [Member]
Stock warrants issued								20,000
Warrant [Member]
Stock based compensation | $					$ 67,676
DHDC [Member]
Stock warrants issued	750,000	750,000
Fair value assumption total value | $		$ 407,850
Fair value assumption stock price per share | $ / shares	$ 0.60	$ 0.60
DHDC [Member] | Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input | Integer	0.30	0.30
DHDC [Member] | Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input | Integer	0.00	0.00
DHDC [Member] | Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input | Integer	0.0153	0.0153
DHDC [Member] | Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input | Integer	1.71	1.71
DHDC [Member] | Expected Term [Member]
Warrants and rights outstanding, term		3 years
DHDC [Member] | Through July 20, 2020 [Member]
Warrants per share | $ / shares	$ 0.30	$ 0.30
DHDC [Member] | Chief Executive Officer [Member]
Stock warrants issued	500,000	500,000
DHDC [Member] | Secretary [Member]
Stock warrants issued	100,000	100,000
DHDC [Member] | Two Other Directors [Member]
Stock warrants issued	60,000	60,000
DHDC [Member] | Non Executive DHL Project Manager Employee [Member]
Stock warrants issued	50,000	50,000
DHDC [Member] | Stock Warrant [Member]
Stock warrants issued	750,000	750,000

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue:
Total revenue	$ 917,750	$ 1,035,927	$ 1,299,477	$ 1,761,871
Cost of construction contracts	346,036	720,632	707,192	1,232,975
Gross profit	571,714	315,295	592,285	528,896
Operating Expenses:
Selling, general and administrative, including stock based compensation of $67,976 and $ 2,800, respectively	327,636	182,178	602,191	339,887
Depreciation expense	1,227	200	2,456	347
Total operating expenses	328,863	182,378	604,647	340,229
Income (loss) from operations	242,851	132,917	(12,362)	188,667
Other expenses (income):
Interest expense
Consulting fee income
Total other expenses (income)
Net income (loss) before income taxes	242,851	132,917	(12,362)	188,667
Provision for income tax (expense)		(43,182)		(43,891)
Net income (loss)	$ 242,851	$ 89,735	$ (12,362)	$ 144,776
Basic and diluted income (loss) per common share	$ 0.01	$ 0	$ (.00)	$ 0.01
Weighted average common shares outstanding-basic and diluted	24,200,953	23,915,427	24,200,953	23,836,735
Construction Contracts [Member]
Revenue:
Total revenue	$ 917,750	$ 1,035,927	$ 1,299,477	$ 1,761,871

XML

Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Significant Accounting Policies

Note 1 - Significant Accounting Policies

Nature of Operations

Dream Homes & Development Corporation is a regional builder and developer of new single-family homes and subdivisions, as well as a market leader in coastal construction, elevation and mitigation. In the five years that have passed since Superstorm Sandy flooded 30,000 owner-occupied homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements.

In addition to the coastal construction market, Dream Homes will continue to pursue opportunities in new single and multi-family home construction, with 4 new developments totaling 123 units under contract and in development. Dream Homes’ operations will include the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes.

In addition to the New Jersey market, the Company, through its Dream Building LLC subsidiary, has become licensed in Florida to pursue recent opportunities for elevation, restoration, renovation and new construction brought about by the damage caused by recent hurricanes. Initial markets to be targeted are located primarily in the southwest portion of the state, between Naples and Cape Coral.

In addition to the Company’s construction operations, the Company holds a bi-monthly “Dream Homes Nearly Famous Rebuilding Seminar”, and publishes an informational blog known as the “Dream Homes Rebuilding Blog”. The Rebuilding Seminar is an educational tool for homeowners who need rebuilding or renovations. This seminar has been presented steadily since early 2013, and is designed to educate and assist homeowners in deciphering the confusion about planning and executing complex residential construction projects. A professional team attends each seminar and presents on a diverse variety of topics, including expert advice from architects, engineers, finance people, attorneys, project managers, elevation professionals and builder/general contractors. The “Dream Homes Rebuilding Blog” is an educational platform written by Vincent Simonelli, which offers comprehensive advice on all aspects of construction, finance, development and real estate. The Blog is located at http://blog.dreamhomesltd.com.

History

Dream Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”) on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).

On August 19, 2016, Virtual Learning acquired 4.5% of Dream Homes, Ltd. (“DHL”), 100% of Dream Building, LLC (“DBL”) , a wholly owned subsidiary of DHL, and use of all construction licensing and registrations held by Atlantic Northeast Construction LLC (“ANCL”), a wholly owned subsidiary of DHL, in exchange for the issuance of 2,225,000 shares of Virtual Learning common stock to DHL at an agreed price of $.05 per common share.

The majority stockholder and chief executive officer of DHL was also the controlling stockholder and chief executive officer of Virtual Learning. As Virtual Learning and DHL were entities under common control, the acquired assets were reflected by Virtual Learning at DHL’s $0 carrying amount on the date of transfer pursuant to Accounting Standards Codification (“ASC”) 805-50-30-5.

From August 19, 2016 to August 23, 2016, Virtual Learning acquired the rights to complete 6 in process construction contracts of ANCL in exchange for the issuance of 2,287,367 shares of Virtual Learning common stock to DHL at an agreed price of $.05 per common share for those ANCL contracts. As Virtual Learning and DHL were entities under common control, the acquired rights were reflected at DHL’s $0 carrying amount on the date of transfer pursuant to ASC 805-50-30-5.

Due to the Company’s change in focus to its construction business, the Company wrote off the remaining unamortized capitalized curriculum development costs of $20,534 at December 31, 2016.

On March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a web site at www.dreamhomesltd.com as well as a blog, located at http://blog.dreamhomesltd.com.

Interim Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they may not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation.

The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2017, which contains the audited financial statements and notes thereto, together with Management’s Discussion and Analysis of Financial Conditions and Results of Operations, for the year ended December 31, 2017. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018.

Principles of Consolidation

The consolidated financial statements include the accounts of DHDC and its wholly owned subsidiary DBL (collectively, the “Company”). All intercompany balances and transactions have been eliminated in consolidation.

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.

Use of Estimates

The preparation of financial statements in conformity with accounting principles .generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.

Fair Value of Financial Instruments

Fair value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows:

● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.

● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

● Level 3 inputs are less observable and reflect our own assumptions.

Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and loans payable to related parties. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and loans payable to related parties approximates fair value because of their short maturities.

Construction Contracts

Revenue recognition:

The Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation, amortization and general overhead cost. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined.

The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project.

The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date, if any, as current assets and liabilities consistent with the length of time of its project operating cycle. For example:

● Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset.

● Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability.

Costs and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated.

Change in Estimates:

The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions: availability of skilled contract labor: performance of major material suppliers and subcontractors: on-going subcontractor negotiations and buyout provisions: unusual weather conditions: changes in the timing of scheduled work: change orders: accuracy of the original bid estimate: changes in estimated labor productivity and costs based on experience to date: achievement of incentive-based income targets: and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates are disclosed in the notes to the consolidated financial statements.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the provision for income tax in the statements of operations. The Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance when realization of the assets is not reasonably assured.

The Company recognizes in its financial statements the impact of tax positions that meet a “more likely than not” threshold, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

Net Income (Loss) Per Common Share

Basic net income (basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

Diluted net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive securities outstanding during the period.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification “ASC” Topic 606). The purpose of this ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU were originally effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The impact of this ASU on our financial position, results of operations and cash flows at June 30, 2018 and for the six months then ended has not been significant.

Certain other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

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Commitments and Contingencies (Details Narrative)								1 Months Ended			6 Months Ended		12 Months Ended
	May 21, 2018 USD ($) shares	Nov. 03, 2017 USD ($) $ / shares shares	Jun. 20, 2017 USD ($)	May 08, 2017	Apr. 28, 2017	Feb. 10, 2017 USD ($) shares	Sep. 15, 2016 USD ($)	May 31, 2018 USD ($)	Feb. 28, 2018 USD ($) shares	Jan. 31, 2018 USD ($) shares	Jun. 30, 2018 USD ($) Integer	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) shares
Stock issued during the period restricted stock value											$ 2,800
Sale of stock, shares | shares	68,810
Sale of stock	$ 16,400
Lumber Vendor [Member]
Sale of stock, shares | shares									12,500	16,000			12,500
Sale of stock									$ 5,000	$ 6,400			$ 5,000
Number common stock shares issued for reduction of accounts payable | shares													11,124
Vendor [Member]
Number common stock shares issued for reduction of accounts payable | shares													27,810
Private Placement [Member]
Equity and debt offering		$ 5,000,000
Unit issued price per share | $ / shares		$ 0.40
Warrants purchase of common stock shares | shares		1
Warrants exercise price per share | $ / shares		$ 0.60
Offering period		within 3 years of the date of Unit purchase
Private Placement [Member] | Convertible Debt [Member]
Debt offered percentage		8.00%
Debt instrument, maturity period		4 years
Debt instrument, offering date		Jan. 02, 2018
Debt instrument, extended date		Sep. 02, 2018
Debt conversion price per share | $ / shares		$ .75
Nonbank Lender [Member]
Line of credit							$ 50,000
Line of credit interest rate							12.00%
Line of credit facility principal due payable terms							outstanding principal is due and payable in 60 months.
Two Employement Agreements [Member]
Sales commission											56,164
Lease Agreement [Member]
Rent expense											12,100
Investor Relations and Consulting Services Agreement [Member]
Fees payment to investor											$ 2,000	$ 4,800
Investor Relations and Consulting Services Agreement [Member] | Investor [Member]
Agreement expiration term						Aug. 31, 2017
Number of restricted common stock shares issued during the period | shares						56,000
Stock issued during the period restricted stock value						$ 2,800
Fees payment to investor						$ 2,000
June 20 2017 to June 20 2022 | Lease Agreement [Member]
Agreement term interval based			5 years
Lease Term of renewal			5 years
Lease term			2 years
August 20 2017 | Lease Agreement [Member]
Rent expense			$ 1,200
November 20 2017 | Lease Agreement [Member]
Rent expense			$ 2,200
Vice President of Business Development [Member] | April 28 2017 to December 31 2020
Agreement term interval based					1 year
Sales Manager [Member] | May 8 2017 to May 8 2019
Agreement term interval based				1 year
Dream Homes And Development Corp [Member]
Rent expense								$ 1,100
Dream Homes And Development Corp [Member] | Nonbank Lender [Member]
Line of credit							$ 20,000
Construction Contracts [Member]
Number of contracts assigned | Integer											22
Construction Contracts [Member] | Dream Building, LLC [Member]
Construction contract price											$ 3,545,139

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Deposits and Costs Coincident to Acquisition of Land for Development - Summary of Deposits and Costs Coincident to Acquisition of Land for Development (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Total	$ 270,823	$ 210,129
Lacey Township, New Jersey, Marina contract [Member]
Deposit	25,000	25,000
Site engineering, permits, and other costs	70,098	23,657
Total	95,098	48,657
Lacey Township, New Jersey, Pines contract [Member]
Deposit	0	10,000
Cost to acquire contract	10,000	10,000
Site engineering, permits, and other costs	118,288	111,215
Total	138,288	131,215
Berkeley Township, New Jersey, Tallwoods contract [Member]
Deposit	10,000	10,000
Cost to acquire contract
Site engineering, permits, and other costs	27,437	20,257
Total	$ 37,437	$ 30,257

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Income Taxes - Schedule of States Federal Income Tax Rate Income Loss Before Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Expected tax (benefit)			$ (5,812)	$ 66,033
State income taxes, net of Federal benefit			(1,661)	7,974
Non-deductible stock-based compensation			14,275	980
Benefit from net operating loss carry back			(6,802)
Provision for Federal income taxes at lower tax rate on taxable income under $50,000				(11,781)
Change in valuation allowance				(19,315)
Provision for (benefit from) income taxes		$ 43,182		$ 43,891

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Stock Warrants

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Stock Warrants

10- Stock Warrants

On July 12, 2017, DHDC issued 750,000 stock warrants to various members of Dream Homes & Development Corporation’s executive team (including 500,000 to the Company’s Chief Executive Officer, 100,000 to the Company’s Secretary, and a total of 60,000 to the Company’s two other directors and 50,000 to a non-executive DHL project manager employee). These Warrants entitle the holder to purchase shares of Dream Homes & Development Corporation at $0.30 per share through July 20, 2020. These warrants vest to the Holder on a semi-annual basis over a 36-month period contingent upon Holder’s continued association with the Company. The $407,850 total fair value (calculated using the Black Scholes option pricing model and the following assumptions: (1) stock price of $0.60, (2) exercise price of $0.30, (3) dividend yield of 0%, (4) risk-free interest rate of 1.53%, (5) expected volatility of 171%, and (6) term of 3 years) of the 750,000 warrants is being expensed evenly over the 3 years requisite service period of the individuals that were granted these warrants commencing in July 2017. For the six months ended June 30, 2018, stock-based compensation attributable to the warrants was $ 67,976 using the above Black Scholes option pricing model.

Included within the 750,000 warrants described in the preceding paragraph are 20,000 warrants issued to the Company’s Vice President of Business Development that are not covered by the Employment Agreement dated April 28, 2017 described in Note 8. Also included within the 750,000 warrants described in the preceding paragraph are 20,000 warrants issued to the Company’s Sales Manager that are not covered by the Employment Agreement dated May 8, 2017 described in Note 8.

In addition to the 750,000 warrants issued on July 12, 2017 per above, the company issued a total of 68,810 warrants in connection with the Private Placement described above in Note 8. The warrants are exercisable into common stock at an exercise price of $ ..60 per share for a period of 3 years commencing from the respective issuance dates of these warrants.

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Income Taxes

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

6 – Income Taxes

The provisions for (benefit from) income taxes differ from the amounts computed by applying the statutory United States Federal income tax rate (21% in 2018; 35% in 2017)to income (loss) before income taxes.

The sources of the differences follow:

	Six months ended June 30, 2018			Six months ended June 30, 2017
	(Unaudited)			(Unaudited)
Expected tax (benefit)	$	(5,812	)	$	66,033
State income taxes, net of Federal benefit		(1,661	)		7,974
Non-deductible stock-based compensation		14,275			980
Benefit from net operating loss carry forward		(6,802	)		-
Provision for Federal income taxes at lower tax rate on taxable income under $50,000		-			(11,781	)
Change in valuation allowance		-			(19,315	)
Provision for (benefit from) income taxes	$	-		$	43,891

The significant components of DHDC’s deferred tax asset as of June 30, 2018 and December 31, 2017 are as follows:

	June 30,2018			December 31, 2017
	(Unaudited)
Deferred tax assets:
Net operating loss carry forward	$	57,598		$	-
Valuation allowance		(57,598	)		-
Net deferred tax asset	$	-		$	-

At June 30, 2018, the Company has a net operating loss carryforward of approximately $204,903 which expires in year 2038. Based on management’s present assessment, the company has not yet determined it to be more likely than not that a deferred tax asset of $57,598 attributable to the future utilization of the $204,903 net operating loss carryforward will be realized. Accordingly, the company has recorded a 100% allowance against the deferred tax asset in the financial statements as of June 30, 2018.

Current United States income tax law limits the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.

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Property and Equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

2 - Property and Equipment

Property and equipment is summarized as follows:

	June 30, 2018			December 31, 2017
	(Unaudited)
Office equipment	$	4,115		$	4,115
Vehicles		24,565			24,565
Less: Accumulated depreciation		(21,992	)		(19,536	)
Property and Equipment- net	$	6,688		$	9,144

Depreciation expense for the six months ended June 30, 2018 and 2017 was $2,456 and $347, respectively.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Sep. 16, 2019
Document And Entity Information
Entity Registrant Name	Dream Homes & Development Corp.
Entity Central Index Key	0001518336
Document Type	10-Q/A
Document Period End Date	Jun. 30, 2018
Amendment Flag	true
Amendment Description	This Amendment No. 1 to the Quarterly Report on Form 10-Q ("Form 10-Q/A) of Dream Homes & Development Corporation (the "Company") amends our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018, which was originally filed with the Securities and Exchange Commission on August 20, 2018 (the 'Original Form 10-Q'). The originally filed 10-Q was not reviewed by the Company's independent registered public accounting firm. The Company subsequently terminated its prior independent registered public accounting firm and engaged Boyle, CPA LLC ("Boyle") as its' new independent registered public accounting firm. This amended Form 10Q has been reviewed by Boyle. The changes to the originally filed Form 10-Q are updates to subsequent events in Note 11 of the financial statements, a restatement in Note 12 of the financial statements and updates to the filing date and certifications.
Current Fiscal Year End Date	--12-31
Entity's Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,200,953
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

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Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Stock based compensation	$ 33,988	$ 0	$ 67,976	$ 2,800

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Loans Payable to Related Parties - Schedule of Loans Payable to Related Parties (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Total	$ 14,743	$ 14,743
Loan Payable to Chief Executive Officer [Member]
Total	11,525	11,525
Loan Payable to GPIL [Member]
Total	3,118	3,118
Loan Payable to DHL [Member]
Total	$ 100	$ 100

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Income Taxes - Schedule of States Federal Income Tax Rate Income Loss Before Income Taxes (Details) (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Provision for federal income taxes at lower tax rate on taxable income		$ 50,000

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Related Party Transactions (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Accounts payable and accrued expenses	$ 461,607	$ 391,003
Office Space One [Member]
Monthly rent	12,000
Office Space One [Member] | April 2017 [Member]
Monthly rent	2,000
Chief Executive Officer [Member]
Salary paid	38,500
Secretary [Member]
Salary paid	31,200
VP of Human Resources [Member]
Salary paid	31,200
Dream Building, LLC [Member]
Allocated payroll expenses including selling, general and administrative expenses	236,906		$ 217,948
DHL [Member]
Accounts payable and accrued expenses	$ 81,135

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Related Party Transactions

6 Months Ended

Jun. 30, 2018

Related Party Transactions [Abstract]

Related Party Transactions

9- Related Party Transactions

Dream Homes Ltd. Allocated payroll

The Company uses the services of Dream Homes Ltd. (DHL) personnel for its operations. For the six months ended June 30, 2018 and 2017, selling, general and administrative expenses include $236,906 and $217,948, respectively incurred for the Company’s estimated share of DHL’s gross payroll and payroll taxes for the 2018 period. This amount includes $38,500 salary paid to the Company’s Chief Executive Officer and $31,200 salary paid to the Company’s Secretary and VP of Human Resources. At June 30, 2018, accounts payable and accrued expenses include $ 81,135 due to DHL for unpaid payroll reimbursement.

Office Space

The Company has occupied office space located in Forked River, New Jersey which is owned by an affiliated company. Commencing April 2017, the Company has paid DHL monthly rent of $2,000 ($12,000 total for the six months ended June 30, 2018) for this office space.

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Common Stock Issuances

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Common Stock Issuances

5 - Common Stock Issuances

On August 18, 2016, Virtual Learning issued 2,000,000 restricted shares of common stock to GPIL in satisfaction of $20,000 loans payable (see Note 4).

On August 19, 2016 (see Note 1), Virtual Learning issued 2,225,000 restricted shares of common stock to Dream Homes Ltd. for a 4.5% equity interest in Dream Homes Ltd. and certain other assets, at an agreed price of $.05 per share.

From August 19, 2016 to August 23, 2016 (see Note 1), Virtual Learning issued a total of 2,287,367 restricted shares of common stock to Dream Homes Ltd. for rights to complete 6 in process construction contracts of Atlantic Northeast Construction LLC, a wholly owned subsidiary of Dream Homes Ltd. at an agreed price of $.05 per share.

On August 19, 2016, Virtual Learning issued 250,000 restricted shares of common stock to Mr. Roger Fidler for legal services. The 250,000 shares were valued at $2,500 (or $.01 per share), which amount was expensed in the three months ended September 30, 2016.

On October 13, 2016, DHL assigned 100,000 restricted shares of Company common stock it held to a minority shareholder of DHL. This minority shareholder of DHL had contributed $100,000 out of approximately $500,000 in a private placement of common stock of DHL in 2010. In addition, this minority stockholder of DHL also received 275,000 restricted shares from DHL in 2011 for consulting services. Accordingly, the Company has not deemed it appropriate to measure stock-based compensation relating to the 100,000 shares assigned by DHL to its minority stockholder.

On October 21, 2016, Virtual Learning issued 160,000 restricted shares of common stock to an individual for accounting services. The 160,000 restricted shares were valued at $8,000 (or $.05 per share), which amount was expensed in the three months ended December 31, 2016.

On December 29, 2016, Virtual Learning issued a total of 326,857 restricted shares of common stock to convertible noteholders for their notes and accrued interest totaling $65,371.

On December 29, 2016, Virtual Learning issued a total of 180,000 restricted shares of common stock (50,000 shares to the Company’s chief executive officer, 50,000 shares to the Company’s secretary, 10,000 shares each to our two outside directors, and a total of 60,000 shares to four other individuals, principally DHL employees, for services rendered. The 180,000 shares were valued at $9,000 (Company officers and outside directors- $6,000, DHL employees-$3,000) (or $.05 per share), which amount was expensed in the three months ended December 31, 2016.

On February 22, 2017, DHDC issued 56,000 restricted shares of common stock to Green Chip Investor Relations pursuant to an Investor Relations and Consulting Services Agreement (see Note 8). The 56,000 restricted shares were valued at $2,800 ( or $.05 per share), which amount was expensed in the three months ended March 31, 2017.

On March 1, 2017, DHDC committed to issue 71,429 restricted shares of common stock (issued April 24, 2017) to DHL valued at $10,000, representing the amount of the refundable deposit on land made by DHL to the Seller in January 2017 for the Berkeley Township New Jersey contract (see Note 3).

On March 14, 2017, DHL assigned 275,000 restricted shares of Company common stock it held to the same minority stockholder of DHL that it assigned 100,000 shares of Company common stock on October 13, 2016 (see sixth preceding paragraph).

On April 26, 2017, DHDC issued 100,000 shares of restricted stock to General Development Corp. as payment of an assignment fee related to the 58 unit townhouse development in Lacey Township, NJ (see Note 3).

On July 12, 2017, DHDC issued 40,000 restricted shares of DHDC’s common stock to Dream Homes, Ltd. (“DHL”) in exchange for vehicles owned by DHL. The transaction reflected $6,000 net carrying value of the assets on DHL’s books at July 12, 2017.

On September 21, 2017, DHL assigned 25,000 restricted shares of Company common stock it held to the Secretary of both DHDC and DHL for services rendered to DHL. Accordingly, no stock-based compensation was recognized by DHDC.

On December 8, 2017, DHDC committed to issue 162,200 restricted shares of common stock to DHL valued at $48,658 (DHL’s historical cost of the assets being assigned), for the assignment of a contract to purchase property from DHL for the Lacey Township New Jersey Pines contract (see Note 3).

On December 11, 2017, DHL assigned 100,000 restricted shares of Company common stock it held to the Company Securities Counsel of both DHDC and DHL in settlement of certain DHL accounts payable due him. Accordingly, no stock-based compensation was recognized by DHDC.

On December 27, 2017, DHDC committed to issue 12,500 restricted shares of DHDC’s common stock for cash proceeds of $ 5,000 at $.40 per share per the Subscription Agreement.

On December 29, 2017, DHDC committed to issue 27,810 restricted shares of DHDC’s common stock for settlement of $ 11,124 accounts payable at $.40 per share.

On January 31, 2018, DHDC committed to issue 16,000 restricted shares of DHDC’s common stock for cash proceeds of $11,400 at $ .40 per share per the subscription agreement.

On February 9, 2018, DHL assigned 40,000 restricted shares of Company common stock it held to a minority stockholder of DHL. This minority stockholder of DHL had contributed $10,000 out of approximately $500,000 in a private placement of common stock of DHL in 2010. In addition, this minority stockholder of DHL also received 30,000 restricted shares of DHL common stock in 2011 for legal services. Accordingly, no stock-based compensation was recognized by DHDC for this assignment of 40,000 shares.

On February 9, 2018, DHL assigned 25,000 restricted shares of Company common stock it held to the Secretary of both DHDC and DHL for accounting and administrative services rendered to DHL. Accordingly, no stock-based compensation was recognized by DHDC for this assignment of 25,000 shares.

On February 9, 2018, DHL assigned 25,000 restricted shares of Company common stock it held to a director of DHDC and service provider to DHL for legal services provided to DHL. Accordingly, no stock-based compensation was recognized by DHDC for this assignment of 25,000 shares.

On February 26, 2018 DHDC issued 12,500 restricted shares of DHDC’s common stock for cash proceeds of $ 5,000 at $.40 per share per the Subscription Agreement.

On May 17, 2018, DHL assigned 115,340 restricted shares of Company common stock it held to Jerry Andy Jerad Villecco, a supplier of both DHDC and DHL in settlement of certain DHL accounts payable due him. Accordingly, no stock-based compensation was recognized by DHDC. These shares were previously authorized but had not been issued.

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Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Less: Accumulated depreciation	$ (21,992)	$ (19,536)
Property and Equipment- net	6,688	9,144
Office Equipment [Member]
Property and equipment	4,115	4,115
Vehicles [Member]
Property and equipment	$ 24,565	$ 24,565

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of States Federal Income Tax Rate Income Loss Before Income Taxes

The sources of the differences follow:

	Six months ended June 30, 2018			Six months ended June 30, 2017
	(Unaudited)			(Unaudited)
Expected tax (benefit)	$	(5,812	)	$	66,033
State income taxes, net of Federal benefit		(1,661	)		7,974
Non-deductible stock-based compensation		14,275			980
Benefit from net operating loss carry forward		(6,802	)		-
Provision for Federal income taxes at lower tax rate on taxable income under $50,000		-			(11,781	)
Change in valuation allowance		-			(19,315	)
Provision for (benefit from) income taxes	$	-		$	43,891

Schedule of Deferred Tax Assets

The significant components of DHDC’s deferred tax asset as of June 30, 2018 and December 31, 2017 are as follows:

	June 30,2018			December 31, 2017
	(Unaudited)
Deferred tax assets:
Net operating loss carry forward	$	57,598		$	-
Valuation allowance		(57,598	)		-
Net deferred tax asset	$	-		$	-

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Nature of Operations

Nature of Operations

Dream Homes & Development Corporation is a regional builder and developer of new single-family homes and subdivisions, as well as a market leader in coastal construction, elevation and mitigation. In the five years that have passed since Superstorm Sandy flooded 30,000 owner-occupied homes, Dream Homes has helped hundreds of homeowners to rebuild or raise their homes to comply with new FEMA requirements.

In addition to the coastal construction market, Dream Homes will continue to pursue opportunities in new single and multi-family home construction, with 4 new developments totaling 123 units under contract and in development. Dream Homes’ operations will include the development and sale of a variety of residential communities, including construction of semi-custom homes, entry-level and first time move-up single-family and multi-family homes.

In addition to the New Jersey market, the Company, through its Dream Building LLC subsidiary, has become licensed in Florida to pursue recent opportunities for elevation, restoration, renovation and new construction brought about by the damage caused by recent hurricanes. Initial markets to be targeted are located primarily in the southwest portion of the state, between Naples and Cape Coral.

In addition to the Company’s construction operations, the Company holds a bi-monthly “Dream Homes Nearly Famous Rebuilding Seminar”, and publishes an informational blog known as the “Dream Homes Rebuilding Blog”. The Rebuilding Seminar is an educational tool for homeowners who need rebuilding or renovations. This seminar has been presented steadily since early 2013, and is designed to educate and assist homeowners in deciphering the confusion about planning and executing complex residential construction projects. A professional team attends each seminar and presents on a diverse variety of topics, including expert advice from architects, engineers, finance people, attorneys, project managers, elevation professionals and builder/general contractors. The “Dream Homes Rebuilding Blog” is an educational platform written by Vincent Simonelli, which offers comprehensive advice on all aspects of construction, finance, development and real estate. The Blog is located at http://blog.dreamhomesltd.com.

History

History

Dream Homes & Development Corporation was originally incorporated as The Virtual Learning Company, Inc. (“Virtual Learning”) on January 6, 2009 as a Nevada corporation with 75,000,000 shares of capital stock authorized, of which 70,000,000 shares are common shares ($.001 par value), and 5,000,000 shares are preferred shares ($.001 par value).

On August 19, 2016, Virtual Learning acquired 4.5% of Dream Homes, Ltd. (“DHL”), 100% of Dream Building, LLC (“DBL”) , a wholly owned subsidiary of DHL, and use of all construction licensing and registrations held by Atlantic Northeast Construction LLC (“ANCL”), a wholly owned subsidiary of DHL, in exchange for the issuance of 2,225,000 shares of Virtual Learning common stock to DHL at an agreed price of $.05 per common share.

The majority stockholder and chief executive officer of DHL was also the controlling stockholder and chief executive officer of Virtual Learning. As Virtual Learning and DHL were entities under common control, the acquired assets were reflected by Virtual Learning at DHL’s $0 carrying amount on the date of transfer pursuant to Accounting Standards Codification (“ASC”) 805-50-30-5.

From August 19, 2016 to August 23, 2016, Virtual Learning acquired the rights to complete 6 in process construction contracts of ANCL in exchange for the issuance of 2,287,367 shares of Virtual Learning common stock to DHL at an agreed price of $.05 per common share for those ANCL contracts. As Virtual Learning and DHL were entities under common control, the acquired rights were reflected at DHL’s $0 carrying amount on the date of transfer pursuant to ASC 805-50-30-5.

Due to the Company’s change in focus to its construction business, the Company wrote off the remaining unamortized capitalized curriculum development costs of $20,534 at December 31, 2016.

On March 14, 2017, Virtual Learning changed its name to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a web site at www.dreamhomesltd.com as well as a blog, located at http://blog.dreamhomesltd.com.

Interim Financial Statements

Interim Financial Statements

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they may not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation.

The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2017, which contains the audited financial statements and notes thereto, together with Management’s Discussion and Analysis of Financial Conditions and Results of Operations, for the year ended December 31, 2017. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of DHDC and its wholly owned subsidiary DBL (collectively, the “Company”). All intercompany balances and transactions have been eliminated in consolidation.

Property and Equipment

Property and Equipment

Property and equipment is stated at cost less accumulated depreciation. Depreciation is provided using the straight-line method over an estimated useful life of five years. Repairs and maintenance costs are expensed as incurred, and renewals and betterments are capitalized.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles .generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value is defined as the price that we would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows:

● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.

● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

● Level 3 inputs are less observable and reflect our own assumptions.

Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and loans payable to related parties. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and loans payable to related parties approximates fair value because of their short maturities.

Construction Contracts

Construction Contracts

Revenue recognition:

The Company recognizes construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation, amortization and general overhead cost. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined.

The Company generally provides limited warranties for work performed under its construction contracts with periods typically extending for a limited duration following substantial completion of the Company’s work on a project.

The Company classifies construction-related receivables and payables that may be settled in periods exceeding one year from the balance sheet date, if any, as current assets and liabilities consistent with the length of time of its project operating cycle. For example:

● Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset.

● Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date and are classified as a current liability.

Costs and estimated earnings in excess of billings result when either: 1) costs are incurred related to certain claims and unapproved change orders, or 2) the appropriate contract revenue amount has been recognized in accordance with the percentage-of-completion accounting method, but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when there is a dispute regarding only the price associated with a change in scope of work. For both claims and unapproved change orders, the Company recognizes revenue, but not profit, when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated.

Change in Estimates:

The Company’s estimates of contract revenue and cost are highly detailed and many factors change during a contract performance period that result in a change to contract profitability. These factors include, but are not limited to, differing site conditions: availability of skilled contract labor: performance of major material suppliers and subcontractors: on-going subcontractor negotiations and buyout provisions: unusual weather conditions: changes in the timing of scheduled work: change orders: accuracy of the original bid estimate: changes in estimated labor productivity and costs based on experience to date: achievement of incentive-based income targets: and the expected, or actual, resolution terms for claims. The factors that cause changes in estimates vary depending on the maturation of the project within its lifecycle. For example, in the ramp-up phase, these factors typically consist of revisions in anticipated project costs and during the peak and close-out phases, these factors include the impact of change orders and claims as well as additional revisions in remaining anticipated project costs. Generally, if the contract is at an early stage of completion, the current period impact is smaller than if the same change in estimate is made to the contract at a later stage of completion. Management focuses on evaluating the performance of contracts individually and uses the cumulative catch-up method to account for revisions in estimates. Material changes in estimates are disclosed in the notes to the consolidated financial statements.

Income Taxes

Income Taxes

The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the provision for income tax in the statements of operations. The Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance when realization of the assets is not reasonably assured.

The Company recognizes in its financial statements the impact of tax positions that meet a “more likely than not” threshold, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

Basic net income (basic net loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

Diluted net income (loss) per common share is computed using the weighted average number of common shares outstanding and potentially dilutive securities outstanding during the period.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification “ASC” Topic 606). The purpose of this ASU is to converge revenue recognition requirements per GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU were originally effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted by the FASB; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date after public comment respondents supported a proposal to delay the effective date of this ASU to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The impact of this ASU on our financial position, results of operations and cash flows at June 30, 2018 and for the six months then ended has not been significant.

Certain other accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.

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Subsequent Events (Details Narrative)						6 Months Ended
	Oct. 20, 2018 USD ($)	Jul. 23, 2018 USD ($) a	Jul. 10, 2018 USD ($)	Jul. 03, 2018 USD ($)	Mar. 04, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)
Payments to acquire property					$ 700,000		$ 5,800
Elevation and renovation expenses								$ 646,087
Subsequent Event [Member]
Payments to acquire property			$ 68,000
Elevation and renovation expenses			125,000
Subsequent Event [Member] | Premier Modular Homes LLC [Member]
Payments to acquire other assets	$ 119,000
Operating lease payments	$ 18,000
Operating lease, option term	2 years
Subsequent Event [Member] | Berkeley Township NJ [Member]
Area of land to be purchased | a		2.3
Purchase price of land		$ 370,000
Escrow deposit		$ 5,000
Subsequent Event [Member] | Three Private Lenders [Member]
Short term debt				$ 60,000
Interest rate percentage				12.00%
Debt terms				P6M
Subsequent Event [Member] | Private Lender One [Member]
Short term debt				$ 20,000
Subsequent Event [Member] | Private Lender Two [Member]
Short term debt				20,000
Subsequent Event [Member] | Private Lender Three [Member]
Short term debt				$ 20,000
Subsequent Event [Member] | Third Party [Member]
Proceeds from sale of property			$ 350,000

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Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable , net of allowance for doubtful accounts	$ 43,000	$ 43,000
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ .001	$ .001
Preferred stock, shares outstanding
Common stock, shares authorized	70,000,000	70,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares outstanding	24,337,853	24,000,953
Common stock, shares subscribed but unissued		202,510

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Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Cash Flows [Abstract]
Issuance of restricted shares of common stock to Dream Homes, Ltd. for refundable deposit under contract rights to develop land	71,429	71,429

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Business Segments

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Business Segments

7- Business Segments

The company currently has one business segment which is residential construction, which is further divided into elevation/renovation, demolition and new home construction and new single and multi-family home developments. The residential construction segment is operated through DHDC’s wholly owned subsidiary Dream Building, LLC (since August 19, 2016).

As discussed in Note 11 (subsequent events), the Company has signed a contract to purchase a property currently approved for a 700 KW solar farm.

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Deposits and Costs Coincident to Acquisition of Land for Development

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Deposits and Costs Coincident to Acquisition of Land for Development

3-Deposits and Costs Coincident to Acquisition of Land for Development

Deposits and costs coincident to acquisition of land for development are summarized as follows:

	June 30, 2018		December 31, 2017
	(Unaudited)
Lacey Township, New Jersey, Marina contract:
Deposit		25,000		25,000
Site engineering, permits and other costs:		70,098		23,657
Total Marina Contract		95,098		48,657
Lacey Township, New Jersey, Pines contract:
Deposit		0		10,000
Cost to acquire contract		10,000		10,000
Site engineering, permits, and other costs		118,288		111,215
Total Pines contract		138,288		131,215
Berkeley Township, New Jersey, Tallwoods contract:
Deposit		10,000		10,000
Site engineering, permits, and other costs		27,437		20,257
Total Tallwoods contract		37,437		30,257
Total	$	270,823	$	210,129

Lacey Township, New Jersey, “Dream Homes at the Pines”, Contract

On December 15, 2016, the Company acquired from General Development Corp. (“GDC”) rights to a contract to purchase over 9 acres of undeveloped land without amenities in Lacey Township, New Jersey (the “Lacey Contract or Dream Homes at the Pines”) for $15,000 cash (paid in December 2016) and 100,000 restricted shares of Company common stock (issued in April 2017) valued at $5,000. GDC acquired the rights to the contract from DHL on December 14, 2016 for $10,000 cash. As discussed in Note 8, Commitments and Contingencies under Line of Credit, the Company also has an available line of credit of $50,000 with GDC.

The Lacey Contract between DHL and the seller of the land was dated March 18, 2016 and provides for a $1,000,000 purchase price with closing on or about 60 days after memorialization of final Development Approvals has been obtained. DHL paid the seller a $10,000 refundable deposit in March 2016 pursuant to the Lacey Contract. In the event the transaction has not closed on at least a portion of the property within 24 months of the completion of the Due Diligence Period (as may be extended by two 6- month extensions), the seller has the option of terminating the contract. Notwithstanding this provision, the Company retains the right at all times to waive any remaining contingencies and proceed to close on the property.

At this time, the contract is in good standing and there is no risk of cancellation. As per the contract, the Company is required to close on this property no later than March 18, 2019, which date is inclusive of the 24-month development period, and 2 additional 6-month extensions.

Due diligence for the above property was completed as of May 17, 2016, and all costs were incurred by Dream Homes Ltd., which was in the contract for the property at the time. No additional costs for due diligence have been incurred by the Company, nor are any anticipated. The Company will incur all current costs associated with this property necessary to obtain all approvals, acquire the land, install the infrastructure and prepare the property to commence construction.

In order to obtain all developmental approvals and be prepared to begin installing infrastructure, various permits and engineering work are required. These permits include but are not limited to township subdivision, county, municipal utility authority, CAFRA (NJ Department of Environmental Protection) and NJ Department of Transportation. To date, design engineering has been completed and a CAFRA application has been prepared and submitted to the environmental scientist, along with a check for $36,750 payable to the NJ DEP. Application for this permit was made in April 2017. As of this date, the CAFRA application has been put on hold pending a determination if the township will be approved by the State of New Jersey for a CAFRA Town Center designation. A permit is expected to be issued in June or July of 2018. A Lacey Township Planning Board meeting was held on December 11, 2017. Additional information was requested from the board and the next meeting will be scheduled upon receipt of outside agency permits and the other requested information.

It is anticipated that complete development approvals will cost approximately $50,000 more to complete. In addition to these approval costs and acquisition costs, infrastructure costs are anticipated to cost approximately $1,000,000. The total amount of funding required to acquire and make this property ready for home construction is approximately $2,090,000 as of June 30, 2018.

The Company may need to seek loans from banks to finance this project. As part of their financing agreements, the banks typically require Vincent Simonelli to personally guarantee these loans. If Mr. Simonelli cannot qualify as a guarantor and there is no one other than him in the Corporation to provide those guarantees, the financing of the deal may be adversely affected. The exact amount of funding required for this particular property is not clear at the present time but will be determined when full approvals have been obtained and the Company is prepared to take title to the property.

Berkeley Township, New Jersey, “Dream Homes at Tallwoods”, Contract

On March 1, 2017, the Company acquired from DHL rights to a contract to purchase over 7 acres of land in Berkeley Township, NJ (the “Tallwoods Contract or Dream Homes at Tallwoods”) for 71,429 restricted shares of Company common stock (issued in April 2017). The Tallwoods Contract between DHL and the seller of the land was dated January 5, 2017 and provides for a $700,000 purchase price with closing on or about 60 days after final development approvals have been obtained and memorialized. DHL paid the seller a refundable $10,000 deposit in January 2017 pursuant to the Tallwoods contract.

The due diligence period associated with this property expired on March 4, 2017 and all costs associated with same were paid by Dream Homes Ltd. prior to the expiration date. The Company will incur no further costs related to the due diligence aspect of this purchase. The Company will incur all current and future costs associated with this property necessary to obtain all approvals, acquire the land and prepare the property to commence construction.

The land is currently improved with streets and all public utilities in place. As such, the necessary steps required to bring the property through the approval process involve primarily design engineering. Since the property is on an improved street, a major subdivision application will be filed with the township, which will create 13 conforming buildable lots from the existing single 7-acre parcel. Accordingly, the remaining costs will primarily involve engineering and approval costs, as opposed to costs associated with the installation of infrastructure.

At this time, the Company estimates that the total engineering and approval costs will be approximately $40,000. The amount of money required to purchase the property is $700,000 of which $10,000 is currently on deposit. The Company has made application to the Berkeley Township Zoning Board.

In the event the transaction has not closed on at least a portion of the Property within 12 months of the completion of the Due Diligence Period (as may be extended by two 6-month extensions), the seller has the option of terminating the contract. Notwithstanding this provision, the Company retains the right at all times to waive any remaining contingencies and proceed to close on the property.

The Company may need to seek loans from banks to finance this project. As part of their financing agreements, the banks typically require Vincent Simonelli to personally guarantee these loans. If Mr. Simonelli cannot qualify as a guarantor and there is no one other than him in the Corporation to provide those guarantees, the financing of the deal may be adversely affected. The exact amount of funding required for this particular property is not clear at the present time but will be determined when full approvals have been obtained and the Company is prepared to take title to the property.

Lacey Township, New Jersey, “Dream Homes at Forked River”, Marina Contract

The Company has acquired the rights to a purchase contract via contract assignment for 48 waterfront townhomes with boat slips in Lacey, NJ. The project is currently in the approval process and significant engineering, environmental, traffic and architectural work has been completed. The property is a waterfront property, and is partially improved with all boat slips currently installed, the Department of Transportation permit received and the curb cut from Route 9 in place. The property when completely constructed has a retail value of $21 million and is expected to begin site improvements in late 2018 or early 2019.

On December 8, 2017, the Company acquired from DHL rights to a contract to purchase over +/- 7.5 acres of land in Lacey Township, NJ (the “Marina Contract or Dream Homes at Forked River”) for 162,200 restricted shares of Company common stock (committed but not issued as of May 21, 2018). The Contract between DHL and the seller of the land was dated February 24, 2016 and provides for a $2,166,710 purchase price with closing on or about 60 days after final development approvals have been obtained and memorialized. DHL paid the seller a refundable $25,000 deposit in February 2016 pursuant to the Marina contract.

The due diligence period associated with this property expired on May 1, 2016 and all costs associated with same were paid by Dream Homes Ltd. prior to the expiration date. The Company will incur no further costs related to the due diligence aspect of this purchase. The Company will incur all current and future costs associated with this property necessary to obtain all approvals, acquire the land and prepare the property to commence construction.

The land is currently approved for a marina and it is the Company’s intention to modify the approvals to a townhome use, as per the ordinance. The property is currently unimproved. As such, the necessary steps required to bring the property through the approval process involve design engineering as well as environmental approvals. Accordingly, the remaining costs will primarily involve engineering, legal and approval costs.

At this time, the Company estimates that the total engineering and approval costs will be approximately $100,000. The amount of money required to purchase the property is $2,430,000 of which $25,000 is currently on deposit.

The Company may need to seek loans from banks to finance this project. As part of their financing agreements, the banks typically require Vincent Simonelli to personally guarantee these loans. If Mr. Simonelli cannot qualify as a guarantor and there is no one other than him in the Corporation to provide those guarantees, the financing of the deal may be adversely affected. The exact amount of funding required for this particular property is not clear at the present time but will be determined when full approvals have been obtained and the Company is prepared to take title to the property.

Little Egg Harbor Township, New Jersey, “Dream Homes at Radio Road”, Contract

On March 14, 2018, the Company signed a contract to purchase 4 improved lots in Little Egg Harbor Township, NJ (the “Dream Homes at Radio Road”) for a total of $260,000. The Contract between the Company and the seller of the land provides for a $65,000 per lot purchase price with closing occurring on a rolling basis, as each house is built and sold. In addition, the Company is pursuing financing and is waiting for a formal commitment for a funding facility comprised of acquisition and development funding.

The Company intends to begin construction in the last quarter of 2018 and the homes are projected to sell in the $350,000 - $375,000 range.

Glassboro Township, New Jersey – Robin’s Nest Solar Farm

On May 28, 2018, the Company signed a contract to purchase a 700 KW property to be developed as a solar farm in Glassboro, NJ. The purchase price is $900,000 and the contract is subject to obtaining funding for the solar array as well as a portion of the purchase price. There is also a PPA (power production agreement) in place with a nursing home adjacent to the property, to purchase the entire electrical output for the next 20 years.

In early August, a funding proposal was submitted to Republic Bank, which is a local lender, and discussions are ongoing. If funding is approved, it is expected that this transaction will close in late 2018.

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Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

11- Subsequent Events

On July 3, 2018 the Company borrowed $60,000 from 3 private lenders in equal amounts of $20,000 each. These lenders were Richard Pezzullo, who is also a director and stockholder of DHDC, Dream Homes Ltd., who is a stockholder in DHDC and General Development Corporation, which is a private lender. Terms for each note are identical. Notes bear interest at 12% APR and mature in 6 months, with the right to extend as needed.

On July 10, 2018, the Company closed on the purchase of a a single-family water view home in Ocean Township, NJ for $68,000. The home is in need of elevation and renovation, which is expected to cost an additional $125,000.

It is the Company’s intention to renovate and sell the property. The property is expected to sell to a 3^rd party purchasers for approximately $350,000.

On July 23, 2018, the Company signed a contract to purchase 2.3 acres of improved/unimproved property in Berkeley Township, NJ. The property was previously approved by the township for 12 duplex residential units. The purchase price is $370,000, for which the company has paid $5,000 deposit to be held in escrow on signing of the contract.

During the period following September 30, 2018, the Company has added $646,086.80 in executed elevation and new home contracts, comprised of 2 separate elevation and renovation contracts, as well as one demolition and new single-family home contract.

During the period following September 30, 2018, on October 20, 2018 the Company entered into contract for the purchase of assets from Premier Modular Homes, LLC for the sum of $119,000, which sum shall be paid on a contingent basis for all sales generated through Premier Modular leads. The acquired assets include phone numbers, web site, use of Premier Modular Home, LLC name, equipment, vehicles and trailers.

The Company also entered into an agreement to lease the Premier Modular Homes showroom and offices located at 884 Route 9 Tuckerton, NJ 08087 for a annual amount of $18,000 with the option to renew yearly for the period of two years.

On November 15, 2018, the Company also received variance approval for the 71 Sheridan Street property in Waretown, NJ. This property was purchased on July 12, 2018. The Company intends to elevate and renovate this property, in preparation for a sale in spring 2019.

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Income Taxes (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Federal income tax rate	21.00%	35.00%
Operating loss carryforward	$ 204,903
Operating Loss Carryforward Expiration Year	2038
Deferred tax asset	$ 57,598
DHDC [Member]
Operating loss carryforward	$ 204,903
Percentage Of Allowance Against Deferred Tax Asset.	1.00

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Business Segments (Details Narrative)	6 Months Ended
	Jun. 30, 2018 Integer
Business Combinations [Abstract]
Number of business segments	1

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Significant Accounting Policies (Details Narrative) - USD ($)			6 Months Ended	12 Months Ended
	Aug. 23, 2016	Aug. 19, 2016	Jun. 30, 2018	Dec. 31, 2016	Dec. 31, 2017	Jan. 06, 2009
Capital stock authorized						75,000,000
Common stock, shares authorized			70,000,000		70,000,000	70,000,000
Common stock, par value			$ 0.001		$ 0.001	$ 0.001
Preferred stock, shares authorized			5,000,000		5,000,000	5,000,000
Preferred stock, par value			$ .001		$ .001	$ 0.001
Unamortized capitalized curriculum development costs wrote off				$ 20,534
Property and equipment, estimated useful life			5 years
Dream Homes,Ltd [Member]
Business acquisitions voting rights, percent		4.50%
Number of common stock issued to acquire business		2,225,000
Common stock agreed price per share		$ 0.05
Business acquisitions consideration transferred		$ 0
Dream Building, LLC [Member]
Business acquisitions voting rights, percent		100.00%
ANCL [Member]
Number of common stock issued to acquire business	2,287,367
Common stock agreed price per share	$ 0.05
Business acquisitions consideration transferred	$ 0

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Deposits and Costs Coincident to Acquisition of Land for Development (Tables)

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Summary of Deposits and Costs Coincident to Acquisition of Land for Development

Deposits and costs coincident to acquisition of land for development are summarized as follows:

	June 30, 2018		December 31, 2017
	(Unaudited)
Lacey Township, New Jersey, Marina contract:
Deposit		25,000		25,000
Site engineering, permits and other costs:		70,098		23,657
Total Marina Contract		95,098		48,657
Lacey Township, New Jersey, Pines contract:
Deposit		0		10,000
Cost to acquire contract		10,000		10,000
Site engineering, permits, and other costs		118,288		111,215
Total Pines contract		138,288		131,215
Berkeley Township, New Jersey, Tallwoods contract:
Deposit		10,000		10,000
Site engineering, permits, and other costs		27,437		20,257
Total Tallwoods contract		37,437		30,257
Total	$	270,823	$	210,129

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Restatement of Previously Issued Financial Statements - Schedule of Effect of Restatement Adjustments in Financial Statements (Details) (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Net of allowance for doubtful accounts, non current	$ 43,000	$ 43,000

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Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,227	$ 200	$ 2,456	$ 347

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Loans Payable to Related Parties (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Loans Payable to Related Parties

Loans payable to related parties is summarized as follows:

	June 30, 2018		December 31, 2017
	(Unaudited)
Loans payable to chief executive officer	$	11,525	$	11,525
Loans payable to GPIL (see Note 5)		3,118		3,118
Loan payable to DHL		100		100
Total	$	14,743	$	14,743

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Restatement of Previously Issued Financial Statements - Schedule of Effect of Restatement Adjustments in Financial Statements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Cash	$ 244,389		$ 244,389		$ 244,684
Accounts receivable	29,228		29,228		111,189
Costs and estimated earnings in excess of billings	241,222		241,222		69,499
Total current assets	638,834		638,834		425,372
PROPERTY AND EQUIPMENT, net	6,688		6,688		9,144
Accounts receivable, net of allowance for doubtful accounts ($43,000)	107,000		107,000		32,000
Security deposit	2,200		2,200		2,200
Deposits and costs coincident to acquisition of land for development	270,823		270,823		210,129
Total assets	901,550		901,550		678,845
Accounts payable and accrued expenses	461,607		461,607		391,003
Billings in excess of costs and estimated earnings	163,570		163,570		78,483
Accrued income taxes
Loans payable to related parties	14,743		14,743		14,743
Total current liabilities	639,920		639,920		484,229
Preferred stock
Common stock	24,201		24,201		24,201
Additional paid-in capital	1,663,520		1,663,520		1,554,144
Accumulated deficit	(1,396,091)		(1,396,091)		(1,383,729)
Total stockholders'equity	261,630		261,630		194,616
Total liabilities and stockholders' equity	901,550		901,550		$ 678,845
Revenue	917,750	$ 1,035,927	1,299,477	$ 1,761,871
Cost of construction	346,036	720,632	707,192	1,232,975
Gross profit	571,714	315,295	592,285	528,896
Selling, general and administrative	327,636	182,178	602,191	339,887
Depreciation expense	1,227	200	2,456	347
Total operating expenses	328,863	182,378	604,647	340,229
Income tax benefit (expense)		43,182		43,891
Net loss	242,851	$ 89,735	(12,362)	$ 144,776
Previously Reported [Member]
Cash	244,389		244,389
Accounts receivable	148,384		148,384
Costs and estimated earnings in excess of billings	246,061		246,061
Total current assets	638,834		638,834
PROPERTY AND EQUIPMENT, net	6,688		6,688
Accounts receivable, net of allowance for doubtful accounts ($43,000)	75,000		75,000
Security deposit	2,200		2,200
Deposits and costs coincident to acquisition of land for development	270,823		270,823
Total assets	993,545		993,545
Accounts payable and accrued expenses	456,939		456,939
Billings in excess of costs and estimated earnings	213,339		213,339
Accrued income taxes
Loans payable to related parties	14,743		14,743
Total current liabilities	685,021		685,021
Preferred stock
Common stock	24,338		24,338
Additional paid-in capital	1,663,423		1,663,423
Accumulated deficit	(1,379,237)		(1,379,237)
Total stockholders'equity	308,524		308,524
Total liabilities and stockholders' equity	993,545		993,545
Revenue			1,299,477
Cost of construction			707,192
Gross profit			592,285
Selling, general and administrative			617,506
Depreciation expense			2,456
Total operating expenses			619,962
Income tax benefit (expense)
Net loss			(27,677)
Restatement Adjustment [Member]
Cash
Accounts receivable	(119,156)		(119,156)
Costs and estimated earnings in excess of billings	(4,839)		(4,839)
Total current assets	(123,995)		(123,995)
PROPERTY AND EQUIPMENT, net
Accounts receivable, net of allowance for doubtful accounts ($43,000)	32,000		32,000
Security deposit
Deposits and costs coincident to acquisition of land for development
Total assets	(91,995)		(91,995)
Accounts payable and accrued expenses	4,668		4,668
Billings in excess of costs and estimated earnings	(49,769)		(49,769)
Accrued income taxes
Loans payable to related parties
Total current liabilities	(45,101)		(45,101)
Preferred stock
Common stock	(137)		(137)
Additional paid-in capital	(29,903)		(29,903)
Accumulated deficit	(16,854)		(16,854)
Total stockholders'equity	(46,894)		(46,894)
Total liabilities and stockholders' equity	$ (91,995)		(91,995)
Revenue
Cost of construction
Gross profit
Selling, general and administrative			(15,315)
Depreciation expense
Total operating expenses			(15,315)
Income tax benefit (expense)
Net loss			$ 15,315

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Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash	$ 244,389	$ 244,684
Accounts receivable	29,228	111,189
Costs in excess of billings and estimated earnings	241,222	69,499
Total current assets	638,834	425,372
PROPERTY AND EQUIPMENT, net	6,688	9,144
OTHER ASSETS
Security deposit	2,200	2,200
Accounts receivable , net of allowance for doubtful accounts ($43,000)	107,000	32,000
Deposits and costs coincident to acquisition of land for Development	270,823	210,129
Total assets	901,550	678,845
CURRENT LIABILITIES
Accounts payable and accrued expenses	461,607	391,003
Billings in excess of costs and estimated earnings	163,570	78,483
Accrued income taxes
Loans payable to related parties	14,743	14,743
Total current liabilities	639,920	484,229
STOCKHOLDERS' EQUITY
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of June 30, 2018 and December 31, 2017, there are no shares outstanding
Common stock; 70,000,000 shares authorized, $.001 par value, as of June 30, 2018 and December 31, 2017, there are 24,337,853 and 24,000,953 shares outstanding, respectively; and 202,510 shares committed not yet issued at December 31, 2017 respectively	24,201	24,201
Additional paid-in capital	1,663,520	1,554,144
Accumulated deficit	(1,396,091)	(1,383,729)
Total stockholders'equity	261,630	194,616
Total liabilities and stockholders' equity	$ 901,550	$ 678,845

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income (loss)	$ (12,362)	$ 144,776
Adjustments to reconcile net income (loss) to net cash provided (used) in operating activities:
Depreciation expense	2,456	347
Stock-based compensation	67,976	2,800
Changes in operating assets and liabilities:
Accounts receivable	6,961	(234,936)
Costs in excess of billings and estimated earnings	(171,723)	(31,761)
Accounts payable and accrued liabilities	70,604	193,673
Accrued income tax		43,891
Billings in excess of costs and estimated earnings	85,087	61,065
Net cash provided in operating activities	48,999	179,855
INVESTING ACTIVITIES
Purchase of office equipment		(5,800)
Security deposit		(2,200)
Deposit and costs coincident to acquisition of land for development	(60,694)	(99,700)
Net cash (used) in investing activities	(60,694)	(107,700)
FINANCING ACTIVITIES
Proceeds from sale of common stock	11,400
Net cash provided by financing activities	11,400
NET INCREASE (DECREASE) IN CASH	(295)	72,155
CASH BALANCE, BEGINNING OF PERIOD	244,684	266,709
CASH BALANCE, END OF PERIOD	244,389	338,864
Supplemental Disclosures of Cash Flow Information:
Interest paid
Income taxes paid
Non-Cash Investing and Financing Activities:
71,429 restricted shares of common stock committed to be issued to Dream Homes, Ltd. for refundable deposit under contract rights to develop land (see Notes 3 and 5)		$ 10,000

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Restatement of Previously Issued Financial Statements

6 Months Ended

Jun. 30, 2018

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Financial Statements

12- Restatement of Previously Issued Financial Statements

The Company has restated the consolidated financial statements at June 30, 2018 and for the six months then ended (which were previously included in the Company’s Form 10-Q filed with the SEC on August 20, 2018) in order to reflect the restatements previously made to the December 31, 2017 financial statements, in order to correct errors principally relating to the accounting for construction contracts under the “percentage of completion method.” These prior errors resulted primarily from misinterpretation of facts and circumstances concerning 11 contracts at the date of issuance of the consolidated financial statements by the Company.

	As Previously			Restatement			As
	Reported			Adjustments			Restated
CURRENT ASSETS
Cash	$	244,389		$	-		$	244,389
Accounts receivable		148,384			(119,156	)		29,228
Costs and estimated earnings in excess of billings		246,061			(4,839	)		241,222
Total current assets		638,834			(123,995	)		514,839
PROPERTY AND EQUIPMENT, net		6,688			-			6,688
OTHER ASSETS
Accounts receivable, net of allowance for doubtful accounts ($43,000)		75,000			32,000			107,000
Security deposit		2,200			-			2,200
Deposits and costs coincident to acquisition of land for development		270,823			-			270,823
Total assets	$	993,545		$	(91,995	)	$	901,550
CURRENT LIABILITIES
Accounts payable and accrued expenses	$	456,939		$	4,668		$	461,607
Billings in excess of costs and estimated earnings		213,339			(49,769	)		163,570
Accrued income taxes		-			-			-
Loans payable to related parties		14,743			-			14,743
Total current liabilities		685,021			(45,101	)		639,920
STOCKHOLDERS’ EQUITY
Preferred stock		-			-			-
Common stock		24,338			(137	)		24,201
Additional paid-in capital		1,663,423			(29,903	)		1,633,520
Accumulated deficit		(1,379,237	)		(16,854	)		(1,396,091	)
Total stockholders’ equity		308,524			(46,894	)		261,630
Total liabilities and stockholders’ equity	$	993,545		$	(91,995	)	$	901,550

The effect of the restatement adjustments on the Consolidated Statement of Operations for the six months ended June 30, 2018 follows:

	As Previously			Restatement			As
	Reported			Adjustments			Restated
Revenue	$	1,299,477		$	-		$	1,299,477
Cost of construction		707,192			-			707,192
Gross profit		592,285			-			592,285
Operating expenses
Selling, general and administrative		617,506			(15,315	)		602,191
Depreciation expense		2,456			-			2,456
		619,962			(15,315	)		604,647
Income tax benefit (expense)		-			-			-
Net loss	$	(27,677	)	$	15,315		$	(12,362	)

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8- Commitments and Contingencies

Construction Contracts

As of June 30, 2018, Dream Building, LLC is committed under 22 construction contracts outstanding with home owners with contract prices totaling $ 3,545,139 which are being fulfilled in the ordinary course of business. None of these construction projects are expected to take significantly in excess of one year to complete from commencement of construction. The Company has no significant commitments with material suppliers or subcontractors that involve any sums of substance or, of long term duration at the date of issuance of these financial statements.

Employment Agreements

On April 28, 2017, DHDC executed an Employment Agreement with its newly appointed Vice President of Business Development. The term of the agreement is from April 28, 2017 to December 31, 2020 and is renewable thereafter at 1-year intervals based on certain sales targets. The agreement provides for compensation based on sales.

On May 8, 2017, DHDC executed an Employment Agreement with its newly appointed Sales Manager. The term of the agreement is from May 8, 2017 to May 8, 2019 and is renewable thereafter at 1-year intervals based on certain sales targets. The agreement provides for compensation based on sales.

For the six months ended June 30, 2018, sales commissions expense pursuant to these two employment agreements were $56,164.

Lease Agreement

On June 20, 2017, DHDC executed a lease for office and storage space located at 2109 Bridge Avenue, Point Pleasant, New Jersey. The term of the Lease is five years from June 20, 2017 to June 20, 2022 with two (2) five (5) year options to renew. The Lease provides for monthly rent commencing August 20, 2017 at $1,200 per month until the earlier of completion of upstairs offices or November 20, 2017, at which time the monthly rent increases to $2,200 per month. Assuming DHDC is current in all rent and other charges, DHDC has the option to cancel the Lease with 90 days written notice to Landlord.

In May of 2018, DHDC renegotiated the lease to provide for a monthly payment of $1,100, which commenced on June 1, 2018.

For the six months ended June 30, 2018, rent expense under this lease agreement was $12,100.

Investor Relations Agreement

On February 10, 2017, the Company entered into an Investor Relations and Consulting Services Agreement with an investor relations firm. The agreement expired on August 31, 2017 and provided for issuance of 56,000 restricted shares of common stock valued at $2,800 to the investor relations firm (stock issued on February 22, 2017) and $2,000 per month fees to be paid to the investor relations firm commencing March 2017.

For the six months ended June 30, 2018 and 2017, consulting fees expense under this agreement was $2,000 and $4,800 respectively.

Line of Credit

On September 15, 2016, DHDC established a $50,000 line of credit with General Development Corp., a non-bank lender. Advances under the line bear interest at a rate of 12% payable monthly and the outstanding principal is due and payable in 60 months. The line is secured by the personal guarantee of the Company’s Chief Executive Officer. The agreement to fund automatically renews on a yearly basis if interest payments are current. To date, the Company has received $20,000 under the line of credit.

Private Placement

On November 3, 2017, the Company released a Private Placement Memorandum, which consists of an equity and debt offering for up to $5,000,000 in new capital. This capital will be utilized for acquisition and development of several of the properties the Company has under contract, as well as expansion into the Florida market. The offering is comprised of Units for sale as well as convertible debt. Each Unit is priced at $.40 per common share and includes 1 warrant to purchase an additional share of common stock for $.60 within 3 years of the date of Unit purchase. The convertible debt is offered at an 8% coupon, paid quarterly, has a maturity of 4 years and is convertible at $.75 per share. The offering was scheduled to close on January 2, 2018 and was extended unchanged by the Company to September 2, 2018.

As of May 21, 2018, the Company has sold a total of 68,810 units and received $16,400 in cash ($5,000 in December 2017 for 12,500 units, $6,400 in January 2018 for 16,000 units and $5000 in February 2018 for 12,500 units) and was granted a reduction in accounts payable from a lumber vendor of 11,124 for 27,810 units issuable to the vendor as of December 31, 2017.

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Loans Payable to Related Parties

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Loans Payable to Related Parties

4-Loans Payable to Related Parties

Loans payable to related parties is summarized as follows:

	June 30, 2018		December 31, 2017
	(Unaudited)
Loans payable to chief executive officer	$	11,525	$	11,525
Loans payable to GPIL (see Note 5)		3,118		3,118
Loan payable to DHL		100		100
Total	$	14,743	$	14,743

All the loans above are non-interest bearing and due on demand.

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Common Stock Issuances (Details Narrative) - USD ($)																					1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	May 17, 2018	Feb. 26, 2018	Feb. 09, 2018	Jan. 31, 2018	Dec. 29, 2017	Dec. 27, 2017	Dec. 11, 2017	Dec. 08, 2017	Sep. 21, 2017	Jul. 12, 2017	Apr. 26, 2017	Mar. 14, 2017	Mar. 01, 2017	Feb. 22, 2017	Dec. 29, 2016	Oct. 21, 2016	Oct. 13, 2016	Aug. 23, 2016	Aug. 19, 2016	Aug. 18, 2016	Apr. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2011	Dec. 31, 2010
Stock issued during the period restricted stock value																									$ 2,800
Stock based compensation shares																	100,000
Proceeds from issuance of common stock																									$ 11,400
Subscription Agreement [Member]
Number of common shares issued for legal services		12,500
Common stock per share		$ .40
Proceeds from issuance of common stock		$ 5,000
Green Chip Investor Relations [Member] | Consulting Services Agreement [Member]
Number of restricted common stock shares issued during the period														56,000								56,000
Stock issued during the period restricted stock value																						$ 2,800
Common stock per share																						$ 0.05
Minority Stockholder [Member]
Number of common shares issued for legal services																											30,000
Minority interest																												$ 10,000
Dream Homes,Ltd [Member]
Number of restricted common stock shares issued during the period							100,000	162,200	25,000
Percent of equity interest																			4.50%
Agreed price per share																			$ 0.05
Stock issued during the period restricted stock value								$ 48,658
Number of common shares issued for legal services			40,000
Stock based compensation shares
Common stock per share				$ .40	$ 0.40	$ 0.40
Number of restricted common stock shares issued to exchange for vehicles										40,000
Number of restricted common stock issued to exchange for vehicles										$ 6,000
Number of restricted common stock shares issued for cash for subscription agreement						12,500
Number of restricted common stock issued for cash for subscription agreement						$ 5,000
Number of restricted common stock shares issued for settlement of accounts payable				16,000	27,810
Number of restricted common stock issued for settlement of accounts payable				$ 11,400	$ 11,124
Private Placement [Member]
Issuance of common stock																	$ 500,000
Private Placement [Member] | Minority Stockholder [Member]
Minority interest																												$ 500,000
Mr. Roger Fidler [Member]
Number of restricted common stock shares issued during the period																			250,000					250,000
Agreed price per share																								$ 0.01
Stock issued during the period restricted stock value																								$ 2,500
Individual [Member]
Number of restricted common stock shares issued during the period																160,000							160,000
Agreed price per share																							$ 0.05
Stock issued during the period restricted stock value																							$ 8,000
Convertible Noteholders [Member]
Number of restricted common stock shares issued to convertible noteholders for notes and accrued interest															326,857
Number of restricted common stock issued to convertible noteholders for notes and accrued interest															$ 65,371
Secretary [Member]
Number of common shares issued for legal services			25,000
Stock based compensation shares
Directors [Member]
Number of common shares issued for legal services			25,000
Stock based compensation shares
Parent Company [Member]
Number of restricted common stock shares issued during the period																		2,287,367	2,225,000
Percent of equity interest																			4.50%
Agreed price per share																		$ 0.05	$ 0.05
GPIL [Member]
Number of restricted common stock shares issued for satisfaction of loans payable																				2,000,000
Number of restricted common stock issued for satisfaction of loans payable																				$ 20,000
DHL [Member]
Number of restricted common stock shares issued during the period												275,000	71,429
Stock issued during the period restricted stock value													$ 10,000
Number of common shares issued for legal services	115,340
DHL [Member] | Minority Stockholder [Member]
Number of restricted common stock shares issued during the period																	100,000
General Development Corp [Member]
Number of restricted common stock shares issued during the period											100,000										100,000
Stock issued during the period restricted stock value																					$ 5,000
Restricted Shares [Member]
Issuance of common stock, shares																	100,000
Issuance of common stock																	$ 100,000
Number of common shares issued for legal services															180,000		275,000
Common stock shares values issued																							$ 9,000
Common stock per share																							$ 0.05
Restricted Shares [Member] | Chief Executive Officer [Member]
Number of common shares issued for legal services															50,000
Restricted Shares [Member] | Secretary [Member]
Number of common shares issued for legal services															50,000
Restricted Shares [Member] | Outside Directors Two [Member]
Number of common shares issued for legal services															10,000
Restricted Shares [Member] | Outside Directors One [Member]
Number of common shares issued for legal services															10,000
Restricted Shares [Member] | Four Other Individuals [Member]
Number of common shares issued for legal services															60,000
Restricted Shares [Member] | Company Officers and Outside Directors [Member]
Common stock shares values issued																							$ 6,000
Restricted Shares [Member] | DHL Employees [Member]
Common stock shares values issued																							$ 3,000

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Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 57,598
Valuation allowance	(57,598)
Net deferred tax asset