10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

Amendment No. 1

(Mark One)

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

For the fiscal year ended December 31, 2020

[  ] 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	(I.R.S. Employer
Incorporation Or Organization)	Identification No.)

314 South Main Street Forked River, New Jersey 08731

(Address of Principal Executive Offices and Zip Code)

Registrant’s Telephone Number, Including Area Code: (609) 693-8881

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Exchange Act:

Common Stock, $.001 par value per share

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act [  ] Yes [X] No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. [  ] Yes [X] No

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 [X] No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [  ] Yes [X] No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] Yes [  ] No

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 the definitions of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer [  ] Accelerated filer [  ] Non-accelerated filer [  ] Smaller reporting company [X]

Emerging Growth Company [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [  ] Yes [X] No

Explanatory note: This Form 10K is unaudited. The Company expects to file an audited filing within the next 14 days.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date.

Class	Outstanding at April 15, 2021
Common Stock, par value $0.001	34,684,493

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 31, 2018): None

EXPLANATORY NOTE

The sole purpose of this Amendment No. 1 to the Annual Report on Form 10-K for the year ended December 31, 2020 of Dream Homes & Development Corp. (the “Company”) filed with the Securities and Exchange Commission on April 15, 2021 (the “Form 10-K”) is to furnish Exhibits 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T.

No other changes have been made to the Form 10-K. This Amendment No. 1 to the Form 10-K speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-K. 

PART IV

Item 15. Exhibits

The following exhibits are filed as part of this annual report.

Exhibits Number	Description
3.1 (1)	Certificate of Incorporation of The Virtual Learning Company, Inc.
3.2 (1)	By-laws of The Virtual Learning Company, Inc.
4.1 (1)	Sample Stock Certificate
10.1 (1)	Intellectual Property Purchase Agreement
10.2 (1)	Consulting Agreement with William Kazmierczach
*31.1	Certification of Principal Executive Officer and Principal Financial Officer, pursuant to SEC Rules 13a-14(a) and 15d-14(a), adopted pursuant Section 302 of the Sarbanes Oxley Act of 2002
*32.1	Certification of Chief Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
*101.INS	XBRL Instance Document
*101.SCH	XBRL Taxonomy Extension Schema Document
*101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
*101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
*101.LAB	XBRL Taxonomy Extension Label Linkbase Document
*101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

(1) Previously filed.

(*) Filed herewith.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Dream Homes & Development Corporation
Dated: April 19, 2021	By:	/s/ Vincent Simonelli
		Vincent Simonelli, President, Principal Executive and Financial and Accounting Officer

EX-31

EXHIBIT 31

CERTIFICATIONS

I, Vincent C. Simonelli, certify that:

1. I have reviewed this annual 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: April 19, 2021

/s/ Vincent C. Simonelli

CEO and CFO

EX-32

EXHIBIT 32

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-K/A for the year ended December 31, 2020 (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: April 19, 2021

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.

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Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Apr. 15, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	Dream Homes & Development Corp.
Entity Central Index Key	0001518336
Document Type	10-K/A
Document Period End Date	Dec. 31, 2020
Amendment Flag	true
Amendment Description	Amendment No: 1
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity 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 Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		34,684,493
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

XML

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash	$ 55,519	$ 233,402
Accounts receivable, net of allowance for doubtful accounts ($29,838)	311,672	410,550
Loan receivable, related party	102,460	44,991
Employee advances	2,705	2,500
Costs and estimated earnings in excess of billings	64,143	328,244
Total current assets	536,499	1,019,687
PROPERTY AND EQUIPMENT, net	24,056	33,501
OTHER ASSETS
Accounts receivable, net of allowance for doubtful accounts ($43,000)	32,000	32,000
Security deposit	2,200	2,200
Deposits and costs coincident to acquisition of land for development	779,831	606,241
Total assets	1,374,586	1,693,629
CURRENT LIABILITIES
Accounts payable and accrued expenses	332,267	738,322
Accrued interest	13,104	6,831
Billings in excess of costs and estimated earnings	187,576	228,661
Income taxes payable		53,174
Note payable-line of credit	250,159	161,962
Loans payable-PPP	82,895
Loans payable to related parties	3,671	6,790
Total current liabilities	869,672	1,195,740
STOCKHOLDERS' EQUITY
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of December 31, 2020 and 2019, there are no shares outstanding
Common stock; 70,000,000 shares authorized, $.001 par value, as of December 31, 2020 and 2019, there are 31,664,493 and 25,878,993 shares outstanding, respectively	31,664	25,879
Additional paid-in capital	2,073,480	1,868,504
Accumulated deficit	(1,600,230)	(1,396,494)
Total stockholders' equity	504,914	497,889
Total liabilities and stockholders' equity	$ 1,374,586	$ 1,693,629

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Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable, current	$ 29,838	$ 29,838
Allowance for doubtful accounts receivable, non-current	$ 43,000	$ 43,000
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.001	$ 0.001
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	31,664,493	25,878,993

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Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Construction contracts	$ 3,166,165	$ 3,103,011
Cost of construction contracts	2,381,062	2,090,966
Gross profit	785,103	1,012,045
Operating Expenses:
Selling, general and administrative, including stock based compensation of $197,900 and $88,194, respectively	974,077	990,210
Depreciation expense	8,445	6,230
Total operating expenses	982,522	996,440
Income (loss) from operations	(197,419)	15,605
Other income (expenses):
Cancellation of debt		10,000
Interest expense	(6,317)	(8,301)
Total other income (expenses)	(6,317)	1,699
Net income (loss) before income taxes	(203,736)	17,304
Provision for income taxes		31,649
Net loss	$ (203,736)	$ (14,345)
Basic and diluted loss per common share	$ (0.01)	$ (0.00)
Weighted average common shares outstanding-basic and diluted	31,664,493	25,291,258

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Consolidated Statements of Operations (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Stock based compensation	$ 197,900	$ 88,194

XML

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock Issued and to be Issued [Member]	Additional Paid in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 24,201	$ 1,671,988	$ (1,382,149)	$ 314,040
Balance, shares at Dec. 31, 2018	24,200,993
Expense relating to stock warrants		30,394		30,394
Issuance of 58,000 restricted common shares for consulting services at $.08 per share	$ 58	5,742		5,800
Issuance of 58,000 restricted common shares for consulting services at $.08 per share, shares	58,000
Issuance of 520,00 restricted common shares for stock-based compensation at $.10 per share	$ 520	51,480		52,000
Issuance of 520,00 restricted common shares for stock-based compensation at $.10 per share, shares	520,000
Issuance of 1,000,000 restricted common shares for debt reduction to Chief Executive Officer at $.10 per share	$ 1,000	99,000		100,000
Issuance of 1,000,000 restricted common shares for debt reduction to Chief Executive Officer at $.10 per share, share	1,000,000
Issuance of 100,000 restricted common shares for debt reduction at $.10 per share	$ 100	9,900		10,000
Issuance of 100,000 restricted common shares for debt reduction at $.10 per share, shares	100,000
Net income loss			(14,345)	(14,345)
Balance at Dec. 31, 2019	$ 25,879	1,868,504	(1,396,494)	497,889
Balance, shares at Dec. 31, 2019	25,878,993
Issuance of 2,997,500 restricted common shares for stock-based compensation at $.04 per share	$ 2,997	116,904		119,901
Issuance of 2,997,500 restricted common shares for stock-based compensation at $.04 per share ,shares	2,997,500
Issuance of 2,600,000 restricted common shares for stock-based compensation at $.03 per share	$ 2,600	75,400		78,000
Issuance of 2,600,000 restricted common shares for stock-based compensation at $.03 per share ,shares	2,600,000
Issuance of 110,000 restricted common shares for debt at $.07 per share	$ 110	7,590		7,700
Issuance of 110,000 restricted common shares for debt at $.07 per share, shares	110,000
Issuance of 48,000 restricted common shares for debt at $.07 per share	$ 48	3,312		3,360
Issuance of 48,000 restricted common shares for debt at $.07 per share, shares	48,000
Issuance of 30,000 restricted common shares for debt at $.06 per share	$ 30	1,770		1,800
Issuance of 30,000 restricted common shares for debt at $.06 per share, shares	30,000
Net income loss			(203,736)	(203,736)
Balance at Dec. 31, 2020	$ 31,664	$ 2,073,480	$ (1,600,230)	$ 504,914
Balance, shares at Dec. 31, 2020	31,664,493

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Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt [Member]
Issuance of restricted common shares	110,000
Shares issued price per share	$ 0.07
Debt One [Member]
Issuance of restricted common shares	48,000
Shares issued price per share	$ 0.07
Debt Two [Member]
Issuance of restricted common shares	30,000
Shares issued price per share	$ 0.06
Consulting Services [Mermber]
Issuance of restricted common shares		58,000
Shares issued price per share		$ 0.08
Stock Based Compensation [Mermber]
Issuance of restricted common shares	2,997,500	52,000
Shares issued price per share	$ 0.04	$ 0.10
Debt Reduction To Chief Executive [Mermber]
Issuance of restricted common shares		1,000,000
Shares issued price per share		$ 0.10
Debt Reduction [Mermber]
Issuance of restricted common shares		100,000
Shares issued price per share		$ 0.10
Stock Based Compensation One [Member]
Issuance of restricted common shares	2,600,000
Shares issued price per share	$ 0.03

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Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net loss	$ (203,736)	$ (14,345)
Adjustments to reconcile net income to net cash provided (used) in operating activities:
Amortization of debt discounts
Depreciation expense	8,445	6,230
Stock-based compensation	197,900	88,194
Write-off of note payable		(10,000)
Changes in operating assets and liabilities:
Accounts receivable	98,878	(61,332)
Loan receivable, related party	(57,469)	(44,991)
Employee advances	(205)	(2,500)
Costs and estimated earnings in excess of billings	264,101	(222,397)
Accounts payable and accrued liabilities	(399,782)	482,066
Billings in excess of costs and estimated earnings	(41,085)	(25,547)
Income taxes payable	(53,174)	31,649
Net cash provided (used) in operating activities	(186,127)	227,027
INVESTING ACTIVITIES
Purchase of office equipment and vehicles	(1,000)	(29,000)
Deposits and costs coincident to acquisition of land for development	(173,590)	(245,274)
Net used in investing activities	(174,590)	(274,274)
FINANCING ACTIVITIES
Proceeds from note payable-line of credit, net	88,197	161,962
Proceeds from loans payable to related parties, net	11,742
Proceeds from loans payable-PPP	82,895
Net cash provided by financing activities	182,834	161,962
NET INCREASE (DECREASE) IN CASH	(177,883)	114,715
CASH BALANCE, BEGINNING OF PERIOD	233,402	118,687
CASH BALANCE, END OF PERIOD	55,519	233,402
Supplemental Disclosures of Cash Flow Information:
Interest paid
Income taxes paid
Non-Cash Investing and Financing Activities:
Issuance of 1,100,000 restricted common stock for debt reduction		$ 100,000

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Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
	Dec. 31, 2019 shares
Debt Reduction [Mermber]
Number of shares issued	1,100,000

XML

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

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 267 units in title, or 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 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 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.

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. We adopted this ASU on January 1, 2018 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and subsequent amendments to the initial guidance: ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”), which provides guidance for accounting for leases. Topic 842 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. We are currently evaluating both the method and the impact of adopting this guidance on our Condensed Consolidated Financial Statements.

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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Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

2 - Property and Equipment

Property and equipment is summarized as follows:

	December 31, 2020			December 31, 2019
Office equipment	$	5,115		$	6,115
Vehicles/Modular homes		58,065			58,065
Less: Accumulated depreciation		(39,124	)		(30,679	)
Property and Equipment- net	$	24,056		$	33,501

Depreciation expense for the years ended December 31, 2020 and 2019 was $8,445 and $6,230, respectively.

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Deposits and Costs Coincident to Acquisition of Land for Development

12 Months Ended

Dec. 31, 2020

Real Estate [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:

	December 31, 2020		December 31, 2019
Lacey Township, New Jersey, Pines contract:
Deposit		-
Cost to acquire contract		10,000		10,000
Site engineering, permits, and other costs		111,833		111,833
Total Pines contract		121,833		121,833
Berkeley Township, New Jersey, Tallwoods contract:
Deposit		10,000		10,000
Site engineering, permits, and other costs		90,146		90,146
Total Tallwoods contract		100,146		100,146
Other deposits:
Clayton, New Jersey - 112 apartments		62,662		62,662
71 Sheridan Avenue, Waretown, New Jersey		0		44,438
Louis Avenue, Bayville, New Jersey-17 units		36,271		36,271
Berkeley Terrace – Bayville, New Jersey 70 units		20,000		20,000
Station Dr – Forked River, New Jersey		99,032		99,032
201 East Ave – Clayton, New Jersey – 63 units		112,491		78,000
Academy St – Clayton, New Jersey – 2 lots		36,133		36,133
Other		69,263		7,726
Total	$	779,831	$	606,241

Properties currently under contract to purchase and in the development stage

Berkeley Terrace – Bayville, NJ – 70 approved townhome units

A contract was signed to acquire 70 approved townhome units in October 2019, after 31 months of discussion. This property is scheduled to close in the spring of 2021, at which time site improvements will commence. Sales will accrete to 2021, 2022 & 2023 income. The Company is in discussion with several lenders to arrange an acquisition, development and construction finance facility. Funding for land only has been secured.

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

Dream Homes is in contract and under development for a parcel which will yield 68 new townhomes in the Ocean County NJ area, of which 54 are market rate and 14 are affordable housing. The acquisition of the contract 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 2021 and is projected to add approximately $17,000,000 to the Company’s gross sales.

All costs associated with this property necessary to obtain all approvals, acquire the land, install the infrastructure and prepare the property to commence construction are the Company’s responsibility.

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 Lacey Township Planning Board meeting was held on December 11, 2017. Additional information was requested from the board and the next meeting is scheduled to be heard for preliminary and final approval on April 19^th of 2021.

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.

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.

As of February 26, 2021, financing has been secured to purchase the land upon municipal approvals being granted.

Dream Homes Apartments

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 being approved for a 112-unit apartment complex, with 8000 square feet of retail space. The Company has a signed contract and has been proceeding with development approvals. The property is designated as a redevelopment property, and a redevelopment agreement is currently being negotiated with the township. Progress has been delayed due to township closures due to the Covid-19 pandemic.

On February 26, 2021, the Company took title to the property via an assemblage of 3 parcels.

Louis Avenue – Bayville, NJ – Property being developed

In October of 2018, the company entered into a contract to develop and acquire 17 townhouse lots in Bayville NJ. Engineering and approvals are currently in process. Application was made to the Planning Board on March 20, 2020. The project was deemed complete by the township engineer and is awaiting a date for a planning board hearing. Municipal scheduling has been delayed due to the Covid-19 virus. The Company was heard before the Berkeley Township Planning Board on October 3, 2020. The planning board awarded preliminary approvals for 17 townhome units on October 3, 2020. Application is being prepared for final approvals. The Company is scheduled to acquire the property in July of 2021.

Autumn Run – Gloucester County

On December 7, 2018, the Company signed a contract to purchase a property in Gloucester County, NJ, which will be approved for +/- 63 units of age-restricted housing. The property is currently in the approval stage. An application was made to the DEP for a wetlands letter of interpretation, which was approved as proposed. Further action before the planning board is pending due to delays caused by township closures due to Covid-19. The Company had a virtual workshop meeting on September 15, 2020 and is scheduled for an additional virtual meeting on November 17, 2020.

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 (1 lot has been sold) 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. The Company intends to begin construction as buyer’s are secured and the homes are projected to sell in the $350,000 - $375,000 range.

Properties on hold due to delay in approvals, environmental concerns or other reasons

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).

Since the transaction had not occurred for at least a portion of the Property within 12 months of the completion of the Due Diligence Period, as well as two 6-month extensions, the seller chose to terminate the contract. Though the Company retained the right to waive any remaining development contingencies and proceed to close on the property, it was determined by senior management that the risk of acquiring an unapproved property was not acceptable.

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. This property is still available and is on hold pending funding availability.

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Loans Payable to Related Parties

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Loans Payable to Related Parties

4-Loans Payable to Related Parties

Loans payable to related parties is summarized as follows:

	December 31, 2020		December 31, 2019
Loans payable to chief executive officer	$	3,671	$	3,671
Loans payable to GPIL		-		3,119
Total	$	3,671	$	6,790

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

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Common Stock Issuances

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Common Stock Issuances

5 - Common Stock Issuances

On May 9, 2019, the Company issued 58,000 restricted shares of restricted common shares to two individuals for consulting services at $.10 per share.

On June 6, 2019, the Company issued 520,000 restricted shares for stock-based compensation at $.10 per share to six individuals.

On June 6, 2019, the Company issued 1,000,000 restricted shares for debt reduction to the Chief Executive Officer at $.10 per share.

On June 6, 2019, the Company issued 100,000 restricted shares for reduction of note payable at $.10 per share.

In March 2020, the Company issued 2,997,500 restricted shares for compensation valued at $ 119,500.

On September 25, 2020, the Company issued 110,000 restricted shares for debt reduction value at $7,700.

On September 30, 2020, the Company issued 2,600,000 restricted shares for compensation valued at $ 78,000.

On October 28, 2020, the Company issued 48,000 restricted shares for compensation valued at $ 3.360.

On November 10, 2020, the Company issued 30,000 restricted shares for compensation valued at $ 1,800.

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Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

6 – Income Taxes

As a result of the Tax Cuts and Jobs Act (Tax Legislation) enacted on December 22, 2017, the United States corporate income tax rate is 21% effective January 1, 2018.

The sources of the differences follow:

	Year ended December 31, 2020			Year ended December 31, 2019
Expected tax at 21%	$	(42,785	)	$	3,634
State income taxes, net of federal income tax benefit		(18,336	)		1,557
Non-deductible stock-based compensation		41,559			26,458
Other		-			-
Change in valuation allowance/NOL carryforward		19,562			-
Provision for (benefit from) income taxes	$	-		$	31,649

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7- Commitments and Contingencies

Construction Contracts

As of December 31, 2020, the Company was committed under 17 construction contracts outstanding with home owners and investors with contract prices totaling $ 6,024,890, which are being fulfilled in the ordinary course of business. None of these construction projects are expected to take over 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 May 8, 2017, DHDC executed an Employment Agreement with a Sales Manager. The original term of the agreement was from May 8, 2017 to May 8, 2019 and was renewable thereafter at 1-year intervals based on certain sales targets. That agreement has been renewed and is currently in force. The agreement provides for compensation based on sales.

Lease Agreements

The Company has occupied office space located in Forked River, New Jersey. Commencing April 2017, the Company originally paid monthly rent of $2,000 for this office space. This amount was subsequently increased to $2,500 per month.

On February 28, 2020 the Company executed a lease for an office space located at 800 Riverview Drive in Brielle, which the Company feels will better serve the southern Monmouth clientele. The lease term is 2 years, and the total rent is $25,140.

The Company continues to operate an office/showroom located at 884 Rt. 9 in Little Egg Harbor. This lease was originally incepted in November 2018, and the Company continues to utilize the facility to service clients in Long Beach Island, Little Egg Harbor as well as points south.

 Line of Credit

On September 15, 2016, DHDC established a $500,000 line of credit with General Development Corp., a non-bank lender. Advances under the line bear interest at a rate of 12%, with interest being payable on demand. 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 as long as interest payments are current. To date, the Company has received several advances under the line of credit. As of 12/31/20, the outstanding principal balance was $250,159.

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Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Related Party Transactions

8. Related Party Transactions

Dream Homes Ltd. Allocated payroll

The Company uses the services of Dream Homes Ltd. (DHL) personnel for its operations. For the years ended December 31, 2020 and 2019, selling, general and administrative expenses include $357,250 and $496,197, respectively, for the Company’s estimated share of DHL’s gross payroll and payroll taxes and include $ 75,400 and $78,000, respectively, salary paid to the Company’s Chief Executive Officer and $ 63,350 and $57,600, respectively salary paid to the Company’s Secretary and Senior VP. At December 31, 2020 and 2019, accounts payable and accrued expenses include $0 and $3,000, respectively, due DHL for unpaid payroll reimbursement.

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Stock Warrants

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stock Warrants

9 - Stock Warrants

Effective April 1, 2019, any previous warrants issued by the Company were cancelled.

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Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

10 – Subsequent Events

On February 26, 2021, the Company took title to a 112 - unit apartment property, with 8000 square feet of retail, located in southern New Jersey. This acquisition was made via an assemblage of 3 parcels of land.

During the 1^st quarter of 2021, the following stock issuances were authorized by the Company.

On January 16, 2021, the Company issued 100,000 restricted shares for compensation valued at $ 4,000.

On February 3, 2021, the Company issued 2,640,000 restricted shares for compensation valued at $ 105,600.

On March 18, 2021, the Company issued 280,000 restricted shares for compensation valued at $ 14,000.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

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 267 units in title, or 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 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 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.

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. We adopted this ASU on January 1, 2018 and adoption of this ASU did not have a material impact on our financial position, results of operations and cash flows.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and subsequent amendments to the initial guidance: ASU 2017-13, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 (collectively, “Topic 842”), which provides guidance for accounting for leases. Topic 842 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. We are currently evaluating both the method and the impact of adopting this guidance on our Condensed Consolidated Financial Statements.

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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Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment is summarized as follows:

	December 31, 2020			December 31, 2019
Office equipment	$	5,115		$	6,115
Vehicles/Modular homes		58,065			58,065
Less: Accumulated depreciation		(39,124	)		(30,679	)
Property and Equipment- net	$	24,056		$	33,501

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

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Schedule 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:

	December 31, 2020		December 31, 2019
Lacey Township, New Jersey, Pines contract:
Deposit		-
Cost to acquire contract		10,000		10,000
Site engineering, permits, and other costs		111,833		111,833
Total Pines contract		121,833		121,833
Berkeley Township, New Jersey, Tallwoods contract:
Deposit		10,000		10,000
Site engineering, permits, and other costs		90,146		90,146
Total Tallwoods contract		100,146		100,146
Other deposits:
Clayton, New Jersey - 112 apartments		62,662		62,662
71 Sheridan Avenue, Waretown, New Jersey		0		44,438
Louis Avenue, Bayville, New Jersey-17 units		36,271		36,271
Berkeley Terrace – Bayville, New Jersey 70 units		20,000		20,000
Station Dr – Forked River, New Jersey		99,032		99,032
201 East Ave – Clayton, New Jersey – 63 units		112,491		78,000
Academy St – Clayton, New Jersey – 2 lots		36,133		36,133
Other		69,263		7,726
Total	$	779,831	$	606,241

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Loans Payable to Related Parties (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Loans Payable to Related Parties

Loans payable to related parties is summarized as follows:

	December 31, 2020		December 31, 2019
Loans payable to chief executive officer	$	3,671	$	3,671
Loans payable to GPIL		-		3,119
Total	$	3,671	$	6,790

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

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

The sources of the differences follow:

	Year ended December 31, 2020			Year ended December 31, 2019
Expected tax at 21%	$	(42,785	)	$	3,634
State income taxes, net of federal income tax benefit		(18,336	)		1,557
Non-deductible stock-based compensation		41,559			26,458
Other		-			-
Change in valuation allowance/NOL carryforward		19,562			-
Provision for (benefit from) income taxes	$	-		$	31,649

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Significant Accounting Policies (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 06, 2009
Accounting Policies [Abstract]
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	$ 0.001	$ 0.001	$ 0.001
Property and equipment, estimated useful life	5 years

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Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 8,445	$ 6,230

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Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Less: Accumulated depreciation	$ (39,124)	$ (30,679)
Property and Equipment- net	24,056	33,501
Office Equipment [Member]
Property and equipment, gross	5,115	6,115
Vehicles/Modular Homes [Member]
Property and equipment, gross	$ 58,065	$ 58,065

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Deposits and Costs Coincident to Acquisition of Land for Development (Details Narrative)		1 Months Ended	12 Months Ended
	May 28, 2018 USD ($)	Apr. 30, 2017 shares	Dec. 31, 2020 USD ($)	May 03, 2018 a	Mar. 14, 2018 USD ($)	Mar. 01, 2017 a
Dream Homes, Ltd. [Member]
Real Estate [Line Items]
Purchase of undeveloped land | a						7
Number of restricted stock issued during period | shares		71,429
Dream Homes At Radio Road Contract [Member] | Little Egg Harbor Township, New Jersey [Member] | Minimum [Member]
Real Estate [Line Items]
Constructed property retail value			$ 350,000
Dream Homes At Radio Road Contract [Member] | Little Egg Harbor Township, New Jersey [Member] | Maximum [Member]
Real Estate [Line Items]
Constructed property retail value			375,000
Dream Homes At Radio Road Contract [Member] | Little Egg Harbor Township, New Jersey [Member] | 4 Improved Lots [Member]
Real Estate [Line Items]
Constructed property retail value					$ 260,000
Dream Homes At Radio Road Contract [Member] | Little Egg Harbor Township, New Jersey [Member] | Improved Lot One [Member]
Real Estate [Line Items]
Constructed property retail value					$ 65,000
700 KW Property Contract [Member] | Glassboro Township, New Jersey [Member]
Real Estate [Line Items]
Constructed property retail value	$ 900,000
Acquisition, description of acquired entity	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. This property is still available and is on hold pending funding availability.
NJ Department of Transportation [Member]
Real Estate [Line Items]
Payable to local authorities			36,750
Dream Homes, Ltd. [Member]
Real Estate [Line Items]
Gross sales			17,000,000
Development approval costs			50,000
Infrastructure costs			1,000,000
Aggregate amount funding for home construction			$ 2,090,000
Dream Homes Apartments [Member]
Real Estate [Line Items]
Purchase of undeveloped land | a				5.5

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Deposits and Costs Coincident to Acquisition of Land for Development - Schedule of Deposits and Costs Coincident to Acquisition of Land for Development (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Total	$ 779,831	$ 606,241
Lacey Township, New Jersey, Pines Contract [Member]
Deposit
Cost to acquire contract	10,000	10,000
Site engineering, permits, and other costs	111,833	111,833
Total	121,833	121,833
Berkeley Township, New Jersey, Tallwoods Contract [Member]
Deposit	10,000	10,000
Site engineering, permits, and other costs	90,146	90,146
Total	100,146	100,146
Clayton, New Jersey - 112 Apartments [Member]
Other deposits	62,662	62,662
71 Sheridan Avenue, Waretown, New Jersey [Member]
Other deposits	0	44,438
Louis Avenue, Bayville, New Jersey-17 units [Member]
Other deposits	36,271	36,271
Berkeley Terrace - Bayville, New Jersey 70 Units [Member]
Other deposits	20,000	20,000
Station Dr - Forked River, New Jersey [Member]
Other deposits	99,032	99,032
201 East Ave - Clayton, New Jersey - 63 Units [Member]
Other deposits	112,491	78,000
Academy St - Clayton, New Jersey - 2 Lots [Member]
Other deposits	36,133	36,133
Other [Member]
Other deposits	$ 69,263	$ 7,726

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Loans Payable to Related Parties - Schedule of Loans Payable to Related Parties (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Total	$ 3,671	$ 6,790
Loans Payable to Chief Executive Officer [Member] | Loans Payable [Member]
Total	3,671	3,671
Loans Payable to GPIL [Member] | Loans Payable [Member]
Total		$ 3,119

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Common Stock Issuances (Details Narrative) - USD ($)							1 Months Ended	12 Months Ended
	Nov. 10, 2020	Oct. 28, 2020	Sep. 30, 2020	Sep. 25, 2020	Jun. 06, 2019	May 09, 2019	Mar. 31, 2020	Dec. 31, 2019
Number of shares issued for stock based compensation, value								$ 52,000
Number of shares issued for debt reductions, values								$ 100,000
Restricted Shares [Member]
Number of shares issued for stock based compensation, shares	30,000	48,000	2,600,000				2,997,500
Number of shares issued for stock based compensation, value	$ 1,800	$ 3,360	$ 78,000				$ 119,500
Restricted Stock [Member]
Number of shares issued for debt reductions, shares				110,000
Number of shares issued for debt reductions, values				$ 7,700
Restricted Stock [Member] | Reductions of Note Payable [Member]
Share issued, price per share					$ 0.10
Number of shares issued for debt reductions, shares					100,000
Two Individuals [Member] | Restricted Stock [Member]
Number of shares issued for services, shares						58,000
Share issued, price per share						$ 0.10
Six Individuals [Member] | Restricted Stock [Member]
Share issued, price per share					$ 0.10
Number of shares issued for stock based compensation, shares					520,000
Chief Executive Officer [Member] | Restricted Stock [Member]
Share issued, price per share					$ 0.10
Number of shares issued for debt reductions, shares					1,000,000

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Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%

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Income Taxes - Schedule of States Federal Income Tax Rate Income Loss Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Expected tax at 21%	$ (42,785)	$ 3,634
State income taxes, net of federal income tax benefit	(18,336)	1,557
Non-deductible stock-based compensation	41,559	26,458
Other
Change in valuation allowance/NOL carryforward	19,562
Provision for (benefit from) income taxes		$ 31,649

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Commitments and Contingencies (Details Narrative)				1 Months Ended	12 Months Ended
	Feb. 28, 2020 USD ($)	May 08, 2017	Sep. 15, 2016 USD ($)	Apr. 30, 2017 USD ($)	Dec. 31, 2020 USD ($) Integer	Sep. 30, 2020 USD ($)
Nonbank Lender [Member] | General Development Corp. [Member]
Line of credit			$ 500,000		$ 250,159
Line of credit interest rate			12.00%
Line of credit facility principal due payable terms			Outstanding principal is due and payable in 60 months.
Lease Agreement [Member]
Rent expense	$ 25,140			$ 2,000	$ 2,500
Lease term	2 years
Sales Manager [Member] | May 8, 2017 to May 8, 2019 [Member]
Agreement term interval based		1 year
Construction Contracts [Member]
Number of contracts assigned | Integer					17
Construction contract price						$ 6,024,890

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Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Selling, general and administrative expenses	$ 974,077	$ 990,210
Accounts payable and accrued expenses	332,267	738,322
Chief Executive Officer [Member]
Salary paid	75,400	78,000
Secretary and Senior VP [Member]
Salary paid	63,350	57,600
DHL [Member]
Selling, general and administrative expenses	357,250	496,197
Accounts payable and accrued expenses	$ 0	$ 3,000

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Subsequent Events (Details Narrative) - USD ($)				12 Months Ended
	Mar. 18, 2021	Feb. 03, 2021	Jan. 16, 2021	Dec. 31, 2019
Number of shares issued for stock based compensation, value				$ 52,000
Subsequent Event [Member] | Restricted Stock [Member]
Number of shares issued for stock based compensation, shares	280,000	2,640,000	100,000
Number of shares issued for stock based compensation, value	$ 14,000	$ 105,600	$ 4,000