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Commitments and Contingencies
9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

7- Commitments and Contingencies

 

Construction Contracts

 

As of September 30, 2023, the Company was committed under 9 construction contracts outstanding with homeowners and investors with contract prices totaling $ 4,600,817, 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

 

The Company currently has no outstanding employment agreements.

 

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. In May of 2020, this amount was subsequently increased to $2,500 per month. As of September of 2023, the monthly rental amount has increased to $3,000 per month.

 

 

Line of Credit

 

On September 15, 2016, DHDC established a $500,000 line of credit with General Development Corp., a non-bank lender. On September 15, 2021, DHDC increased the existing line of credit from $500,000 to $1,000,000. 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 guarantee of the Company as well as 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 or as agreed. To date, the Company has received several advances under the line of credit. As of September 30, 2023 and December 31, 2022, the outstanding principal balance was $950,990 and $908,660, respectively.