Dream Homes & Development Corporation reported its financial results for the three months ended March 31, 2024, reflecting significant changes compared to the same period in 2023. Revenue from construction contracts increased to $1.5 million, up from $1.1 million in the prior year, indicating a positive trend in project activity. However, the company experienced a decline in gross profit, which fell to $233,415 from $453,022, primarily due to rising costs associated with construction and operational expenses.
Total operating expenses rose to $331,717, compared to $295,434 in the previous year, contributing to a net loss before income taxes of $(117,352) for the quarter, a stark contrast to the net income of $100,416 reported in the same period last year. Consequently, the net loss for the quarter was $(122,618), compared to a net income of $100,416 in 2023.
The company's financial position showed a decrease in total current assets, which fell to $3.1 million from $3.3 million at the end of 2023. Cash reserves also declined to $2.5 million from $2.7 million. Despite these reductions, the company increased its common stock outstanding to 47.4 million shares, up from 40.4 million shares, and raised additional paid-in capital to $2.4 million from $2.3 million.
In terms of strategic developments, Dream Homes is actively pursuing four new developments totaling 267 units, which are either titled or under contract. The company is shifting its focus in Ocean County, transitioning all new multi-family developments from Build For Sale to Build For Lease, aiming to capitalize on the growing Build To Lease trend in response to a shortage of rental properties.
The company reported net cash used in operating activities of $(114,743), an improvement from $(260,701) in the previous year. Additionally, deposits and costs related to land acquisition for development decreased significantly to $(97,248) from $(307,883). However, net cash provided by financing activities turned negative at $(48,709), compared to a positive $234,309 in the prior year.
Overall, Dream Homes & Development Corporation is navigating a challenging market environment while implementing strategic shifts to enhance its revenue streams and adapt to evolving market conditions.
About Dream Homes & Development Corp.
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