Dream Homes & Development Corporation reported significant financial changes for the six months ended June 30, 2024, compared to the same period in 2023. The company experienced a net loss of $(866,465) for the first half of 2024, a stark contrast to a net income of $62,158 in the prior year. This decline was attributed to a gross profit loss of $(248,369) for the six months ended June 30, 2024, compared to a gross profit of $684,387 in 2023. Revenue from construction contracts increased to $2,131,449 in 2024 from $1,811,135 in 2023, indicating a positive trend in contract revenue despite the overall loss.
For the second quarter of 2024, revenue from construction contracts was $657,714, down from $706,669 in the same quarter of 2023. The gross profit for this quarter was $(481,784), a significant decrease from the $231,365 reported in the previous year. Selling, general, and administrative expenses decreased slightly to $525,410 for the six months ended June 30, 2024, from $538,032 in 2023, reflecting cost management efforts.
The company's total assets decreased to $9,440,894 as of June 30, 2024, from $10,108,509 at the end of 2023. Current assets also fell to $2,452,228 from $3,300,377, while current liabilities increased to $3,783,476 from $3,317,179. This resulted in a total stockholders’ equity deficit of $(128,200) as of June 30, 2024, down from a positive equity of $633,265 at the end of 2023.
Strategically, Dream Homes is shifting its focus from "Build For Sale" to "Build for Lease" and improving lots for sale, responding to market demand. The company is actively exploring Build To Lease properties and has five developments totaling 367 units either in title or under contract. This strategic pivot is expected to generate significant revenue from leasing finished properties and selling improved lots.
The company’s cash position also saw a decline, with cash balances at $1,868,077 as of June 30, 2024, compared to $2,712,503 at the end of 2023. Net cash used in operating activities was $(568,419) for the first half of 2024, compared to a positive cash flow of $186,406 in 2023. The company issued shares for related party debt conversion amounting to $7,000,000 during this period, indicating ongoing financial restructuring efforts.
About Dream Homes & Development Corp.
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