Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-55445 | |
Entity Registrant Name | DREAM HOMES & DEVELOPMENT CORPORATION | |
Entity Central Index Key | 0001518336 | |
Entity Tax Identification Number | 20-2208821 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 314 South Main Street | |
Entity Address, City or Town | Forked River | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08731 | |
City Area Code | 609 | |
Local Phone Number | 693 8881 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,274,493 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 162,618 | $ 55,519 |
Accounts receivable, net of allowance for doubtful accounts ($29,838) | 287,151 | 311,672 |
Loan receivable, related party | 86,456 | 102,460 |
Employee advances | 2,705 | 2,705 |
Mortgage receivable | 25,000 | |
Contract assets | 211,306 | 64,143 |
Total current assets | 775,236 | 536,499 |
PROPERTY AND EQUIPMENT, net | 18,489 | 24,056 |
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 | 7,435,849 | 779,831 |
Total assets | 8,263,774 | 1,374,586 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 715,667 | 332,267 |
Accrued interest | 75,218 | 13,104 |
Deposits held | 6,001 | |
Contract liabilities | 269,326 | 187,576 |
Note payable-line of credit | 893,160 | 250,159 |
SBA-PPP Loan | 82,895 | |
Mortgages payable, current portion | 2,969,536 | |
Note payable-bank | 134,500 | |
Loans payable-other | 6,670 | |
Loans payable-related party | 292,895 | 3,671 |
Total current liabilities | 5,362,973 | 860,672 |
Long-Term Mortgages payable | 2,508,000 | |
Total liabilities | 7,870,973 | 860,672 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of September 30, 2021 and December 31, 2020, there are no shares outstanding | ||
Common stock; 70,000,000 shares authorized, $.001 par value, as of September 30, 2021 and December 31, 2020, there are 34,774,493 and 31,664,493 shares outstanding, respectively | 34,774 | 31,664 |
Additional paid-in capital | 2,197,570 | 2,073,480 |
Accumulated deficit | (1,839,543) | (1,600,230) |
Total stockholders’ equity | 392,801 | 504,914 |
Total liabilities and stockholders’ equity | $ 8,263,774 | $ 1,374,586 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
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 | 0 | 0 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 34,774,493 | 31,664,493 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Construction contracts | $ 911,566 | $ 879,126 | $ 3,069,905 | $ 3,013,397 |
Cost of construction contracts | 746,801 | 310,426 | 2,498,350 | 1,987,896 |
Gross profit | 164,765 | 568,700 | 571,555 | 1,025,501 |
Operating Expenses: | ||||
Selling, general and administrative, including stock based compensation of $127,200 and $197,900, respectively | 286,688 | 417,250 | 743,687 | 935,446 |
Depreciation expense | 1,689 | 1,668 | 5,067 | 4,975 |
Total operating expenses | 288,377 | 418,918 | 748,754 | 940,421 |
Income (loss) from operations | (123,612) | 149,782 | (177,199) | 85,080 |
Other income (expenses): | ||||
Interest expense | (40,779) | (5,109) | (62,114) | (15,826) |
Total other income (expenses) | (40,779) | (5,109) | (62,114) | (15,826) |
Net income (loss) before income taxes | (164,391) | 144,673 | (239,313) | 69,254 |
Provision for income taxes | (80,146) | 80,146 | ||
Net income (loss) | $ (164,391) | $ 64,527 | $ (239,313) | $ (10,892) |
Basic and diluted income (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding-basic and diluted | 34,735,354 | 28,906,560 | 34,136,759 | 28,056,387 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Stock based compensation | $ 14,000 | $ 78,000 | $ 127,200 | $ 197,900 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 25,879 | $ 1,868,504 | $ (1,396,494) | $ 497,889 |
Beginning balance shares at Dec. 31, 2019 | 25,878,993 | |||
Issuance of restricted common stock at per share | $ 2,997 | 116,903 | 119,900 | |
Issuance of restricted common stock at per share, shares | 2,997,500 | |||
Net loss | (122,787) | (122,787) | ||
Ending balance, value at Mar. 31, 2020 | $ 28,876 | 1,985,407 | (1,519,281) | 495,002 |
Ending balance shares at Mar. 31, 2020 | 28,876,493 | |||
Beginning balance, value at Dec. 31, 2019 | $ 25,879 | 1,868,504 | (1,396,494) | 497,889 |
Beginning balance shares at Dec. 31, 2019 | 25,878,993 | |||
Net loss | (10,892) | |||
Ending balance, value at Sep. 30, 2020 | $ 31,586 | 2,068,397 | (1,407,386) | 692,597 |
Ending balance shares at Sep. 30, 2020 | 31,586,493 | |||
Beginning balance, value at Mar. 31, 2020 | $ 28,876 | 1,985,407 | (1,519,281) | 495,002 |
Beginning balance shares at Mar. 31, 2020 | 28,876,493 | |||
Net loss | 47,368 | 47,368 | ||
Ending balance, value at Jun. 30, 2020 | 28,876 | 1,985,407 | (1,471,913) | 542,370 |
Issuance of restricted common stock at per share | $ 2,710 | 82,990 | 85,700 | |
Issuance of restricted common stock at per share, shares | 2,710,000 | |||
Net loss | 64,527 | 64,527 | ||
Ending balance, value at Sep. 30, 2020 | $ 31,586 | 2,068,397 | (1,407,386) | 692,597 |
Ending balance shares at Sep. 30, 2020 | 31,586,493 | |||
Beginning balance, value at Dec. 31, 2020 | $ 31,664 | 2,073,480 | (1,600,230) | 504,914 |
Beginning balance shares at Dec. 31, 2020 | 31,664,493 | |||
Issuance of restricted common stock at per share | $ 2,830 | 110,370 | 113,200 | |
Issuance of restricted common stock at per share, shares | 2,830,000 | |||
Net loss | (118,296) | (118,296) | ||
Ending balance, value at Mar. 31, 2021 | $ 34,494 | 2,183,850 | (1,718,526) | 499,818 |
Ending balance shares at Mar. 31, 2021 | 34,494,493 | |||
Beginning balance, value at Dec. 31, 2020 | $ 31,664 | 2,073,480 | (1,600,230) | 504,914 |
Beginning balance shares at Dec. 31, 2020 | 31,664,493 | |||
Net loss | (239,313) | |||
Ending balance, value at Sep. 30, 2021 | $ 34,774 | 2,197,570 | (1,839,543) | 392,801 |
Ending balance shares at Sep. 30, 2021 | 34,774,493 | |||
Beginning balance, value at Mar. 31, 2021 | $ 34,494 | 2,183,850 | (1,718,526) | 499,818 |
Beginning balance shares at Mar. 31, 2021 | 34,494,493 | |||
Net loss | 43,374 | 43,374 | ||
Ending balance, value at Jun. 30, 2021 | $ 34,494 | 2,183,850 | (1,675,152) | 543,192 |
Ending balance shares at Jun. 30, 2021 | 28,876,493 | |||
Issuance of restricted common stock at per share | $ 280 | 13,720 | 14,000 | |
Issuance of restricted common stock at per share, shares | 280,000 | |||
Net loss | (164,391) | (164,391) | ||
Ending balance, value at Sep. 30, 2021 | $ 34,774 | $ 2,197,570 | $ (1,839,543) | $ 392,801 |
Ending balance shares at Sep. 30, 2021 | 34,774,493 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | |
Issuance of restricted common shares | 280,000 | 2,830,000 | 2,710,000 | 2,997,500 |
Shares Issued, Price Per Share | $ 0.05 | $ 0.04 | $ 0.04 | |
Common Stock [Member] | ||||
Issuance of restricted common stock at per share, shares | 280,000 | 2,830,000 | 2,710,000 | 2,997,500 |
Minimum [Member] | ||||
Shares Issued, Price Per Share | $ 0.03 | |||
Maximum [Member] | ||||
Shares Issued, Price Per Share | $ 0.07 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (239,313) | $ (10,892) |
Adjustments to reconcile net loss to net cash provided (used) in operating activities: | ||
Depreciation expense | 5,067 | 4,975 |
Sale of property held for development | 130,034 | |
Write-off on deposits and acquisition of land | 43,701 | |
Stock-based compensation | 127,200 | 197,900 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 24,521 | (1,429) |
Mortgage receivable | (25,000) | |
Loan receivable, related party | 16,004 | (43,865) |
Contract assets | (147,163) | (67,087) |
Accounts payable and accrued liabilities | 383,400 | (186,338) |
Accrued interest | 62,114 | 15,782 |
Contract liabilities | 81,750 | (77,491) |
Income taxes payable | 26,972 | |
Net cash provided in operating activities | 418,614 | (90,072) |
INVESTING ACTIVITIES | ||
Deposits and costs coincident to acquisition of land for development | (1,302,014) | (93,008) |
Net cash used in investing activities | (1,302,014) | (93,008) |
FINANCING ACTIVITIES | ||
Proceeds from notes payable-line of credit | 643,000 | 37,698 |
Proceeds from loans payable-other | 6,670 | |
Proceeds from SBA-PPP loan (forgiveness) | (82,895) | 82,895 |
Proceeds from note payable-bank | 134,500 | |
Proceeds from loans-related party | 289,224 | |
Net cash used in financing activities | 990,499 | 120,593 |
NET INCREASE IN CASH | 107,099 | (62,487) |
CASH BALANCE, BEGINNING OF PERIOD | 55,519 | 233,402 |
CASH BALANCE, END OF PERIOD | 162,618 | 170,915 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | ||
Income taxes paid | ||
Non-Cash Investing and Financing Activities: | ||
Issuance of 2,997,500 restricted common stock for compensation | 119,900 | |
Issuance of 2,830,000 restricted common stock for compensation | 113,200 | |
Mortgages payable for acquisition of property held for development | 4,963,563 | |
Issuance of 280,000 restricted common shares for legal fees | 14,000 | |
Issuance of 110,000 shares of common stock for debt reduction | 7,700 | |
Issuance of 2,600,000 restricted common shares for compensation | $ 78,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock issued for legal fee | $ 280,000 | |
Number of shares issued | 110,000 | |
Stock Based Compensation [Member] | ||
Number of shares issued | 2,830,000 | 2,997,500 |
Shares issued for compensation | 2,600,000 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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 nine 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 5 new developments totaling 265 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. 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 70,000,000 .001 5,000,000 .001 On March 14, 2017, the Company name was changed to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a web site at www.dreamhomesltd.com http://blog.dreamhomesltd.com. Principles of Consolidation The consolidated financial statements include the accounts of DHDC and its wholly owned subsidiaries (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 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 adopted Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) on January 1, 2018. In accordance with ASC 606, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services, in accordance with the following five-step process: ● Identify the contract(s) with a customer ● Identify the performance obligations ● Determine the transaction price ● Allocate the transaction price ● Recognize revenue when the performance obligations are met For the periods presented prior to the adoption of ASC 606, revenues from long-term construction contracts were recognized in accordance with ASC Topic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The Company recognizes construction contract revenue over time 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: ● Contract assets represent 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. ● Contract liabilities represent 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. Contract liabilities 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) 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. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 2 - Property and Equipment Property and equipment is summarized as follows: Schedule of Property and Equipment September 30, December 31, Office equipment $ 5,115 $ 5,115 Vehicles/Modular homes 57,565 58,065 Less: Accumulated depreciation (44,191 ) (39,124 ) Property and Equipment- net $ 18,489 $ 24,056 Depreciation expense for the nine months ended September 30, 2021 and 2020 was $ 5,067 4,975 |
Deposits and Costs Coincident t
Deposits and Costs Coincident to Acquisition of Land for Development | 9 Months Ended |
Sep. 30, 2021 | |
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: Schedule of Deposits and Costs Coincident to Acquisition of Land for Development September 30, December 31, Lacey Township, New Jersey, Pines contract: Acquisition cost $ 1,115,577 $ - Site engineering, permits, and other costs 364,066 111,833 Total Pines contract 1,479,643 121,833 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: Station Drive LLC - Clayton, New Jersey - 112 apartments 2,769,633 161,694 Louis Avenue, Bayville, New Jersey-17 units 408,271 36,271 Berkeley Terrace – Bayville, New Jersey 70 units 2,506,990 20,000 201 East Ave – Clayton, New Jersey – 63 units 112,491 112,491 Academy St – Clayton, New Jersey – 2 lots 36,133 36,133 Other 22,542 191,263 Total $ 7,435,849 $ 779,831 Properties Currently Owned Berkeley Terrace – Bayville, NJ – 70 approved townhome units A contract was signed to acquire 70 The closing to acquire this property occurred on June 29, 2021 The Company is preparing to begin infrastructure work on the property, and start a presales program. The first closings are scheduled to occur in late spring of 2022. Lacey Township, New Jersey, “Dream Homes at the Pines” 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 late 2021 and will accrete to 2022 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 th It is anticipated that complete development approvals will cost approximately $ 20,000 1,000,000 1,900,000 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. The closing to acquire this property occurred on June 29, 2021 and the Company is currently in title. Dream Homes Apartments - Fairview On May 3, 2018, the Company submitted a signed letter of intent to purchase 5.5 On February 26, 2021, the closing to acquire this property occurred via an assemblage of 3 parcels. Louis Avenue – Bayville, NJ – In title 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. 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 and the planning board awarded preliminary approvals for 17 townhome units. Application is currently being made for final approvals, and the Company should be heard at the October planning board meeting. The Company acquired this property on August 4, 2021. Properties Under Contract to Purchase and in the Approval Stage 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 manufactured 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 an additional virtual meeting was conducted on November 17, 2020. The application for a use variance was heard on May 24, 2021 and the variance was approved. The Company is in the process of applying for preliminary and final site plan approval and should be heard at the October 2021 meeting. Properties on hold due to delay in approvals, environmental concerns or other reasons Berkeley Township, New Jersey, “Dream Homes at Tallwoods”, Contract The Company acquired rights to a contract to purchase over 7 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 future of the contract may be in question. 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 this unapproved property may be questionable. Mortgages on Properties Held for Development: Schedule Mortgages on Properties Held for Development September 30, 2021 December 31, 2020 Edisto Loan Fund, LLC $ 2,969,535 $ Lynx Asset Services, LLC 1,725,000 - AC Development, LLC 450,000 - AVB Development 333,000 - Less current portion (2,969,536 ) - Long-term portion $ 2,508,000 $ - All notes have interest payments only for one to three years 8% 10% |
Loans Payable to Related Partie
Loans Payable to Related Parties | 9 Months Ended |
Sep. 30, 2021 | |
Loans Payable To Related Parties | |
Loans Payable to Related Parties | 4- Loans Payable to Related Parties Loans payable to related parties is summarized as follows: Schedule of Loans Payable to Related Parties September 30, December 31, General Property Investments $ 292,895 $ - Loans payable to chief executive officer - 3,671 Total $ 292,895 $ 3,671 All the loans above are non-interest bearing and due on demand. |
Common Stock Issuances & Privat
Common Stock Issuances & Private Placement Memorandum | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock Issuances & Private Placement Memorandum | 5 - Common Stock Issuances & Private Placement Memorandum In March 2020, the Company issued 2,997,500 119,500 On September 25, 2020, the Company issued 110,000 7,700 On September 30, 2020, the Company issued 2,600,000 78,000 On October 28, 2020, the Company issued 48,000 3,360 On November 10, 2020, the Company issued 30,000 1,800 On February 11, 2021, the Company issued 2,830,000 113,200 Private Placement Memorandum On May 7, 2021, the Company released a Private Placement Memorandum, which consists of an equity and debt offering for up to $ 1,000,000 .20 1 .30 within 3 years of the date of Unit purchase 8% 3 years .75 November 7, 2021 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6 – Income Taxes As of September 30, 2021 the Company has available for federal and state income tax purposes a net operating loss carry forward that may be used to offset future taxable income. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7- Commitments and Contingencies Construction Contracts As of September 30, 2021, the Company was committed under 24 8,013,003 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 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 2,500 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 25,140 Line of Credit On September 15, 2016, DHDC increased an existing line of credit from $ 500,000 1,000,000 12% The outstanding principal is due and payable in 60 months. 893,160 61,234 15,826 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions 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 monthly rent of $ 2,500 |
Stock Warrants
Stock Warrants | 9 Months Ended |
Sep. 30, 2021 | |
Stock Warrants | |
Stock Warrants | 9 - Stock Warrants As of this date, there are no outstanding stock warrants that have been issued by the Company. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10 – Subsequent Events On October 22, 2021, the Company issued 500,000 25,000 Other subsequent events have been detailed in respective categories herein. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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 nine 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 5 new developments totaling 265 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. 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 70,000,000 .001 5,000,000 .001 On March 14, 2017, the Company name was changed to Dream Homes & Development Corporation (“DHDC”). DHDC maintains a web site at www.dreamhomesltd.com http://blog.dreamhomesltd.com. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of DHDC and its wholly owned subsidiaries (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 |
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 adopted Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) on January 1, 2018. In accordance with ASC 606, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services, in accordance with the following five-step process: ● Identify the contract(s) with a customer ● Identify the performance obligations ● Determine the transaction price ● Allocate the transaction price ● Recognize revenue when the performance obligations are met For the periods presented prior to the adoption of ASC 606, revenues from long-term construction contracts were recognized in accordance with ASC Topic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The Company recognizes construction contract revenue over time 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: ● Contract assets represent 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. ● Contract liabilities represent 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. Contract liabilities 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) 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. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment is summarized as follows: Schedule of Property and Equipment September 30, December 31, Office equipment $ 5,115 $ 5,115 Vehicles/Modular homes 57,565 58,065 Less: Accumulated depreciation (44,191 ) (39,124 ) Property and Equipment- net $ 18,489 $ 24,056 |
Deposits and Costs Coincident_2
Deposits and Costs Coincident to Acquisition of Land for Development (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: Schedule of Deposits and Costs Coincident to Acquisition of Land for Development September 30, December 31, Lacey Township, New Jersey, Pines contract: Acquisition cost $ 1,115,577 $ - Site engineering, permits, and other costs 364,066 111,833 Total Pines contract 1,479,643 121,833 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: Station Drive LLC - Clayton, New Jersey - 112 apartments 2,769,633 161,694 Louis Avenue, Bayville, New Jersey-17 units 408,271 36,271 Berkeley Terrace – Bayville, New Jersey 70 units 2,506,990 20,000 201 East Ave – Clayton, New Jersey – 63 units 112,491 112,491 Academy St – Clayton, New Jersey – 2 lots 36,133 36,133 Other 22,542 191,263 Total $ 7,435,849 $ 779,831 |
Schedule Mortgages on Properties Held for Development | Mortgages on Properties Held for Development: Schedule Mortgages on Properties Held for Development September 30, 2021 December 31, 2020 Edisto Loan Fund, LLC $ 2,969,535 $ Lynx Asset Services, LLC 1,725,000 - AC Development, LLC 450,000 - AVB Development 333,000 - Less current portion (2,969,536 ) - Long-term portion $ 2,508,000 $ - |
Loans Payable to Related Part_2
Loans Payable to Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loans Payable To Related Parties | |
Schedule of Loans Payable to Related Parties | Loans payable to related parties is summarized as follows: Schedule of Loans Payable to Related Parties September 30, December 31, General Property Investments $ 292,895 $ - Loans payable to chief executive officer - 3,671 Total $ 292,895 $ 3,671 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - $ / shares | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | 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, Plant and Equipment, Useful Life | 5 years |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (44,191) | $ (39,124) |
Property and Equipment- net | 18,489 | 24,056 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,115 | 5,115 |
Vehicles/Modular Homes [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 57,565 | $ 58,065 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 1,689 | $ 1,668 | $ 5,067 | $ 4,975 |
Schedule of Deposits and Costs
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 7,435,849 | $ 779,831 |
Lacey Township New Jersey Pines Contract [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Acquisition cost | 1,115,577 | |
Site engineering, permits, and other costs | 364,066 | 111,833 |
Total | 1,479,643 | 121,833 |
Berkeley Township New Jersey Tallwoods Contract [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Site engineering, permits, and other costs | 90,146 | 90,146 |
Total | 100,146 | 100,146 |
Deposit | 10,000 | 10,000 |
Station Drive L L C Clayton New Jersey One Hundred And Twelve Apartments [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 2,769,633 | 161,694 |
Louis Avenue Bayville New Jersey Seventeen Units [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 408,271 | 36,271 |
Berkeley Terrace Bayville New Jersey Seventy Units [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 2,506,990 | 20,000 |
Two Hundred And One East Ave Clayton New Jersey Sixty Three Units [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 112,491 | 112,491 |
Academy St Clayton New Jersey Twolots [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 36,133 | 36,133 |
Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | $ 22,542 | $ 191,263 |
Schedule Mortgages on Propertie
Schedule Mortgages on Properties Held for Development (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Less current portion | $ (2,969,536) | |
Long-term portion | 2,508,000 | |
Edisto Loan Fund L L C [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
AVB Development | 2,969,535 | |
Lynx Asset Services L L C [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
AVB Development | 1,725,000 | |
A C Development L L C [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
AVB Development | 450,000 | |
A V B Development [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
AVB Development | $ 333,000 |
Deposits and Costs Coincident_3
Deposits and Costs Coincident to Acquisition of Land for Development (Details Narrative) | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2019a | Sep. 30, 2021USD ($) | May 03, 2018a | Apr. 01, 2017a | |
Real Estate [Line Items] | ||||
Debt Instrument, Interest Rate Terms | All notes have interest payments only for one to three years | |||
Minimum [Member] | ||||
Real Estate [Line Items] | ||||
Interest payment percentage | 8.00% | |||
Maximum [Member] | ||||
Real Estate [Line Items] | ||||
Interest payment percentage | 10.00% | |||
Dream Homes,Ltd [Member] | ||||
Real Estate [Line Items] | ||||
Purchase of undeveloped land | a | 7 | |||
Dream Homes,Ltd [Member] | ||||
Real Estate [Line Items] | ||||
Development approval costs | $ 20,000 | |||
Infrastructure costs | 1,000,000 | |||
Aggregate amount funding for home construction | 1,900,000 | |||
Dream Homes Apartments [Member] | ||||
Real Estate [Line Items] | ||||
Purchase of undeveloped land | a | 5.5 | |||
NJ Department of Transportation [Member] | ||||
Real Estate [Line Items] | ||||
Payable to local authorities | $ 36,750 | |||
Townhouse Lots In Bayville NJ [Member] | ||||
Real Estate [Line Items] | ||||
Number of properties acquired | a | 70 | |||
Properties acquired date | Jun. 29, 2021 |
Schedule of Loans Payable to Re
Schedule of Loans Payable to Related Parties (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Total | $ 292,895 | $ 3,671 |
Loans Payable [Member] | General Property Investments [Member] | ||
Short-term Debt [Line Items] | ||
Total | 292,895 | |
Loans Payable [Member] | Loans Payable to Chief Executive Officer [Member] | ||
Short-term Debt [Line Items] | ||
Total | $ 3,671 |
Common Stock Issuances & Priv_2
Common Stock Issuances & Private Placement Memorandum (Details Narrative) - USD ($) | May 07, 2021 | Feb. 11, 2021 | Nov. 10, 2020 | Oct. 28, 2020 | Sep. 30, 2020 | Sep. 25, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Mar. 31, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued for debt reductions, values | $ 280,000 | ||||||||
Share issued, price per share | $ 0.04 | $ 0.05 | $ 0.04 | ||||||
Private Placement [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Equity and debt offering | $ 1,000,000 | ||||||||
Share issued, price per share | $ 0.20 | ||||||||
Warrants purchase of common stock shares | 1 | ||||||||
Warrants exercise price per share | $ 0.30 | ||||||||
Offering period | within 3 years of the date of Unit purchase | ||||||||
Private Placement [Member] | Convertible Debt [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Debt offered percentage | 8.00% | ||||||||
Debt Instrument, Term | 3 years | ||||||||
Debt conversion price per share | $ 0.75 | ||||||||
Debt instrument, offering date | Nov. 7, 2021 | ||||||||
Restricted Stock [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued for stock based compensation, shares | 2,830,000 | 30,000 | 48,000 | 2,600,000 | 2,997,500 | ||||
Number of shares issued for stock based compensation, value | $ 113,200 | $ 1,800 | $ 3,360 | $ 78,000 | $ 119,500 | ||||
Number of shares issued for debt reductions, shares | 110,000 | ||||||||
Number of shares issued for debt reductions, values | $ 7,700 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Feb. 28, 2020USD ($) | May 08, 2017 | Sep. 15, 2016USD ($) | Apr. 30, 2017USD ($) | Sep. 30, 2021USD ($)a | Sep. 30, 2020USD ($) |
Loss Contingencies [Line Items] | ||||||
Interest expense | $ 61,234 | $ 15,826 | ||||
Nonbank Lender [Member] | General Development Corp [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Line of credit | 893,160 | |||||
Line of credit interest rate | 12.00% | |||||
Line of credit facility principal due payable terms | The outstanding principal is due and payable in 60 months. | |||||
Nonbank Lender [Member] | General Development Corp [Member] | Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Line of credit | $ 500,000 | |||||
Nonbank Lender [Member] | General Development Corp [Member] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Line of credit | $ 1,000,000 | |||||
Lease Agreement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Rent expense | $ 25,140 | $ 2,000 | $ 2,500 | |||
Lease term | 2 years | |||||
Sales Manager [Member] | May 8, 2017 to May 8, 2019 [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
AgreementTerm | 1 year | |||||
Construction Contracts [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of contracts assigned | a | 24 | |||||
Construction contract price | $ 8,013,003 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 1 Months Ended |
Apr. 30, 2017USD ($) | |
Forked River, New Jersey [Member] | |
Monthly rent | $ 2,500 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Restricted Stock [Member] - Green Chip Investor Relations [Member] - Subsequent Event [Member] | Oct. 22, 2021USD ($)shares |
Subsequent Event [Line Items] | |
Issuance of restricted common shares, shares | shares | 500,000 |
Issuance of restricted common shares, value | $ | $ 25,000 |