Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 21, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
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 | 40,414,493 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash | $ 17,679 | $ 525,389 |
Accounts receivable | 127,848 | 213,008 |
Prepaid fees-property held for development | 398,304 | |
Contract assets | 111,089 | 256,558 |
Total current assets | 654,920 | 994,955 |
PROPERTY AND EQUIPMENT, net | 3,066 | 6,216 |
OTHER ASSETS | ||
Security deposit | 2,200 | 2,200 |
Deposits and costs coincident to acquisition of land for development | 7,158,634 | 6,179,085 |
Total assets | 7,818,820 | 7,182,456 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 945,818 | 644,913 |
Accrued interest | 287,133 | 227,308 |
Deposits held | 10,000 | 10,000 |
Contract liabilities | 92,997 | 256,757 |
Note payable-line of credit | 923,660 | 908,660 |
Mortgages payable, current portion | 1,388,563 | 3,113,563 |
Note payable-bank | 369,178 | 492,500 |
Notes payable -others | 552,833 | |
Total current liabilities | 5,007,002 | 5,908,596 |
Long-Term Mortgages payable | 2,019,016 | 635,016 |
Total liabilities | 7,026,018 | 6,543,612 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock; 5,000,000 shares authorized, $.001 par value, as of June 30, 2023 and December 31, 2022, there are no shares outstanding | ||
Common stock; 70,000,000 shares authorized, $.001 par value, as of June 30, 2023 and December 31, 2022, there are 40,414,493 and 35,824,493 shares outstanding, respectively | 40,414 | 35,824 |
Additional paid-in capital | 2,327,330 | 2,240,120 |
Accumulated deficit | (1,574,942) | (1,637,100) |
Total stockholders’ equity | 792,802 | 638,844 |
Total liabilities and stockholders’ equity | 7,818,820 | 7,182,456 |
Related Party [Member] | ||
CURRENT LIABILITIES | ||
Loans payable-related party | $ 436,820 | $ 254,895 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
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 | 40,414,493 | 35,824,493 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue: | ||||
Construction contracts | $ 706,669 | $ 1,082,202 | $ 1,811,135 | $ 2,077,407 |
Cost of construction contracts | 475,304 | 828,090 | 1,126,748 | 1,412,956 |
Gross profit | 231,365 | 254,112 | 684,387 | 664,451 |
Operating Expenses: | ||||
Selling, general and administrative, including stock based compensation of $91,800 and $0, respectively | 242,598 | 192,071 | 538,032 | 408,093 |
Depreciation expense | 1,575 | 1,698 | 3,150 | 3,387 |
Total operating expenses | 244,173 | 193,769 | 541,182 | 411,480 |
Income (loss) from operations | (12,808) | 60,343 | 143,205 | 252,971 |
Other income (expenses): | ||||
Interest expense | (25,450) | (31,330) | (81,047) | (58,752) |
Total other income (expenses) | (25,450) | (31,330) | (81,047) | (58,752) |
Net income (loss) before income taxes | (38,258) | 29,013 | 62,158 | 194,219 |
Provision for income taxes | ||||
Net income (loss) | $ (38,258) | $ 29,013 | $ 62,158 | $ 194,219 |
Basic income (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0.01 |
Diluted income (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0.01 |
Weighted average common shares outstanding-basic | 39,190,495 | 35,824,493 | 37,507,493 | 35,824,493 |
Weighted average common shares outstanding-diluted | 39,190,495 | 35,824,493 | 37,507,493 | 35,824,493 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Stock based compensation | $ 91,800 | $ 0 | $ 91,800 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 35,824 | $ 2,240,120 | $ (1,791,190) | $ 484,754 |
Beginning balance, shares at Dec. 31, 2021 | 35,824,493 | |||
Net Income (loss) | 165,206 | 165,206 | ||
Ending balance, value at Mar. 31, 2022 | $ 35,824 | 2,240,120 | (1,625,984) | 649,960 |
Ending balance, shares at Mar. 31, 2022 | 35,824,493 | |||
Beginning balance, value at Dec. 31, 2021 | $ 35,824 | 2,240,120 | (1,791,190) | 484,754 |
Beginning balance, shares at Dec. 31, 2021 | 35,824,493 | |||
Net Income (loss) | 194,219 | |||
Ending balance, value at Jun. 30, 2022 | $ 35,824 | 2,240,120 | (1,596,971) | 678,973 |
Ending balance, shares at Jun. 30, 2022 | 35,824,493 | |||
Beginning balance, value at Mar. 31, 2022 | $ 35,824 | 2,240,120 | (1,625,984) | 649,960 |
Beginning balance, shares at Mar. 31, 2022 | 35,824,493 | |||
Net Income (loss) | 29,013 | 29,013 | ||
Ending balance, value at Jun. 30, 2022 | $ 35,824 | 2,240,120 | (1,596,971) | 678,973 |
Ending balance, shares at Jun. 30, 2022 | 35,824,493 | |||
Beginning balance, value at Dec. 31, 2022 | $ 35,824 | 2,240,120 | (1,637,100) | 638,844 |
Beginning balance, shares at Dec. 31, 2022 | 35,824,493 | |||
Net Income (loss) | 100,416 | 100,416 | ||
Ending balance, value at Mar. 31, 2023 | $ 35,824 | 2,240,120 | (1,536,684) | 739,260 |
Ending balance, shares at Mar. 31, 2023 | 35,824,493 | |||
Beginning balance, value at Dec. 31, 2022 | $ 35,824 | 2,240,120 | (1,637,100) | 638,844 |
Beginning balance, shares at Dec. 31, 2022 | 35,824,493 | |||
Net Income (loss) | 62,158 | |||
Ending balance, value at Jun. 30, 2023 | $ 40,414 | 2,327,330 | (1,574,942) | 792,802 |
Ending balance, shares at Jun. 30, 2023 | 40,414,493 | |||
Beginning balance, value at Mar. 31, 2023 | $ 35,824 | 2,240,120 | (1,536,684) | 739,260 |
Beginning balance, shares at Mar. 31, 2023 | 35,824,493 | |||
Net Income (loss) | (38,258) | (38,258) | ||
Issuance of 4,590,000 common shares | $ 4,590 | 87,210 | $ 91,800 | |
Issuance of 4,590,000 common shares, shares | 4,590,000 | 4,590,000 | ||
Ending balance, value at Jun. 30, 2023 | $ 40,414 | $ 2,327,330 | $ (1,574,942) | $ 792,802 |
Ending balance, shares at Jun. 30, 2023 | 40,414,493 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Jun. 30, 2023 shares | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of common shares | 4,590,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 62,158 | $ 194,219 |
Adjustments to reconcile net income to net cash provided (used) in operating activities: | ||
Depreciation expense | 3,150 | 3,387 |
Stock-based compensation | 91,800 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 85,160 | 38,502 |
Employee advances | 2,705 | |
Prepaid fees-property held for development | (398,304) | |
Contract assets | 145,469 | (372,898) |
Accounts payable and accrued liabilities | 300,905 | 120,485 |
Accrued interest | 59,828 | 53,015 |
Contract liabilities | (163,760) | (80,203) |
Net cash (used) provided in operating activities | 186,406 | (40,788) |
INVESTING ACTIVITIES | ||
Purchase of vehicle | (5,790) | |
Deposits and costs coincident to acquisition of land for development | (979,549) | (609,391) |
Net cash used in investing activities | (979,549) | (615,181) |
FINANCING ACTIVITIES | ||
Proceeds (payments) from notes payable-line of credit | 15,000 | (18,572) |
Proceeds from mortgages | 1,350,000 | |
Payments on mortgages | (1,725,000) | |
Proceeds from notes payable-other | 552,833 | 31,028 |
Proceeds from note payable-bank | 107,175 | 491,462 |
Payments on bank notes | (196,500) | |
Proceeds from loans-related party | 181,925 | 82,456 |
Net cash provided in financing activities | 285,433 | 586,374 |
NET (DECREASE) IN CASH | (507,710) | (69,595) |
CASH BALANCE, BEGINNING OF PERIOD | 525,389 | 191,439 |
CASH BALANCE, END OF PERIOD | 17,679 | 121,844 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | ||
Income taxes paid | ||
Non-Cash Investing and Financing Activities: | ||
Issuance of 4,590,000 restricted common stock for compensation | $ 91,800 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | 6 Months Ended |
Jun. 30, 2023 shares | |
Statement of Cash Flows [Abstract] | |
Restricted common stock for compensation | 4,590,000 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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 ten years that have passed since Superstorm Sandy flooded 40,000 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. A new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment. The Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time, and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become a third division of the Company, behind custom new homes and renovation/elevation projects. 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, Virtual Learning changed its name 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. 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) 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 | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 2 - Property and Equipment Property and equipment is summarized as follows: Schedule of Property and Equipment June 30, 2023 December 31, 2022 Office equipment $ 5,115 $ 5,115 Vehicles 60,772 60,772 Less: Accumulated depreciation (62,821 ) (59,671 ) Property and Equipment- net $ 3,066 $ 6,216 Depreciation expense for the six months ended June 30, 2023 and 2022 was $ 3,150 3,387 |
Deposits and Costs Coincident t
Deposits and Costs Coincident to Acquisition of Land for Development | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 December 31, 2022 Lacey Township, New Jersey, Pines property: Cost to acquire property 1,692,178 1,692,178 Site engineering, permits, and other costs 809,245 809,245 Total Pines property 2,501,423 2,501,423 Other deposits: Louis Avenue, Bayville, New Jersey-17 units 619,264 619,264 Berkeley Terrace – Bayville, New Jersey 70 units 3,486,539 2,506,990 Autumn Run – Clayton – New Jersey – 62 units 411,523 411,523 Other 139,885 139,885 Total other deposits 4,657,211 3,677,662 Total $ 7,158,634 $ 6,179,085 Properties currently owned and in the development stage Berkeley Terrace – Bayville, NJ – 70 approved townhome units The Company is in title to this property and recently finalized an infrastructure and construction finance facility. This funding package closed on 3/31/23, and included refinancing of the land debt, and the placement of a funding facility for site construction, and funding vertical construction of the first building of 10 4,670,000 The Company will begin heavy infrastructure work on the property in May of 2023, with land clearing completed and the site stabilized for soils erosion control. The vertical construction of Building 1 will begin in August of 2023. Lacey Township, New Jersey, “Dream Homes at the Pines” Dream Homes currently owns a parcel approved for 68 new townhomes in Ocean County NJ, of which 54 are market rate and 14 are affordable housing. The acquisition was made in June of 2021. This property has received final approvals, Department of Transportation approval, CAFRA approval, MUA, County, Fire and other outside agency approvals. This development is scheduled to begin construction in late 2023 or early 2024. The Company acquired this property on June 29, 2021 and is currently in title. Preliminary approval was granted in 2021 and Final approval was granted in fall of 2022. The Company is actively seeking loans with funding sources to finalize infrastructure and vertical construction for this project. Louis Avenue – Bayville, NJ – In title 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. The Company acquired this property on August 4, 2021. The Company received Final approvals on August 8, 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 applied for preliminary and final site plan approval and was heard at the April 2023 planning board meeting. Preliminary approval was granted, and the Company will submit for finals in the 3 rd Mortgages on Properties Held for Development: Schedule Mortgages on Properties Held for Development June 30, 2023 December 31, 2022 Edisto Loan Fund, LLC $ 1,388,563 $ 1,388,563 Lynx Asset Services, LLC - 1,725,000 Anchor Loans, LP 1,350,000 - AC Development, LLC 345,479 311,479 AVB Development 323,537 323,537 Total mortgages payable 3,407,579 3,748,579 Less current portion (1,388,563 ) (3,113,563 ) Long-term portion $ 2,019,016 $ 635,016 |
Notes Payable-Others_Loans Paya
Notes Payable-Others/Loans Payable to Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Notes Payable-othersloans Payable To Related Parties | |
Notes Payable-Others/Loans Payable to Related Parties | 4- Notes Payable-Others/Loans Payable to Related Parties Loans payable to related parties is summarized as follows: Schedule of Loans Payable to Related Parties June 30, 2023 December 31, 2022 Loan payable-Rich Pezzullo $ 24,000 $ - Loan payable-Dream Homes, LTD 143,000 - Loans payable to GPIL 269,820 254,895 Total $ 436,820 $ 254,895 Advances from the loans bear interest at a rate of 12 54,050 37,250 Notes payable-others is summarized as follows: Schedule of Notes Payable - Others June 30, 2023 December 31, 2022 Note payable-Chipman Trust $ 197,500 $ - Note payable-MV Development LLC 200,000 - Note payable-Channel Partners 155,333 - Total $ 552,833 $ - The notes have interest ranging from 12 15 |
Common Stock Issuances
Common Stock Issuances | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common Stock Issuances | 5 - Common Stock Issuances On February 11, 2021, the Company issued 2,830,000 113,200 On July 13, 2021, the Company issued 28,000 14,000 On October 22, 2021, the Company issued 500,000 21,000 On October 28, 2021, the Company issued 550.000 22,600 On April 24, 2023, the Company issued 4,590,000 91,800 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
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 As of June 30, 2023 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 | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7- Commitments and Contingencies Construction Contracts As of June 30, 2023, the Company was committed under 17 6,024,890 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 2,500 Line of Credit On September 15, 2016, DHDC established a $ 500,000 500,000 1,000,000 12 923,660 908,660 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023 and 2022, the Company’s estimated share of DHL’s gross payroll and payroll taxes include $ 186,249 170,094 |
Stock Warrants
Stock Warrants | 6 Months Ended |
Jun. 30, 2023 | |
Stock Warrants | |
Stock Warrants | 9 - Stock Warrants The Company has no outstanding warrants. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10 – Subsequent Events The Company has evaluated subsequent events through the date the financial statements were available to be issued. The Company has no subsequent events that required disclosure. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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 ten years that have passed since Superstorm Sandy flooded 40,000 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. A new trend in the real estate market which has experienced significant growth in the last year is the emerging Build To Lease trend. This focus and concentration on building both single and multi-family developments with the intention to lease them immediately upon completion is being made in response to several factors. One factor is the extreme shortage of rental properties on the market, not only for first time homemakers, but for retirees, and young professionals who are unclear as to the intentions of settling in one location. The second factor is the overall lender and funding source preference to lend to Build To Lease developments, as opposed to more traditional Build To Sell developments due to the perception of Build To Lease as a safer investment over the long term. Finally, the extraordinary amount of interest from non-traditional sources such as pension and hedge funds, insurance companies and venture capital firms to purchase completed new For Lease developments at attractive metrics based on capitalization rates has spurred a large growth in this market segment. The Company has made the decision to change focus in their new home developments to better accommodate this growing trend. Currently all new multi-family developments located in Ocean County, which represent a total count of 155 units, will be changed from Build For Sale to Build for Lease. The Company now intends to hold these properties upon completion and lease-up for an indeterminate period of time, and realize the rental income from ownership. This strategy will become a very significant revenue stream for the Company and will become a third division of the Company, behind custom new homes and renovation/elevation projects. 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, Virtual Learning changed its name 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. 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) 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) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment is summarized as follows: Schedule of Property and Equipment June 30, 2023 December 31, 2022 Office equipment $ 5,115 $ 5,115 Vehicles 60,772 60,772 Less: Accumulated depreciation (62,821 ) (59,671 ) Property and Equipment- net $ 3,066 $ 6,216 |
Deposits and Costs Coincident_2
Deposits and Costs Coincident to Acquisition of Land for Development (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 December 31, 2022 Lacey Township, New Jersey, Pines property: Cost to acquire property 1,692,178 1,692,178 Site engineering, permits, and other costs 809,245 809,245 Total Pines property 2,501,423 2,501,423 Other deposits: Louis Avenue, Bayville, New Jersey-17 units 619,264 619,264 Berkeley Terrace – Bayville, New Jersey 70 units 3,486,539 2,506,990 Autumn Run – Clayton – New Jersey – 62 units 411,523 411,523 Other 139,885 139,885 Total other deposits 4,657,211 3,677,662 Total $ 7,158,634 $ 6,179,085 |
Schedule Mortgages on Properties Held for Development | Mortgages on Properties Held for Development: Schedule Mortgages on Properties Held for Development June 30, 2023 December 31, 2022 Edisto Loan Fund, LLC $ 1,388,563 $ 1,388,563 Lynx Asset Services, LLC - 1,725,000 Anchor Loans, LP 1,350,000 - AC Development, LLC 345,479 311,479 AVB Development 323,537 323,537 Total mortgages payable 3,407,579 3,748,579 Less current portion (1,388,563 ) (3,113,563 ) Long-term portion $ 2,019,016 $ 635,016 |
Notes Payable-Others_Loans Pa_2
Notes Payable-Others/Loans Payable to Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Payable-othersloans 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 June 30, 2023 December 31, 2022 Loan payable-Rich Pezzullo $ 24,000 $ - Loan payable-Dream Homes, LTD 143,000 - Loans payable to GPIL 269,820 254,895 Total $ 436,820 $ 254,895 |
Schedule of Notes Payable - Others | Notes payable-others is summarized as follows: Schedule of Notes Payable - Others June 30, 2023 December 31, 2022 Note payable-Chipman Trust $ 197,500 $ - Note payable-MV Development LLC 200,000 - Note payable-Channel Partners 155,333 - Total $ 552,833 $ - |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 | 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 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (62,821) | $ (59,671) |
Property and Equipment- net | 3,066 | 6,216 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,115 | 5,115 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 60,772 | $ 60,772 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 1,575 | $ 1,698 | $ 3,150 | $ 3,387 |
Schedule of Deposits and Costs
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] | ||
Total | $ 7,158,634 | $ 6,179,085 |
Total other deposits | 4,657,211 | 3,677,662 |
Lacey Township New Jersey Pines Contract [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cost to acquire property | 1,692,178 | 1,692,178 |
Site engineering, permits, and other costs | 809,245 | 809,245 |
Total | 2,501,423 | 2,501,423 |
Louis Avenue, Bayville, New Jersey-17 units [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total other deposits | 619,264 | 619,264 |
Berkeley Terrace Bayville, New Jersey 70 Units [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total other deposits | 3,486,539 | 2,506,990 |
Autumn Run Clayton New Jersey 62 Units [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total other deposits | 411,523 | 411,523 |
Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Total other deposits | $ 139,885 | $ 139,885 |
Schedule Mortgages on Propertie
Schedule Mortgages on Properties Held for Development (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total mortgages payable | $ 3,407,579 | $ 3,748,579 |
Less current portion | (1,388,563) | (3,113,563) |
Long-term portion | 2,019,016 | 635,016 |
Edisto Loan Fund, LLC [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total mortgages payable | 1,388,563 | 1,388,563 |
Lynx Asset Services, LLC [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total mortgages payable | 1,725,000 | |
Anchor Loans LP Berkeley Terrace [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total mortgages payable | 1,350,000 | |
AC Development, LLC [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total mortgages payable | 345,479 | 311,479 |
AVB Development [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total mortgages payable | $ 323,537 | $ 323,537 |
Deposits and Costs Coincident_3
Deposits and Costs Coincident to Acquisition of Land for Development (Details Narrative) - Townhouse Lots in Bayville NJ [Member] | Mar. 31, 2023 USD ($) Integer |
Restructuring Cost and Reserve [Line Items] | |
Number of properties acquired | Integer | 10 |
Funding facility amount | $ | $ 4,670,000 |
Schedule of Loans Payable to Re
Schedule of Loans Payable to Related Parties (Details) - Related Party [Member] - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total, Loans payable to related parties | $ 436,820 | $ 254,895 |
Loans Payable [Member] | Rich Pezzullo [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, Loans payable to related parties | 24,000 | |
Loans Payable [Member] | Dream Homes LTD [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, Loans payable to related parties | 143,000 | |
Loans Payable [Member] | GPIL [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, Loans payable to related parties | $ 269,820 | $ 254,895 |
Schedule of Notes Payable - Oth
Schedule of Notes Payable - Others (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total, Notes payable others | $ 552,833 | |
Chipman Trust [Member] | Notes Payable, Other Payables [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, Notes payable others | 197,500 | |
Maia Tsiklauri [Member] | Notes Payable, Other Payables [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, Notes payable others | 200,000 | |
Channel [Member] | Notes Payable, Other Payables [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, Notes payable others | $ 155,333 |
Notes Payable-Others_Loans Pa_3
Notes Payable-Others/Loans Payable to Related Parties (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Short-Term Debt [Line Items] | ||
Interest rate | 12% | |
Accrued interest | $ 54,050 | $ 37,250 |
Notes Payable, Other Payables [Member] | Minimum [Member] | ||
Short-Term Debt [Line Items] | ||
Interest rate | 12% | |
Notes Payable, Other Payables [Member] | Maximum [Member] | ||
Short-Term Debt [Line Items] | ||
Interest rate | 15% |
Common Stock Issuances (Details
Common Stock Issuances (Details Narrative) - Restricted Stock [Member] - USD ($) | Apr. 24, 2023 | Oct. 28, 2021 | Oct. 22, 2021 | Jul. 13, 2021 | Feb. 11, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares issued for stock based compensation, shares | 4,590,000 | 550 | 500,000 | 28,000 | 2,830,000 |
Number of shares issued for stock based compensation, value | $ 91,800 | $ 22,600 | $ 21,000 | $ 14,000 | $ 113,200 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Federal income tax rate | 21% |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Apr. 30, 2017 USD ($) | Sep. 15, 2016 USD ($) | Jun. 30, 2023 USD ($) Integer $ / shares | Dec. 31, 2022 USD ($) | Sep. 15, 2021 USD ($) | Sep. 14, 2021 USD ($) |
Guarantor Obligations [Line Items] | ||||||
Debt outstanding principal balance | $ 923,660 | $ 908,660 | ||||
Nonbank Lender [Member] | General Development Corp [Member] | ||||||
Guarantor Obligations [Line Items] | ||||||
Line of credit | $ 500,000 | $ 1,000,000 | $ 500,000 | |||
Line of credit interest rate | 12% | |||||
Lease Agreement [Member] | ||||||
Guarantor Obligations [Line Items] | ||||||
Rent expense | $ 2,000 | |||||
Increase in rent expense | $ 2,500 | |||||
Construction Contracts [Member] | ||||||
Guarantor Obligations [Line Items] | ||||||
Number of contracts assigned | Integer | 17 | |||||
Construction contract price | $ / shares | $ 6,024,890 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
DHL [Member] | ||
Payroll taxes | $ 186,249 | $ 170,094 |