Dream Homes & Development Corporation (OTC Pink: DREM), a licensed new home builder and general contractor in New Jersey, recently filed its amended Annual Report for the year ended December 31, 2018, following an announcement that the Company had changed auditing firms. Dream Homes is also celebrating the one-year anniversary of the acquisition of the majority of Premier Modular Homes’ assets, a company with a 23-year track record serving Southern Ocean County, with a concentration on Long Beach Island.
On July 22, 2019, the Company retained Boyle CPA, LLC as its new independent auditor.
The Company recently filed amended financial statements for the periods ended March 31, 2018, June 30, 2018, September 30, 2018, and December 31, 2018, in order to correct errors principally relating to the accounting for construction contracts under the “percentage of completion method.” These errors resulted primarily from the misinterpretation of the consolidated financial statements by the Company and its previous auditor. After restatement, the net result was an increase in recognized revenue for the year ended December 31, 2018.
Dream Homes is pleased to announce that the Company will be filing its quarterly reports for the periods ended March 31, 2019, June 30, 2019, and September 30, 2019, in the next few weeks.
The Company’s 2018 acquisition of a significant portion of the assets of Premier Modular Homes, located in Little Egg Harbor, NJ, has also recently begun to accrete to earnings. With this acquisition and the Company’s main office location in Forked River, the Company continues to strengthen and position itself to serve a significant portion of the entire coastal region, from Southern Ocean County north to Middlesex County.
Dream Homes CEO Mr. Vincent Simonelli expressed, "Commending the one-year commemoration of the expansion of the Premier Modular activities to the Dream Homes group of organizations, we keep on raising our secluded help and choice to a more elevated level. Head's current possibility base has just yielded various customers for which we've evaluated new homes in our market zone. Having another total showroom at the southern finish of Ocean County is gigantically useful in drawing in customers in Little Egg Harbor, West Creek, and Long Beach Island. We keep on being extremely amped up for this expansion to the Company. What's more, deals and a net gain in 2019 have expanded year over year, and the organization keeps on getting a charge out of the advantages of the expansion in new home development versus redesign/height work."
Mr. Simonelli proceeded, "The remodel/height work keeps on being a solid part of our business that appreciates magnificent edges. The new development segment of the organization offers us a superior chance to scale the organization to more noteworthy deals volume. With a few of our new advancements that are as of now in the last improvement stages coming on the web in 2020/2021, we anticipate that these ventures should include huge profit in the following scarcely any years. Notwithstanding our new home advancements, we're right now encountering an accumulation of requests in our custom secluded division, which is a truly energizing improvement."
Overview:
Dream Building, LLC operates as a wholly-owned subsidiary of Dream Homes and Development Corporation and continues to pursue opportunities in the real estate field, specifically in new home construction, home elevations and renovations.
In addition to the Company’s projects that are in process, Dream Building, LLC has estimated an additional $6,200,000 worth of residential construction projects in the southern central NJ area and currently has over 560 active prospects to its database. These prospects are all prime candidates for new homes and rebuilding projects to be built under the Dream Building, LLC division.
In addition to the projects which the Company currently has under the contract for elevation, renovation, new construction and development, there are many parcels of land which the Company has the ability to secure, whether through land contract or other types of options. These parcels represent additional opportunities for development and construction potential on the order of an additional 400 - 800 lots and/or residential units to be developed and built within an approximate time horizon of 5 years.
Please see the Company’s recently filed Amended Annual Report for the period ended December 31, 2018, on Form 10-K/A for a full list of “Properties currently under contract to purchase and in the development stage” and “Properties in discussion with signed letters of intent, not in the contract”.
About Dream Homes & Development Corp.
Dream Homes & Development Corp. (OTC Pink: DREM) is a full-service construction company based in Forked River, New Jersey equipped to complete all aspects of a building project including design, architectural, engineering, and construction. As licensed new home builders and general contractors, Dream Homes is actively building, raising, renovating and reconstructing homes up and down the New Jersey shore area. Please visit our website at www.dreamhomesltd.com and blog at http://blog.dreamhomesltd.com for more information.
Please email vince@dreamhomesltd.com to be alerted in the future when Dream Homes (DREM) announces news.
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