Business
Dream Homes and Development Corporation is Pleased to Update Shareholders on the Filing of the Company’s Financial Reports and General Business Update
Dream Homes and Development Corporation is Pleased to Update Shareholders on the Filing of the Company’s Financial Reports and General Business Update.
About this update from Dream Homes & Development Corporation
[{"type":"text","content":"\n FORKED RIVER, NJ, Dec. 03, 2019 (GLOBE NEWSWIRE) -- 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 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 stated, “Celebrating the one-year anniversary of the addition of the Premier Modular operations to the Dream Homes family of companies, we continue to elevate our modular service and selection to a higher level. Premier’s existing prospect base has already yielded numerous clients for which we’ve estimated new homes in our market area. Having another complete showroom at the southern end of Ocean County is enormously helpful in attracting clients in Little Egg Harbor, West C...