Summary of DREAMS INC - Yahoo! Finance

Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits

Item 4.01 Changes in Registrant's Certifying Accountant

(a) Dismissal of Friedman, Cohen, Taubman & Company, LLC

(i) On September 30, 2009, Friedman, Cohen, Taubman & Company, LLC ("Friedman") was dismissed as the independent registered public accounting firm of Dreams, Inc. ("Dreams") based on the recommendation of the Audit Committee of Dreams' Board of Directors and subsequently approved by Dreams' Board of Directors.

(ii) The reports issued by Friedman on the financial statements of Dreams for the years ended December 31, 2008 and December 31, 2007 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principle, except that Friedman's report on Dreams' financial statements for the year ended December 31, 2008 contained an explanatory paragraph indicating that substantial doubt exists about Dreams' ability to continue as a going concern.

(iii) During each of the years ended December 31, 2008 and December 31, 2007 and through September 30, 2009, there were no disagreements between Dreams and Friedman on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement(s), if not resolved to the satisfaction of Friedman would have caused them to make reference thereto in their reports on the financial statements for such years; and there were no "reportable events" as that term is used in Item 304(a)(1)(v) of Regulation S-K occurring during the years ended December 31, 2008 and December 31, 2007 and through September 30, 2009.

(iv) Dreams provided Friedman with a copy of the foregoing disclosures and requested that Friedman review such disclosures and furnish a letter addressed to the Securities and Exchange Commission stating whether or not Friedman agrees with such statements. The response letter from Friedman is attached hereto as an exhibit.

(b) Engagement of Kramer Weisman & Associates, LLP

On October 1, 2009, Dreams retained Kramer Weisman & Associates ("Kramer"), as its new independent registered public accounting firm. The decision to retain Kramer as Dreams' independent registered public accounting firm was made by the Audit Committee of Dreams' Board of Directors on September 30, 3009. Dreams engaged Kramer to audit Dreams' financial statements for the year ending December 31, 2009. During the years ended December 31, 2008 and December 31, 2007 and through September 30, 2009, neither Dreams or anyone on Dreams' behalf has consulted with Kramer regarding (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on Dreams' financial statements, or (ii) any matter that was either the subject of a disagreement as that term is used in Item 304 (a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K or a reportable event as that term is used in Item 304(a)(1)(v) and the related instructions to Item 304 of Regulation S-K.