8-K 1 income8k.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

 

 

Date of Report (Date of earliest event reported): August 14, 2019                                                                 

 

 

INCOME OPPORTUNITY REALTY INVESTORS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Nevada

 

001-14784

 

75-2615944

(State or other

jurisdiction of incorporation)

(Commission

File No.)

(I.R.S. Employer

Identification No.)

     
   

1603 LBJ Freeway, Suite 800

Dallas, Texas

 75234
(Address of principal executive offices) (Zip Code)
       

 

Registrant’s telephone number, including area code 469-522-4200                                                                   

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of Each Class

 

 

Trading Symbol

 

Name of Each Exchange

on which Registered

 

Common Stock, par value $0.01

 

IOR

 

NYSE American

 

 

 

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Section 2 - Financial Information

 

Item 2.02Results of Operations and Financial Condition.

 

On August 14, 2019, Income Opportunity Realty Investors, Inc. (“IOR” or the “Company”) announced its operational results for the quarter ended June 30, 2019. A copy of the announcement is attached as Exhibit “99.1.”

 

The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01Financial Statement and Exhibits.

 

(d)       Exhibits.

 

The following exhibit is furnished with this Report:

 

                    Exhibit No. Description

 

99.1*       Press release dated August 14, 2019 

 

_________________________

* Furnished herewith

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SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.

 

Dated: August 15, 2019

 

 

 

      INCOME OPPORTUNITY REALTY INVESTORS, INC.
       
       
By: /s/ Gene S. Bertcher
    Gene S. Bertcher
    Executive Vice President and
    Chief Financial Officer

 

 

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INCOME OPPORTUNITY REALTY INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended June 30,    Six Months Ended June 30,  
   2019   2018   2019   2018 
   (dollars in thousands, except per share amounts) 
Expenses:                  
General and administrative (including $60 and $69 for the three months and $147 and $133 for the six months ended 2019 and 2018, respectively, to related parties)  $175   $153   $308   $276 
Net income fee to related party   90    53    190    106 
Advisory fee to related party   183    168    364    332 
Total operating expenses   448    374    862    714 
Net operating loss   (448)   (374)   (862)   (714)
                     
Other income (expenses):                    
Interest income from related parties   1,677    1,081    3,319    2,123 
Other Income   147    —    147    — 
Total other income   1,824    1,081    3,466    2,123 
Income before taxes   1,376    707    2,604    1,409 
Income tax expense   289    —    547    — 
Net income  $1,087   $707   $2,057   $1,409 
                     
Earnings per share - basic and diluted                    
Net income  $0.26   $0.17   $0.49   $0.34 
                     
Weighted average common shares used in computing earnings per share   4,168,214    4,168,214    4,168,214    4,168,214 

 

The accompanying notes are an integral part of these consolidated financial statements. 

 

 

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INCOME OPPORTUNITY REALTY INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

 

   June 30,   December 31, 
   2019   2018 
   (Unaudited)   (Audited) 
   (dollars in thousands, except par value amount) 
Assets        
Notes and interest receivable from related parties  $14,015   $14,030 
Total notes and interest receivable   14,015    14,030 
Cash and cash equivalents   7    4 
Receivable and accrued interest from related parties   84,163    82,089 
Total assets  $98,185   $96,123 
           
Liabilities and Shareholders’ Equity          
Liabilities:          
Accounts payable and other liabilities  $31   $26 
Total liabilities   31    26 
Shareholders’ equity:          
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 and outstanding 4,168,214 shares in 2019 and 2018   42    42 
Treasury stock at cost, 5,461 shares in 2019 and 2018   (39)   (39)
Paid-in capital   61,955    61,955 
Retained earnings   36,196    34,139 
Total shareholders’ equity   98,154    96,097 
Total liabilities and shareholders’ equity  $98,185   $96,123 

 

The accompanying notes are an integral part of these consolidated financial statements.