<SEC-DOCUMENT>0001010549-19-000247.txt : 20191119
<SEC-HEADER>0001010549-19-000247.hdr.sgml : 20191119
<ACCEPTANCE-DATETIME>20191119115043
ACCESSION NUMBER:		0001010549-19-000247
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191114
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191119
DATE AS OF CHANGE:		20191119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14784
		FILM NUMBER:		191229742

	BUSINESS ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>income8k.htm
<TEXT>
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<P STYLE="font: 12pt/6.7pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 9px; width: 624px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES
</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>CURRENT REPORT</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of Report (Date of earliest event reported):&#9; <B><U>November
14, 2019&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&#9;<FONT STYLE="font-size: 18pt"><B>INCOME
OPPORTUNITY REALTY INVESTORS, INC.</B></FONT></P>

<P STYLE="font: 12pt/0.95pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 2px; width: 624px"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&#9;<FONT STYLE="font-size: 9.5pt">(Exact Name of Registrant as
Specified in its Charter)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt dotted; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 2.9pt">&#9;<B>Nevada</B></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt dotted; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 2.9pt">&#9;<B>001-14784</B></P></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: black 1pt dotted; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 2.9pt">&#9;<B>75-2615944</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other</P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">jurisdiction of incorporation)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission</P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">File No.)</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt dotted; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1603 LBJ Freeway, Suite 800</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dallas, Texas</B></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: black 1pt dotted; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><B>75234</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 9.5pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-size: 9.5pt">(Zip Code)</FONT></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code&#9;<B><U>469-522-4200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">[ &nbsp;]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Securities registered pursuant
to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Title of Each Class</B></P></TD>
    <TD STYLE="width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Trading Symbol</B></P></TD>
    <TD STYLE="width: 44%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name of Each Exchange </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>on which Registered</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">Common Stock, par value $0.01</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">IOR</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">NYSE American</P></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Emerging growth company [ &nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the Registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">[ &nbsp;]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 9px; width: 624px"></P>

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<P STYLE="font: 11.5pt MingLiU-ExtB,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
2  - Financial Information</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.02</B></TD><TD><B>Results of Operations and Financial Condition</B>.</TD></TR></TABLE>

<P STYLE="font: 11.5pt MingLiU-ExtB,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On November 14, 2019,
Income Opportunity Realty Investors, Inc. (&ldquo;IOR&rdquo; or the &ldquo;Company&rdquo;) announced its operational results for the
quarter ended September 30, 2019. A copy of the announcement is attached as Exhibit &ldquo;99.1.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The information furnished
pursuant to Item 2.02 in this Form 8-K, including Exhibit &ldquo;99.1&rdquo; attached hereto, shall not be deemed to be &ldquo;filed&rdquo;
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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 9 &ndash; Financial Statements and
Exhibits</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statement and Exhibits</B>.</TD></TR></TABLE>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits</U>.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 60pt">The
following exhibit is furnished with this Report:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Exhibit
No</U></B>.&#9;<B><U>Description</U></B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 1in">99.1*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press
release dated November 14, 2019&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">_________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">* Furnished herewith</P>



<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#9;<B>SIGNATURES</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Dated: August 15, 2019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>INCOME OPPORTUNITY REALTY INVESTORS, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 30%"></TD>
    <TD STYLE="width: 26%; text-align: right; vertical-align: middle">By:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">/s/ Gene S. Bertcher</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Gene
S. Bertcher</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Executive Vice President and</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.35pt"><B>NEWS RELEASE</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.35pt"><B>FOR IMMEDIATE RELEASE</B></P></TD>
    <TD STYLE="width: 61%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt"><B>Contact:</B></P>
        <P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt">Income Opportunity Realty Investors, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt">Investor Relations</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54.65pt">Gene Bertcher (800) 400-6407</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 54.65pt; color: blue">investor.realtions@incomeopp-realty.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 54.65pt; color: blue">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/115% New times roman,serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><B>New Concept Energy,
Inc. Reports Third Quarter 2019 Results</B>&nbsp;</P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt; text-indent: 20pt">DALLAS
(November 14, 2019) Income Opportunity Realty Investors, Inc. (NYSE MKT: IOT), a Dallas-based real estate investment company, today
reported results of operations for the third quarter ended September 30, 2019. For the three months ended September 30, 2019, we
reported a net income applicable to common shares of $ 1.0 million or $0.25 per share, as compared to net income of $6 million
or $1.44 per diluted share for the same period ended 2018.</P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt">Our primary business is investing in real estate and mortgage note receivables.
Land held for development or sale has been our sole operating segment.</P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt"><B>Expenses</B></P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt">General and administrative expenses were $99 thousand
for the three months ended September 30, 2019. This represents an increase of $16 thousand, compared to general and administrative
expenses of $83 thousand for the three months ended September 30, 2018. This increase was primarily driven by an increase in legal
fees of approximately $17 thousand.</P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt">Net income fee to related party was $83 thousand for the three months ended September 30, 2019.
This represents a decrease of $299 thousand, compared to the net income fee of $382 thousand for the three months ended September
30, 2018. The net income fee paid to our Advisor is calculated at 7.5% of net income.</P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt">Advisory fees were $186 thousand for the
three months ended September 30, 2019 compared to $168 thousand for the same period in 2018 for an increase of $18 thousand. Advisory
fees are computed based on a gross asset fee of 0.0625% per month (0.75% per annum) of the average of the gross asset value.</P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt"><B>Other income (expense)</B></P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt">Interest income increased to $1.7 million for the three months ended September 30, 2019 compared to $1.2 million
for the same period in 2018. The increase of $500 thousand was primarily due to an increase in the receivable amount owed from
our Advisor and other related parties. In the third quarter of 2018, we sold our interest in a land development project which resulted
in a pre-income tax gain of $7.3 million and an income tax expense of $1.6 million.</P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt"><I>About Income Opportunity Realty Investors, Inc.</I></P>

<P STYLE="font: 10pt/115% new times roman,serif; margin: 0 0 10pt">Income Opportunity Realty Investors, Inc., a Dallas-based real
estate investment company, holds a portfolio of equity real estate in Texas, including undeveloped land. The Company invests in
real estate through direct equity ownership and partnerships. For more information, visit the Company&rsquo;s website at <U>www.incomeopp-realty.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif;"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</B></FONT>
    </P>
    <P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif">
        <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<B>CONSOLIDATED STATEMENTS OF OPERATIONS </B></FONT>
    </P>
    <P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif">
        <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<B>(Unaudited)</B></FONT>
    </P>
    <P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
        <TR STYLE="vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="6" STYLE="text-align: center; font-weight: bold">Three Months Ended</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="6" STYLE="text-align: center; font-weight: bold">Nine Months Ended</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">September 30,</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">September 30,</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2019</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2018</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2019</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2018</TD>
            <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="14" STYLE="text-align: center; font-weight: bold">(dollars in thousands, except per share amounts)</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="font-weight: bold">Expenses:</TD>
            <TD>&nbsp;</TD>
            <TD COLSPAN="2">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD COLSPAN="2">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD COLSPAN="2">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD COLSPAN="2">&nbsp;</TD>
            <TD>&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; width: 48%; text-align: left; text-indent: -0.125in">General and administrative (including $61 and $67 for the three months and $209 and $201 for the nine months ended 2019 and 2018, respectively, to related parties)</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 10%; text-align: right">99</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 10%; text-align: right">83</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 10%; text-align: right">407</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
            <TD STYLE="width: 1%">&nbsp;</TD>
            <TD STYLE="width: 1%; text-align: left">$</TD>
            <TD STYLE="width: 10%; text-align: right">359</TD>
            <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Net income fee to related party</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">83</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">383</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">273</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">489</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Advisory fee to related party</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">186</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">168</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">550</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">500</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left">Total operating expenses</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">368</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">634</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,230</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,348</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left">Net operating loss</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(368</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(634</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,230</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,348</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="text-align: left; font-weight: bold">Other income (expenses):</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Interest income from related parties</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1,672</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1,201</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">4,991</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">3,324</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Other Income</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#x2014;</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#x2014;</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">147</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#x2014;</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left">Total other income</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,672</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,201</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,138</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,324</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Income before gain on sale of real estate land</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1,304</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">567</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">3,908</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1,976</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Gain on sale of real estate land</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#x2014;</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,323</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#x2014;</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,323</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Income before income taxes</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1,304</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">7,890</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">3,908</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">9,299</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Income tax expense</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">274</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,902</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left"></TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">821</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,902</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left"></TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.125in; text-align: left">Net income</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,030</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,988</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,087</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,397</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left; font-weight: bold">Earnings per share - basic and diluted</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in; text-align: left">Net income</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.25</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.44</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.74</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.77</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in">Weighted average common shares used in computing earnings per share</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">4,168,214</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">4,168,214</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">4,168,214</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">4,168,214</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
    </TABLE>
    <P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
    <P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.&nbsp;</B></FONT>
    </P>
    <P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif">
        <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED BALANCE SHEETS</B></FONT>
    </P>
    <P STYLE="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif">
        <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
        <TR STYLE="vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">September 30,
                <BR> 2019</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">December 31,
                <BR> 2018</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">(Unaudited)</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">(Audited)</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
            <TD COLSPAN="6" STYLE="text-align: center; font-weight: bold">(dollars in thousands, except par value amount)</TD>
            <TD STYLE="font-weight: bold">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="text-align: center; font-weight: bold">Assets</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="vertical-align: bottom">
            <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; width: 74%; text-align: left">Notes and interest receivable from related parties</TD>
            <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">13,578</TD>
            <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">14,030</TD>
            <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left">Total notes and interest receivable</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">13,578</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">14,030</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="text-align: left">Cash and cash equivalents</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">1</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">4</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; text-align: left">Receivable and accrued interest from related parties</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">85,629</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,089</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in; text-align: left">Total assets</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">99,208</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">96,123</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD>&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="text-align: center; font-weight: bold">Liabilities and Shareholders&#x2019; Equity</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD>Liabilities:</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Accounts payable and other liabilities</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">24</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">26</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left">Total liabilities</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">24</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">26</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="text-align: left">Shareholders&#x2019; equity:</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.25in; text-align: left; text-indent: -0.125in">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</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">42</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">42</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Treasury stock at cost, 5,461 shares in 2019 and 2018</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(39</TD>
            <TD STYLE="text-align: left">)</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">(39</TD>
            <TD STYLE="text-align: left">)</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-left: 0.125in; text-align: left">Paid-in capital</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">61,955</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
            <TD STYLE="text-align: right">61,955</TD>
            <TD STYLE="text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-align: left">Retained earnings</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,226</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,139</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: white; vertical-align: bottom">
            <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-align: left">Total shareholders&#x2019; equity</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">99,184</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 1pt solid; text-align: right">96,097</TD>
            <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
        </TR>
        <TR STYLE="background-color: #cceeff; vertical-align: bottom">
            <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in; text-align: left">Total liabilities and shareholders&#x2019; equity</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">99,208</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
            <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
            <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">96,123</TD>
            <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
        </TR>
    </TABLE>
    <P STYLE="margin-bottom: 0pt; margin-right: 0; margin-top: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif">
        <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>
    </P>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif">The accompanying notes are an integral part of these consolidated financial statements.&nbsp;</P>


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