<SEC-DOCUMENT>0001010549-20-000165.txt : 20200814
<SEC-HEADER>0001010549-20-000165.hdr.sgml : 20200814
<ACCEPTANCE-DATETIME>20200814121900
ACCESSION NUMBER:		0001010549-20-000165
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200812
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200814
DATE AS OF CHANGE:		20200814

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:		201103283

	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>August
12,
2020&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; font-size: 12pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 2 &ndash; Financial Information</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2.02. Results of Operations and Financial
Condition</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 12, 2020, Income Opportunity Realty Investors, Inc. (&ldquo;IOR&rdquo; or the &ldquo;Company&rdquo;) announced its
operational results for the quarter ended June 30, 2020. A copy of the announcement is attached as Exhibit &ldquo;99.1.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 9.01. Financial Statements and Exhibits</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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 August 12, 2020&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>

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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 13, 2020</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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    <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: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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"><B><U>investor.relations@incomeopp-realty.com</U></B></P></TD></TR>
</TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B></B></P>

<P STYLE="font: 11pt/115% New times roman,serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><B>Income
Opportunity Realty Investors, Inc. Reports Second Quarter 2020 Results</B></P>

<P STYLE="font: 11pt/115% New times roman,serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">DALLAS
(August 12, 2020) Income Opportunity Realty Investors, Inc. (NYSE MKT: IOR), a Dallas-based real estate investment
company, today reported results of operations for the first quarter ended June 30, 2020.</P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">For the three months ended June 30, 2020, the Company reported
net income of $1.3 million or $0.30 per diluted share, as compared to $1.1 million or $0.26 per diluted share for the same period
in 2019.</P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Our
primary business is investing in real estate and mortgage note receivables.</P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><B>Expenses</B></P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">General
and administrative expenses decreased $47,000 to $128,000 for the three months ended June 30, 2020 from $175,000 for the same period
in 2019. The decrease in general and administrative expenses was primarily due a decrease in professional fees.</P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Net
income fee to related party increased $22,000 to $112,000 for the three months ended June 30, 2020 from $90,000 for the same period
in 2019. The net income fee paid to our Advisor is calculated at 7.5% of net income.</P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Advisory
fee to related parties was $191,000 for the three months ended June 30, 2020, compared to $183,000 for the same period in 2019.
Advisory fee is 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: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><B>Other
income (expense)</B></P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Interest
income from related party decreased to $1.3 million for the three months ended June 30, 2020, compared to $1.7 million for the
same period in 2019. The decrease of $0.4 million was primarily due to a decrease in the prime interest rate used to calculate
interest on the receivable amount owed from our Advisor and other related parties.</P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><B>About
Income Opportunity Realty Investors, Inc.</B></P>

<P STYLE="font: 400 16px Helvetica Neue; margin: 0 0 1.5em; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">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&nbsp;www.incomeopp-realty.com.</P>

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    <p style="margin: 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p>
    <p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>INCOME OPPORTUNITY REALTY INVESTORS, INC.</b></p>
    <p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>CONSOLIDATED STATEMENTS OF OPERATIONS </b></p>
    <p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(Unaudited)</b></p>
    <p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p>
    <table style="width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="6">Three Months Ended
                <br> June 30,</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="6">Six Months Ended
                <br> June 30,</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">2020</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">2019</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">2020</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">2019</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="14">(dollars in thousands, except per share amounts)</td>
            <td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="font: bold 10pt Times New Roman, Times, Serif;" colspan="2">Expenses:</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.25in; width: 40%; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">General and administrative (including $120 and $147 for the six months ended 2020 and 2019, respectively, to related parties)</td>
            <td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif;">128</td>
            <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif;">175</td>
            <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif;">267</td>
            <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif;">308</td>
            <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income fee to related party</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">112</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">90</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">198</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">190</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Advisory fee to related party</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">191</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">183</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">380</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">364</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total operating expenses</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">431</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">448</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">845</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">862</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net operating loss</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(431</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(448</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(845</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(862</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Other income (expenses):</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Interest income from related parties</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,290</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,677</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">2,769</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">3,319</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Other Income</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">742</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">147</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">742</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">147</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.5in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total other income</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,032</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,824</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,511</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,466</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Income before taxes</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,601</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,376</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">2,666</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">2,604</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Income tax expense</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">336</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">289</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">560</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">547</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 2.5pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,265</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,087</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,106</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,057</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Earnings per share - basic and diluted</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-bottom: 2.5pt; padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Net income</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.30</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.26</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.51</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.49</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Weighted average common shares used in computing earnings per share</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,168,214</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,168,214</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,168,214</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,168,214</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <p style="margin-bottom: 0; margin-top: 0; text-align: center;">&nbsp;</p>
    <p style="margin-bottom: 0; margin-top: 0; text-align: center;">The accompanying notes are an integral part of these consolidated financial statements.</p>
    <p style="margin-bottom: 0; margin-top: 0; text-align: center;">&nbsp;</p>

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<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</B>&nbsp;</P>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED BALANCE SHEETS</B>&nbsp;</P>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
    <table style="width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">June 30,
                <br> 2020</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">December 31,
                <br> 2019</td>
            <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; padding-top: 8pt; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="padding-bottom: 1pt; padding-top: 8pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; padding-top: 8pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">(Unaudited)</td>
            <td style="padding-bottom: 1pt; padding-top: 8pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; padding-top: 8pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; padding-top: 8pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="2">(Audited)</td>
            <td style="padding-bottom: 1pt; padding-top: 8pt; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;" colspan="6">(dollars in thousands, except par value amount)</td>
            <td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Assets</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: center; font-size: 10pt;" colspan="2">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.125in; width: 68%; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Notes and interest receivable from related parties</td>
            <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 1pt solid; width: 13%; text-align: right; font: 10pt Times New Roman, Times, Serif;">14,020</td>
            <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 1pt solid; width: 13%; text-align: right; font: 10pt Times New Roman, Times, Serif;">14,030</td>
            <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total notes and interest receivable</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">14,020</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">14,030</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Cash and cash equivalents</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">44</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">5</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Receivable and accrued interest from related parties</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">88,292</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">86,221</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 2.5pt; padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total assets</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">102,356</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">100,256</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: center; text-indent: -0.125in; font: bold 10pt Times New Roman, Times, Serif;">Liabilities and Shareholders&#x2019; Equity</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Liabilities:</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Accounts payable and other liabilities</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">8</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">14</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total liabilities</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">8</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">14</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Shareholders&#x2019; equity:</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: right; font-size: 10pt;">&nbsp;</td>
            <td style="text-align: left; font-size: 10pt;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 and outstanding 4,168,214 shares in 2020 and 2019</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">42</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">42</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Treasury stock at cost, 5,461 shares in 2020 and 2019</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(39</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(39</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Paid-in capital</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">61,955</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">61,955</td>
            <td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Retained earnings</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">40,390</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">38,284</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: white; vertical-align: bottom;">
            <td style="padding-bottom: 1pt; padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total shareholders' equity</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">102,348</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">100,242</td>
            <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
        <tr style="background-color: #cceeff; vertical-align: bottom;">
            <td style="padding-bottom: 2.5pt; padding-left: 0.375in; text-align: left; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif;">Total liabilities and shareholders' equity</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">102,356</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
            <td style="border-bottom: Black 2.5pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
            <td style="border-bottom: Black 2.5pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">100,256</td>
            <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
        </tr>
    </table>
    <P STYLE="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




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