- NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES - Vancouver, British Columbia, Oct. 01, 2025 (GLOBE NEWSWIRE) -- First American Uranium Inc. (CSE: URM) (FSE: IOR) (OTCPK: FAUMF) (the “Company”) is pleased to announce, further to its news releases of August 14, August 29 and September 19, 2025, that the Company has closed the third and final tranche of the previously announced non-brokered private placement (the “Offering”) of common shares in the capital of the Company (the “S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 7, 2025 Income Opportunity Realty Investors, Inc. (Exact name of registrant as specified in its charter) Nevada 001-14784 75-2615944 (State or other jurisdiction of Incorporation or organization) (Commission File Number) (IRS Employer Identification Number) 1603 LBJ Freeway, Suite 800 Dal ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to________ Commission File Number 001-14784 INCOME OPPORTUNITY REALTY INVESTORS, INC. (Exact Name of Registrant as Specified in Its Charter) Nevada 75-2615944 (S ...

Vancouver, British Columbia, July 21, 2025 (GLOBE NEWSWIRE) -- First American Uranium Inc. (CSE: URM) (FSE: IOR) (OTCPK: FAUMF) (the “Company”) announces that the Company intends to consolidate the common shares in the capital of the Company (the “Shares”) on the basis of one (1) post-consolidated Share for each two (2) pre-consolidated Shares (the “Consolidation”). The Company currently has 12,247,181 Shares issued and outstanding on a pre-consolidation basis. If the proposed Consolidation is undertaken, t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 8, 2025 Income Opportunity Realty Investors, Inc. (Exact name of registrant as specified in its charter) | Nevada | 001-14784 | 75-2615944 | | --- | --- | --- | | (State or | (Commission | | | other | File | | | jurisdiction | Number) | | | of | | (IRS | | Incorporation | | Employer | | or | ...

[Report Information](index=1&type=section&id=Report%20Information) [Filing Details](index=1&type=section&id=Filing%20Details) This section identifies the filing as a Form 10-Q for the quarterly period ended March 31, 2025, for Income Opportunity Realty Investors, Inc., and provides key company identification and filing status - The report is a Quarterly Report on Form 10-Q for the period ended March 31, 2025[2](index=2&type=chunk) Registrant Information | Field | Value | | :--- | :--- | | Exact Name of Registrant | INCOME OPPORTUNITY REALTY INVESTORS, INC. | | State of Incorporation | Nevada | | I.R.S. Employer Identification No. | 75-2615944 | | Principal Executive Offices Address | 1603 Lyndon B. Johnson Freeway, Suite 800, Dallas, Texas 75234 | | Telephone Number | (469) 522-4200 | | Common Stock Trading Symbol | IOR | | Exchange Registered | NYSE American Exchange | Filer Status | Filer Type | Status | | :--- | :--- | | Large accelerated filer | ☐ | | Accelerated filer | ☐ | | Non-accelerated filer | ☒ | | Smaller reporting company | ☒ | | Emerging growth Company | ☐ | | Shell company | ☒ No | [PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including the balance sheets, statements of operations, equity, and cash flows, along with their accompanying notes, for the periods ended March 31, 2025, and December 31, 2024 (for balance sheet) or March 31, 2024 (for income, equity, and cash flow statements) [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets show a slight increase in total assets and shareholders' equity from December 31, 2024, to March 31, 2025, primarily driven by an increase in cash and receivables from related parties Consolidated Balance Sheet Highlights (dollars in thousands) | Item | March 31, 2025 | December 31, 2024 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $156 | $9 | +$147 | | Receivable from related parties | $111,401 | $110,481 | +$920 | | Total current assets | $111,775 | $110,781 | +$994 | | Total assets | $122,921 | $121,927 | +$994 | | Total shareholders' equity | $122,916 | $121,927 | +$989 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, the company reported a decrease in net income and earnings per share compared to the same period in 2024, primarily due to lower interest income from related parties Consolidated Statements of Operations Highlights (dollars in thousands, except per share) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total operating expenses | $95 | $95 | $0 | | Interest income from related parties | $1,347 | $1,586 | -$239 | | Income tax provision | ($263) | ($313) | +$50 | | Net income | $989 | $1,178 | -$189 | | Earnings per share - basic and diluted | $0.24 | $0.29 | -$0.05 | [Consolidated Statements of Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Equity) Shareholders' equity increased for the three months ended March 31, 2025, driven by net income, while the prior year period also saw a decrease due to common share repurchases Consolidated Statements of Equity Highlights (dollars in thousands) | Item | March 31, 2025 | January 1, 2025 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Balance, beginning of period | $121,927 | $121,927 | | | Net income | $989 | $989 | | | Balance, end of period | $122,916 | $122,916 | | | Item | March 31, 2024 | January 1, 2024 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Balance, beginning of period | $118,078 | $118,078 | | | Net income | $1,178 | $1,178 | | | Repurchase of common shares | ($587) | ($587) | | | Balance, end of period | $118,669 | $118,669 | | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly decreased in the three months ended March 31, 2025, compared to the prior year, primarily due to changes in related party receivables, resulting in a net increase in cash and cash equivalents Consolidated Statements of Cash Flows Highlights (dollars in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net income | $989 | $1,178 | -$189 | | Accrued interest on related party notes receivable | $73 | $102 | -$29 | | Related party receivables | ($920) | ($731) | -$189 | | Net cash provided by operating activities | $147 | $552 | -$405 | | Repurchase of common shares (financing activities) | $0 | ($587) | +$587 | | Net increase (decrease) in cash and cash equivalents | $147 | ($35) | +$182 | | Cash and cash equivalents, end of period | $156 | $36 | +$120 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes provide detailed information on the company's organization, significant accounting policies, notes receivable, related party transactions, stockholders' equity, commitments, and subsequent events, which are integral to understanding the consolidated financial statements [1. Organization](index=8&type=section&id=1.%20Organization) The company is an externally managed entity primarily investing in mortgage notes receivables, with significant ownership by Transcontinental Realty Investors, Inc. (TCI) and management by Pillar Income Asset Management, Inc., a related party - The Company is an externally managed company that currently holds investments in mortgage notes receivables[19](index=19&type=chunk) - Transcontinental Realty Investors, Inc. (TCI) owned approximately **84.0%** of the Company's stock at March 31, 2025, and together with an affiliate, owned approximately **90.6%** of common stock[20](index=20&type=chunk) - The business is managed by Pillar Income Asset Management, Inc. ('Pillar'), a related party, which locates, evaluates, and recommends investment opportunities and arranges financing[21](index=21&type=chunk) [2. Summary of Significant Accounting Policies](index=8&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) The financial statements are prepared in accordance with Form 10-Q and GAAP, with certain disclosures condensed. The company consolidates entities where it is the primary beneficiary of a VIE or holds a majority voting interest, and uses the equity method for non-controlling interests - Unaudited consolidated financial statements are prepared in accordance with Form 10-Q and Article 10 of Regulation S-X, with certain GAAP disclosures condensed or omitted[22](index=22&type=chunk) - The Company consolidates entities where it is the primary beneficiary of a variable interest entity (VIE) or has a majority voting interest[24](index=24&type=chunk) - Entities with less than a controlling financial interest or where the Company is not the primary beneficiary are accounted for using the equity method[25](index=25&type=chunk) [3. Notes Receivable](index=9&type=section&id=3.%20Notes%20Receivable) The company holds a note receivable from Unified Housing Foundation, Inc. (UHF), a related party, which bears interest at SOFR and matures on December 31, 2032. Payments are funded from UHF's surplus cash flow or property sales/refinancing - The Company has a note receivable from Unified Housing Foundation, Inc. (UHF), which is a related party[27](index=27&type=chunk)[28](index=28&type=chunk) - The note bears interest at the Secured Overnight Financing Rate (SOFR) and matures on December 31, 2032[27](index=27&type=chunk) UHF Note Receivable Interest Rates | Date | Interest Rate | | :--- | :--- | | March 31, 2025 | 4.49% | | December 31, 2024 | 4.96% | [4. Related Party Transactions](index=9&type=section&id=4.%20Related%20Party%20Transactions) The company engages in significant transactions with related parties, including advisory fees paid to Pillar and interest income from notes receivable and other receivables from Pillar, with interest rates on Pillar Receivable changing to SOFR in 2024 - Related party transactions, including investment in notes receivables, may not always be on an arm's length basis or necessarily beneficial to the Company[29](index=29&type=chunk) Related Party Financial Transactions (dollars in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Advisory fees paid to Pillar | $27 | $29 | | Interest income on UHF notes | $124 | $150 | | Interest income on Pillar Receivable | $1,223 | $1,436 | | Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Receivables from related parties (Pillar Receivable) | $111,401 | $110,481 | - The interest rate on the Pillar Receivable changed from prime plus one percent to SOFR on January 1, 2024[32](index=32&type=chunk) [5. Stockholders' Equity](index=9&type=section&id=5.%20Stockholders'%20Equity) The company has an ongoing stock repurchase program, under which 32,608 shares were repurchased for $587 thousand during the three months ended March 31, 2024, with 513,003 shares remaining authorized for repurchase as of March 31, 2025 - The Company has a stock repurchase program authorizing up to **1,650,000 shares** with no termination date[33](index=33&type=chunk) - During the three months ended March 31, 2024, **32,608 shares** were repurchased for **$587 thousand**[33](index=33&type=chunk) - As of March 31, 2025, **513,003 shares** remain available for repurchase under the program[34](index=34&type=chunk) [6. Commitments and Contingencies](index=9&type=section&id=6.%20Commitments%20and%20Contingencies) The company anticipates generating excess cash from property operations within the next twelve months, which it believes will be sufficient to meet its obligations - The Company believes it will generate excess cash from property operations in the next twelve months, which might be sufficient to discharge all obligations[35](index=35&type=chunk) [7. Subsequent Events](index=9&type=section&id=7.%20Subsequent%20Events) Subsequent events occurring after March 31, 2025, were evaluated for financial statement adjustments or disclosure up to May 8, 2025, the date the consolidated financial statements were available to be issued - Subsequent events were evaluated up to May 8, 2025, the date the consolidated financial statements were available for issuance[36](index=36&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=10&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, results of operations, and liquidity, emphasizing its externally managed structure, reliance on related party transactions, and critical accounting policies, while also discussing the decrease in net income for the quarter [Management's Overview](index=10&type=section&id=Management's%20Overview) The company is an externally advised and managed entity primarily investing in notes receivable collateralized by income-producing properties, with its principal income source being interest from related party receivables. Its operations are managed by Pillar, a related party - The Company is an externally advised and managed company that invests in notes receivable collateralized by income-producing properties[40](index=40&type=chunk) - The principal source of income is interest income from related party receivables[40](index=40&type=chunk) - Operations are managed by Pillar Income Asset Management, Inc., a related party due to common ownership with the controlling shareholder, TCI[42](index=42&type=chunk) - Related party transactions may not always be favorable or on an arm's length basis[41](index=41&type=chunk) [Forward-Looking Statements and Risk Factors](index=10&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The report contains forward-looking statements subject to risks and uncertainties. Management cautions investors that actual results may differ, and refers to the 2024 Form 10-K for a comprehensive discussion of risk factors, noting no material changes - The report contains forward-looking statements, which are subject to risks, uncertainties, and assumptions that may cause actual results to vary materially[38](index=38&type=chunk) - Investors should review the risk factors described in Part I, Item 1A. 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024[39](index=39&type=chunk) - There have been no material changes from the risk factors previously described in the Company's Form 10-K for the fiscal year ended December 31, 2024[39](index=39&type=chunk) [Critical Accounting Policies](index=11&type=section&id=Critical%20Accounting%20Policies) The preparation of financial statements requires management to make estimates and assumptions, particularly concerning fair value measurements and the identification of related parties, which are considered critical accounting policies - Critical accounting policies involve management estimates and assumptions, such as provisions for uncollectible accounts and fair value measurements[44](index=44&type=chunk)[45](index=45&type=chunk) - Fair value measurements are categorized into a three-level hierarchy based on the transparency of inputs: Level 1 (quoted prices in active markets), Level 2 (observable inputs for similar assets/liabilities), and Level 3 (unobservable inputs)[46](index=46&type=chunk)[47](index=47&type=chunk)[52](index=52&type=chunk) - Related parties are defined by ASC Topic 805, 'Business Combinations,' including entities with significant influence or control over decision-making[48](index=48&type=chunk) [Results of Operations](index=11&type=section&id=Results%20of%20Operations) Net income decreased for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to a decrease in interest income from related party receivables, while operating expenses remained stable - The decrease in net income for the three months ended March 31, 2025, compared to the same period in 2024, is primarily due to a decrease in interest income from related party receivables[53](index=53&type=chunk) - Operating expenses, consisting mainly of general and administrative costs and advisory fees to a related party, remained consistent at **$95 thousand** for both periods[11](index=11&type=chunk)[50](index=50&type=chunk) [Liquidity and Capital Resources](index=12&type=section&id=Liquidity%20and%20Capital%20Resources) The company's primary liquidity needs are for recurring expenses, with cash generated from mortgage notes and related company receivables serving as principal sources. Management anticipates sufficient cash and cash equivalents to meet requirements for the next twelve months - Principal liquidity needs are to fund normal recurring expenses[54](index=54&type=chunk) - Principal sources of cash are the collection of mortgage notes receivables and collections of receivables and interests from related companies[54](index=54&type=chunk) - Management anticipates that cash and cash equivalents as of March 31, 2025, along with future cash generation from related party receivables, will be sufficient to meet current cash requirements for the next twelve months[55](index=55&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=12&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) This item is optional and has not been included in this quarterly report - This section is optional and not included in the report[56](index=56&type=chunk) [Item 4. Controls and Procedures](index=12&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the Principal Executive Officer and Principal Financial Officer, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, and there have been no material changes to internal control over financial reporting during the quarter - Disclosure controls and procedures were effective as of March 31, 2025, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[57](index=57&type=chunk) - There has been no material change in internal control over financial reporting during the most recent fiscal quarter[58](index=58&type=chunk) [PART II. OTHER INFORMATION](index=12&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=12&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings - There are no legal proceedings[59](index=59&type=chunk) [Item 1A. Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2024 Form 10-K - There have been no material changes from the risk factors previously disclosed in the 2024 10-K[59](index=59&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=12&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has a stock repurchase program, but no shares were purchased during the three months ended March 31, 2025. As of that date, 513,003 shares remain available for repurchase - The Company has a stock repurchase program allowing for the repurchase of up to **1,650,000 shares** of common stock, with no termination date[60](index=60&type=chunk) - No shares were purchased under this program during the three months ended March 31, 2025[60](index=60&type=chunk) - As of March 31, 2025, **513,003 shares** may still be purchased under the program[60](index=60&type=chunk) [Item 3. Defaults Upon Senior Securities](index=12&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - There are no defaults upon senior securities[61](index=61&type=chunk) [Item 4. Mine Safety Disclosures](index=12&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable[61](index=61&type=chunk) [Item 5. Other Information](index=12&type=section&id=Item%205.%20Other%20Information) The company reported no other information - There is no other information to report[61](index=61&type=chunk) [Item 6. Exhibits](index=13&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report or incorporated by reference, including various certificates of designation, by-laws, and Section 302 and 906 certifications - The report includes various exhibits, such as By-laws, Certificates of Designations for Preferred Stock, and XBRL documents[62](index=62&type=chunk) - Section 302 Certifications by Erik L. Johnson (CEO) and Alla Dzyuba (Chief Accounting Officer) and Section 906 Certifications are filed with this report[62](index=62&type=chunk) [Signatures](index=14&type=section&id=Signatures) The report was duly authorized and signed on behalf of Income Opportunity Realty Investors, Inc. by Erik L. Johnson, President and Chief Executive Officer, on May 8, 2025 - The report was signed by Erik L. Johnson, President and Chief Executive Officer, on May 8, 2025[64](index=64&type=chunk)[66](index=66&type=chunk)

Financial Results Announcement - Income Opportunity Realty Investors, Inc. announced operational results for the quarter ended December 31, 2024[3]. - The press release detailing the financial results was dated March 20, 2025[4]. - The report was signed by Erik L. Johnson, President and CEO, on March 20, 2025[8]. Company Information - The company is listed on the NYSE American Exchange under the trading symbol IOR[2]. - The financial information provided is not deemed "filed" under the Securities Exchange Act unless incorporated by reference[3].

Stock Information - The company's common stock is traded on the NYSE American Exchange under the symbol "IOR," with a closing market price of $17.35 per share on March 19, 2025[39]. - The company did not declare any dividends on common stock for the years 2024, 2023, or 2022, with future distributions to be determined by the Board of Directors based on various conditions[40]. - TCI completed a Tender Offer on January 29, 2025, acquiring 21,678 shares, increasing its ownership to 83.7%[41]. - The company has a stock repurchase program allowing for the repurchase of up to 1,650,000 shares, with 44,536 shares repurchased at $18 per share during 2024[42]. Financial Performance - The net income for the year ended December 31, 2024, decreased by $2.4 million compared to 2023, primarily due to a $3.8 million decrease in interest income attributed to lower interest rates[61]. - Cash provided by operating activities for 2024 was $713,000, a decrease of $260,000 from $973,000 in 2023[63]. - The decrease in income tax provision for 2024 was $0.4 million, primarily due to the decrease in interest income[61]. - Net income for 2024 was $4,651,000, a decrease of 33.5% compared to $7,001,000 in 2023[96]. - Earnings per share decreased to $1.14 in 2024 from $1.68 in 2023, reflecting a decline of 32.1%[96]. - Total operating expenses decreased to $412,000 in 2024 from $1,460,000 in 2023, a reduction of 71.8%[96]. - Cash and cash equivalents decreased to $9,000 at the end of 2024 from $71,000 at the end of 2023, a decline of 87.3%[101]. - Retained earnings increased to $61,679,000 in 2024 from $57,028,000 in 2023, an increase of 8.5%[93]. - Interest income from related parties was $6,299,000 in 2024, down from $10,070,000 in 2023, a decrease of 37.5%[96]. - The company had a net operating loss of $412,000 in 2024, an improvement from a loss of $1,460,000 in 2023[96]. Cash Flow and Investments - The company’s principal sources of cash include collections of mortgage notes receivables and interest from related companies[62]. - The company reported a net cash provided by investing activities of $27,000 in 2024, compared to no cash provided in 2023[63]. - Net cash provided by operating activities was $713,000 in 2024, compared to $973,000 in 2023, a decrease of 26.7%[101]. Related Party Transactions - The principal source of income for the company is interest income on note receivables from related parties[44]. - The company engages in related party transactions that may not always be favorable, potentially impacting cash flow and asset value[30]. - The collection of receivables is dependent on the cash flow of related parties, which can be affected by economic conditions in the southwestern United States[26]. - Significant transactions with related parties are noted, with an emphasis on the assessment of collectability of receivables[73]. - The company recognized interest income of $5.7 million from related party notes receivable during the year ended December 31, 2024[211]. - The company had notes and interest receivables of $11.1 million and $0.3 million, respectively, due from related parties as of December 31, 2024[210]. Management and Governance - The company has no real estate ownership and is managed by Pillar under an Advisory Agreement[34][46]. - Pillar has been the company's Advisor and Cash Manager since April 30, 2011, with an amended Advisory Agreement effective May 7, 2024[179]. - The Advisory Agreement includes a gross asset fee of 0.0625% per month and a net income fee of 7.5% of adjusted net income[184]. - The company relies on Pillar for employee-related services and reimburses for a pro-rata portion of expenses related to service employees[186]. - The Cash Management Agreement with Pillar ensures all funds are managed and invested, with interest earned at the Secured Overnight Financing Rate (SOFR)[187]. - Total directors' fees paid in 2024 amounted to $17,930, with individual payments including $5,000 each to Robert A. Jakuszewski and Fernando V. Lara Celis, and $5,500 to Ted R. Munselle[195]. - The Audit Committee met five times during 2024, ensuring oversight of operating and accounting procedures[165]. - The Governance and Nominating Committee met two times during 2024 to review corporate governance policies[166]. - The Compensation Committee, which met two times in 2024, oversees executive compensation policies[167]. Audit and Compliance - The company’s financial statements for 2024 and 2023 were audited and present fairly in all material respects[68]. - Audit fees for the year ended December 31, 2024, were $55,200, an increase from $47,750 in 2023[214]. - The company has established policies for the approval of audit and non-audit services, ensuring compliance with applicable laws and regulations[218]. Taxation - The company is part of a tax sharing agreement, with its tax expense calculated based on losses absorbed by taxable income multiplied by the maximum statutory tax rate of 21%[208]. - The provision for federal income taxes was $1,236, $1,609, and $1,045 for the years ended December 31, 2024, 2023, and 2022, respectively[136].

Financial Results - Income Opportunity Realty Investors, Inc. reported operational results for Q3 2024, ending September 30, 2024[4] - The press release detailing the financial results was issued on November 7, 2024[5] Company Information - The company is listed on the NYSE American Exchange under the trading symbol IOR[3] - The registrant has not elected to use the extended transition period for new financial accounting standards[3] - Erik L. Johnson serves as the President and Chief Executive Officer of the company[6]

Financial Performance - The company reported a net income of $1,198,000 for the three months ended September 30, 2024, compared to $1,643,000 for the same period in 2023, reflecting a decrease of 27.0%[9] - Earnings per share (EPS) for the three months ended September 30, 2024, was $0.29, down from $0.39 in the same period of 2023, a decline of 25.6%[9] - Net income for the nine months ended September 30, 2024, was $3,538,000, a decrease of 21.9% compared to $4,527,000 for the same period in 2023[13] - The decrease in net income for the three months ended September 30, 2024, is primarily due to a decrease in interest income from related party receivables, partially offset by a decrease in general, administrative, and advisory fees[46] - For the nine months ended September 30, 2024, net income also decreased primarily due to a decrease in interest income from related party receivables, with a similar offset from reduced general, administrative, and advisory fees[47] Assets and Equity - As of September 30, 2024, total assets increased to $120,817,000 from $118,078,000 as of December 31, 2023, representing a growth of 2.0%[6] - Total shareholders' equity increased to $120,814,000 as of September 30, 2024, compared to $118,078,000 at the end of 2023, marking an increase of 2.0%[7] - Retained earnings increased to $60,566,000 as of September 30, 2024, from $57,028,000 at the end of 2023, an increase of 4.4%[7] - Receivables from related parties amounted to $109,493,000 as of September 30, 2024, an increase from $106,541,000 at December 31, 2023[28] Cash Flow and Liquidity - Net cash provided by operating activities was $718,000 for the nine months ended September 30, 2024, compared to $6,000 for the same period in 2023[13] - The company anticipates that cash and cash equivalents as of September 30, 2024, along with cash generated from related party receivables over the next twelve months, will be sufficient to meet all current cash requirements[49] - The company’s principal liquidity needs are to fund normal recurring expenses, primarily sourced from collections of mortgage notes receivables and related party receivables[48] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $97,000, compared to $437,000 for the same period in 2023, a decrease of 77.8%[9] - Advisory fees paid to Pillar Income Asset Management, Inc. were $76,000 for the nine months ended September 30, 2024, a decrease of 92.7% from $1,045,000 for the same period in 2023[26] - The company’s operating expenses consist mainly of general and administrative costs, including audit, legal, and administrative fees paid to a related party[46] Share Repurchase - The company repurchased 107,497 shares of common stock at a cost of $1,749,000 as of September 30, 2024, compared to 62,961 shares at a cost of $947,000 at the end of 2023[7] - The company repurchased a total of 44,536 shares for $802,000 during the nine months ended September 30, 2024, with 513,003 shares remaining available for repurchase[29] - The company has a share repurchase program allowing for the repurchase of up to 1,650,000 shares, with 44,536 shares purchased during the nine months ended September 30, 2024, and a total of 1,136,997 shares purchased to date[55] Interest Income - Interest income from related parties for the nine months ended September 30, 2024, was $7,160,000, down from $4,785,000 in the same period of 2023, a decrease of 33.0%[9] - Interest income on related party receivables was $1,464,000 for the three months ended September 30, 2024, down 32.8% from $2,178,000 for the same period in 2023[28] - The interest rate on the amended note receivable from Unified Housing Foundation, Inc. was 5.33% as of September 30, 2024, down from 12.0% previously[23] Management and Operations - The company is externally managed and primarily invests in mortgage notes receivables, focusing on income-producing properties in the Southern United States[37] - The company anticipates generating excess cash from property operations in the next twelve months, although it may not be sufficient to meet all obligations[30] Internal Controls and Risk Factors - The company’s disclosure controls and procedures have been evaluated and deemed effective as of the end of the reporting period[51] - There has been no change in internal control over financial reporting that has materially affected or is likely to materially affect the internal control over financial reporting[52] - There have been no material changes in risk factors from those previously disclosed in the 2023 10-K[54] Valuation and Financial Instruments - The valuation hierarchy for financial instruments includes three levels, with Level 1 being unadjusted quoted prices for identical assets in active markets[43]