IOR Changes Certifying Accountant, Effective Jan 2, 2024

Ticker: IOR · Form: 8-K · Filed: Jan 8, 2024 · CIK: 949961

Complexity: simple

Sentiment: neutral

Topics: auditor-change, corporate-governance, 8-K

TL;DR

**IOR is changing its auditor, effective January 2, 2024.**

AI Summary

INCOME OPPORTUNITY REALTY INVESTORS, INC. (IOR) filed an 8-K on January 8, 2024, reporting a change in its certifying accountant, effective January 2, 2024. This filing indicates a significant operational change, as the company is switching the firm responsible for auditing its financial statements. For investors, this matters because a change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, potentially impacting confidence in the company's financial transparency.

Why It Matters

A change in a company's auditor can sometimes raise questions about financial reporting practices or a desire for a new audit approach, which could affect investor confidence.

Risk Assessment

Risk Level: medium — A change in certifying accountant can sometimes indicate underlying financial reporting issues or a desire for a less scrutinizing auditor, which is a moderate risk.

Analyst Insight

Investors should monitor future filings for the identity of the new certifying accountant and any disclosed reasons for the change, as this could provide further insight into the company's financial health or reporting practices.

Key Players & Entities

Forward-Looking Statements

FAQ

What is the primary purpose of this 8-K filing by INCOME OPPORTUNITY REALTY INVESTORS, INC.?

The primary purpose of this 8-K filing is to report a 'Changes in Registrant's Certifying Accountant' as per Item 4.01 of Form 8-K, with the earliest event reported being January 2, 2024.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on January 2, 2024, as stated in the 'Date of Report (Date of earliest event reported): January 2, 2024'.

What is the trading symbol and the exchange where INCOME OPPORTUNITY REALTY INVESTORS, INC.'s common stock is registered?

The trading symbol for INCOME OPPORTUNITY REALTY INVESTORS, INC.'s Common Stock, par value $0.01, is 'IOR', and it is registered on the 'NYSE American' exchange.

What is the state of incorporation for INCOME OPPORTUNITY REALTY INVESTORS, INC.?

INCOME OPPORTUNITY REALTY INVESTORS, INC. is incorporated in 'Nevada', as indicated in the filing.

What is the business address and phone number of INCOME OPPORTUNITY REALTY INVESTORS, INC.?

The business address is '1603 LBJ Freeway, Suite 800 Dallas, Texas 75234' and the telephone number is '469-522-4200'.

Filing Stats: 623 words · 2 min read · ~2 pages · Grade level 10.8 · Accepted 2024-01-08 17:30:48

Key Financial Figures

Filing Documents

01 Changes in Registrant's Certifying Accountant

Item 4.01 Changes in Registrant's Certifying Accountant . (a) By letter dated January 2, 2024, Swalm & Associates P. C. ("Swalm") notified the Audit Committee Chairman and the Chief Financial Officer of Income Opportunity Realty Investors, Inc. (the "Company" or the "Issuer" or "IOR") that effective immediately Swalm was ceasing its services as independent registered public accountants for IOR, a decision due to the upcoming retirement of the principal of Swalm, Edward S. Swalm, CPA. The notice has the effect of a resignation and advises that Swalm will cooperate with IOR's new independent registered public accountants. Swalm had served as the Company's independent registered public accounting firm for each of the fiscal years ended December 31, 2004 through 2022 and was approved at the Company's Annual Meeting on December 13, 2023 to continue in that role for the fiscal year ended December 31, 2023. Swalm's report on the Company's financial statements for the preceding two fiscal years (and all prior years) was not qualified in any respect as to any matter, nor did the opinions contain an adverse opinion or disclaimer of opinion. The Company has provided a copy of this disclosure to Swalm and requested Swalm to furnish the Company with a letter addressed to the Commission stating whether Swalm agrees with the statements made by the Company in this disclosure and, if not, stating the respects in which Swalm does not agree. Such letter is attached as an Exhibit to this Current Report on Form 8-K. Section 9 - Financial Statements and Exhibits

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . The following exhibit is furnished with this Report: Exhibit Designation Description 99.5* Letter dated January 4, 2024 to the Securities and Exchange Commission from Swalm & Associates P.C. _____________________________________________ *Furnished herewith Dated: January 5, 2024. INCOME OPPORTUNITY REALTY INVESTORS, INC. By: /s/ Erik J. Johnson Erik J. Johnson, Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR

View on Read The Filing