Business Context and Reporting Period
Company: Income Opportunity Realty Investors, Inc. (IOR)
Filing Type: Form 8-K (Current Report)
Date of Report: January 4, 2024
Reporting Period: The filing addresses a specific event occurring on January 4, 2024, regarding the change of the company's independent registered public accountant.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change disclosed is the replacement of the company's independent registered public accountant:
- Outgoing Accountant: Swalm & Associates P.C. ceased services effective January 2, 2024, due to the upcoming retirement of principal Edward S. Swalm, C.P.A.
- Incoming Accountant: Farmer Fuqua & Huff P.C. (Plano, Texas) was engaged effective January 4, 2024, to audit financial statements for the fiscal year ending December 31, 2023, and subsequent interim periods.
- Consultation History: The company did not consult with Farmer Fuqua & Huff P.C. regarding accounting principles or specified transactions during the two most recent fiscal years or subsequent interim periods prior to this engagement.
Guidance, Outlook, and Risks
Management Commentary: The decision to engage the new accountant was approved by the Audit Committee, consisting of Ted R. Munselle (Chairman), Robert A. Jakuszewski, and Fernando Victor Lara Celis.
Risks and Contingencies: The filing does not disclose new risks, contingencies, or unusual items beyond the administrative change in audit firm. No forward-looking guidance or outlook is provided in this report.
Investor Verification Checklist
- Verify the transition timeline between Swalm & Associates P.C. and Farmer Fuqua & Huff P.C. to ensure no gap in audit coverage.
- Confirm the independence and qualifications of Farmer Fuqua & Huff P.C. for the upcoming fiscal year audit.
- Review the upcoming 10-K filing for the fiscal year ending December 31, 2023, to assess the new auditor's initial findings.