Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 267

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 267
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 affiliated with our Chairman and controlling shareholders. The Company recognized approximately $13,319,000, $,321,000 and $1,363,000 in operating revenue and approximately $30,140,000, $27,286,000 and $21,438,000 in operating expenses in 2024, 2023, and 2022, respectively from related party transactions.
    The Company purchased auto liability and workers’ compensation insurance through an insurance company affiliated with our Chairman and controlling shareholders. Premiums for auto liability coverage during 2024, 2023, and 2022 were approximately $14,404,000, $13,307,000, and $11,437,000, respectively. Premiums for workers’ compensation coverage during 2024, 2023, and 2022 were approximately $267,000, $298,000 and $338,000, respectively.
    
   Amounts owed to the Company by these affiliates were approximately $3,724,000 and $1,809,000 at  December 31, 2024 and 2023, respectively. Of the accounts receivable at  December 31, 2024 and 2023, approximately $3,275,000 and $1,418,000 represent freight transportation and approximately $449,000 and $391,000 represent revenue resulting from other services performed for related parties. Amounts payable to affiliates at  December 31, 2024 and 2023 were approximately $1,196,000 and $1,101,000 respectively.

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on management’s evaluation, our chief executive officer and chief financial officer concluded