Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 22

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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ivable from related parties, certain non-executive officers of the Company and an unrelated third party. The following is a summary of these notes receivable (in thousands): March 31, 2025December 31, 2024Officers, employees and affiliated entities - Interest accrues annually at rates ranging from 0.0% - 5.5%. The notes receivable mature through December 2027.$1,549 $2,527 Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025.1903 903 Total:2,452 3,430 Less: current portion  Officers, employees and affiliates(1,345)(1,889)Non-current portion$1,107 $1,541 1Note issued prior to the Company's initial public offering.

Each borrower may prepay all or part of the outstanding balance at any time prior to the date of maturity. No interest was accrued on the notes receivable for the three months ended March 31, 2025.

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8. Property and Equipment, Net 

Property and equipment for fixed assets are as follows (in thousands):March 31, 2025December 31, 2024Computer equipment$2,881 $2,867 Survey equipment5,944 5,944 Vehicles2,479 2,425 Furniture and fixtures2,713 2,581 Leasehold improvements9,543 9,469 Software396 396 Camera Equipment909 891 Aircraft8,125 7,829 Aircraft Engine & GPS1,601 1,517 Fixed assets pending lease financing 11,258 715 Total:35,849 34,634 Less: accumulated depreciation(19,541)(18,604)Property and Equipment, net of finance leased assets$16,308 $16,030 1Assets acquired which will be re-financed under the Company's finance lease facilitiesDepreciation expense for fixed assets for the three months ended March 31, 2025 and 2024 was $0.9 million and $0.7 million, respectively. Property and equipment for finance leased assets are as follows (in thousands):March 31, 2025December 31, 2024Equipment$34,770 $33,654 Vehicles11,057 10,287 Total:45,827