Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 30

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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5,047 Unrelated third parties:Note payable for purchase of tangible asset4,629 5,522 Note payable for purchase of intangible asset2,075 2,075 Discounts on notes payable issued as consideration in acquisitions:1Shareholders and Owners of acquired entities(523)(915)Other160 (160)Total29,423 37,067 Less: current portion(14,218)(17,075)Non-current portion$15,205 $19,992 1Includes notes payable to all owners irrespective of current relationship with the CompanyInterest expense attributable to the notes payable totaled $0.7 million and $2.2 million for the three and nine months ended September 30, 2025, respectively. Interest expense attributable to the notes payable totaled $0.8 million and $2.2 million for the three and nine months ended September 30, 2024, respectively.Future principal payments on notes payable for remainder of 2025 and succeeding years are as follows (in thousands): 2025$5,547 202611,745 20278,694 20283,282 2029518 Total$29,786 Convertible Notes PayableThe Company issued unsubordinated convertible notes as partial consideration for multiple acquisitions (See Note 4 Acquisitions). The convertible notes are convertible into shares of common stock at the option of the holders, at any time, at a predetermined conversion price. Subject to conversion, the convertible notes are payable through quarterly installments of principal, interest or both from October 2022 through November 2028. At any time, upon ten (10) business days’ notice to the Company, the holders may request that a prepayment of the principal or all or part of a regularly scheduled quarterly payment of the principal be made in the form of common stock of the Company, with the number of shares of common 

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stock equal to the amount of the requested prepayment divided by the stock conversion price. If the request is made with respect to a regularly scheduled quarterly payment of principal, then the accrued interest shall be paid in cash. As of September 30, 2025, the holders of the Project Design Consultants, LLC convertible note had converted a total of $3.8 million of principal into 271,014 shares of common stock at $14.00 per share. The remaining balance of the note, consisting of $0.2 million in principal, was settled in cash along with all the accrued interest,