Company: BWMN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-039001
Chunk: 107

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 107
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$38,946 $35,464 

7. Notes Receivable

The Company has unsecured notes receivable 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): June 30, 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.$1,551 $2,527 Unrelated third party - Currently no interest is being accrued on this note. The note receivable matures in December 2025.1903 903 Total:2,454 3,430 Less: current portion  Officers, employees and affiliates(443)(1,889) Unrelated third party(903)– Non-current portion$1,108 $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 six months ended June 30, 2025. 

20

8. Property and Equipment, Net 

Property and equipment for fixed assets are as follows (in thousands):June 30, 2025December 31, 2024Computer equipment$2,931 $2,867 Survey equipment5,943 5,944 Vehicles2,479 2,425 Furniture and fixtures2,740 2,581 Leasehold improvements9,589 9,469 Software414 396 Camera equipment861 891 Aircraft8,345 7,829 Aircraft engine & GPS1,512 1,517 Fixed assets pending lease financing 1783 715 Total:35,597 34,634 Less: accumulated depreciation(20,386)(18,604)Property and equipment, net of finance leased assets$15,211 $16,030 1Assets acquired which will be re-financed under the Company's finance lease facilitiesDepreciation expense for fixed assets for the three and six months ended June 30, 2025 was $0.9 million and $1.9 million, respectively. Depreciation expense for fixed assets for the three and six months ended June 30, 2024 was $1