Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 39

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 39
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, 2023, there was a balance of $45.3 million outstanding under the 2022 Revolving Credit Facility.Fixed Line #2 had a maximum advance of $1.0 million, and did not allow for re-borrowings and was included in Notes Payable (see Note 12). Commencing on the earlier of i) the date no remaining amount is available under the Fixed Line or, ii) Aug. 31, 2020, the Company was obligated to pay the then outstanding principal balance in sixty equal monthly installments through maturity in September 2025. As of December 31, 2024, Fixed Line #2 was paid in full and there was no outstanding balance. As of December 31, 2023, the outstanding balance on Fixed Line #2 was $0.3 million.

Interest expense on the Revolving Credit Facility and Fixed Line totaled $2.8 million and $1.5 million during the years ended December 31, 2024 and 2023, respectively. 

F-26

Table of Content

12. Notes Payable

Notes payable consist of the following (in thousands): December 31, 2024December 31, 2023Related and/or affiliated parties:1Shareholders and owners of acquired entities - Interest accrues annually at rates ranging from 3.25% - 11.00%. The notes payable mature on various dates through February 2028.$25,498 $21,663 Convertible notes payable - Interest accrues annually at rates ranging from 4.75% - 8.00% annually. The convertible notes payable mature on various dates through November 2028.5,047 6,631 Unrelated third parties:Note payable for purchase of tangible assets5,522 130 Note payable for purchase of intangible asset2,075 – Fixed credit facility - see note 11– 344 Discounts on notes payable issued as consideration in acquisitions:1Shareholders and owners of acquired entities(915)(1,041)Other(160)– Total37,067 27,727 Less: current portion(17,075)(13,989)Non-current portion$19,992 $13,738 1 Includes notes payable to all owners irrespective of current relationship with the Company.The Company’s chairman and chief executive officer guarantees certain of the notes payable, and certain of the notes payable are subordinate to the terms of the Credit Agreement disclosed in Note 11