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

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 Company to certain other shareholders of the Company are subordinated to the Company’s obligations under the Revolving Credit Facility. The Company must maintain, on a combined basis, certain financial covenants defined in the Revolving Credit Facility. The Company was in compliance with covenants as of March 31, 2025.Interest expense on the credit facilities totaled $0.8 million and $1.1 million during the three months ended March 31, 2025 and 2024, respectively.

12. Notes Payable

Notes payable consist of the following (in thousands): March 31, 2025December 31, 2024Related parties:1Shareholders and Owners of Acquired Entities - Interest accrues at rates ranging from 3.25% - 11.00% annually. The notes payable mature on various dates through February 2028.23,541 25,498 Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 8.00% annually. The convertible notes payable mature on various dates through November 2028.5,542 5,047 Unrelated third parties:Note payable for purchase of tangible asset5,272 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(783)(915)Other(79)(160)Total35,568 37,067 Less: current portion(16,533)(17,075)Non-current portion$19,035 $19,992 1Includes notes payable to all owners irrespective of current relationship with the CompanyThe 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.Interest expense attributable to the notes payable totaled $0.8 million and $0.6 million for the three months ended March 31, 2025 and 2024, respectively.

21

Future principal payments on notes payable for remainder of 2025 and succeeding years are as follows (in thousands): 2025$13,938 202611,400 20278,045 20282,514 2029533 Total$36,430 Convertible Notes PayableThe Company issued unsubordinated convertible notes as partial consideration for multiple acquisitions (See Note 4 Acquisitions). The convertible notes are convertible into