Modular Medical, Inc. (MODD): debt financing — Modular Medical secures $350K revolving credit facility from CEO; 12% interest, secured by all assets

Modular Medical, Inc.

$350,000 revolving credit facility from CEO James E. Besser (Manchester Explorer, L.P.).
12% interest; maturity March 25, 2026; secured by all assets and intellectual property.
No borrowings as of filing date; accelerated repayment if company receives >$2M equity proceeds.
Draw amounts minimum $50K; maximum $350K less outstanding; optional prepayment without penalty.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Modular Medical, Inc. incurred revolving credit of $350,000 revolving credit facility with James E. Besser at 12% maturing March 25, 2026.

Instrument: revolving credit
Principal: $350,000 revolving credit facility
Counterparty: James E. Besser
Rate: 12%
Maturity: March 25, 2026
Event: incurrence

Exact text from the filing

On February 23, 2026, Modular Medical, Inc. (the “Company”) issued a secured promissory note (the “Note”) to James E. Besser (“the Lender”), the Company’s chief executive officer, that provides the Company with a $350,000 revolving credit facility with all amounts being drawn down by the Company thereunder being due and payable, subject to acceleration in the event of a default, on March 25, 2026 (the “Maturity Date”). Interest at the rate of 12% is payable on each draw down without regard to the draw down date or the date when interest is paid.

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Modular Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-26-019603

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