{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-26-019603","form_type":"8-K","ticker":"MODD","cik":"0001074871","company_name":"Modular Medical, Inc.","filed_at":"2026-02-24T23:59:59+00:00","discovered_at":"2026-05-14T18:02:34.505014+00:00","generated_at":"2026-05-16T00:38:27.163915+00:00","sec_items":["1.01","9.01","2.03"],"event_type":"debt","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Modular Medical secures $350K revolving credit facility from CEO; 12% interest, secured by all assets","bullets":["$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."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-26-019603","json":"https://secwatch.observer/filing/0001213900-26-019603.json","markdown":"https://secwatch.observer/filing/0001213900-26-019603.md","text":"https://secwatch.observer/filing/0001213900-26-019603.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1074871/000121390026019603/0001213900-26-019603-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1074871/000121390026019603/ea0278049-8k_modular.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T00:38:27.163915+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"b0819d385efdbde4a3818a79138da59ea32adc95","claim":"Modular Medical, Inc. incurred revolving credit of $350,000 revolving credit facility with James E. Besser at 12% maturing March 25, 2026.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1074871/000121390026019603/0001213900-26-019603-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$350,000 revolving credit facility"},{"label":"Counterparty","value":"James E. Besser"},{"label":"Rate","value":"12%"},{"label":"Maturity","value":"March 25, 2026"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}