---
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"
generated_at: "2026-05-16T00:38:27.163915+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Modular Medical secures $350K revolving credit facility from CEO; 12% interest, secured by all assets

## Summary
- $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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01, 2.03
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-019603
- JSON: https://secwatch.observer/filing/0001213900-26-019603.json
- Plain text: https://secwatch.observer/filing/0001213900-26-019603.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1074871/000121390026019603/0001213900-26-019603-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.