UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On January 5, 2023, Modular Medical, Inc. (the “Company”) entered into a Lease Agreement (the “Lease Agreement”) with Michael Summers (the “Lessor”) pursuant to which the Company will lease approximately 24,000 square feet of a building located at 10740 Thornmint Road, San Diego, California, commencing on or about February 1, 2023. The monthly base rent is $36,000 for the first 12 months of the lease and will increase by 4% of the prior year’s base rent at the beginning of each 12-month period thereafter. The lease term is 48 months.
Under the Lease Agreement, the Company will pay the Lessor a monthly fee for its pro-rated share of specified common area charges (including maintenance costs, property taxes and insurance), in addition to base rent. The monthly fee for the common area charges is approximately $10,700 and will be adjusted based on actual costs incurred by the Lessor.
The foregoing description of the material terms of the Lease Agreement is qualified in its entirety by reference to the full agreement, a copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending March 31, 2023.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits: |
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MODULAR MEDICAL, INC. | |||
| Date: January 11, 2023 | By: | /s/ James E. Besser | |
| James E. Besser | |||
| Chief Executive Officer | |||