Modular Medical, Inc. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Recent Sales of Unregistered Securities On September 30, 2022, we issued 6,375 shares of our restricted common stock to four of our non-employee directors in accordance with our Outside Director Compensation Plan. On August 8, 2022, we issued 5,000 shares of our restricted common stock to two of our non-employee directors in accordance with our Outside Director Compensation Plan. The aforementioned issuances were made pursuant to exemptions from registration pursuant to Section 4(2) and/or Rule 506 of Regulation D of the Securities Act. We made such determinations based upon representations by the purchasers of such securities including, without limitation, that such purchasers were “accredited investors” as defined in the Securities Act. Item 3. Defaults Upon Senior Securities There has been no default in the payment of principal, interest, or a sinking or purchase fund installment, or any other material default, with respect to any indebtedness of ours. Item 4. Mine Safety Disclosures Not applicable.