# Modular Medical, Inc.: Form 10-Q for the period ended Dec 31, 2015

- Company: [Modular Medical, Inc.](/companies/modd.md) (CIK 1074871)
- Form: 10-Q
- Filed: 2016-01-22
- Accepted by EDGAR: Jan 22, 2016, 15:14 ET
- Period: 2015-12-31
- Accession: 0001548123-16-000449
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1074871/000154812316000449/qtr2123115012116finalver3mmc.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1074871/000154812316000449/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2015-12-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2015-10-01 to 2015-12-31 | $0 | us-gaap:Revenues |
| Revenue | 6 months, 2015-07-01 to 2015-12-31 | $0 | us-gaap:Revenues |
| Cost of revenue | 3 months, 2015-10-01 to 2015-12-31 | $0 | us-gaap:CostOfGoodsSold |
| Cost of revenue | 6 months, 2015-07-01 to 2015-12-31 | $0 | us-gaap:CostOfGoodsSold |
| Gross profit | 3 months, 2015-10-01 to 2015-12-31 | $0 | us-gaap:GrossProfit |
| Gross profit | 6 months, 2015-07-01 to 2015-12-31 | $0 | us-gaap:GrossProfit |
| Operating income | 3 months, 2015-10-01 to 2015-12-31 | −$2.4k | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2015-07-01 to 2015-12-31 | −$9.3k | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2015-10-01 to 2015-12-31 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2015-07-01 to 2015-12-31 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2015-10-01 to 2015-12-31 | −$6.9k | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2015-07-01 to 2015-12-31 | −$17.9k | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2015-10-01 to 2015-12-31 | −$0.01 | us-gaap:EarningsPerShareBasicAndDiluted |
| Diluted EPS | 6 months, 2015-07-01 to 2015-12-31 | −$0.01 | us-gaap:EarningsPerShareBasicAndDiluted |
| Operating cash flow | 6 months, 2015-07-01 to 2015-12-31 | $0 | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Cash and equivalents | at 2015-12-31 | $0 | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2015-12-31 | $0 | us-gaap:AssetsCurrent |
| Total assets | at 2015-12-31 | $0 | us-gaap:Assets |
| Current liabilities | at 2015-12-31 | $180.6k | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2015-12-31 | $180.6k | us-gaap:Liabilities |
| Shareholders' equity | at 2015-12-31 | −$180.6k | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 5,861 characters.

### Forward-looking Statements

Statements made in this Quarterly Report which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and our business, including, without limitation, (i) our ability to raise capital, and (ii) statements preceded by, followed by or that include the words “may,” “would,” “could,” “should,” “expects,” “projects,” “anticipates,” “believes,” “estimates,” “plans,” “intends,” “targets” or similar expressions.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: general economic or industry conditions, nationally and/or in the communities in which we may conduct business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our current or potential business and related matters.

Accordingly, results actually achieved may differ materially from expected results in these statements. Forward-looking statements speak only as of the date they are made. We do not undertake, and specifically disclaim, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.

### Plan of Operations

Our Company’s plan of operation for the next 12 months is to: (i) consider guidelines of industries in which our Company may have an interest; (ii) adopt a business plan regarding engaging in business in any selected industry; and (iii) to commence such operations through funding and/or the acquisition of a going concern engaged in any industry selected.

During the next 12 months, our only foreseeable cash requirements will relate to maintaining our good standing; the payment of our Securities and Exchange Commission and the Securities and Exchange of 1934, as amended (the “Exchange Act”), reporting requirement filing expenses, including associated legal and accounting fees; costs incident to reviewing or investigating any potential business venture; and maintaining our good standing as a corporation in our state of organization. Because a principal shareholder has been paying all of the operating expenses, management does not anticipate that we will have to raise additional funds during the next 12 months.

Our common stock currently trades on the OTC Markets Pink Sheets under the symbol BLKE.

### Results of Operations

### Three Months Ended December 31, 2015 Compared to Three Months Ended December 31, 2014

We had no operations during the quarterly period ended December 31, 2015, nor do we have operations as of the date of this filing. General and administrative expenses were $2,417 for the December 31, 2015, period, compared to $3,857 for the December 31, 2014, period. General and administrative expenses for the three months ended December 31, 2015, were comprised mainly of accounting and the amortization of the remaining prepaid expense related to an annual listing on the OTCMarkets QB tier, along with other office fees. We had a net loss of $6,857 for the December 31, 2015, period, compared to a net loss of $7,533 for the December 31, 2014, period. The decrease was mainly attributable to the reduced amortization of prepaid expenses for the QB listing which was one and two months for the quarters ended December 31, 2015 and 2014, respectively. We did not renew the QB listing which expired on October 30, 2015.

### Six Months Ended December 31, 2015 Compared to Six Months Ended December 31, 2014

We had no operations during the six-month period ended December 31, 2015, nor do we have operations as of the date of this filing. General and administrative expenses were $9,268 for the December 31, 2015 period, compared to $8,381 for the December 31, 2014, period. General and administrative expenses for the six months ended December 31, 2015, were comprised mainly of accounting and the amortization of prepaid expense related to an annual listing on the OTCMarkets QB tier, along with other office fees. We had a net loss of $17,889 for the December 31, 2015, period compared to a net loss of $15,391 for the December 31, 2014, period. The increase was mainly attributable to the application and listing on the OTCMarkets QB which was expensed for four months in 2015 and two months in 2014. We did not renew the listing which expired on October 30, 2015.

### Liquidity and Capital Requirements

We had no cash or cash equivalents on hand at December 31, 2015. If additional funds are required, such funds may be advanced by management or shareholders as loans to us. During the quarterly period ended December 31, 2015, expenses and payables were paid by a principal shareholder in the amount of $5,993 and during the quarterly period ended December 31, 2014, additional expenses paid by a principal shareholder totaled $14,207 which was inclusive of the prepaid expense of the OTCMarkets QB listing. The aggregate amount of related party loans is non-interest bearing, unsecured and payable on demand. However, the Company imputes interest on the loan at 10% per annum. Imputed interest expense on related party loans for the three-month periods ended December 31, 2015, and 2014, totaled $4,440 and $3,676, respectively. Because we have not identified any acquisition or venture, it is impossible to predict the amount of any such loan.

### Off-balance Sheet Arrangements

None.

## Controls and procedures

As filed, 1,463 characters.

### Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in rules and forms adopted by the Securities and Exchange Commission, and that such information is accumulated and communicated to management, including the President and Secretary, to allow timely decisions regarding required disclosures.

Under the supervision and with the participation of our management, including our President and Secretary, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our President and Secretary concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective.

### Changes in Internal Control over Financial Reporting

During the fiscal quarter covered by this Quarterly Report, there has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Filed Jan 22, 2016.
Source: SEC EDGAR, the filing index for accession 0001548123-16-000449. Last ingested by Listed: Nov 10, 2026, 07:32 ET. No prices; not investment advice.