diff --git a/pysd/py_backend/builder.py b/pysd/py_backend/builder.py
index eb1fbf64..89ce584e 100644
--- a/pysd/py_backend/builder.py
+++ b/pysd/py_backend/builder.py
@@ -296,13 +296,12 @@ def _build_main_module(elements, subscript_dict, file_name):
 
     text += textwrap.dedent("""
         # load modules from modules_%(outfile)s directory
-        for module_name, module_content in _modules.items():
-            exec(load_modules(module_name, module_content, _root,
-                              "%(outfile)s", submodules=[]))
+        exec(load_modules("modules_%(outfile)s", _modules, _root, []))
 
         """ % {
             "outfile": os.path.basename(file_name).split(".")[0],
         })
+    print(text)
 
     text += funcs
     text = black.format_file_contents(text, fast=True, mode=black.FileMode())
diff --git a/pysd/py_backend/utils.py b/pysd/py_backend/utils.py
index 12fc8b46..5947bf15 100644
--- a/pysd/py_backend/utils.py
+++ b/pysd/py_backend/utils.py
@@ -889,21 +889,18 @@ def open_module(root_dir, model_name, module, submodule=None):
         os.path.join(root_dir, "modules_" + model_name, rel_file_path)).read()
 
 
-def load_modules(module_name, module_content, root_dir, model_name,
-                 work_dir=None, submodules=[]):
+def load_modules(module_name, module_content, work_dir, submodules):
     # TODO: document
-    if not work_dir:
-        work_dir = os.path.join(root_dir, "modules_" + model_name)
 
     if isinstance(module_content, list):
         with open(os.path.join(work_dir, module_name + ".py"), "r") as file:
             submodules.append(file.read())
     else:
-        work_dir = os.path.join(work_dir, module_name)
         for submod_name, submod_content in module_content.items():
             load_modules(
-                submod_name, submod_content, root_dir, model_name,
-                work_dir=work_dir, submodules=submodules)
+                submod_name, submod_content,
+                os.path.join(work_dir, module_name),
+                submodules)
 
     return "\n\n".join(submodules)