Madison Technologies Inc. Files 2022 Annual Report

TL;DR

<b>Madison Technologies Inc. has filed its 2022 annual 10-K report, detailing financial performance and corporate history.</b>

AI Summary

Madison Technologies Inc. (MDEX) filed a Annual Report (10-K) with the SEC on January 25, 2024. Madison Technologies Inc. filed its 10-K report for the fiscal year ending December 31, 2022. The company's principal executive offices are located at 2500 Westchester Avenue, Suite 401, Purchase, NY 10577. Madison Technologies Inc. was formerly known as MADISON EXPLORATIONS, INC. and Madison Explorations Inc. The filing includes detailed financial data for the fiscal years 2022, 2021, and 2020. The company is classified under SIC code 5900 (RETAIL-MISCELLANEOUS RETAIL).

Why It Matters

For investors and stakeholders tracking Madison Technologies Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Madison Technologies Inc.'s financial health and operational status for the fiscal year 2022, crucial for investors assessing the company's performance. The historical company name changes and SIC classification offer context into the company's evolution and its position within the retail sector.

Risk Assessment

Risk Level: low — Madison Technologies Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial distress indicators or major operational changes that would suggest high risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Madison Technologies Inc.'s financial position and future outlook.

Key Numbers

• 2022-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-01-25 — Filing Date (Filed as of Date)
• 5900 — SIC Code (Standard Industrial Classification)
• 000-51302 — SEC File Number (SEC File Number)

Key Players & Entities

• Madison Technologies Inc. (company) — Filer name
• MADISON EXPLORATIONS, INC. (company) — Former company name
• Madison Explorations Inc. (company) — Former company name
• 2500 Westchester Avenue, Suite 401, Purchase, NY 10577 (company) — Business and mailing address

Forward-Looking Statements

• The complex preferred stock structure will likely lead to further questions from analysts regarding potential dilution and dividend obligations. (Madison Technologies Inc.) — medium confidence, target: 2024-12-31

FAQ

Industry Context

Madison Technologies Inc. operates within the Miscellaneous Retail sector, as indicated by its SIC code 5900. This sector encompasses a broad range of retail establishments not classified elsewhere.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports (10-K) to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and balance sheet details for FY 2022.
2. Investigate any disclosed risk factors or management discussion and analysis for insights into operational challenges or opportunities.
3. Compare key financial metrics from the 2022 10-K with previous years to identify trends.

Key Dates

• 2022-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-01-25: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2022 annual report (10-K), providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — ction 12(g) of the Act: Common stock - $0.001 par value (Title of Class) Indicate
• $0.828 — sing price of our Common Stock equal to $0.828 per share on such date. Shares of Commo
• $16.5 million — tes in an aggregate principal amount of $16.5 million for an aggregate purchase price of $15
• $15 million — lion for an aggregate purchase price of $15 million (collectively, the "Notes"). We used pr
• $0.4 million — n event of default. We did not make the $0.4 million interest payments on the Notes that wer
• $3.5 million — ove, with an aggregate of approximately $3.5 million currently in default, including accrued
• $11,600,000 — uce the indebtedness under the Notes by $11,600,000. As a result, the revenues, expenses, a
• $13.1 million — cline. We have incurred net losses of $13.1 million and $14.3 million for the years ended D
• $14.3 million — ncurred net losses of $13.1 million and $14.3 million for the years ended December 31, 2022 a
• $28.9 million — 31, 2022, we had accumulated deficit of $28.9 million. We are not certain whether or when we
• $500,000 — nd had an original principal balance of $500,000 with an interest rate of 12% per annum.
• $581,304 — e, along with interest accrued, totaled $581,304. On such date, Z4 filed an Affidavit of
• $3.0 million — egate of approximately $3.5 million and $3.0 million of principal, accrued interest and late

Filing Documents

• g083886_10-k.htm (10-K) — 1373KB
• g083886_ex3-1if.htm (EX-3.1IF) — 67KB
• g083886_ex3-1is.htm (EX-3.1IS) — 148KB
• g083886_ex3-1ii.htm (EX-3.1II) — 77KB
• g083886_ex4-3.htm (EX-4.3) — 50KB
• g083886_ex4-4.htm (EX-4.4) — 81KB
• g083886_ex4-5.htm (EX-4.5) — 104KB
• g083886_ex4-6.htm (EX-4.6) — 112KB
• g083886_ex4-7.htm (EX-4.7) — 45KB
• g083886_ex10-14.htm (EX-10.14) — 54KB
• g083886_ex10-15.htm (EX-10.15) — 421KB
• g083886_ex10-18.htm (EX-10.18) — 62KB
• g083886_ex10-19.htm (EX-10.19) — 36KB
• g083886_ex10-20.htm (EX-10.20) — 134KB
• g083886_ex10-21.htm (EX-10.21) — 127KB
• g083886_ex10-22.htm (EX-10.22) — 118KB
• g083886_ex10-23.htm (EX-10.23) — 220KB
• g083886_ex10-24.htm (EX-10.24) — 101KB
• g083886_ex10-25.htm (EX-10.25) — 190KB
• g083886_ex10-26.htm (EX-10.26) — 27KB
• g083886_ex10-27.htm (EX-10.27) — 55KB
• g083886_ex21-1.htm (EX-21.1) — 2KB
• g083886_ex31-1.htm (EX-31.1) — 8KB
• g083886_ex32-1.htm (EX-32.1) — 5KB
• img003.jpg (GRAPHIC) — 3KB
• img001.jpg (GRAPHIC) — 8KB
• 0001753926-24-000160.txt (&nbsp;) — 9438KB
• mdex-20221231.xsd (EX-101.SCH) — 59KB
• mdex-20221231_cal.xml (EX-101.CAL) — 52KB
• mdex-20221231_def.xml (EX-101.DEF) — 280KB
• mdex-20221231_lab.xml (EX-101.LAB) — 400KB
• mdex-20221231_pre.xml (EX-101.PRE) — 363KB
• g083886_10-k_htm.xml (XML) — 925KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 4 Item 1B. Unresolved Staff Comments 15 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosures 16 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6.

Selected Financial Data

Selected Financial Data 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 25 Item 9A.

Controls and Procedures

Controls and Procedures 25 Item 9B. Other Information 27 PART III Item 10. Directors, Executive Officers and Corporate Governance 28 Item 11.

Executive Compensation

Executive Compensation 31 Item 12.

Security Ownership of Certain Beneficial Holders and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Holders and Management and Related Stockholder Matters 32 Item 13. Certain Relationships and Related Transactions, and Director Independence 33 Item 14. Principal Accountant Fees and Services 33 Item 15. Exhibits, Financial Statement Schedules 34 Items 16. Form 10-K Summary 37

SIGNATURES

SIGNATURES 38 i part I Item 1. Business. Summary Madison Technologies Inc. ("Madison" or the "Company" or "we" or "us" or "our") is a Nevada corporation that was incorporated on June 15, 1998. Madison Technologies Inc. is seeking to create, develop and launch BlockchainTV ("BCTV"), the first-to-market 24/7 television broadcast and streaming communications network designed to bring the most up-to-date cryptocurrency information and entertainment to the masses in the U.S. and around the world. We believe there is an information void in the blockchain global community where there is no credible, reliable and unbiased source for the most up-to-date information. We created BCTV to fill that void with a live broadcast network and distribution platform to deliver unbiased information in the global blockchain marketplace. We intend for BCTV to engage with viewers by bringing experts, entrepreneurs and entertainment programming into their living rooms and on their devices with a focus on unpacking trends, separating fact from fiction and providing insight into the volatile global marketplace. The BCTV live news programming will be delivered by a team of anchors who will provide breaking news, in-depth stories and interviews around the clock in studio settings and on location through contributing journalists. Our vision is to broadcast BCTV initially from Niagara Falls in Ontario, Canada and to expand our broadcast locations to New York, Miami and Dubai, which are markets with relatively large numbers of people and businesses connected to the cryptocurrency marketplace. Product and Services To achieve the North American rollout, we are focusing on strategic partnerships and distribution deals that deliver BCTV to households through more than 300 over-the-air television stations, through television distributors such as Comcast Cable, DirecTV and DishTV and through alternative distribution platforms such as Roku, Hulu, YouTube, Pluto and Xumo. The core revenue

forward-looking statements are accurate

forward-looking statements are accurate. 3 Such forward-looking statements are made as of the date of the filing of this Annual Report with the SEC and Madison disclaims any obligation to publicly update such forward-looking result of new information, future events or otherwise. The Company's management may, from time to time, make oral forward-looking other documents filed with the SEC should be read for a description of certain factors that could cause the actual results of Madison to materially differ from those in such oral forward-looking statements. Madison disclaims any intention or obligation to update or revise any such oral forward-looking statements whether as a result of new information, future events or otherwise. All forward-looking Item 1A. Risk Factors. Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report. The risks and uncertainties described below are not the only ones we face. Additional risk and uncertainties of which we are unaware or that we deem immaterial may also become important factors that adversely affect our business. The realization of any of these risks and uncertainties could have a material adverse effect on our reputation, business, financial condition, results of operations, growth and future prospects as well as our ability to accomplish our strategic objectives. In that event, the market price of our Common Stock could decline and you could lose part or all of your investment. Risks Related to Our Business We have a hist

View Full Filing

View this 10-K filing on SEC EDGAR