Madison Technologies Inc. Files 10-Q for Period Ending March 31, 2023

TL;DR

<b>Madison Technologies Inc. filed its quarterly report (10-Q) for the period ending March 31, 2023, detailing financial data and historical company information.</b>

AI Summary

Madison Technologies Inc. (MDEX) filed a Quarterly Report (10-Q) with the SEC on March 28, 2024. Madison Technologies Inc. filed a 10-Q report for the period ending March 31, 2023. The company was formerly known as MADISON EXPLORATIONS, INC. and Madison Explorations Inc. The filing covers the period from January 1, 2023, to March 31, 2023. Key financial data points from previous periods (e.g., December 31, 2022, and March 31, 2022) are referenced. The filing includes details on various preferred stock series (C, D, E, EOne, F, G, H, A, B) as of March 31, 2023, and December 31, 2022.

Why It Matters

For investors and stakeholders tracking Madison Technologies Inc., this filing contains several important signals. This filing provides a snapshot of Madison Technologies Inc.'s financial position and activities during the first quarter of 2023, which is crucial for investors to assess performance and trends. The inclusion of historical financial data and preferred stock details allows for comparative analysis and understanding of the company's capital structure evolution.

Risk Assessment

Risk Level: low — Madison Technologies Inc. shows low risk based on this filing. The filing is a standard 10-Q report with no immediate indicators of high risk, primarily containing historical and period-specific financial data.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to understand Madison Technologies Inc.'s performance and financial health for the quarter ending March 31, 2023.

Key Numbers

• 2023-03-31 — Period of Report (Conformed period of report)
• 2024-03-28 — Filed As Of Date (Date the filing was submitted)
• 2023-01-01 — Quarterly Period Start (Beginning of the reporting quarter)
• 2023-03-31 — Quarterly Period End (End of the reporting quarter)
• 2022-12-31 — Previous Year End (Balance sheet date for the prior year end)
• 2022-03-31 — Prior Year Quarter End (Balance sheet date for the prior year's comparable quarter)

Key Players & Entities

• Madison Technologies Inc. (company) — Filer name
• MADISON EXPLORATIONS, INC. (company) — Former company name
• Madison Explorations Inc. (company) — Former company name
• 2023-03-31 (date) — Conformed period of report
• 2024-03-28 (date) — Filed as of date
• 2023-01-01 (date) — Quarterly period start date
• 2022-12-31 (date) — Balance sheet date
• 2022-03-31 (date) — Prior period balance sheet date

FAQ

Key Dates

• 2023-03-31: Quarterly Period End — End date for the financial reporting period.
• 2024-03-28: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.001 — nding at March 27, 2024 Common Stock, $0.001 par value per share 1,603,095,243 M
• $100 — s C, $0.001 par value; 2%, stated value $100 per share 10,000 shares designated, 0 i
• $3.32 — 01 par value; convertible, stated value $3.32 per share, 230,000 shares designated, 1
• $1,000 — 01 par value; convertible, stated value $1,000 per share, 1,000 shares designated, 0 i
• $0.018 — value, management used a share price of $0.018 per share to determine the derivative l
• $0.000 — ince January 1, 2023, management used a $0.000 price to determine the derivative liabi

Filing Documents

• g084100_10q.htm (10-Q) — 834KB
• g084100_ex4-1.htm (EX-4.1) — 103KB
• g084100_ex4-2.htm (EX-4.2) — 79KB
• g084100_ex4-3.htm (EX-4.3) — 91KB
• g084100_ex10-4.htm (EX-10.4) — 74KB
• g084100_ex10-5.htm (EX-10.5) — 81KB
• g084100_ex31-1.htm (EX-31.1) — 13KB
• g084100_ex32-1.htm (EX-32.1) — 7KB
• 0001753926-24-000620.txt (&nbsp;) — 5745KB
• mdex-20230331.xsd (EX-101.SCH) — 44KB
• mdex-20230331_cal.xml (EX-101.CAL) — 43KB
• mdex-20230331_def.xml (EX-101.DEF) — 183KB
• mdex-20230331_lab.xml (EX-101.LAB) — 313KB
• mdex-20230331_pre.xml (EX-101.PRE) — 266KB
• g084100_10q_htm.xml (XML) — 880KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28 Part II. OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults upon Senior Securities 31 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 32

Signatures

Signatures 34 MADISON TECHNOLOGIES INC. condensed consolidated Balance Sheets ( Unaudited) March 31, 2023 December 31, 2022 ASSETS CURRENT ASSETS Cash $ 593 $ — Prepaid expenses — 12,722 Assets from discontinued operations — 11,726,332 Total Current Assets 593 11,739,054 Investments — 100 Total Assets $ 593 $ 11,739,154 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 960,994 $ 741,399 Derivative liability 4,429,329 4,429,329 Promissory notes 1,061,415 936,112 Convertible notes 2,283,297 1,883,295 Interest payable on senior secured notes 3,753,750 3,300,000 Senior secured notes, net of discount 15,013,449 14,599,240 Liabilities from discontinued operations — 2,582,902 Total current liabilities 27,502,234 28,472,277 Preferred Shares–- Series C, $0.001 par value; 2%, stated value $100 per share 10,000 shares designated, 0 issued and outstanding, March 31, 2023 and December 31, 2022, respectively; — — Preferred Shares–- Series D, $0.001 par value; convertible, stated value $3.32 per share, 230,000 shares designated, 155,000 shares issued and outstanding, March 31, 2023 and December 31, 2022, respectively; 75,000 converted 155 155 Preferred Shares–- Series E, $0.001 par value; convertible, stated value $1,000 per share, 1,000 shares designated, 0 issued and outstanding, March 31, 2023 and December 31, 2022, respectively; 1,000 shares exchanged for Series E-1 — — Preferred Shares – Series E-1, $ 0.001 par value; convertible, stated value $ 0.87 per share, 1,152,500 shares designated, 1,152,500 shares issued and outstanding, March 31, 2023 and December 31, 2022, respectively; 1,153 1,153 Preferred Shares – Series F, $ 0.001 par value; convertible, stated value $ 1 per share, 1,000 shares designated, 0 issued and outstanding, March 31, 2023 and December 31, 2022, respectively; 1,000 shares conve

financial statements

financial statements. 9 Note 2 Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities are summarized below: March 31, 2023 December 31, 2022 Accounts payable $ 385,797 $ 371,987 Accrued expenses 293,210 174,078 Accrued interest 281,988 195,334 Total $ 960,994 $ 741,399 Note 3 Derivative Liability We incur a derivative liability when we issue warrants in connection with the sale of notes payable. Management has determined that the daily closing price of our Common Stock is not a reliable factor for determining the value of the warrants and corresponding derivative liability on the basis that (i) the total volume of our Common Stock traded is approximately 3,700,000 shares since January 1, 2023, representing 0.2% of our outstanding shares and (ii) since July 2022 through the date of this Quarterly Report on form 10-Q, our Common Stock is listed on the OTC Expert Market that limits visibility of our Common Stock to investors. Valuation methods such at Black-Scholes rely on daily closing prices and their volatility. As a better representation of value, management used a share price of $0.018 per share to determine the derivative liability from warrants issued through December 31, 2022, which was the per share price used in connection with the issuance of 255,555,556 shares of Common Stock issued upon conversion of the Series G Preferred Stock on November 2, 2021. For warrants issued since January 1, 2023, management used a $0.000 price to determine the derivative liability given the absence of trading volume and our financial condition. For the three months ended March 31, 2023, our derivative liability was as follows: Schedule of Derivative Liability March 31, 2023 Balance at January 1, 2023 $ 4,429,329 Liability for Warrants issued — Balance at March 31,

View Full Filing

View this 10-Q filing on SEC EDGAR