Madison Technologies Inc. Files 10-Q for Period Ending June 30, 2023

TL;DR

<b>Madison Technologies Inc. has filed its quarterly report (10-Q) for the period ending June 30, 2023, detailing its financial performance and operational status.</b>

AI Summary

Madison Technologies Inc. (MDEX) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Madison Technologies Inc. filed a 10-Q report for the period ending June 30, 2023. The filing covers the fiscal period from January 1, 2023, to June 30, 2023. The company's fiscal year ends on December 31. Madison Technologies Inc. was formerly known as MADISON EXPLORATIONS, INC. The company is incorporated in Nevada (NV).

Why It Matters

For investors and stakeholders tracking Madison Technologies Inc., this filing contains several important signals. This filing provides investors with a mid-year update on Madison Technologies Inc.'s financial health and strategic direction. Understanding the details within this 10-Q is crucial for assessing the company's performance against its previous fiscal periods and market expectations.

Risk Assessment

Risk Level: low — Madison Technologies Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with public companies.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Madison Technologies Inc.'s performance and outlook.

Key Numbers

• 2023-06-30 — Period of Report End Date (10-Q filing)
• 2024-05-07 — Filed As Of Date (10-Q filing)
• 2023-01-01 — Reporting Period Start Date (10-Q filing)
• 2022-12-31 — Previous Fiscal Year End (10-Q filing)

Key Players & Entities

• Madison Technologies Inc. (company) — Filer name
• 2023-06-30 (date) — Period of report
• 2024-05-07 (date) — Filed as of date
• MADISON EXPLORATIONS, INC. (company) — Former company name
• NV (jurisdiction) — State of incorporation
• 1231 (date) — Fiscal year end

FAQ

Industry Context

Madison Technologies Inc. operates within the retail sector, specifically miscellaneous retail. This 10-Q filing provides insights into its performance within this industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the balance sheet and income statement for the period ending June 30, 2023.
2. Review any disclosures regarding preferred stock series (C, D, E, F, G, H, A, B) and their terms.
3. Compare the financial data presented with the previous fiscal year's filings.

Key Dates

• 2023-06-30: Period of Report End — End of the fiscal quarter for which financial information is reported.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-Q filing provides the first look at Madison Technologies Inc.'s financial performance for the first half of its 2023 fiscal year, following the end of its 2022 fiscal year.

Key Financial Figures

• $0.001 — tstanding at May 7, 2024 Common Stock, $0.001 par value per share 1,603,095,243 M
• $100 — s A, $0.001 par value; 3%, stated value $100 per share, 100,000 shares designated, 0
• $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

• g084188_10q.htm (10-Q) — 887KB
• g084188_ex31-1.htm (EX-31.1) — 12KB
• g084188_ex32-1.htm (EX-32.1) — 6KB
• 0001753926-24-000929.txt (&nbsp;) — 5215KB
• mdex-20230630.xsd (EX-101.SCH) — 43KB
• mdex-20230630_cal.xml (EX-101.CAL) — 43KB
• mdex-20230630_def.xml (EX-101.DEF) — 185KB
• mdex-20230630_lab.xml (EX-101.LAB) — 306KB
• mdex-20230630_pre.xml (EX-101.PRE) — 266KB
• g084188_10q_htm.xml (XML) — 861KB

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) June 30, 2023 December 31, 2022 ASSETS CURRENT ASSETS Cash $ — $ — Prepaid expenses — 12,722 Assets from discontinued operations — 11,726,332 Total Current Assets — 11,739,054 Investments — 100 Total Assets $ — $ 11,739,154 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 1,041,114 $ 741,399 Derivative liability 4,429,329 4,429,329 Promissory notes 1,064,550 936,112 Convertible notes 2,410,660 1,883,295 Interest payable on senior secured notes 4,207,500 3,300,000 Senior secured notes, net of discount 15,427,659 14,599,240 Liabilities from discontinued operations — 2,582,902 Total current liabilities 28,580,812 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, June 30, 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, June 30, 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, June 30, 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, June 30, 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, June 30, 2023 and December 31, 2022, respectively; 1,000 shares converted — — Preferred Shares – Series G, $

financial statements be read in conjunction with the Company's December 31, 2022 annual financial statements. Operating

financial statements be read in conjunction with the Company's December 31, 2022 annual financial statements. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that can be expected for the year ended December 31, 2023. Segment reporting Our chief operating decision maker is our chief executive officer, who reviews information on an aggregated basis. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Revenue recognition We adopted the ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). We recognize revenue when we transfer promised services to the customer. The performance obligation is the monthly services rendered. We have one main revenue source which is leasing of television station channels. Accordingly, we recognize revenue when services are provided as time passes the customers have access to utilize the channel. These revenues are billed in advance, arrears and/or are prepaid. The performance obligation is the monthly services rendered. For January 2023, we had one main revenue source, which is the leasing of television channels, and no revenue source thereafter. Where there is a leasing contract for channels, we bill monthly for our services as rendered. Where there is no contract, the revenue is recognized as provided. We recognize revenue in accordance with ASC 606 using the following 5 steps to identify revenues: identify the contract with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to performance obligations in the contract; and recognize revenue as the performance obligation is satisfied. 6 Advances from client deposits are contract liabilities with customers that represent our obligation to either transfer goods or services in the future, or refund the amount received. Where possible, we obtain retainers

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