Madison Technologies Files Q3 2023 10-Q
Ticker: MDEX · Form: 10-Q · Filed: May 21, 2024 · CIK: 1318268
Sentiment: neutral
Topics: 10-Q, financials, retail
TL;DR
**Madison Technologies (MDEX) filed its Q3 2023 10-Q. Check financials.**
AI Summary
Madison Technologies Inc. filed a 10-Q for the period ending September 30, 2023. The company, formerly known as Madison Explorations, Inc., is incorporated in Nevada and operates in miscellaneous retail. Their business address is in Purchase, NY.
Why It Matters
This filing provides investors with an update on Madison Technologies Inc.'s financial performance and operational status for the third quarter of 2023.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial information.
Key Numbers
- 360000000 — Total Assets (Reported as of 2023-09-30)
- 12882087 — Net Income (Reported for the period ending 2023-09-30)
Key Players & Entities
- Madison Technologies Inc. (company) — Filer of the 10-Q
- 20230930 (date) — End of reporting period
- 20240521 (date) — Filing date
- Madison Explorations, Inc. (company) — Former company name
- Purchase, NY (location) — Business address city and state
FAQ
What was Madison Technologies Inc.'s total revenue for the nine months ended September 30, 2023?
The filing does not explicitly state the total revenue for the nine months ended September 30, 2023, but it does list total assets as $360,000,000 and net income as $12,882,087 for the same period.
What is the company's Standard Industrial Classification (SIC) code?
The company's SIC code is 5900, categorized under RETAIL-MISCELLANEOUS RETAIL.
When was Madison Technologies Inc. formerly known as Madison Explorations, Inc.?
The company's name was changed from Madison Explorations, Inc. on March 30, 2010.
What are the reported preferred stock series outstanding as of September 30, 2023?
The filing indicates the presence of Series C, Series D, Series E, Series E One, and Series F Preferred Stock as of September 30, 2023.
What is the company's fiscal year end?
Madison Technologies Inc.'s fiscal year ends on December 31.
Filing Stats: 4,475 words · 18 min read · ~15 pages · Grade level 16.2 · Accepted 2024-05-20 21:54:35
Key Financial Figures
- $0.001 — tanding at May 14, 2024 Common Stock, $0.001 par value per share 1,603,095,243 M
- $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
- g084253_10q.htm (10-Q) — 956KB
- g084253_ex31-1.htm (EX-31.1) — 8KB
- g084253_ex32-1.htm (EX-32.1) — 4KB
- 0001753926-24-001009.txt ( ) — 5311KB
- mdex-20230930.xsd (EX-101.SCH) — 43KB
- mdex-20230930_cal.xml (EX-101.CAL) — 42KB
- mdex-20230930_def.xml (EX-101.DEF) — 187KB
- mdex-20230930_lab.xml (EX-101.LAB) — 310KB
- mdex-20230930_pre.xml (EX-101.PRE) — 269KB
- g084253_10q_htm.xml (XML) — 857KB
Financial Statements
Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3. 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) September 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 $ 1,129,692 $ 741,399 Derivative liability 4,429,329 4,429,329 Promissory notes 1,067,947 936,112 Convertible notes 2,472,417 1,883,295 Interest payable on senior secured notes 4,661,250 3,300,000 Senior secured notes, net of discount 15,855,675 14,599,240 Liabilities from discontinued operations — 2,582,902 Total current liabilities 29,615,310 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, September 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, September 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, September 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, December 31, 2022, respectively; 1,153 1,153 Preferred Shares – Series F, $ 0.001 par value; convertible, 1,000 shares converted — —