What changed in this filing

/stocks — the workspaceLOADING

Item 4. Controls and Procedures

2021-09-23 compared with 2021-05-24 · 31 added, 30 removed, 60 unchanged (50% of the section changed)

1 unchanged sentence

Controls and Procedures

connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by Madison’s management, with

the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of Madison’s disclosure

controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”))

as of March 31, 2021.

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports

filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC

rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and the

Chief Financial Officer, to allow timely decisions regarding required disclosures.

on that evaluation, Madison’s management concluded, as of the end of the period covered by this report, that Madison’s disclosure

connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by Madison’s management, with

the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of Madison’s disclosure

controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”))

as of June 30, 2021.

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed

or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC rules

and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief

Financial Officer, to allow timely decisions regarding required disclosures.

on that evaluation, Madison’s management concluded, as of the end of the period covered by this report, that Madison’s disclosure

controls and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed,

3 unchanged sentences

over financial reporting, as discussed below.

Madison’s

internal control over financial reporting is a process designed under the supervision of Madison’s Chief Executive Officer and

Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Madison’s

internal control over financial reporting is a process designed under the supervision of Madison’s Chief Executive Officer and

Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Madison’s

financial statements for external purposes in accordance with U.S.

2 unchanged sentences

reporting includes those policies and procedures that:

to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of Madison’s

reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance

with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations

of management and the Board of Directors;

reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Madison’s

assets that could have a material effect on the financial statements.

the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of Madison’s

provide reasonable assurance

that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted

accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and

the Board of Directors;

provide reasonable assurance

regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Madison’s assets that could have

a material effect on the financial statements.

of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

3 unchanged sentences

material weakness is a control deficiency, or a combination of deficiencies, in internal control over financial reporting such that there

is a reasonable possibility that a material misstatement of Madison’s annual or interim financial statements will not be prevented

or detected on a timely basis.

1 unchanged sentence

Company Accounting Oversight Board were:

(1) lack of a functioning audit committee and lack of a majority of outside directors on Madison’s

board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures;

4 unchanged sentences

controls over period end financial disclosure and reporting processes.

The aforementioned material weaknesses were identified by Madison’s

Chief Financial Officer in connection with the audit of its financial statements as of December 31, 2020 and communicated the matters

to management.

believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on Madison’s financial results.

However, management believes that the lack of a functioning audit committee and lack of a majority of outside directors on Madison’s

believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on Madison’s financial results.

However, management believes that the lack of a functioning audit committee and lack of a majority of outside directors on Madison’s

board of directors caused and continues to cause an ineffective oversight in the establishment and monitoring of the required internal

11 unchanged sentences

believes that the appointment of one or more outside directors, who will also be appointed to a fully functioning audit committee, will

remedy the lack of a functioning audit committee and a lack of a majority of outside directors on Madison’s Board.

management believes that preparing and implementing sufficient written policies and checklists will remedy the following material weaknesses:

8 unchanged sentences

directors will greatly decrease any control and procedure issues Madison may encounter in the future.

will continue to monitor and evaluate the effectiveness of Madison’s internal controls over financial reporting on an ongoing basis

and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

in Internal Controls over Financial Reporting

were no changes in Madison’s internal controls over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during

the quarter ended March 31, 2021, that materially affected, or are reasonably likely to materially affect, Madison’s internal control

were no changes in Madison’s internal controls over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during

the quarter ended June 30, 2021, that materially affected, or are reasonably likely to materially affect, Madison’s internal control

over financial reporting.

on the Effectiveness of Controls and Procedures

including our President and Chief Financial Officer, does not expect that Madison’s controls and procedures will prevent all potential

error and fraud.

1 unchanged sentence

the objectives of the control system are met.

Other Information

II – Other Information

LEGAL PROCEEDINGS.

is not a party to any pending legal proceedings and, to the best of Madison’s knowledge, none of Madison’s property or assets

are the subject of any pending legal proceedings.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 4. Controls and Procedures