Item 2. Unregistered Sales of Equity Securities
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During
the quarter of the fiscal year covered by this report, (i) Madison did not modify the instruments defining the rights of its shareholders,
(ii) no rights of any shareholders were limited or qualified by any other class of securities, and (iii) Madison did not sell any unregistered
equity securities, except as follows:
On
March 1, 2022, we granted a Warrant to Mr. Zenna, our Director, to purchase up to 500,000 shares of our Common Stock at $0.025 per share.
In
2022, we sold a total of $1,370,000 of notes payable, some of which are convertible into our Common Stock at fixed prices, and we issued
certain noteholders, Warrants to purchase an aggregate of 17,350,000 shares of our Common Stock, on a cashless exercise basis, at prices
ranging from $0.02 to $0.10 per share.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
We
have not yet made the $453,750 million interest payments on the senior secured Notes held by Arena Partners LP that were due on April
1, 2022 and July 1, 2022, and we are currently in discussions with Arena Capital LP on a plan of forbearance.
ITEM
4. MINE SAFETY DISCLOSURES
No
report required.
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