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Item 7. Management’s Discussion and Analysis

2026-04-15 compared with 2025-10-30 · 57 added, 108 removed, 31 unchanged (84% of the section changed)

6 unchanged sentences

President, Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer.

January 31, 2026, Vincent DeVito was appointed to our board of directors.

OF OPERATIONS

Our consolidated financial statements included

herein have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating

to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to

continue in operation.

We expect we will require additional capital to meet our long-term operating requirements.

raise additional capital through, among other things, the sale of stock or debt securities and further implement our business plan.

Our consolidated financial statements have been prepared on a going concern basis and, accordingly, do not include any adjustments relating

to the recoverability and realization of assets or the classification of liabilities that might be necessary should we be unable to continue

in operation.

Our ability to continue as a going concern is dependent upon our ability to raise additional capital through the issuance

of equity or debt securities, continued financial support from our largest shareholder, the execution of potential strategic initiatives,

including amalgamation or similar transactions currently being pursued by management, and the continued implementation of our business

However, we may not be successful in securing such financing on a timely basis or on favorable terms, if at all.

We expect to raise

additional capital through, among other means, the issuance of equity or debt securities and the continued execution of our business plan.

Ended December 31, 2025 and December 31, 2024

and administrative expenses

and administrative expenses decreased to $54,063 for the year ended December 31, 2024, from $426,757 for the year ended December

The decrease was primarily because of the expenses necessary to process our SEC filings and transfer Sovryn to the Investors.

and administrative expenses increased to $188,298 for the year ended December 31, 2025, from $54,063 for the year ended December

The increase was primarily because of insurance expense for coverage added in November 2024.

fees increased to $311,360 for the year ended December 31, 2025, from $248,101 for the year ended December 31, 2024.

was primarily because of the professional fees necessary to prepare and audit our financial statements, file our 2024 Annual Report

on Form 10-K and the expenses for the transfer of Sovryn to the Investors that resulted in a $9,159,907 reduction in principal

on the senior secured notes on February 1, 2023.

on Form 10-K, our 2025 Quarterly Reports on Form 10-Q.

expense and interest expense

Total amortization expense and interest expense decreased to $2,498,385 for the year ended December 31,

2024, from $4,724,398for the year ended December 31, 2023.

Amortization expense is derived from discounts recognized when we issued

debt and then amortized the discount over the terms of the debt.

Most of our debt matured in 2023 and the discounts were fully

amortized in 2023.

In 2024, we amortized all the remaining debt discounts.

loss from discontinued operations was $Nil for the year ended December 31, 2024 as compared to a loss of $9,709 for the year ended

December 31, 2023.

Effective February 1, 2023, we entered into an agreement with a lender in which we exchanged our ownership

of the assets associated with Sovryn’s broadcast television business in exchange for a $9,159,907 reduction in our obligation

for the senior secured notes.

As a result, the revenues, expenses, assets and liabilities of Sovryn are included as discontinued

operations for the year ended December 31, 2023.

The 2023 loss resulted from Sovryn’s operations for the month of January

loss decreased to $2,800,549 for the year ended December 31, 2024, from $5,301,298 for the year ended December 31, 2023.

decrease was primarily the result of decreases in amortized interest expense and general and administrative expenses.

loss from continuing operations per basic and diluted share was $0.0017 and $0.0033, respectively, with basic and diluted

weighted averages shares outstanding of 1,603,095,243 for the respective periods.

The net loss from discontinued operations

per basic and diluted share was $0.0000 and $0.0000, respectively, with basic and diluted weighted averages shares

outstanding of 1,603,095,243 for the respective periods.

amortization expense and interest expense decreased to $2,480,965 for the year ended December 31, 2025, from $2,498,385 for the

year ended December 31, 2024.

Amortization expense is derived from discounts recognized when we issued debt and then amortized

the discount over the terms of the debt.

Most of our debt matured in 2023 and the discounts were fully amortized in 2023.

we amortized all the remaining debt discounts and recognized $130,226 in amortization expense.

loss increased to $2,980,623 for the year ended December 31, 2025, from $2,800,549 for the year ended December 31, 2024.

was primarily the result of increases in general and administrative expenses and professional fees.

The net loss from operations

per basic and diluted share was $0.0019 and $0.0017, respectively, with basic and diluted weighted averages shares outstanding

of 1,603,506,202 for the respective periods.

and Capital Resources

and Working Capital

at December 31, 2024, we had $Nil in cash and a $20,386,295 working capital deficit, compared to cash of $Nil and working capital

deficit of $17,585,746 as at December 31, 2023.

The increase in the working capital deficit primarily resulted from the transfer

of all Sovryn assets on February 1, 2023 according to the Partial Foreclosure Agreement with the lenders (Investors).

We will require additional capital to meet

our long- and short-term operating requirements.

For the year ended December 31, 2024, our principal source of liquidity was our

cash that we obtained from funds provided by the Investors.

Our principal use of cash was to fund operations.

We expect that the

principal uses of cash in the future will be for continuing operations associated with rolling out our business plan and repayment

of notes payable that are not converted into our Common Stock or renegotiated.

Cash Used in Continuing Operating Activities

We used $394,617 in cash from continuing operating activities for the year ended December 31 2024, compared

to cash used of $323,288 from continuing operating activities during the year ended December 31, 2023.

Cash Provided by Financing Activities

Net cash provided by financing activities

was $394,617 during the year ended December 31, 2024, compared to $363,710 of cash provided by financing activities during the

year ended December 31, 2023.

Cash from Discontinued Operations

the year ended December 31, 2024, we used $Nil of cash in discontinued operating activities.

at December 31, 2025 and 2024, we had $Nil in cash and a working capital deficit of $23,310,668 and $20,386,294, respectively.

The increase in the working capital deficit primarily resulted from the additional accruals of interest on our debt and loans

from our principal shareholder, the Investors.

will require additional capital to meet our long- and short-term operating requirements.

For the year ended December 31, 2025,

we used $40,422 of cash in discontinued operating activities which ceased on February 1, 2023, The decrease resulted from the

transfer of our ownership of Sovryn on February 1, 2023 according to the Partial Foreclosure Agreement with the Investors.

the fourth quarter of 2022, management at that time determined that Sovryn’s television broadcast business was not an efficient

use of our resources to develop and launch BCTV, our core business, and sought to exit Sovryn’s business and reduce Madison’s

senior debt it incurred in connection with acquiring Sovryn’s assets and creating its business.

As a result, Sovryn is recognized

as a discontinued operation in the accompanying consolidated financial statements for the year ended December 31, 2023.

year’s assets, liabilities and expenses have been similarly classified for comparative purposes.

The following is a summary

of Sovryn for the years ended December 31, 2024 and 2023:

equipment and right-of-use assets

payable and accrued liabilities

liability obligations

and administrative expense

operation expense

on partial settlement of senior secured notes

on disposition of subsidiary

from discontinued operations

our principal source of liquidity was our cash that we obtained from funds provided by the Investors.

Our principal use of cash

was to fund operations.

We expect that the principal uses of cash in the future will be for continuing operations associated with

rolling out our business plan and repayment of notes payable that are not converted into our Common Stock or renegotiated.

Cash Used in Operating Activities

used $330,965 in cash from operating activities for the year ended December 31 2025, compared to cash used of $394,617 from operating

activities during the year ended December 31, 2024.

Cash Provided by Financing Activities

cash provided by financing activities was $330,965 during the year ended December 31, 2025, compared to $394,617 of cash provided

by financing activities during the year ended December 31, 2024.

of Significant Equipment

5 unchanged sentences

had no contingencies or long-term commitments at December 31, 2025.

independent auditors’ reports accompanying our December 31, 2024 and 2023 financial statements in this Annual Report contain

an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern.

Such consolidated financial

statements have been prepared assuming that we will continue as a going concern, which contemplates that we will realize our assets

and satisfy our liabilities and commitments in the ordinary course of business.

consolidated financial statements have been prepared on a going concern basis and, accordingly, do not include any adjustments relating

to the recoverability and realization of assets or the classification of liabilities that might be necessary should we be unable to continue

in operation.

Our ability to continue as a going concern is dependent upon our ability to raise additional capital through the issuance

of equity or debt securities, continued financial support from our largest shareholder, the execution of potential strategic initiatives,

including amalgamation or similar transactions currently being pursued by management, and the continued implementation of our business

However, we may not be successful in securing such financing on a timely basis or on favorable terms, if at all.

We expect to raise

additional capital through, among other means, the issuance of equity or debt securities and the continued execution of our business

with Related Parties

Effective January 1, 2022, we entered into

a management consulting agreement with GreenRock LLC, a company controlled by Mr.

Falcone, for a period of one year ending December

31, 2022, pursuant to which we provided monthly remuneration of $35,000, plus expenses in connection with his duties, responsibilities

and performance as our chief executive officer.

In February 2021, Sovryn entered into a consulting agreement with GreenRock LLC

to provide us with chief executive officer services.

The agreements expired on December 31, 2022 and were not renewed.

ended December 31, 2024 and 2023, we incurred fees to GreenRock LLC $Nil and $70,000 respectively.

February 1, 2023, we entered into the Partial Foreclosure Agreement with the Investors pursuant to which we transferred ownership

of our Federal Communications Commission (“FCC”) licenses and other broadcast television assets to a third-party entity

controlled by the Investors.

In consideration therefore, the Investors agreed to reduce the indebtedness under the Notes by $9,159,907.

On September 21, 2023, the Agent for the Investors delivered to us a notice that the Agent has exercised the Investors’

rights to vote the Pledged Interests, including the 100 shares of our Series B Preferred Stock, and to exercise the Investors’

rights, powers and privileges to pass certain resolutions and to amend our bylaws then in effect to, among other things, (i) remove

the Board of Directors and all Company officers, and (ii) reduce the number of the Board of Directors from three directors to

one director.

As a result of the Agent sending such notice and exercising its rights to vote the Pledged Interests, the Change

of Control occurred.

November 6, 2023, the shareholders of the Company removed Philip Falcone and Warren Zenna as our directors and appointed Thomas

Amon as the sole member of our board of directors.

Amon removed all our officers and appointed himself as the Company’s

President, Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer.

at December 31, 2025 and 2024, respectively, $725,582 and $394,617 were due our principal shareholder.

These amounts were received

to support the Company’s working capital requirement, and it is unsecured, non-interest bearing and payable on demand.

Accounting Pronouncements

2 unchanged sentences

Accounting Policies

We follow certain significant accounting

policies when preparing our consolidated financial statements.

A complete summary of these policies is included in Note 3 of the

Notes to the consolidated financial statements included in this Annual Report.

Certain of the policies require management to make

significant and subjective estimates or assumptions that may deviate from actual results.

In particular, management makes estimates

regarding promissory notes, convertible notes and senior secured notes due to use of discount rates.

follow certain significant accounting policies when preparing our consolidated financial statements.

A complete summary of these

policies is included in Note 3 of the Notes to the consolidated financial statements included in this Annual Report.

the policies require management to make significant and subjective estimates or assumptions that may deviate from actual results.

In particular, management makes estimates regarding promissory notes, convertible notes and senior secured notes due to use of

discount rates.

Quantitative and Qualitative Disclosures About Market Risk.

2 unchanged sentences

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-K

Item 7. Management’s Discussion and Analysis