What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2026-04-17 compared with 2021-06-23 · 54 added, 338 removed, 14 unchanged (97% of the section changed)

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Madison’s

Common Stock has been quoted on the NASD OTC Bulletin Board under the symbol “MDEX”

since April 26, 2006.

Common Stock was quoted on the Pink Open Market maintained by the OTC Markets Group Inc.

(the “OTC”) under the symbol

“MDEX” from April 26, 2006 to July 14, 2023 and is now quoted on the Expert Market operated by the OTC since July

Quotations of Expert Market securities are restricted from public viewing.

It is our objective that the Common Stock

once again be quoted on the Pink Open Market, but there is no assurance that we will be successful in such regard.

The following

table gives the high and low price information for each fiscal quarter Madison’s common stock has been quoted for the last

two fiscal years and for the interim period ended March 30, 2020.

The price information was obtained from OTC Markets Group Inc.

and reflects inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions.

& Low Prices (1)

table lists the high and low prices of our Common Stock for each of our fiscal quarters for the last two fiscal years and for

the year ended December 31, 2025.

The price information was obtained from the OTC and reflects inter-dealer prices, without retail

mark-up, mark-down or commission, and may not represent actual transactions.

and Low Prices of the Common Stock

the Period Ended

Markets Group Inc

2 unchanged sentences

Markets Group Inc.

31 March 2020

Markets Group Inc.

2 unchanged sentences

Markets Group Inc.

31 March 2019

Markets Group Inc.

All high & low price data for all periods reflect Madison’s 10:1 consolidation, which was effective March 11, 2015 Effective

March 11, 2015, by a majority vote of the shareholders, Madison consolidated its issued and outstanding shares of common stock,

without correspondingly decreasing the number of authorized shares of common stock, on a 10 “old”

shares for every

one “new”

share basis, resulting in a decrease of Madison’s issued and outstanding share capital from 113,020,000

shares to approximately 11,302,000 shares of common stock, not including any rounding up of fractional shares to be issued on

consolidation.

Madison Technologies Inc.

Form 10-K - 2020 Page 9

Markets Group Inc.

Holders of Record

has approximately 20 holders of record of Madison’s Common Stock as of December 31, 2020 according to a shareholders’

list provided by Madison’s transfer agent as of that date.

The number of registered shareholders does not include any estimate

by Madison of the number of beneficial owners of Common Stock held in street name.

The transfer agent for Madison’s Common

Stock is Pacific Stock Transfer, 4045 South Spencer Street, Suite 403, Las Vegas, Nevada 89119 and their telephone number is (702)

has declared no dividends on its Common Stock, and is not subject to any restrictions that limit its ability to pay dividends

on its shares of Common Stock.

Dividends are declared at the sole discretion of Madison’s Board of Directors.

have approximately 52 holders of record of our Common Stock as of December 31, 2025,

according to a shareholders list provided by Madison’s transfer agent as of that date.

The number of registered shareholders

does not include any estimate by us of the number of beneficial owners of Common Stock held in street name.

The transfer agent

for our Common Stock is Pacific Stock Transfer Company, 6725 Via Austi Pkwy, Suite 300, Las Vegas, Nevada 89119 and its telephone

number is (800) 785-7782.

have declared no dividends on our Common Stock, and we are not subject to any restrictions that limit our ability to pay dividends

on our shares of Common Stock.

Dividends are declared at the sole discretion of our Board of Directors and we do not plan to pay

dividends in the future.

Securities Authorized for Issuance under Equity Compensation Plans

of December 31, 2025, we have not adopted an equity compensation plan.

In January 2026, we adopted the Madison Technologies Inc.

2026 Omnibus Equity Incentive Plan (the “Incentive Plan”) and reserved 168,000,000 shares of our Common Stock for

the Incentive Plan.

Recent Sales of Unregistered Securities

have been no sales of unregistered securities within the last three years that would be required to be disclosed pursuant to Item

701 of Regulation S-K., with the exception of the following:

23, 2020 –

Conversion of Promissory Notes

July 23, 2020, the Company issued 1,785,000 shares of common stock pursuant to the conversion of a note payable of $16,900 at

$0.01 per share plus legal fees of $950, totaling $17,850.

this share issuance, Madison relied upon Section 4(2) of the Securities Act of 1933 and Rule 903 of Regulation S promulgated pursuant

to that Act by the Securities and Exchange Commission.

The value of the restricted shares was set by Madison and the lenders as

part of the negotiations of the terms and conditions of the convertible promissory notes.

28, 2020 –

Conversion of Promissory Notes

October 28, 2020, the Company issued 1,900,000 shares of common stock pursuant to the conversion of a note payable of $9,500 at

$0.005 per share.

this share issuance, Madison relied upon Section 4(2) of the Securities Act of 1933 and Rule 903 of Regulation S promulgated pursuant

to that Act by the Securities and Exchange Commission.

The value of the restricted shares was set by Madison and the lenders as

part of the negotiations of the terms and conditions of the convertible promissory notes.

Madison Technologies Inc.

Form 10-K - 2020 Page 10

2, 2020 –

Conversion of Promissory Notes

November 2, 2020, the Company issued 1,730,000 shares of common stock pursuant the conversion of a note payable of $17,300 at

$0.01 per share.

this share issuance, Madison relied upon Section 4(2) of the Securities Act of 1933 and Rule 903 of Regulation S promulgated pursuant

to that Act by the Securities and Exchange Commission.

The value of the restricted shares was set by Madison and the lenders as

part of the negotiations of the terms and conditions of the convertible promissory notes.

31, 2020 –

Issuance of Convertible Promissory Notes

to December 31, 2020, the Company issued convertible notes payable totaling $35,000, convertible at $0.05 with a rate of 10% per

annum that matures on January 31, 2022.

17, 2021 –

Issuance of Convertible Promissory Notes

February 17, 2021, the Company entered into a securities purchase agreement with funds affiliated with Arena Investors LP (the

“Investors”) pursuant to which we pursuant to which it issued convertible notes in an aggregate principal amount of

$16.5 million for an aggregate purchase price of $15 million (collectively, the “Notes”).

In connection with the issuance

of the Notes, the Company issued to the Investors warrants to purchase an aggregate of 192,073,017 shares of Common Stock (collectively,

the “Warrants”) and 1,000 shares of series F convertible preferred stock (the “Series F Preferred Stock”).

Notes each have a term of thirty-six months and mature on February 17, 2023, unless earlier converted.

The Notes accrue interest

at a rate of 11% per annum, subject to increase to 20% per annum upon and during the occurrence of an event of default.

is payable in cash on a quarterly basis beginning on March 31, 2021.

Notwithstanding the above, at the Company’s election,

any interest payable on an applicable payment date may be paid in registered Common Stock of the Company (rather than cash) in

an amount equal (A) the amount of the interest payment due on such date, divided by (B) an amount equal to 80% of the average

VWAP of the Common Stock for the five (5) days immediately preceding the date of conversion.

Notes are convertible at any time, at the holder’s option, into shares of our common stock equal to the lesser of:

amount determined by dividing (A) $50,000,000, by (B) the total number of shares of preferred stock, Common Stock and Common Stock

Equivalents outstanding on such Conversion Date (assuming full conversion or exercise of all then issued and outstanding securities

of the Company that are exercisable for or convertible into such equity securities of the Company) and (ii) $1.00, subject to

adjustment herein (the “Conversion Price”) , subject to certain beneficial ownership

limitations (with a maximum ownership limit of 9.99%) .

The conversion price is also

subject to adjustment due to certain events, including stock dividends, stock splits and in connection with the issuance by the

Company of common stock or common stock equivalents at an effective price per share lower than the conversion price then in effect .

Notwithstanding the foregoing, at any time during the continuance of any Event of Default, the Conversion Price in effect shall

be equal to 75% of the average VWAP of the Common Stock for the five (5) Trading Days on the Trading Market immediately preceding

the date of conversion (the Alternative Conversion Price”);

provided, however, that the Alternate Conversion Price may not

exceed $0.015 per share, as adjusted pursuant to the terms of the Notes.

The conversion price is also subject to adjustment due

to certain events, including stock dividends, stock splits and in connection with the issuance by the Company of common stock

or common stock equivalents at an effective price per share lower than the conversion price then in effect.

The Notes may not

be redeemed by the Company.

Warrant is exercisable for a period of five years from the date of issuance at an initial exercise price to (i) 125%, times (ii)

the amount determined by dividing (A) $50,000,000, by (B) the total number of shares of preferred stock, Common Stock and Common

Stock Equivalents outstanding on such Conversion Date (assuming full conversion or exercise of all then issued and outstanding

securities of the Company that are exercisable for or convertible into such equity securities of the Company), subject to adjustment

herein , subject to certain beneficial ownership limitations (with a maximum ownership

limit of 9.99%) .

The exercise price is also subject to adjustment due to certain events,

including stock dividends, stock splits and recapitalizations .

Series F Preferred Stock have no voting rights and shall convert into 4.9% of our issued and outstanding shares of common stock

on a fully-diluted basis upon Shareholder Approval.

of the Investors have contractually agreed to restrict their ability to exercise the Warrants and convert the Notes such that

the number of shares of the Company common stock held by each of them and their affiliates after such conversion or exercise does

not exceed 9.99% of the Company’s then issued and outstanding shares of common stock.

Madison Technologies Inc.

Form 10-K - 2020 Page 11

December 30, 2025, we issued 75,000,000 shares of unregistered Common Stock in satisfaction of a conversion notice submitted by

a lender for partial repayment of our debt.

Penny Stock Rules

in Madison’s Common Stock is subject to the “penny stock”

The SEC has adopted regulations that generally

define a penny stock to be any equity security that has a market price of less than $5.00 per share, subject to certain exceptions.

These rules require that any broker-dealer who recommends Madison’s Common Stock to persons other than prior customers and

accredited investors, must, prior to the sale, make a special written suitability determination for the purchaser and receive

the purchaser’s written agreement to execute the transaction.

Unless an exception is available, the regulations require

the delivery, prior to any transaction involving a penny stock, of a disclosure schedule explaining the penny stock market and

the risks associated with trading in the penny stock market.

In addition, broker-dealers must disclose commissions payable to

both the broker-dealer and the registered representative and current quotations for the securities they offer.

The additional

burdens imposed upon broker-dealers by such requirements may discourage broker-dealers from effecting transactions in Madison’s

securities, which could severely limit their market price and liquidity of Madison’s securities.

The application of the

“penny stock”

rules may affect your ability to resell Madison’s securities.

Selected Financial Data.

is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required

under this item.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

FOLLOWING PRESENTATION OF THE PLAN OF OPERATION OF MADISON TECHNOLOGIES INC.

SHOULD BE READ IN CONJUNCTION WITH THE AUDITED FINANCIAL

STATEMENTS AND OTHER FINANCIAL INFORMATION INCLUDED HEREIN.

was incorporated in the State of Nevada on June 15, 1998 under the name “Madison-Taylor General Contractors, Inc.”

Effective May 24, 2004, Madison changed its name to “Madison Explorations, Inc.”

by a majority vote of the shareholders.

Effective March 9, 2015, Madison changed its name to “Madison Technologies Inc,”

by a majority vote of the shareholders.

See Exhibit 3.3 –

Certificate of Amendment for more details.

September 16, 2016, pursuant to the terms of the Product License Agreement Madison was granted the exclusive rights to distribute

Tuffy Pack’s product line of line custom inserts that provide a level of personal protection from ballistic threats similar

to what law enforcement officers wear daily as bullet proof vests.

See Exhibit 10.5 - Product License Agreement for more details.

the fourth quarter of fiscal 2020 Madison abandoned the Tuffy Pack product line to focus on the deployment of the Luxurie Legs

line of products

July 17, 2020, the Company entered into an agreement to acquire the Casa Zeta-Jones Brand License Agreement from Luxurie Legs,

LLC of Delaware.

Luxurie Legs transferred all of its rights, title and interest in the License Agreement to the Company in exchange

for the Company’s newly issued preferred convertible Series A stock.

See Form 8-K - Current Report filed July 20, 2020 for

more details.

February 16, 2021, Madison Technologies Inc., a Nevada corporation (the “Company”) entered into a Share Exchange Agreement

(the “Share Exchange Agreement”) with Sovryn Holdings, Inc.

(“Sovryn”) and the holders (the “Sovryn

Shareholders”) of Sovryn’s issued and outstanding shares of common stock, par value $0.0001 per share (“Sovryn

Common Shares”), pursuant to which the Shareholders exchanged 100% of the outstanding Sovryn Common Shares, for (i) 100

shares of series B preferred stock, par value $0.001 per share (“Series B Preferred Stock”), of the Company which

was transferred by Jeffrey Canouse, the Company’s controlling shareholder and existing Chief Executive Officer (the “Controlling

Shareholder”), to the designee of Sovryn and (ii) 1,000 shares of series E convertible preferred stock, par value $0.001

per share of Sovryn (“Series E Preferred Stock,”

and together with Series B Preferred Stock, the “Preferred

Exchange Shares,”

and the foregoing exchange of Sovryn Common Shares for Preferred Exchange Shares being the “Equity

Exchange”).See Form 8-K –

Current Report filed February 23, 2021 for more details

Madison Technologies Inc.

Form 10-K - 2020 Page 12

of Operation for the Period Ended December 31, 2020

the fiscal year ended December 31, 2020, we incurred net losses of $910,163, compared to our net losses in fiscal 2019 of $42,263.

Our losses in the current fiscal year were higher due to an increase in amortization expense, operating expenses and consulting

have not attained profitable operations and are dependent upon obtaining financing to complete our proposed business plan.

these reasons our auditors believe that there is substantial doubt that we will be able to continue as a going concern.

financial statements 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.

and Capital Resources

of December 31, 2020, Madison had total assets of $510,616, and a working capital deficit of $533,548, compared with a

working capital deficit of $358,377 as of December 31, 2019.

The increase in the working capital deficit was primarily

due to an increase in demand notes and interest payable and convertible notes and interest payable.

The assets consisted

of $9,491 in cash ($1,366 in 2019) and $67,718 in prepaid expenses ($5,718 in 2019).

The liabilities consisted

of $61,779 in accounts payable and accrued liabilities ($33,655 in 2019), $33,500 in license fee payable ($33,500 in 2019), $20,486

in notes payable and accrued interest, $494,992 in convertible notes payable to third parties ($297,766 in 2019).

are no assurances that Madison will be able to achieve further sales of its Common Stock or any other form of additional financing.

If Madison is unable to achieve the financing necessary to continue its plan of operations, then Madison will not be able to continue

its plan of operations and its business will fail.

Cash Used in Operating Activities

the fiscal year ended December 31, 2020, net cash used in operating activities increased to $489,325 compared with $51,177 for

the previous fiscal year.

The use of cash was primarily due to a net loss of $910,163 less non-cash items of interest on the convertible

debt of $25,134, amortization of intangible assets of $64,687, amortization of interest of $212,769, services of $95,000

and $164 of foreign exchange.

Changes in current assets and liabilities of $23,084 also affected cash used.

Cash Used in Investing Activities

Company did not invest any cash in investing activities in either the year ending December 31, 2020 or 2019.

Cash Provided by Financing Activities

cash flows provided by financing activities was $507,450 for the fiscal year ended December 31, 2020 as compared with financing

activities of $50,000 for the previous fiscal year.

The net cash provided by financing activities was due to

the proceeds from convertible debt issued.

Legs Products

Madison’s

plan of operation for the next 12 months is to deliver the Luxurie Legs Products into the US market via the use of online

marketing strategies developed by Facebook, Instagram and Youtube and to use fulfillment services including but not limited to

The Jay Group, ModusLink and Echodata.

By implementing these companies’

services Madison will be able to establish a reliable

supply chain that will receive delivery of the Luxurie Legs Products, warehouse the Luxurie Legs Products, package

as per each customer order, and ship the Luxurie Legs Products to the customer efficiently and cost effectively.

Madison Technologies Inc.

Form 10-K - 2020 Page 13

expects to expand Madison’s sales distribution strategy beginning in May 2021 and to be operational by November 2021, this

includes the following components:

Initial inventory with an estimated cost of $600,000

Social media and online advertising of $50,000

sales strategy is to develop online exposure through the use of social media marketing and brand influencers and top social media

personas in an aggressive strategy to use the power of their social networks to help build and maintain the shave club membership

Holdings, Inc.

Madison’s

plan is to acquire 50 independent TV stations in the top 30 DMA’s over the next 6-12 months.

In addition, Madison expects

to grow the station base to 100 tv stations nationwide through additional acquisitions targeting the top 100 DMA’s across

the nation, ultimately covering 80% of the population of the U.S.

over the next 18-24 months.

licensed TV station has the capability of delivering 10+ different revenue “streams”

(channels) of content Over-the-Air,

24 hours per day/7 days per week .

If converted to the new FCC approved ATSC 3.0 technology, the streaming capacity will increase

to 25+ channels or more, giving Sovryn the potential to stream content upon completion of the roll-up to over 2500 channels aggregated

over expected 100 stations.

will operate the stations remotely and centrally, eliminating the need for in-market personnel or a studio facility.

Remote operations

of stations results in significant cost efficiencies.

Recent FCC deregulation in TV broadcasting has eliminated the need for full

time employees and studio facilities operating Class A and Low Power stations allowing for greater cost efficiency.

addition to the costs associated to Madison’s sales and distribution strategy, management anticipates incurring the following

expenses during the next 12 month period:

anticipates spending approximately $30,000 in ongoing general and administrative expenses per month for the next 12 months,

for a total anticipated expenditure of $360,000 over the next 12 months.

The general and administrative expenses for the year

will consist primarily of professional fees for the audit and legal work relating to Madison’s regulatory filings throughout

the year, as well as transfer agent fees, annual mineral claim fees and general office expenses.

anticipates spending approximately $15,000 in complying with Madison’s obligations as a reporting company under the

Securities Exchange Act of 1934 and as a reporting issuer in Canada.

These expenses will consist primarily of professional

fees relating to the preparation of Madison’s financial statements and completing and filing its annual report, quarterly

report, and current report filings with the SEC and with SEDAR in Canada.

Madison Technologies Inc.

Form 10-K - 2020 Page 14

at December 31, 2020, Madison had cash of $9,491 and current liabilities of $610,757.

Accordingly, Madison will

require additional financing in the amount of $601,266 in order to fund its obligations as a reporting company under the

Securities Act of 1934 and its general and administrative expenses for the next 12 months.

the 12 month period following the date of this annual report, management anticipates that Madison will not generate any revenue.

Accordingly, Madison will be required to obtain additional financing in order to continue its plan of operations.

Management believes

that debt financing will not be an alternative for funding Madison’s plan of operations as it does not have tangible assets

to secure any debt financing.

Rather, management anticipates that additional funding will be in the form of equity financing from

the sale of Madison’s Common Stock.

However, Madison does not have any financing arranged and cannot provide investors with

any assurance that it will be able to raise sufficient funding from the sale of its Common Stock to fund its plan of operations.

In the absence of such financing, Madison will not be able to acquire any interest in a new technology and its business plan will

Even if Madison is successful in obtaining equity financing and acquire an interest in a new technology, additional research

and development will be required before a determination as to whether the technology will be commercially viable.

If Madison does

not continue to obtain additional financing, it will be forced to abandon its business and plan of operations.

of Significant Equipment

do not intend to purchase any significant equipment during the next 12 months.

Sheet Arrangements

has no off-balance sheet arrangements including arrangements that would affect its liquidity, capital resources, market risk support

and credit risk support or other benefits.

Commitments for Capital Expenditures

had no contingencies or long-term commitments at December 31, 2020.

independent auditors’

report accompanying our December 31, 2020 and 2019 financial statements contains an explanatory paragraph

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

The 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.

Disclosure of Contractual Obligations

is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required

under this item.

Madison Technologies Inc.

Form 10-K - 2020 Page 15

Accounting Policies

Madison’s

financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United

Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts

of assets, liabilities, revenue, and expenses.

These estimates and assumptions are affected by management’s application

of accounting policies.

Management believes that understanding the basis and nature of the estimates and assumptions involved

with the following aspects of Madison’s financial statements is critical to an understanding of Madison’s financial

preparation of financial statements in accordance with United States generally accepted accounting principles requires management

to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements

and the reported amounts of revenue and expenses in the reporting period.

Madison regularly evaluates estimates and assumptions

related to deferred income tax asset valuation allowances.

Madison bases its estimates and assumptions on current facts, historical

experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the

basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are

not readily apparent from other sources.

The actual results experienced by Madison may differ materially and adversely from Madison’s

To the extent there are material differences between the estimates and the actual results, future results of operations

will be affected.

Value Measurements

follows FASB ASC 820, “

Fair Value Measurements and Disclosures”

, for all financial instruments and non-financial

instruments accounted for at fair value on a recurring basis.

This new accounting standard establishes a single definition of

fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information

used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements.

It does not change existing guidance as to whether or not an instrument is carried at fair value.

Madison defines fair value as

the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market

participants at the measurement date.

When determining the fair value measurements for assets and liabilities, which are required

to be recorded at fair value, Madison considers the principal or most advantageous market in which Madison would transact and

the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as

inherent risk, transfer restrictions and credit risk.

Madison has adopted FASB ASC 825, “

Financial Instruments”,

which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are

not required to be measured at fair value.

Madison has not elected the fair value option for any eligible financial instruments.

Quantitative and Qualitative Disclosures About Market Risk.

is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required

under this item.

Madison Technologies Inc.

Form 10-K - 2020 Page 16

in our Common Stock is subject to the “penny stock” rules.

The SEC has adopted regulations that generally define a

penny stock to be any equity security that has a market price of less than $5.00 per share, subject to certain exceptions.

rules require that any broker-dealer who recommends our Common Stock to persons other than prior customers and accredited investors,

must, prior to the sale, make a special written suitability determination for the purchaser and receive the purchaser’s

written agreement to execute the transaction.

Unless an exception is available, the regulations require the delivery, prior to

any transaction involving a penny stock, of a disclosure schedule explaining the penny stock market and the risks associated with

trading in the penny stock market.

In addition, broker-dealers must disclose commissions payable to both the broker-dealer and

the registered representative and current quotations for the securities they offer.

The additional burdens imposed upon broker-dealers

by such requirements may discourage broker-dealers from effecting transactions in our securities, which could severely limit their

market price and liquidity of our securities.

The application of the “penny stock” rules may affect your ability to

resell our securities.

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/A

Item 5. Market for Registrant’s Common Equity