Madison Ventures Inc.
CIK:0001575975|SEC Filings
Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Operating costs: | ||||
| Consulting and professional fees | $ 12,053 | $ 30,308 | $ 20,344 | $ 45,271 |
| Other general & administrative expenses | 1,001 | 1,953 | ||
| Total operating costs | 13,054 | 30,308 | 22,297 | 45,271 |
| Other income (expense): | ||||
| Change in Derivative Liability | (39,313) | (39,313) | ||
| Interest expense | (41,798) | (84,848) | ||
| Conversion of Debt | 12,686 | 12,686 | ||
| Total other income (expense) | (68,425) | (111,475) | ||
| Net (loss) income | $ (81,479) | $ (30,308) | $ (133,772) | $ (45,271) |
| Net (loss) income per common share: | ||||
| Basic and diluted | $ (0.07) | $ (0.03) | $ (0.11) | $ (0.04) |
| Weighted average common shares outstanding: | ||||
| Basic and diluted | 1,183,654 | 1,176,012 | 1,179,848 | 1,176,012 |
Consolidated Statements of Cash Flows (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Cash flows from operating activities: | ||||
| Net (loss) income | $ (81,479) | $ (30,308) | $ (133,772) | $ (45,271) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||
| (Gain) on conversion of debt | (12,686) | |||
| Amortization of debt discount | 61,079 | |||
| Change on derivative liability | 39,313 | 39,313 | ||
| Changes in operating assets and liabilities: | ||||
| Increase (decrease) in accounts payable | (6,104) | 15,796 | ||
| Increase in accrued liabilities | 23,769 | |||
| Net cash (used in) provided by operating activities | (28,401) | (29,475) | ||
| Cash flows from financing activities: | ||||
| Proceeds from related parties | 28,401 | 29,475 | ||
| Proceeds from non-interest bearing term-debt due to related party | ||||
| Net cash provided by financing activities | 28,401 | 29,475 | ||
| Net (decrease) in cash | ||||
| Cash, beginning of the year | ||||
| Cash, end of the year | ||||
Consolidated Balance Sheets - USD ($) |
Sep. 30, 2019 |
Mar. 31, 2019 |
|---|---|---|
| Current assets: | ||
| Cash | ||
| Total assets | ||
| Current liabilities: | ||
| Accounts payable | 12,705 | 18,809 |
| Accrued liabilities | 32,669 | 10,616 |
| Due to related party | 80,437 | 52,036 |
| Total current liabilities | 125,811 | 81,461 |
| Long-term liabilities: | ||
| Long-term convertible debt due to related party, net of unamortized discount of $273,352 | 97,058 | 39,031 |
| Derivative Liability | 525,274 | 511,484 |
| Total long-term liabilities | 622,332 | 550,515 |
| Total Liabilities | 748,143 | 631,976 |
| Commitments and Contingencies | ||
| Shareholders' equity (deficit): | ||
| Common stock: 300,000,000 shares authorized of $0.001 par value; 1,234,694 and 1,176,012 shares issued and outstanding as of September 30 and March 31, 2019, respectively | 1,235 | 1,176 |
| Additional paid-in capital | 123,870 | 106,324 |
| Accumulated deficit | (873,248) | (739,476) |
| Accumulated other comprehensive income (loss) | ||
| Total shareholders' equity (deficit) | (748,143) | (631,976) |
| Total liabilities and shareholders' equity (deficit) |