10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: December 31, 2017

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission File No. 333-188753

MADISON VENTURES INC.

(Exact name of registrant as specified in its charter)

Nevada	None
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

1810 E Sahara Ave Suite 583

Las Vegas, NV 89104

 (Address of principal executive offices, zip code)

(866) 239-0577

 (Registrant’s telephone number, including area code)

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act): Yes x No ¨

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes o No o

APPLICABLE ONLY TO CORPORATE ISSUERS

As of July 20, 2018, there were 29,400,000 shares of common stock, $0.001 par value per share, outstanding.

MADISON VENTURES INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED DECEMBER 31, 2017

INDEX 

Index		Page
Part I. Financial Information
Item 1.	Consolidated Financial Statements.	4
	Condensed Consolidated Balance Sheets as of December 31, 2017 and March 31, 2017. (unaudited)		4
	Condensed Consolidated Statements of Operations for the Three Months ended December 31, 2017 and 2016. (unaudited)		5
	Condensed Consolidated Statements of Operations for the Nine Months ended December 31, 2017 and 2016. (unaudited).		6
	Condensed Consolidated Statements of Changes in Stockholders Equity (Deficit) from March 31, 2016 to December 31, 2017. (unaudited)		7
	Condensed Consolidated Statements of Cash Flows for the Nine Months ended December 31, 2017 and 2016. (unaudited)		8
	Notes to the Condensed Consolidated Financial Statements. (unaudited)		9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		16
Item 4.	Controls and Procedures.		16
Part II. Other Information
Item 1.	Legal Proceedings.		17
Item 1A.	Risk Factors.		17
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		17
Item 3.	Defaults Upon Senior Securities.		17
Item 4.	Mine Safety Disclosures.		17
Item 5.	Other Information.		17
Item 6.	Exhibits.		18
Signatures			19

2

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Madison Ventures Inc., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors are discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

Our management has included projections and estimates in this Form 10-Q, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

3

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS. 

MADISON VENTURES INC.

Condensed Consolidated Balance Sheets (Unaudited)

	December 31,			March 31,
	2017			2017
ASSETS
Current assets:
Cash	$	-		$	8,639
Total assets	$	-		$	8,639
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	21,689		$	77,274
Accrued liabilities		-			6,192
Due to related parties		251,842			236,942
Total current liabilities		273,531			320,408
Long-term liabilities:
Long-term debt due to related party		110,065			110,000
Total long-term liabilities		110,065			110,000
Total Liabilities		383,596			430,408
Commitments and Contingencies
Shareholders' equity (deficit):
Common stock: 300,000,000 shares authorized of $0.001 par value; 29,400,000 and 29,400,000 shares issued and outstanding as of December 31 and March 31, 2017, respectively		29,400			29,400
Additional paid-in capital		78,100			78,100
Accumulated deficit		(491,096	)		(515,531	)
Accumulated other comprehensive income (loss)		-			(13,738	)
Total shareholders’ equity (deficit)		(383,596	)		(421,769	)
Total liabilities and shareholders’ equity (deficit)	$	-		$	8,639

The accompanying notes are an integral part of these condensed consolidated financial statements

4

MADISON VENTURES INC.

Condensed Consolidated Statements of Operations (Unaudited)

	Three Months ended December 31,
	2017			2016
Operating costs:
Consulting and professional fees	$	10,276		$	8,507
Stock based compensation		-			-
Insurance		-			1
Gain on disposition of foreign subsidiary		-			-
Impairment of technology license		-			12,321
Other general & administrative expenses		15			4,561
Total operating costs		10,291			25,390
Other income (expense):
Foreign exchange gain (loss)		-			(5,649	)
Interest expense		-			(13	)
Total other income (expense)		-			(5,662	)
Net (loss)	$	(10,291	)	$	(31,052	)
(Loss) per common share:
Basic and diluted	$	(0.00	)	$	(0.00	)
Weighted average common shares outstanding:
Basic and diluted		29,400,000			29,400,000
Comprehensive income (loss):
Net (loss)	$	(10,291	)	$	(31,052	)
Other comprehensive income:
Foreign currency translation		-			3,377
Comprehensive (loss)	$	(10,291	)	$	(27,675	)

The accompanying notes are an integral part of these condensed consolidated financial statements

5

MADISON VENTURES INC.

Condensed Consolidated Statements of Operations (Unaudited)

	Nine Months ended December 31,
	2017			2016
Operating costs:
Consulting and professional fees	$	23,661		$	41,809
Stock based compensation		-			1,387
Insurance		-			2,551
Gain on disposition of foreign subsidiary, net of $13,738 foreign translation (loss) from prior periods		(48,911	)		-
Impairment of technology license		-			257,225
Other general & administrative expenses		815			11,953
Total operating costs		(24,435	)		314,925
Other income (expense):
Foreign exchange gain (loss)		-			(4,489	)
Interest expense		-			(13	)
Total other income (expense)		-			(4,502	)
Net income (loss)	$	24,435		$	(319,427	)
Income (loss) per common share:
Basic and diluted	$	0.00		$	(0.01	)
Weighted average common shares outstanding:
Basic and diluted		29,400,000			28,923,636
Comprehensive income (loss):
Net income (loss)	$	24,435		$	(319,427	)
Other comprehensive income:
Foreign currency translation		-			3,155
Comprehensive income (loss)	$	24,435		$	(316,272	)

The accompanying notes are an integral part of these condensed consolidated financial statements

6

MADISON VENTURES INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (Unaudited)

										Accumulated
			Common		Additional					other
	Common		stock		paid-in		Accumulated			comprehensive
	stock		amount		capital		deficit			Income (loss)			Total
Balance, March 31, 2016		28,400,000	$	28,400	$	54,100	$	(194,669	)	$	(76	)	$	(112,245	)
Stock issuance for service		1,000,000		1,000		24,000		-			-			25,000
Comprehensive loss, March 31, 2017		-		-		-		(320,862	)		(13,662	)		(334,524	)
Balance, March 31, 2017		29,400,000		29,400		78,100		(515,531	)		(13,738	)		(421,769	)
Disposition of foreign subsidiary		-		-		-		-			13,738			13,738
Net income, December 31, 2017		-		-		-		24,435			-			24,435
Balance, December 31, 2017		29,400,000	$	29,400	$	78,100	$	(491,096	)	$	-		$	(383,596	)

Note: All share and per share information has been restated for all periods presented giving retroactive effect of the April 11, 2016 four to one forward stock split (see note 8).

The accompanying notes are an integral part of these condensed consolidated financial statements

7

MADISON VENTURES INC.

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended December 31,
	2017			2016
Cash flows from operating activities:
Net income (loss)	$	24,435		$	(319,427	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Employee stock based compensation		-			1,387
Impairment of technology license		-			257,225
(Gain) on disposition of foreign subsidiary		(48,911	)		-
Changes in operating assets and liabilities:
Decrease in prepaid expenses		-			2,100
Decrease in miscellaneous receivable		-			4,792
Increase in accounts payable		6,964			50,629
Increase in accrued liabilities		(6,192	)		5,900
Net cash (used in) provided by operating activities		(23,704	)		2,606
Cash flows from investing activities:
Acquisition of technology license		-			(187,454	)
Net cash (used in) investing activities		-			(187,454	)
Cash flows from financing activities:
Proceeds from related parties		15,000			15,500
Proceeds from non-interest bearing term-debt		65			110,000
Net cash provided by financing activities		15,065			125,500
Effect of exchange rate changes on cash		-			3,725
Net (decrease) in cash		(8,639	)		(55,623	)
Cash, beginning of the year		8,639			66,795
Cash, end of the quarter	$	-		$	11,172
Non-cash investing and financing activities
Shares issued for accrued compensation	$	-		$	25,000
Supplement cash flow disclosure:
Interest paid	$	-		$	-
Income tax paid	$	-		$	-

The accompanying notes are an integral part of these condensed consolidated financial statements

8

MADISON VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of December 31, 2017

1. Condensed financial statements

The accompanying unaudited condensed consolidated financial statements are presented in United States dollars and are prepared using the accrual method of accounting which conforms to generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial reporting and the instructions for Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnote disclosures necessary for a complete presentation of the financial position, results of operations, cash flows, and stockholders equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

The unaudited condensed consolidated balance sheet of the Company as of December 31, 2017, and the related consolidated balance sheet of the Company as of March 31, 2017, which is derived from the Company's audited financial statements, the unaudited condensed consolidated statement of operations and cash flows for the Nine Months ended December 31, 2017 and 2016 and the condensed consolidated statement of stockholders equity for the period of March 31, 2016 to December 31, 2017 and are included in this document. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2017 audited financial statements and related notes included in the Company’s most recent Form 10-K as filed with the Securities and Exchange Commission on March 20, 2018.

Operating results for the Nine Months ended December 31, 2017 are not necessarily indicative of the results that can be expected for the year ending March 31, 2018.

2. Nature of operations

Madison Ventures Inc. (“Company”) was incorporated in the State of Nevada as a for-profit company on September 14, 2009 and established a fiscal year end of March 31. The Company initially was engaged in the acquisition, exploration and development of natural resource properties. On February 27, 2015, the Company terminated the acquisition of the mineral claim and entered into a letter of intent with Ocure Ltd. (“Ocure”), pursuant to which the Company agreed to exclusively license certain technology from Ocure related to the development of products and devices for the treatment of anal fissures and on August 5, 2015, entered into an exclusive license agreement to Ocure’s semi-occlusive wound dressing for ambulatory treatment of acute and chronic anal fissures (the “Ocure License”). On July 9, 2015, the Company established the wholly-owned subsidiary Madison-IL Ltd., incorporated under the laws of the country of Israel to address the Company’s requirement for an Israeli company to operate and hold the assets associated with Ocure License. However, the Company has not made all payments required under the Ocure License and is in breach of that agreement. Ocure has not provided formal notice of termination. The License Agreement has not been extended or amended, and there was a substantial risk the agreement would be cancelled. Accordingly the investment in the technology license of $244,904, at September 30, 2016, is impaired and written off as a result of these circumstances. In a further step to exit this line of business due to Madison-IL not achieving the projected development milestones, the Company elected January 4, 2017 to terminate the Ocure License and write off the remaining investment. On April 1, 2017, by consent action of a majority of the Company’s shareholders, Madison Ventures sold Madison-IL, the wholly owned subsidiary, to a shareholder of the Company. See Note 4. The Company has no revenues, a limited operating history, and no current line of business.

The success of the Company is dependent upon the identification of products or services, the ability of the Company to obtain the necessary financing to develop such products or services, and upon future profitable operations.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods presented. The Company is required to make judgments and estimates about the effect of matters that are inherently uncertain. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, deferred income tax asset valuations and loss contingences. The Company 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 value of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Although, we believe our judgments and estimates are appropriate, actual future results may be different; if different assumptions or conditions were to prevail, the results could be materially different from our reported results.

9

MADISON VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of December 31, 2017

2. Nature of operations (continued) 

Share-based Compensation

Codification topic 718 “Stock Compensation” requires that the cost resulting from all share-based transactions be recorded in the financial statements and establishes fair value as the measurement objective for share-based payment transactions with employees and acquired goods or services from non-employees. The codification also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted the codification upon creation of the company and will expense share based costs in the period incurred. The Company has not adopted a stock option plan or completed a share-based transaction; accordingly no stock-based compensation has been recorded to date.

Recent Accounting Pronouncements

The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations.

3. Going concern

These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of approximately $491,000 as of December 31, 2017 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company’s operating expenditure plan for the next fiscal year ending March 31, 2018 will require cash. Management intends to finance operating costs over the next twelve months with the issuance of common shares and/or related party borrowings.

4. Investment in technology license

On February 27, 2015, we entered into a letter of intent (the “Letter of Intent”) with Ocure Ltd. (“Ocure”), an Israeli corporation, pursuant to which the Company would be obligated to exclusively license certain technology from Ocure under terms of a license agreement to be negotiated between the Company and Ocure. The Letter of Intent terminated when the Company did not make the second required payment, however the Company continued to negotiate with Ocure. On August 5, 2015, as amended February 26, 2016, the company entered into an exclusive license agreement (the “License Agreement”) with Ocure and Madison-IL Ltd., a wholly-owned subsidiary of the Company incorporated in Israel on July 9, 2015 (the “Subsidiary”). Pursuant to the License Agreement, Ocure granted to the Subsidiary an exclusive, sub-licensable, worldwide, license (the “License”) to Ocure’s semi-occlusive wound dressing for ambulatory treatment of acute and chronic anal fissure, pursuant to Ocure’s patents and patent applications (the “Licensed Technology”) and to its production, use, import, offer for sale, sell, lease, distribute, or otherwise commercialize the Licensed Technology for uses classified as medical devices, or those otherwise approved ultimately as an OTC (over-the-counter) remedy. In a further step to exit this line of business due to Madison-IL not achieving the projected development milestones, the Company elected January 4, 2017 to terminate the Ocure License and write off the remaining investment. On April 1, 2017, by consent action of a majority of the Company’s shareholders, Madison Ventures sold Madison-IL, the wholly owned subsidiary, to a shareholder of the Company.

10

MADISON VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of December 31, 2017

4. Investment in technology license (continued)

Under the License Agreement, the Company was obligated as consideration for the Licensed Technology to provide the Subsidiary $250,000 for the commercialization of the Licensed Technology, payable according to the following schedule:

· $10,000 upon execution of the Letter of Intent (paid February 27, 2015 to Ocure),

· $90,000 at the later of May 11, 2015 or the final signing date of the License Agreement (the “Effective Date”),

· $50,000 on or before March 4, 2016, and

· $100,000 on or before April 8, 2016 (collectively, the “First $250,000 Tranche”).

 

The Effective Date occurred upon satisfaction of the Condition Precedent, as defined in the License Agreement, and approval of the Agreement by the Chief Scientist of the Israeli Ministry of the Economy. The License Agreement Effective Date is November 11, 2015; the date approval of the Chief Scientist of the Israeli Ministry of the Economy was received. Upon the 6-month anniversary of the Effective Date, if the Company had paid the First $250,000 Tranche, then Ocure would have transferred certain assets, as defined, to the Subsidiary, and the Company would be obligated to provide the Subsidiary a second $250,000 tranche, payable as follows:

· $100,000 on or before August 12, 2016,

· $100,000 on or before September 23, 2016, and

· $50,000 on or before October 28, 2016.

 

The License Agreement terminated, on a country-by-country basis, the later of: (a) the date of expiration of the last to expire of Ocure’s rights in Ocure Patents in such country or such other grant of statutory exclusivity, or (b) the end of a period of fifteen (15) years from the date of making the first commercial sale, as defined, in such country; unless sooner terminated pursuant to the terms of the License Agreement.

Immediately after the Effective Date of the License Agreement and for the period ending March 31, 2016 (as amended), the shareholders of Ocure and certain individuals designated by Ocure had the opportunity to purchase up to an aggregate of 7,100,000 (1,775,000 presplit) shares of the Company’s Common Stock at the par value of $0.001 per share. In addition, the Company was to establish an incentive stock option plan reserving up to 20% of the Company’s issued share capital, as of the closing. The right to purchase an aggregate of 7,100,000 (1,775,000 presplit) shares of the Company’s Common Stock expired unexercised and the Company has not established an incentive stock option plan.

In consideration of the license for the Licensed Technology and with respect to any inventions, improvement, development or enhancement based upon, consists of, comprises, contains or incorporates the Licensed Technology invented following the Effective Date by the Subsidiary, its affiliate or sub-licensee (the “New Inventions”), the Subsidiary agreed to pay Ocure royalties calculated as 5% of gross sales. In addition, the Subsidiary agreed to pay Ocure 20% of any cash or non-cash consideration received, whether for sublicense initiation fee, annual fee, sublicense milestone payments, or other such non-sale based royalty consideration payable by a sublicense as consideration for or under a sublicense.

The Company was in default of the First $250,000 Tranche aggregate payment due on April 8, 2016. Upon the six month anniversary of the Effective Date (May 11, 2016) no assets were transferred by Ocure to the Company’s subsidiary. As of March 31, 2017, the Company had advanced funds aggregating $221,850 to the Subsidiary and paid Ocure $10,000 under the License Agreement. As such, the Company was in breach of its obligations under the License Agreement, but had not received notice of termination from Ocure. Madison-IL had not achieved the projected development milestones and the Company elected January 4, 2017 to terminate the Ocure License.

11

MADISON VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of December 31, 2017

4. Investment in technology license (continued)

As of March 31, 2017, the Subsidiary in furtherance of the commercialization of the Licensed Technology has incurred an aggregate of $266,722 of costs recorded as the investment in technology license. At March 31, 2017, the additional costs recorded as the investment in technology license represent vendor obligations payable. In a further step to exit this line of business due to Madison-IL not achieving the projected development milestones, the Company elected January 4, 2017 to terminate the Ocure License and write off the remaining investment. On April 1, 2017, by consent action of a majority of the Company’s shareholders, Madison Ventures sold Madison-IL, the wholly owned subsidiary, to a shareholder of the Company.

Accordingly, the investment in the technology license of $266,722, at January 4, 2017, has been written off and recognized as an expense during the year ended March 31, 2017. As of December 31 and March 31, 2017, zero technology license costs are capitalized.

5. Due to related parties

Due to related parties at December 31 and March 31, 2017 consisted of the following:

	December 31,			March 31,
	2017			2017
Balance at beginning of period	$	236,942		$	213,442
Funds advanced		15,000			23,500
Funds repaid		(100	)		-
Balance at end of period	$	251,842		$	236,942

On July 3, July 8, July 10, August 12, November 12, November 13, 2014, January 23, February 27, March 5, May 16, June 17, June 30, July 6, August 13, November 17, 2015, February 13, February 20, March 7 and March 17, 2016, Ecogenics Limited, a shareholder of the Company, advanced the Company $2,000, $775, $1,460, $2,000, $2,000, $1,763, $2,000, $10,000, $3,525, $4,093, $2,755, $1,083, $5,000, $3,000, $2,041, $961, $5,000, $3,300, and $50,000 respectively, as a series of unsecured obligations.

On August 11 and November 10, 2016, Pompeii Finance, a shareholder of the Company, advanced the Company $6,500 and $5,250, respectively, as a series of unsecured obligations.

On April 1, 2017, by consent action of a majority of the Company’s shareholders, Madison Ventures negotiated the sale of Madison-IL, following the termination of the Ocure License, to Pompeii Finance for $100 which was deducted from the funds owed to Pompeii for the above advances. See Note 7.

The net funds aggregating $114,406 were used to pay operating costs of the Company. The aggregate obligations bear no interest, have no fixed term and are not evidenced by any written agreements. The shareholders are under no obligation to advance additional funds to the Company.

On December 3, December 24, 2015, January 4, January 6, January 15, November 10, 2016, February 7, March 30, and September 5, 2017, Morpheus Financial Corporation Limited, a shareholder of the Company, advanced the Company $37,473, $7,500, $7,326, $8,412, $49,975, $3,750, $5,000, $3,000, and $15,000, respectively, as a series of unsecured obligations. The funds aggregating $137,436 were used to pay operating costs of the Company. On February 7, and June 19, 2018, Morpheus advanced the Company $20,538 and $1,167, respectively, to pay operating costs of the Company.

On January 8, 2016, the aggregate advances received and future advances from Morpheus were structured as a noninterest bearing unsecured non-recourse loan due January 31, 2017. The shareholder, if requested by the Company, agreed to advance additional funds to the Company up to a maximum of $250,000 subject to certain timing limitation as defined. The Company is currently is negotiating an extension of the due date.

12

MADISON VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of December 31, 2017

6. Long-term debt due to related party

Long term debt at December 31 and March 31, 2017 consisted of the following:

	December 31,		March 31,
	2017		2017
Balance at beginning of period	$	110,000	$	-
Funds advanced		65		110,000
Funds repaid		-		-
Balance at end of period	$	110,065	$	110,000

On April 18, 2016, the Company entered into a five year non-interest bearing loan agreement for $110,000 with Cronus Overseas Corporation, a shareholder of the Company. Proceeds were used to fund the Technology acquisition and operations. If the loan is not repaid on or before April 15, 2021 the loan amount will be subject to default interest on the amount then outstanding of ten percent (10%) per month during the first 30 days of delinquency, fifteen percent (15%) per month during the 31 to 60 days of delinquency, twenty percent (20%) per month during the 61 to 90 days of delinquency (the “Default Interest”). If the loan amount remains unpaid after 90 days the lender, at its option, will be entitled to a default payment of one hundred fifty-nine percent (159%) of the then outstanding loan amount inclusive of the Default Interest. On September 25, 2017, Cronus paid on behalf of the Company $65 for operating costs of the Company.

7. Related party transactions

Employment Agreements

On April 2, 2014, Mr. Gene Gregorio was appointed the Company’s President, Chief Executive Officer, Chief Financial Officer and sole Director. On April 20, 2014, the Company agreed to issue Mr. Gregorio 1,000,000 (250,000 presplit) restricted shares of the Company’s Common Stock, valued at $25,000, based on the market close, as compensation for his services for an initial term of one year (the “April 20^th Agreement”). On March 31, 2015, the Company issued Mr. Gregorio the agreed 1,000,000 restricted shares of the Company’s Common Stock.

In addition, if during the term of the April 20^th Agreement Mr. Gregorio’s direct efforts result in a consummated financing for the Company he shall be paid a 5.0% fee on such financing received by the Company, at his option, as either cash or shares of Company’s Common Stock at the offering price. Additionally, the Company will grant Mr. Gregorio a 2 year stock option priced at the current market trading price equal to 5% of the aggregate shares issued to investors within the financing

On April 14, 2015, the April 20^th Agreement with Mr. Gene Gregorio was extended for a second year under the same terms and conditions. Mr. Gregorio will be issued 1,000,000 restricted shares of the Company’s Common Stock, valued at $25,000, based on the market close, as compensation for his services for the second year the extended April 20^th Agreement.

On August 9, 2016, the Company issued Mr. Gregorio the agreed 1,000,000 restricted shares of the Company’s Common Stock for services rendered during the period April 21, 2015 to April 20, 2016.

On April 23, 2018, Mr. Gregorio resigned as the Company’s President, Chief Executive Officer, Chief Financial Officer and as the sole Director.

Madison-IL

On March 31, 2017, the Company forgave the intercompany debt between Madison Ventures, Inc. and Madison-IL Ltd which aggregated $231,850. The Company, established Madison-IL on July 9, 2015 as a wholly-owned subsidiary, incorporated under the laws of the country of Israel to address the Company’s requirement for an Israeli company to operate and hold the assets associated with Ocure License. Following the Company’s January 4, 2017 decision to terminate the Ocure License and to dissolve or liquidate Madison-IL, by consent action of a majority of the Company’s shareholders, Madison Ventures negotiated the sale of Madison-IL to Pompeii Finance, a shareholder of the Company, on April 1, 2017 for $100 which was deducted from the funds owed to Pompeii for related party advances. See Note 5. Pompeii assumes the remaining assets and liabilities of Madison-IL which on March 31, 2017 aggregated 23,844 NIL and 250,996 NIL or approximately $6,566 and $69,115, respectively. On April 1, 2017, the Company recognized a net gain from the sale of Madison-IL of $48,911 ($62,549 of net liabilities eliminated, offset by $13,738 of other comprehensive losses from prior period foreign translation adjustments and $100 of proceeds received).

13

MADISON VENTURES INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of December 31, 2017

8. Capital stock

The Company’s capitalization is 300,000,000 shares of common stock, with a par value of $0.001 per share, with 29,400,000 shares issued and outstanding at December 31, 2017 and March 31, 2017. On April 11, 2016, the Company effected a four for one forward stock split of our i) authorized and ii) issued and outstanding shares of common stock. All share information has been restated for all periods presented giving retroactive effect of the April 11, 2016 four to one forward stock split. Prior to the forward stock split the Company had 75,000,000 authorized shares of common stock, with a par value of $0.001 per share and 7,100,000 shares issued and outstanding at March 31, 2016.

As of March 31, 2017 and 2016, the Company has not granted any stock options or stock warrants.

9. Subsequent Events

On February 7, 2018, Morpheus Financial Corporation Limited, a shareholder of the Company, advanced the Company $20,538 (advanced as 25,735 CND) to pay operating costs.

On April 23, 2018, the Company entered into a Plan of Reorganization and Agreement of Securities Exchange (the “Agreement”) with Firetainment Inc. (“Firetainment”), a Florida Corporation. The Agreement will result in the merger of Firetainment into Madison Ventures with the corporation to survive as Firetainment Inc. Pursuant to the Agreement the Company agreed to issue Firetainment two hundred million (200,000,000) common shares in exchange for all of the shares of Firetainment. This issuance will result in a change in control of the Company. Under the Agreement, upon execution, Firetainment received the immediate right to the appointment of the directors and officers of the surviving corporation by the resignation of the existing sole director and officer of the Company and the simultaneous appointment of its own designee being the newly appointed sole director and officer. The closing of the Agreement will take place upon the delivery and completion of Firetainment audited statements for the period ending March 31, 2018, unless another time or date, or both, are agreed to in writing by the parties.

Also on April 23, 2018, the Board of Directors appointed William Shawn Clark as our Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Concurrent with Mr. Clarks’ appointment, Eugenio Gregorio resigned as Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Mr. Clark, the sole owner of Firetainment, is now our sole officer and director.

On June 19, 2018, Morpheus Financial Corporation Limited, a shareholder of the Company, advanced the Company $1,167 to pay operating costs.

On June 29, 2018, Firetainment Inc. advanced the Company $10,000 to pay operating costs.

On July 5, 2018, holders of 15,820,000 shares of the Company’s outstanding common stock, representing approximately 53.8% of the outstanding shares, approved, by written consents, an amendment to the articles of incorporation of the Company to change the name of the Company from “Madison Ventures Inc.” to “Viabuilt Ventures Inc.” On July 5, 2018, there were no written consents received by the Company representing a vote against, abstention or broker non-vote with respect to the proposal to change the name. The Company expects to change its name when all regulatory approvals have been obtained.

14

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following information should be read in conjunction with (i) the financial statements of Madison Ventures Inc., a Nevada corporation (the “Company”), an development stage company, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the December 31, 2017 audited financial statements and related notes included in the Company’s Form 10-K (File No. 333-188753; the “Form 10-K”), as filed with the Securities and Exchange Commission on March 20, 2018. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements

OVERVIEW

The Company was incorporated in the State of Nevada on September 14, 2009 and established a fiscal year end of March 31. It is a development-stage company.

During early 2015, we decided to abandon our mineral exploration properties and on February 27, 2015, we entered into a letter of intent with Ocure, pursuant to which we agreed to exclusively license certain technology from Ocure related to the development of products and devices for the treatment of anal fissures under terms of a license agreement.

Under the License Agreement, the Company was obligated as consideration for the Licensed Technology to make certain payments. As of December 31, 2017 and March 31, 2017, the Company had advanced $221,850 to the Subsidiary and paid Ocure $10,000 in furtherance of the commercialization of the Licensed Technology. Effective January 4, 2017, the Company determined to terminate all aspects of the Ocure License and to write off any investment made. On April 1, 2017, the Company sold all the shares of its Israeli subsidiary and obtained majority shareholder consent to do so, as the Israeli subsidiary comprised substantially all of the assets of the Company.

The Company is now seeking new business opportunities.

GOING CONCERN

To date the Company has little operations or revenues and consequently has incurred recurring losses from operations. No revenues are anticipated until we complete the financing we endeavor to obtain, as described in the Form 10-K, and implement our business plan. The ability of the Company to continue as a going concern is dependent on raising capital to fund our business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern.

The Company plans to raise additional funds through debt or equity offerings. There is no guarantee that the Company will be able to raise any capital through this or any other offerings.

PLAN OF OPERATION

The Company is now seeking new business opportunities.

RESULTS OF OPERATIONS

Nine-Months Ended December 31, 2017 and 2016

We recorded no revenues for the nine months ended December 31, 2017 and 2016. However, we recorded a gain on the sale of a foreign subsidiary of $48,911 during the nine months ended December 31, 2017. The net gain from the sale of Madison-IL was a result of net liabilities eliminated, offset by $13,738 of other comprehensive losses from prior period foreign translation adjustments and $100 of proceeds received from a shareholder of the Company.

15

For the nine months ended December 31, 2017, total operating costs were $(24,435), consisting of consulting and professional fees of $23,661 and $815 in other general and administrative expenses, offset by a gain on the sale of a foreign subsidiary of $48,911. By comparison, for the nine months ended December 31, 2016, total operating costs were $314,925, consisting of $41,809 of consulting and professional fees, $1,387 of stock based compensation, $2,551 of insurance, $257,225 of impairment on our technology license, and $11,953 in other general and administrative expenses.

We had net income of $24,435 and net losses of $(319,427) during the nine months ended December 31, 2017 and December 31, 2016, respectively. The net income during the nine months ended December 31, 2017 was primarily due to the sale of our foreign subsidiary.

Liquidity and Capital Resources

At December 31, 2017, we had a cash balance of nil, total current liabilities of approximately $383,596 and working capital deficit of $383,596 and a stockholders’ deficit of approximately $383,596. We do not have sufficient cash on hand to fund our ongoing operational expenses. We will need to raise funds to commence fund our ongoing operational expenses. Additional funding will likely come from equity financing from the sale of our common. If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our operations and our business will fail.

Off balance sheet arrangements

We have no off-balance sheet arrangements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.

ITEM 4. CONTROLS AND PROCEDURES.

DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, our principal executive officer and principal financial officer, who are the same person, are responsible for conducting an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal quarter covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of December 31, 2017.

There were no changes in the Company’s internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

16

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company’s business, financial condition or results of operations.

ITEM 1A. RISK FACTORS

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

17

ITEM 6. EXHIBITS.

(a) Exhibits required by Item 601 of Regulation SK.

Number	Description
3.1	Articles of Incorporation (1)
3.2	Bylaws (1)
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS *	XBRL Instance Document
101.SCH *	XBRL Taxonomy Extension Schema Document
101.CAL *	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF *	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB *	XBRL Taxonomy Extension Label Linkbase Document
101.PRE *	XBRL Taxonomy Extension Presentation Linkbase Document

_____________________

(1) Filed and incorporated by reference to the Company’s Registration Statement on Form S-1 (File No. 333 - 188753), as filed with the Securities and Exchange Commission on May 22, 2013.

* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

18

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MADISON VENTURES INC.
	(Name of Registrant)
Date: July 27, 2018	By:	/s/ William Shawn Clark
	Name:	William Shawn Clark
	Title:	President, Secretary, and Treasurer (principal executive officer, principal financial officer, and principal accounting officer)

19

EXHIBIT INDEX

Number	Description
3.1	Articles of Incorporation (1)
3.2	Bylaws (1)
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS *	XBRL Instance Document
101.SCH *	XBRL Taxonomy Extension Schema Document
101.CAL *	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF *	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB *	XBRL Taxonomy Extension Label Linkbase Document
101.PRE *	XBRL Taxonomy Extension Presentation Linkbase Document

 __________________

(1) Filed and incorporated by reference to the Company’s Registration Statement on Form S-1 (File No. 333-188753), as filed with the Securities and Exchange Commission on May 22, 2013.

* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

20

 

EX-31.1

EXHIBIT 31.1

SECTION 302 CERTIFICATION OF
PRINCIPAL EXECUTIVE OFFICER OF MADISON VENTURES INC.

I, William Shawn Clark, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Madison Ventures Inc.;
2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 27, 2018	By:	/s/ William Shawn Clark
		William Shawn Clark
		President, Secretary, and Treasurer
		(principal executive officer, principal financial officer, and principal accounting officer)

EX-31.2

EXHIBIT 31.2

SECTION 302 CERTIFICATION OF

PRINCIPAL FINANCIAL OFFICER OF MADISON VENTURES INC.

I, William Shawn Clark, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Madison Ventures Inc.;
2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 27, 2018	By:	/s/ William Shawn Clark
		William Shawn Clark
		President, Secretary, and Treasurer
		(principal executive officer, principal financial officer, and principal accounting officer)

EX-32.1

EXHIBIT 32.1

SECTION 906 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND

PRINCIPAL FINANCIAL OFFICER OF MADISON VENTURES INC.

In connection with the accompanying Quarterly Report on Form 10-Q of Madison Ventures Inc. for the quarter ended December 31, 2017, the undersigned, William Shawn Clark, President of Madison Ventures Inc., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	such Quarterly Report on Form 10-Q for the quarter ended December 31, 2017 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)	the information contained in such Quarterly Report on Form 10-Q for the quarter ended December 31, 2017 fairly presents, in all material respects, the financial condition and results of operations of Madison Ventures Inc.

Date: July 27, 2018	By:	/s/ William Shawn Clark
		William Shawn Clark
		President, Secretary, and Treasurer
		(principal executive officer, principal financial officer, and principal accounting officer)

XML

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2017	Jul. 20, 2018
Document And Entity Information
Entity Registrant Name	Madison Ventures Inc.
Entity Central Index Key	0001575975
Document Type	10-Q
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		29,400,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018

XML

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Current assets:
Cash		$ 8,639
Total assets		8,639
Current liabilities:
Accounts payable	21,689	77,274
Accrued liabilities		6,192
Due to related parties	251,842	236,942
Total current liabilities	273,531	320,408
Long-term liabilities:
Long-term debt due to related party	110,065	110,000
Total long-term liabilities	110,065	110,000
Total Liabilities	383,596	430,408
Commitments and Contingencies
Shareholders' equity (deficit):
Common stock: 300,000,000 shares authorized of $0.001 par value; 29,400,000 and 29,400,000 shares issued and outstanding as of December 31 and March 31, 2017, respectively	29,400	29,400
Additional paid-in capital	78,100	78,100
Accumulated deficit	(491,096)	(515,531)
Accumulated other comprehensive income (loss)		(13,738)
Total shareholders' equity (deficit)	(383,596)	(421,769)
Total liabilities and shareholders' equity (deficit)		$ 8,639

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Mar. 31, 2017
Shareholders' equity (deficit):
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	29,400,000	29,400,000
Common stock, shares outstanding	29,400,000	29,400,000

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Operating costs:
Consulting and professional fees	$ 10,276	$ 8,507	$ 23,661	$ 41,809
Stock based compensation				1,387
Insurance		1		2,551
Gain on disposition of foreign subsidiary, net of $13,738 foreign translation (loss) from prior periods			(48,911)
Impairment of technology license		12,321		257,225
Other general & administrative expenses	15	4,561	815	11,953
Total operating costs	10,291	25,390	(24,435)	314,925
Other income (expense):
Foreign exchange gain (loss)		(5,649)		(4,489)
Interest expense		(13)		(13)
Total other income (expense)		(5,662)		(4,502)
Net income (loss)	$ (10,291)	$ (31,052)	$ 24,435	$ (319,427)
Income (loss) per common share:
Basic and diluted	$ (0.00)	$ (0.00)	$ 0.00	$ (0.01)
Weighted average common shares outstanding:
Basic and diluted	29,400,000	29,400,000	29,400,000	28,923,636
Comprehensive income (loss):
Net income (loss)	$ (10,291)	$ (31,052)	$ 24,435	$ (319,427)
Other comprehensive income
Foreign currency translation		3,377		3,155
Comprehensive income (loss)	$ (10,291)	$ (27,675)	$ 24,435	$ (316,272)

XML

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated other comprehensive Income (loss)	Total
Beginning Balance, Shares at Mar. 31, 2016	28,400,000
Beginning Balance, Amount at Mar. 31, 2016	$ 28,400	$ 54,100	$ (194,669)	$ (76)	$ (112,245)
Stock issuance for service, Shares	1,000,000
Stock issuance for service, Amount	$ 1,000	24,000			25,000
Comprehensive income (loss)			(320,862)	(13,662)	(334,524)
Ending Balance, Shares at Mar. 31, 2017	29,400,000
Ending Balance, Amount at Mar. 31, 2017	$ 29,400	78,100	(515,531)	(13,738)	(421,769)
Comprehensive income (loss)			24,435		24,435
Disposition of foreign subsidiary				13,738	13,738
Ending Balance, Shares at Dec. 31, 2017	29,400,000
Ending Balance, Amount at Dec. 31, 2017	$ 29,400	$ 78,100	$ (491,096)		$ (383,596)

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 24,435	$ (319,427)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Employee stock based compensation		1,387
Impairment of technology license		257,225
(Gain) on disposition of foreign subsidiary	(48,911)
Changes in operating assets and liabilities:
Decrease in prepaid expenses		2,100
Decrease in miscellaneous receivable		4,792
Increase in accounts payable	6,964	50,629
Increase in accrued liabilities	(6,192)	5,900
Net cash (used in) provided by operating activities	(23,704)	2,606
Cash flows from investing activities:
Acquisition of technology license		(187,454)
Net cash (used in) investing activities		(187,454)
Cash flows from financing activities:
Proceeds from related parties	15,000	15,500
Proceeds from non-interest bearing term-debt	65	110,000
Net cash provided by financing activities	15,065	125,500
Effect of exchange rate changes on cash		3,725
Net (decrease) in cash	(8,639)	(55,623)
Cash, beginning of the year	8,639	66,795
Cash, end of the quarter		11,172
Non-cash investing and financing activities
Shares issued for accrued compensation		25,000
Supplement cash flow disclosure:
Interest paid
Income tax paid

XML

Condensed financial statements

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

1. Condensed financial statements

The accompanying unaudited condensed consolidated financial statements are presented in United States dollars and are prepared using the accrual method of accounting which conforms to generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial reporting and the instructions for Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnote disclosures necessary for a complete presentation of the financial position, results of operations, cash flows, and stockholders equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

The unaudited condensed consolidated balance sheet of the Company as of December 31, 2017, and the related consolidated balance sheet of the Company as of March 31, 2017, which is derived from the Company's audited financial statements, the unaudited condensed consolidated statement of operations and cash flows for the Nine Months ended December 31, 2017 and 2016 and the condensed consolidated statement of stockholders equity for the period of March 31, 2016 to December 31, 2017 and are included in this document. These unaudited condensed consolidated financial statements should be read in conjunction with the March 31, 2017 audited financial statements and related notes included in the Company’s most recent Form 10-K as filed with the Securities and Exchange Commission on March 20, 2018.

Operating results for the Nine Months ended December 31, 2017 are not necessarily indicative of the results that can be expected for the year ending March 31, 2018.

XML

Nature of operations

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

2. Nature of operations

Madison Ventures Inc. (“Company”) was incorporated in the State of Nevada as a for-profit company on September 14, 2009 and established a fiscal year end of March 31. The Company initially was engaged in the acquisition, exploration and development of natural resource properties. On February 27, 2015, the Company terminated the acquisition of the mineral claim and entered into a letter of intent with Ocure Ltd. (“Ocure”), pursuant to which the Company agreed to exclusively license certain technology from Ocure related to the development of products and devices for the treatment of anal fissures and on August 5, 2015, entered into an exclusive license agreement to Ocure’s semi-occlusive wound dressing for ambulatory treatment of acute and chronic anal fissures (the “Ocure License”). On July 9, 2015, the Company established the wholly-owned subsidiary Madison-IL Ltd., incorporated under the laws of the country of Israel to address the Company’s requirement for an Israeli company to operate and hold the assets associated with Ocure License. However, the Company has not made all payments required under the Ocure License and is in breach of that agreement. Ocure has not provided formal notice of termination. The License Agreement has not been extended or amended, and there was a substantial risk the agreement would be cancelled. Accordingly the investment in the technology license of $244,904, at September 30, 2016, is impaired and written off as a result of these circumstances. In a further step to exit this line of business due to Madison-IL not achieving the projected development milestones, the Company elected January 4, 2017 to terminate the Ocure License and write off the remaining investment. On April 1, 2017, by consent action of a majority of the Company’s shareholders, Madison Ventures sold Madison-IL, the wholly owned subsidiary, to a shareholder of the Company. See Note 4. The Company has no revenues, a limited operating history, and no current line of business.

The success of the Company is dependent upon the identification of products or services, the ability of the Company to obtain the necessary financing to develop such products or services, and upon future profitable operations.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods presented. The Company is required to make judgments and estimates about the effect of matters that are inherently uncertain. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, deferred income tax asset valuations and loss contingences. The Company 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 value of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Although, webelieve our judgments and estimates are appropriate, actual future results may be different; if different assumptions or conditions were to prevail, the results could be materially different from our reported results.

Share-based Compensation

Codification topic 718 “Stock Compensation” requires that the cost resulting from all share-based transactions be recorded in the financial statements and establishes fair value as the measurement objective for share-based payment transactions with employees and acquired goods or services from non-employees. The codification also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted the codification upon creation of the company and will expense share based costs in the period incurred. The Company has not adopted a stock option plan or completed a share-based transaction; accordingly no stock-based compensation has been recorded to date.

Recent Accounting Pronouncements

The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations.

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Going concern

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

3. Going concern

These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of approximately $491,000 as of December 31, 2017 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company’s operating expenditure plan for the next fiscal year ending March 31, 2018 will require cash. Management intends to finance operating costs over the next twelve months with the issuance of common shares and/or related party borrowings.

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Investment in technology license

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

4. Investment in technology license

On February 27, 2015, we entered into a letter of intent (the “Letter of Intent”) with Ocure Ltd. (“Ocure”), an Israeli corporation, pursuant to which the Company would be obligated to exclusively license certain technology from Ocure under terms of a license agreement to be negotiated between the Company and Ocure. The Letter of Intent terminated when the Company did not make the second required payment, however the Company continued to negotiate with Ocure. On August 5, 2015, as amended February 26, 2016, the company entered into an exclusive license agreement (the “License Agreement”) with Ocure and Madison-IL Ltd., a wholly-owned subsidiary of the Company incorporated in Israel on July 9, 2015 (the “Subsidiary”). Pursuant to the License Agreement, Ocure granted to the Subsidiary an exclusive, sub-licensable, worldwide, license (the “License”) to Ocure’s semi-occlusive wound dressing for ambulatory treatment of acute and chronic anal fissure, pursuant to Ocure’s patents and patent applications (the “Licensed Technology”) and to its production, use, import, offer for sale, sell, lease, distribute, or otherwise commercialize the Licensed Technology for uses classified as medical devices, or those otherwise approved ultimately as an OTC (over-the-counter) remedy. In a further step to exit this line of business due to Madison-IL not achieving the projected development milestones, the Company elected January 4, 2017 to terminate the Ocure License and write off the remaining investment. On April 1, 2017, by consent action of a majority of the Company’s shareholders, Madison Ventures sold Madison-IL, the wholly owned subsidiary, to a shareholder of the Company.

Under the License Agreement, the Company was obligated as consideration for the Licensed Technology to provide the Subsidiary $250,000 for the commercialization of the Licensed Technology, payable according to the following schedule:

· $10,000 upon execution of the Letter of Intent (paid February 27, 2015 to Ocure),

· $90,000 at the later of May 11, 2015 or the final signing date of the License Agreement (the “Effective Date”),

· $50,000 on or before March 4, 2016, and

· $100,000 on or before April 8, 2016 (collectively, the “First $250,000 Tranche”).

The Effective Date occurred upon satisfaction of the Condition Precedent, as defined in the License Agreement, and approval of the Agreement by the Chief Scientist of the Israeli Ministry of the Economy. The License Agreement Effective Date is November 11, 2015; the date approval of the Chief Scientist of the Israeli Ministry of the Economy was received. Upon the 6-month anniversary of the Effective Date, if the Company had paid the First $250,000 Tranche, then Ocure would have transferred certain assets, as defined, to the Subsidiary, and the Company would be obligated to provide the Subsidiary a second $250,000 tranche, payable as follows:

· $100,000 on or before August 12, 2016,

· $100,000 on or before September 23, 2016, and

· $50,000 on or before October 28, 2016.

The License Agreement terminated, on a country-by-country basis, the later of: (a) the date of expiration of the last to expire of Ocure’s rights in Ocure Patents in such country or such other grant of statutory exclusivity, or (b) the end of a period of fifteen (15) years from the date of making the first commercial sale, as defined, in such country; unless sooner terminated pursuant to the terms of the License Agreement.

Immediately after the Effective Date of the License Agreement and for the period ending March 31, 2016 (as amended), the shareholders of Ocure and certain individuals designated by Ocure had the opportunity to purchase up to an aggregate of 7,100,000 (1,775,000 presplit) shares of the Company’s Common Stock at the par value of $0.001 per share. In addition, the Company was to establish an incentive stock option plan reserving up to 20% of the Company’s issued share capital, as of the closing. The right to purchase an aggregate of 7,100,000 (1,775,000 presplit) shares of the Company’s Common Stock expired unexercised and the Company has not established an incentive stock option plan.

In consideration of the license for the Licensed Technology and with respect to any inventions, improvement, development or enhancement based upon, consists of, comprises, contains or incorporates the Licensed Technology invented following the Effective Date by the Subsidiary, its affiliate or sub-licensee (the “New Inventions”), the Subsidiary agreed to pay Ocure royalties calculated as 5% of gross sales. In addition, the Subsidiary agreed to pay Ocure 20% of any cash or non-cash consideration received, whether for sublicense initiation fee, annual fee, sublicense milestone payments, or other such non-sale based royalty consideration payable by a sublicense as consideration for or under a sublicense.

The Company was in default of the First $250,000 Tranche aggregate payment due on April 8, 2016. Upon the six month anniversary of the Effective Date (May 11, 2016) no assets were transferred by Ocure to the Company’s subsidiary. As of March 31, 2017, the Company had advanced funds aggregating $221,850 to the Subsidiary and paid Ocure $10,000 under the License Agreement. As such, the Company was in breach of its obligations under the License Agreement, but had not received notice of termination from Ocure. Madison-IL had not achieved the projected development milestones and the Company elected January 4, 2017 to terminate the Ocure License.

As of March 31, 2017, the Subsidiary in furtherance of the commercialization of the Licensed Technology has incurred an aggregate of $266,722 of costs recorded as the investment in technology license. At March 31, 2017, the additional costs recorded as the investment in technology license represent vendor obligations payable. In a further step to exit this line of business due to Madison-IL not achieving the projected development milestones, the Company elected January 4, 2017 to terminate the Ocure License and write off the remaining investment. On April 1, 2017, by consent action of a majority of the Company’s shareholders, Madison Ventures sold Madison-IL, the wholly owned subsidiary, to a shareholder of the Company.

Accordingly, the investment in the technology license of $266,722, at January 4, 2017, has been written off and recognized as an expense during the year ended March 31, 2017. As of December 31 and March 31, 2017, zero technology license costs are capitalized.

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Due to related parties

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

5. Due to related parties

Due to related parties at December 31 and March 31, 2017 consisted of the following:

	December 31,			March 31,
	2017			2017
Balance at beginning of period	$	236,942		$	213,442
Funds advanced		15,000			23,500
Funds repaid		(100	)		-
Balance at end of period	$	251,842		$	236,942

On July 3, July 8, July 10, August 12, November 12, November 13, 2014, January 23, February 27, March 5, May 16, June 17, June 30, July 6, August 13, November 17, 2015, February 13, February 20, March 7 and March 17, 2016, Ecogenics Limited, a shareholder of the Company, advanced the Company $2,000, $775, $1,460, $2,000, $2,000, $1,763, $2,000, $10,000, $3,525, $4,093, $2,755, $1,083, $5,000, $3,000, $2,041, $961, $5,000, $3,300, and $50,000 respectively, as a series of unsecured obligations.

On August 11 and November 10, 2016, Pompeii Finance, a shareholder of the Company, advanced the Company $6,500 and $5,250, respectively, as a series of unsecured obligations.

On April 1, 2017, by consent action of a majority of the Company’s shareholders, Madison Ventures negotiated the sale of Madison-IL, following the termination of the Ocure License, to Pompeii Finance for $100 which was deducted from the funds owed to Pompeii for the above advances. See Note 7.

The net funds aggregating $114,406 were used to pay operating costs of the Company. The aggregate obligations bear no interest, have no fixed term and are not evidenced by any written agreements. The shareholders are under no obligation to advance additional funds to the Company.

On December 3, December 24, 2015, January 4, January 6, January 15, November 10, 2016, February 7, March 30, and September 5, 2017, Morpheus Financial Corporation Limited, a shareholder of the Company, advanced the Company $37,473, $7,500, $7,326, $8,412, $49,975, $3,750, $5,000, $3,000, and $15,000, respectively, as a series of unsecured obligations. The funds aggregating $137,436 were used to pay operating costs of the Company. On February 7, and June 19, 2018, Morpheus advanced the Company $20,538 and $1,167, respectively, to pay operating costs of the Company.

On January 8, 2016, the aggregate advances received and future advances from Morpheus were structured as a noninterest bearing unsecured non-recourse loan due January 31, 2017. The shareholder, if requested by the Company, agreed to advance additional funds to the Company up to a maximum of $250,000 subject to certain timing limitation as defined. The Company is currently is negotiating an extension of the due date.

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Long-term debt due to related party

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

6. Long-term debt due to related party

Long term debt at December 31 and March 31, 2017 consisted of the following:

	December 31,		March 31,
	2017		2017
Balance at beginning of period	$	110,000	$	-
Funds advanced		65		110,000
Funds repaid		-		-
Balance at end of period	$	110,065	$	110,000

On April 18, 2016, the Company entered into a five year non-interest bearing loan agreement for $110,000 with Cronus Overseas Corporation, a shareholder of the Company. Proceeds were used to fund the Technology acquisition and operations. If the loan is not repaid on or before April 15, 2021 the loan amount will be subject to default interest on the amount then outstanding of ten percent (10%) per month during the first 30 days of delinquency, fifteen percent (15%) per month during the 31 to 60 days of delinquency, twenty percent (20%) per month during the 61 to 90 days of delinquency (the “Default Interest”). If the loan amount remains unpaid after 90 days the lender, at its option, will be entitled to a default payment of one hundred fifty-nine percent (159%) of the then outstanding loan amount inclusive of the Default Interest. On September 25, 2017, Cronus paid on behalf of the Company $65 for operating costs of the Company.

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Related party transactions

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

7. Related party transactions

Employment Agreements

On April 2, 2014, Mr. Gene Gregorio was appointed the Company’s President, Chief Executive Officer, Chief Financial Officer and sole Director. On April 20, 2014, the Company agreed to issue Mr. Gregorio 1,000,000 (250,000 presplit) restricted shares of the Company’s Common Stock, valued at $25,000, based on the market close, as compensation for his services for an initial term of one year (the “April 20^th Agreement”). On March 31, 2015, the Company issued Mr. Gregorio the agreed 1,000,000 restricted shares of the Company’s Common Stock.

In addition, if during the term of the April 20^th Agreement Mr. Gregorio’s direct efforts result in a consummated financing for the Company he shall be paid a 5.0% fee on such financing received by the Company, at his option, as either cash or shares of Company’s Common Stock at the offering price. Additionally, the Company will grant Mr. Gregorio a 2 year stock option priced at the current market trading price equal to 5% of the aggregate shares issued to investors within the financing

On April 14, 2015, the April 20^th Agreement with Mr. Gene Gregorio was extended for a second year under the same terms and conditions. Mr. Gregorio will be issued 1,000,000 restricted shares of the Company’s Common Stock, valued at $25,000, based on the market close, as compensation for his services for the second year the extended April 20^th Agreement.

On August 9, 2016, the Company issued Mr. Gregorio the agreed 1,000,000 restricted shares of the Company’s Common Stock for services rendered during the period April 21, 2015 to April 20, 2016.

On April 23, 2018, Mr. Gregorio resigned as the Company’s President, Chief Executive Officer, Chief Financial Officer and as the sole Director.

Madison-IL

On March 31, 2017, the Company forgave the intercompany debt between Madison Ventures, Inc. and Madison-IL Ltd which aggregated $231,850. The Company, established Madison-IL on July 9, 2015 as a wholly-owned subsidiary, incorporated under the laws of the country of Israel to address the Company’s requirement for an Israeli company to operate and hold the assets associated with Ocure License. Following the Company’s January 4, 2017 decision to terminate the Ocure License and to dissolve or liquidate Madison-IL, by consent action of a majority of the Company’s shareholders, Madison Ventures negotiated the sale of Madison-IL to Pompeii Finance, a shareholder of the Company, on April 1, 2017 for $100 which was deducted from the funds owed to Pompeii for related party advances. See Note 5. Pompeii assumes the remaining assets and liabilities of Madison-IL which on March 31, 2017 aggregated 23,844 NIL and 250,996 NIL or approximately $6,566 and $69,115, respectively. On April 1, 2017, the Company recognized a net gain from the sale of Madison-IL of $48,911 ($62,549 of net liabilities eliminated, offset by $13,738 of other comprehensive losses from prior period foreign translation adjustments and $100 of proceeds received).

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Capital stock

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

8. Capital stock

The Company’s capitalization is 300,000,000 shares of common stock, with a par value of $0.001 per share, with 29,400,000 shares issued and outstanding at December 31, 2017 and March 31, 2017. On April 11, 2016, the Company effected a four for one forward stock split of our i) authorized and ii) issued and outstanding shares of common stock. All share information has been restated for all periods presented giving retroactive effect of the April 11, 2016 four to one forward stock split. Prior to the forward stock split the Company had 75,000,000 authorized shares of common stock, with a par value of $0.001 per share and 7,100,000 shares issued and outstanding at March 31, 2016.

As of March 31, 2017 and 2016, the Company has not granted any stock options or stock warrants.

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Subsequent Events

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

9. Subsequent Events

On February 7, 2018, Morpheus Financial Corporation Limited, a shareholder of the Company, advanced the Company $20,538 (advanced as 25,735 CND) to pay operating costs.

On April 23, 2018, the Company entered into a Plan of Reorganization and Agreement of Securities Exchange (the “Agreement”) with Firetainment Inc. (“Firetainment”), a Florida Corporation. The Agreement will result in the merger of Firetainment into Madison Ventures with the corporation to survive as Firetainment Inc. Pursuant to the Agreement the Company agreed to issue Firetainment two hundred million (200,000,000) common shares in exchange for all of the shares of Firetainment. This issuance will result in a change in control of the Company. Under the Agreement, upon execution, Firetainment received the immediate right to the appointment of the directors and officers of the surviving corporation by the resignation of the existing sole director and officer of the Company and the simultaneous appointment of its own designee being the newly appointed sole director and officer. The closing of the Agreement will take place upon the delivery and completion of Firetainment audited statements for the period ending March 31, 2018, unless another time or date, or both, are agreed to in writing by the parties.

Also on April 23, 2018, the Board of Directors appointed William Shawn Clark as our Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Concurrent with Mr. Clarks’ appointment, Eugenio Gregorio resigned as Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer as well as our Sole Director. Mr. Clark, the sole owner of Firetainment, is now our sole officer and director.

On June 19, 2018, Morpheus Financial Corporation Limited, a shareholder of the Company, advanced the Company $1,167 to pay operating costs.

On June 29, 2018, Firetainment Inc. advanced the Company $10,000 to pay operating costs.

On July 5, 2018, holders of 15,820,000 shares of the Company’s outstanding common stock, representing approximately 53.8% of the outstanding shares, approved, by written consents, an amendment to the articles of incorporation of the Company to change the name of the Company from “Madison Ventures Inc.” to “Viabuilt Ventures Inc.” On July 5, 2018, there were no written consents received by the Company representing a vote against, abstention or broker non-vote with respect to the proposal to change the name. The Company expects to change its name when all regulatory approvals have been obtained.

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Nature of operations (Policies)

9 Months Ended

Dec. 31, 2017

Nature Of Operations

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods presented. The Company is required to make judgments and estimates about the effect of matters that are inherently uncertain. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, deferred income tax asset valuations and loss contingences. The Company 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 value of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Although, webelieve our judgments and estimates are appropriate, actual future results may be different; if different assumptions or conditions were to prevail, the results could be materially different from our reported results.

Share-based Compensation

Codification topic 718 “Stock Compensation” requires that the cost resulting from all share-based transactions be recorded in the financial statements and establishes fair value as the measurement objective for share-based payment transactions with employees and acquired goods or services from non-employees. The codification also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted the codification upon creation of the company and will expense share based costs in the period incurred. The Company has not adopted a stock option plan or completed a share-based transaction; accordingly no stock-based compensation has been recorded to date.

Recent Accounting Pronouncements

The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations.

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Due to related parties (Tables)

9 Months Ended

Dec. 31, 2017

Due To Related Parties

Due to related parties

	December 31,			March 31,
	2017			2017
Balance at beginning of period	$	236,942		$	213,442
Funds advanced		15,000			23,500
Funds repaid		(100	)		-
Balance at end of period	$	251,842		$	236,942

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Long-term debt due to related party (Tables)

9 Months Ended

Dec. 31, 2017

Long-term Debt Due To Related Party

Long term debt

	December 31,		March 31,
	2017		2017
Balance at beginning of period	$	110,000	$	-
Funds advanced		65		110,000
Funds repaid		-		-
Balance at end of period	$	110,065	$	110,000

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Nature of operations (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016
Nature Of Operations Details Narrative
State of incorporation				State of Nevada
Date of incorporation				Sep. 14, 2009
Impairment of technology license		$ 12,321	$ 244,904		$ 257,225

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Going concern (Details Narrative) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Going Concern
Accumulated deficit	$ (491,096)	$ (515,531)

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Investment in technology license (Details Narrative) - USD ($)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Dec. 31, 2017

Dec. 31, 2016

Mar. 31, 2017

Mar. 31, 2016

Apr. 08, 2016

Advance for commercialization of the licensed technology

$ 221,850

Fees paid for commercialization licensed technology

$ 10,000

Default of the first tranche aggregate payment

$ 250,000

Impairment of technology license

$ 12,321

$ 244,904

$ 257,225

Common stock, par value

$ 0.001

$ 0.001

$ 0.001

Occur royalties payable, percentage

5.00%

Occur cash payable, percentage

20.00%

License Agreement One [Member]

Advance for commercialization of the licensed technology

$ 250,000

$ 250,000

Advance for commercialization of the licensed technology description

Second $250,000 tranche, payable as follows:

· $100,000 on or before August 12, 2016,

· $100,000 on or before September 23, 2016, and

· $50,000 on or before October 28, 2016.

License Agreement [Member]

Advance for commercialization of the licensed technology

$ 250,000

$ 250,000

Advance for commercialization of the licensed technology description

Licensed Technology, payable according to the following schedule:

· $10,000 upon execution of the Letter of Intent (paid February 27, 2015 to Ocure),

· $90,000 at the later of May 11, 2015 or the final signing date of the License Agreement (the “Effective Date”),

· $50,000 on or before March 4, 2016, and

· $100,000 on or before April 8, 2016 (collectively, the “First $250,000 Tranche”).

Investment in technology license

$ 266,722

Impairment of technology license

$ 266,722

Purchase of common stock, shares

7,100,000

Purchase of common stock, presplit shares

1,775,000

Common stock, par value

$ 0.001

Incentive stock option, percentage

20.00%

Right to purchase of common stock shares, description

The right to purchase an aggregate of 7,100,000 (1,775,000 presplit) shares of the Company’s Common Stock expired unexercised and the Company has not established an incentive stock option plan.

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Due to related parties (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2017
Due To Related Party Details Abstract
Balance at beginning of period	$ 236,942	$ 213,442
Funds advanced	15,000	23,500
Funds repaid	(100)
Balance at end of period	$ 251,842	$ 236,942

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Due to related parties (Details Narrative) - USD ($)	9 Months Ended
	Dec. 31, 2017	Jun. 19, 2018	Feb. 07, 2018	Sep. 05, 2017	Mar. 31, 2017	Mar. 30, 2017	Feb. 07, 2017	Nov. 10, 2016	Aug. 11, 2016	Mar. 31, 2016	Mar. 17, 2016	Mar. 07, 2016	Feb. 20, 2016	Feb. 13, 2016	Jan. 15, 2016	Jan. 06, 2016	Jan. 04, 2016	Dec. 24, 2015	Dec. 03, 2015	Nov. 17, 2015	Aug. 13, 2015	Jul. 06, 2015	Jun. 30, 2015	Jun. 17, 2015	May 16, 2015	Mar. 05, 2015	Feb. 27, 2015	Jan. 23, 2015	Nov. 13, 2014	Nov. 12, 2014	Aug. 12, 2014	Jul. 10, 2014	Jul. 08, 2014	Jul. 03, 2014
Advance of additional funds, description	The shareholder, if requested by the Company, agreed to advance additional funds to the Company up to a maximum of $250,000 subject to certain timing limitation as defined.
Due to related party	$ 251,842				$ 236,942					$ 213,442
Morpheus Financial Corporation Limited [Member]
Due to related party				$ 15,000	$ 137,436	$ 3,000	$ 5,000	$ 3,750							$ 49,975	$ 8,412	$ 7,326	$ 7,500	$ 37,473
Morpheus Financial Corporation Limited [Member] | Subsequent Event [Member]
Due to related party		$ 1,167	$ 20,538
Pompeii Finance [Member]
Due to related party								$ 5,250	$ 6,500
Pompeii Finance [Member] | April 1, 2017 [Member]
Adjustment of negotiated sale amount	100
Ecogenics Limited [Member]
Due to related party	$ 114,406										$ 50,000	$ 3,300	$ 5,000	$ 961						$ 2,041	$ 3,000	$ 5,000	$ 1,083	$ 2,755	$ 4,093	$ 3,525	$ 10,000	$ 2,000	$ 1,763	$ 2,000	$ 2,000	$ 1,460	$ 775	$ 2,000

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Long-term debt due to related party (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2017
Longterm Debt Details
Balance at beginning of period	$ 110,000
Funds advanced	65	110,000
Funds repaid
Balance at end of period	$ 110,065	$ 110,000

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Long-term debt due to related party (Details Narrative) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 25, 2017

Apr. 18, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Operating costs

$ 10,291

$ 25,390

$ (24,435)

$ 314,925

Cronus Overseas Corporation [Member]

Long-term debt

$ 110,000

Default interest description

If the loan is not repaid on or before April 15, 2021 the loan amount will be subject to default interest on the amount then outstanding of ten percent (10%) per month during the first 30 days of delinquency, fifteen percent (15%) per month during the 31 to 60 days of delinquency, twenty percent (20%) per month during the 61 to 90 days of delinquency (the “Default Interest”). If the loan amount remains unpaid after 90 days the lender, at its option, will be entitled to a default payment of one hundred fifty-nine percent (159%) of the then outstanding loan amount inclusive of the Default Interest.

Operating costs

$ 65

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Related party transactions (Details Narrative) - USD ($)

1 Months Ended

9 Months Ended

12 Months Ended

Aug. 09, 2016

Apr. 14, 2015

Mar. 31, 2015

Apr. 20, 2014

Apr. 20, 2014

Dec. 31, 2017

Mar. 31, 2017

Net liabilities

$ 383,596

$ 430,408

Accumulated other comprehensive income (loss)

(13,738)

Mr. Gene Gregorio [Member]

Common stock restricted shares

1,000,000

1,000,000

1,000,000

Common stock restricted shares presplit

250,000

Value of restricted shares

$ 25,000

$ 25,000

Stock option investing period description

In addition, if during the term of the April 20th Agreement Mr. Gregorio’s direct efforts result in a consummated financing for the Company he shall be paid a 5.0% fee on such financing received by the Company, at his option, as either cash or shares of Company’s Common Stock at the offering price. Additionally, the Company will grant Mr. Gregorio a 2 year stock option priced at the current market trading price equal to 5% of the aggregate shares issued to investors within the financing

Pompeii Finance [Member] | April 1, 2017 [Member]

Adjustment of negotiated sale amount

100

Net liabilities

62,549

Pompeii Finance [Member] | Madison-IL Ltd [Member]

Business acquisition remaining assets

6,566

Business acquisition remaining liabilities

69,115

Pompeii Finance [Member] | Madison-IL Ltd [Member] | April 1, 2017 [Member]

Business combination net gain from sale

48,911

Accumulated other comprehensive income (loss)

13,378

Foreign translation adjustments

$ 100

Madison Ventures, Inc [Member] | Madison-IL Ltd [Member]

Forgiveness of debt

$ 231,850

Mr. Gregorio [Member]

Shares issued for service

1,000,000

XML

Capital stock (Details Narrative) - $ / shares	Apr. 11, 2016	Dec. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Common stock, par value		$ 0.001	$ 0.001
Common stock, shares authorized		300,000,000	300,000,000
Common stock, shares issued		29,400,000	29,400,000
Common stock, shares outstanding		29,400,000	29,400,000
Forward stock split [Member]
Common stock, par value				$ 0.001
Common stock, shares authorized				75,000,000
Common stock, shares issued				7,100,000
Common stock, shares outstanding				7,100,000
Forward stock split	four for one

XML

Subsequent Event (Details Narrative) - USD ($)		1 Months Ended
	Jul. 05, 2018	Apr. 23, 2018	Jun. 29, 2018	Jun. 19, 2018	Feb. 07, 2018	Dec. 31, 2017	Sep. 05, 2017	Mar. 31, 2017	Mar. 30, 2017	Feb. 07, 2017	Nov. 10, 2016	Mar. 31, 2016	Jan. 15, 2016	Jan. 06, 2016	Jan. 04, 2016	Dec. 24, 2015	Dec. 03, 2015
Due to related party						$ 251,842		$ 236,942				$ 213,442
Common stock, shares outstanding						29,400,000		29,400,000
Morpheus Financial Corporation Limited [Member]
Due to related party							$ 15,000	$ 137,436	$ 3,000	$ 5,000	$ 3,750		$ 49,975	$ 8,412	$ 7,326	$ 7,500	$ 37,473
Subsequent Event [Member]
Common stock, shares outstanding	15,820,000
Common stock, shares outstanding holding percentage	53.80%
Subsequent Event [Member] | Morpheus Financial Corporation Limited [Member]
Due to related party				$ 1,167	$ 20,538
Subsequent Event [Member] | Firetainment Inc [Member]
Due to related party			$ 10,000
Subsequent Event [Member] | Securities Exchange Agreement [Member] | Firetainment Inc [Member]
Common shares exchange upon execution under agreement		200,000,000