Madison Technologies Inc.

What they do

Madison Technologies is seeking to create, develop and launch BlockchainTV (BCTV), described in its 10-K as a 24/7 television broadcast and streaming network covering cryptocurrency information and entertainment. It planned distribution via over-the-air stations, television distributors and platforms such as Roku, Hulu, YouTube, Pluto and Xumo, with initial broadcast envisioned from Niagara Falls, Ontario. Its former operating subsidiary, SovRyn Holdings Inc., which held television stations KNET, KNLA, KVVV and KYMU-LD, was sold to the lender on February 1, 2023. The company reported minimal operations and relocated its principal executive office to New York in August 2026.

Revenue drivers

• Advertising and sponsorship (envisioned) — The 10-K states the core revenue streams envisioned for BCTV media content would be advertising and sponsorships; no revenue from this source is reported.
• E-commerce (envisioned) — The company states it seeks to supplement core revenues by transacting through e-commerce with its audience; no e-commerce revenue is reported.
• Former television station operations — Revenue previously came from the SovRyn television stations, but SovRyn was sold to the lender on February 1, 2023, with net assets of $9,159,907 applied against $16,500,000 of senior secured notes.

Recent performance

For the three months ended June 30, 2026, net loss was $613,526, down from $718,482 a year earlier, and for the six months ended June 30, 2026, net loss was $1,273,981, down from $1,427,959. General and administrative expenses rose to $48,321 for the 2026 second quarter from $40,046, while professional fees fell to $35,957 from $80,270. Interest expense was $529,248 for the quarter and $1,103,350 for the six months ended June 30, 2026. Cash used in operating activities was $282,662 for the six months ended June 30, 2026, versus $128,690 a year earlier.

Strategy

Management states its going concern depends on raising additional capital through equity or debt, continued financial support from its largest shareholder, and potential strategic initiatives including amalgamation or similar transactions. The 10-K describes a plan to build BCTV and pursue partnerships and distribution deals across over-the-air stations, television distributors and streaming platforms, with revenue from advertising, sponsorships and e-commerce. The company reports it expects future costs, including content production for BCTV, sales and marketing, to rise. It reported no cash used in investing activities in the six months ended June 30, 2026 and 2025.

Risks

• Going concern — The company states its ability to continue as a going concern depends on raising additional capital, support from its largest shareholder and strategic initiatives, and that it may not succeed on a timely or favorable basis.
• History of losses — The 10-K discloses net losses of $3.0 million for 2025 and $2.8 million for 2024, with an accumulated deficit of $34.6 million as of December 31, 2025.
• Working capital deficit and no cash — As of June 30, 2026, cash was $Nil and the working capital deficit was $24,572,149, up from a $23,310,668 deficit at December 31, 2025, primarily from accrued interest.
• Control and debt concentration with Arena Investors — The convertible notes held by Arena-affiliated investors carried an 11% rate rising to 20% on default, interest payments due in 2022 were missed, and the Agent's September 21, 2023 notice resulted in a change of control.

Outlook

Management states it will require additional capital to meet long- and short-term operating requirements and expects future cash uses to be continuing operations and repayment of notes payable not converted to common stock or renegotiated. It cites continued dependence on financing from Arena and support from its largest shareholder, along with potential amalgamation or similar strategic transactions. No revenue guidance is provided; the most recent reported quarterly and six-month losses remain in the millions.