{"url_path":"/sec/mdex/10-q/2026/item-3","section_key":"item-3","section_title":"Item 3 Defaults Upon Senior Securities.**","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-18","source_url":"https://www.sec.gov/Archives/edgar/data/1318268/0001753926-26-000907-index.html","accession_number":"0001753926-26-000907","cik":"0001318268","ticker":"MDEX","issuer_name":"Madison Technologies Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1318268/0001753926-26-000907-index.html","primary_entity_key":"0001318268","primary_entity_name":"Madison Technologies Inc."},"word_count":153,"has_tables":true,"body_markdown":"**Item\n3. Defaults Upon Senior Securities.**\n\n \n\nOn\nFebruary 17, 2021, the Company entered into a securities purchase agreement with funds affiliated with Arena Investors, LP (the\n“Investors”) pursuant to which it issued two convertible notes having an aggregate principal amount of $16,500,000\nfor an aggregate purchase price of $15,000,000 (collectively, the “Notes”). The Notes are secured by a blanket lien\non all of the Company’s assets and the shares of the Company’s Common Stock and Preferred Stock (the “Pledged\nAssets”). On February 1, 2023, pursuant to an agreement with the lender of the Company’s senior secured notes, Sovryn\nwas sold to the lender. The net assets of Sovryn at the time of disposition totalled $9,159,907, which was used to partially settle\nthe principal balance of the senior secured notes, which totalled $16,500,000. The transaction was accounted for as a non-cash\nsettlement. The remaining principal balance of $7,340,093 and accrued interest are in default."}