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MDEX.OB > SEC Filings for MDEX.OB > Form 10-Q on 15-May-2009All Recent SEC Filings

Show all filings for MADISON EXPLORATIONS INC. | Request a Trial to NEW EDGAR Online Pro

Form 10-Q for MADISON EXPLORATIONS INC.


15-May-2009

Quarterly Report


Item 2. Management's Discussion and Analysis or Plan of Operations

The following discussion provides information that we believe is relevant to an assessment and understanding of the results of operations and financial condition of our Company. It should be read in conjunction with the financial statements and accompanying notes.

Plan of Operation

We were engaged in the business of diamond exploration in the Southern area of the Province of Saskatchewan, Canada. During the 2008 financial year, with the exception of two, all our mineral claims expired. The two remaining claims expired on March 12, 2009. We are currently evaluating mineral properties with the goal of identifying properties for acquisition. To date, we have not identified properties that we intend to acquire.

Our viability and potential success lie in our ability to acquire, exploit, develop and generate revenue from future mineral properties. There can be no assurance that such revenues will be obtained. The exploration of mineral deposits involves significant financial risks over a long period of time which even with a combination of careful evaluations, experience and knowledge may not be eliminated. It is impossible to ensure that proposed exploration programs will be successful.

The inability of the Company to locate a viable mineral deposit will have a material adverse effect on its operations and could result in a total loss of our business.

Results of Operations

Three-Month Period Ended March 31, 2009

We did not earn any revenues during the three-month period ended March 31, 2009 (three-month period ended March 31, 2008: $Nil).

We incurred operating expenses in the amount of $7,836 for the three-month period ended March 31, 2009 (three-month period ended March 31, 2009: $3,106). These expenses comprised of general and administration expenses and interest expense.

Liquidity and Capital Resources


The officers and directors have agreed to pay all costs and expenses of having us comply with the federal securities laws (and being a public company, should the Company be unable to do so). We estimate that these costs will be approximately $30,000 per year. Our officers and directors have also agreed to pay the other expenses of the Company, excluding mineral property acquisition cost, those direct costs and expenses of data gathering and mineral exploration, should the Company be unable to do so. To implement our business plan, we will need to secure financing for our business development. We have no source for funding at this time.

If we are unable to raise additional funds to satisfy our reporting obligations, investors will no longer have access to current financial and other information about our business affairs.

Additional funding to acquire a mineral property and to conduct an exploration program will depend upon our ability to secure loans or obtain either private or public financing. There is no assurance that we will be able to obtain such funding on any terms or terms acceptable to us and if adequate funds are not available, we believe that our business development will be adversely affected. Accordingly, there is no assurance that we will be able to continue in business.

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