| Document and Entity Information | 6 Months Ended | |
| Sep. 30, 2013 | Oct. 24, 2013 | |
| Document And Entity Information | ||
| Entity Registrant Name | Madison Ventures Inc. | |
| Entity Central Index Key | 1575975 | |
| Document Type | 10-Q | |
| Document Period End Date | 30-Sep-13 | |
| Amendment Flag | FALSE | |
| Current Fiscal Year End Date | -28 | |
| Is Entity a Well-known Seasoned Issuer? | No | |
| Is Entity a Voluntary Filer? | No | |
| Is Entity's Reporting Status Current? | Yes | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Common Stock, Shares Outstanding | 6,850,000 | |
| Document Fiscal Period Focus | Q2 | |
| Document Fiscal Year Focus | 2014 |
| Condensed Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
| Current assets: | ||
| Cash | $6,453 | $32,164 |
| Prepaid expenses | 375 | |
| Total current assets | 6,828 | 32,164 |
| Mineral Claim | 19,984 | 19,984 |
| Total assets | 26,812 | 52,148 |
| Current liabilities: | ||
| Accounts payable | 10,923 | |
| Total current liabilities | 10,923 | |
| Total Liabilities | 10,923 | |
| Commitments and Contingencies | ||
| Stockholders' equity: | ||
| Common stock: 75,000,000 shares authorized of $0.001 par value; 6,850,000 shares issued and outstanding as of September 30, 2013 and March 31, 2013 | 6,850 | 6,850 |
| Additional paid-in capital | 50,650 | 50,650 |
| Accumulated deficit during exploration stage | -41,611 | -5,352 |
| Total stockholders' equity | 15,889 | 52,148 |
| Total liabilities and stockholders' equity | $26,812 | $52,148 |
| Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
| Condensed Balance Sheets Parenthetical | ||
| Common stock, par value | $0.00 | $0.00 |
| Common stock, shares authorized | 75,000,000 | 75,000,000 |
| Common stock, shares issued | 6,850,000 | 6,850,000 |
| Common stock, shares outstanding | 6,850,000 | 6,850,000 |
| Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | 48 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
| Operating costs: | |||||
| Mineral property exploration | $1,975 | $4,067 | $1,975 | $4,067 | $6,842 |
| Consulting and professional fees | 17,043 | 33,895 | 33,895 | ||
| Other general & administrative expenses | 331 | 12 | 389 | 18 | 953 |
| Total operating costs | 19,349 | 4,079 | 36,259 | 4,085 | 41,690 |
| Other income (expenses) | |||||
| Interest income | 8 | 17 | 95 | ||
| Interest (expense) | -6 | -12 | -16 | ||
| Total other income (expenses) | 2 | 5 | 79 | ||
| Net loss | ($19,349) | ($4,077) | ($36,259) | ($4,080) | ($41,611) |
| Loss per common share: | |||||
| Basic and diluted | $0 | $0 | $0 | $0 | |
| Weighted average common shares outstanding: | |||||
| Basic and diluted | 6,850,000 | 6,650,000 | 6,850,000 | 6,650,000 | |
| Condensed Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | 48 Months Ended | |
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
| Cash flows from operating activities: | |||
| Net loss | ($36,259) | ($4,080) | ($41,611) |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses | -375 | -375 | |
| Accounts payable | 10,923 | 10,923 | |
| Deferred mineral option | 12 | ||
| Net cash used in operating activities | -25,711 | -4,068 | -31,063 |
| Cash flows from investing activities: | |||
| Acquisition of mineral claim | -19,984 | ||
| Net cash (used in) investing activities | -19,984 | ||
| Cash flows from financing activities: | |||
| Proceeds from stock issuances | 57,500 | ||
| Net cash provided by financing activities | 57,500 | ||
| Net (decrease) increase in cash | -25,711 | -4,068 | 6,453 |
| Cash, beginning of the period | 32,164 | 37,070 | |
| Cash, end of the period | 6,453 | 33,002 | 6,453 |
| Non-cash investing and financing activities | |||
| Supplement cash flow disclosure: | |||
| Interest paid | 16 | ||
| Income tax paid | |||
| Condensed Financial Statements | 6 Months Ended |
| Sep. 30, 2013 | |
| Notes to Financial Statements | |
| Note 1. Condensed Financial Statements | The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America 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 balance sheet of the Company as of September 30, 2013, and the related balance sheet of the Company as of March 31, 2013, which is derived from the Company's audited financial statements, the unaudited condensed statement of operations and cash flows for the six months ended September 30, 2013 and 2012 and from September 14, 2009 (Inception) to September 30, 2013 are included in this document. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s most recently filed Form S-1/A that went effective August 12, 2013. | |
| Operating results for the six months ended September 30, 2013 are not necessarily indicative of the results that can be expected for the year ending March 31, 2014. |
| Nature of operations | 6 Months Ended |
| Sep. 30, 2013 | |
| Notes to Financial Statements | |
| Note 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 is an Exploration Stage Company, as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM (the “Codification”) topic 915 “Development Stage Entities”. The Company is engaged in the acquisition, exploration and development of natural resource properties. The Company has no revenues and limited operating history. |
| The Company is in the process of evaluating its properties and has not yet determined whether these properties contain reserves that are economically recoverable. The success of the Company and the recoverability of the amounts shown for mineral properties are dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete exploration and development of the reserves, and upon future profitable production or proceeds from disposition of the properties. | |
| 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. | |
| Mineral Properties | |
| Mineral property acquisition costs are capitalized in accordance with Codification topic 930 “Extractive Activities - Mining”. Mineral property pre-exploration and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. To date the Company has not established any reserves on its mineral properties. |
| Mineral claim | 6 Months Ended |
| Sep. 30, 2013 | |
| Notes to Financial Statements | |
| Note 3. Mineral claim | On March 3, 2012, the Company entered into a Revised and Restated Mineral Property Option Agreement with 3 individuals (the “Optionors”) for an exclusive and irrevocable three year option to acquire a 100% undivided interest in three contiguous unpatented mining claims comprising 34 units (the “Claim” or the “Property”) situated in the Thunder Bay Mining Division in the province on Ontario, Canada (the “Agreement”). The option payments aggregating $30,000 (U.S. Dollars) (the “Option Price”) are due: i) $15,000 upon signing but deferred for eight months, ii) $5,000 on or before March 3, 2013, iii) $5,000 on or before March 3, 2014, and iv) $5,000 on or before March 3, 2015 (the “Option Payments”). During the term of the Agreement the Company is granted free and unrestricted access and use of the Property to act as the operator of the Property with the right to bring buildings, plant, equipment, machinery, tools, appliances and supplies onto the Property. The Optionors hold title to the Property until the full payment of the Option Price. Upon full payment of the Option Price the Optionors will deliver a duly executed transfer of mining claims in respect of the Property to transfer a 100% undivided interest in the Property to the Company free and clear of all encumbrances except for a retained net smelter return royalty (the “NSR”). The NSR is a 2% royalty paid within 30 days of each calendar month calculated, as defined, from gross Property revenues less permissible deductions. The Company has the right, at any time, to reduce the NSR to a 1% royalty by a One Million Dollar payment to the Optionors. |
| If the Company terminates the Agreement it is responsible to remove all buildings, plant, equipment, machinery, tools, appliances and supplies that it brought onto the Property not later than twelve months after termination of the Agreement unless arrangements are made with the Optionors to retain some or all of the items brought onto the Property. | |
| The Company deferred the first option payment for an eight month term and made the $15,000 payment on October 27, 2012. Upon execution of the Agreement, the Company recorded the first option payment net of imputed interest as $14,984 and accrued the imputed interest ratably over the period of deferral. Annually the Company has the option to make the next Option Payment or to terminate the Agreement. The Company made the March 3, 2013 Option Payment on March 1, 2013. The aggregate total of $19,984 is capitalized as the mineral claim acquisition cost as of September 30, 2013 and March 31, 2013, respectively. | |
| In response to the new GPS standards for unpatented claims issued recently by the Ontario Ministry of Northern Development and Mines, the Company expended $1,975 to provide upgraded geo-referenced location information on its Claim during the quarter ended September 30, 2013. An aggregate total of $1,975, $4,067, and $6,842 has been expensed for exploration and evaluation of the Company’s Claim as of September 30, 2013 and March 31, 2013 and from inception on September 14, 2009 through September 30, 2013, respectively. An aggregate total of zero, zero, and $800 has been expensed for evaluation of other mineral property prior to acquisition as of September 30, 2013 and March 31, 2013 and from inception on September 14, 2009 through September 30, 2013, respectively. |
| Going Concern | 6 Months Ended |
| Sep. 30, 2013 | |
| Notes to Financial Statements | |
| Note 4. 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 anticipates future losses 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 current fiscal year ending March 31, 2014 will require cash of approximately $65,000. Management intends to finance operating costs over the next twelve months with existing cash on hand and/or the issuance of common shares. |
| Capital stock | 6 Months Ended |
| Sep. 30, 2013 | |
| Notes to Financial Statements | |
| Note 5. Capital stock | The Company’s capitalization is 75,000,000 shares of common stock, with a par value of $0.001 per share, with 6,850,000 and 6,850,000 shares issued and outstanding at September 30, 2013 and March 31, 2013, respectively. |
| As of September 30, 2013 and March 31, 2013, the Company has not granted any stock options and has not recorded any stock-based compensation. |
| Subsequent events | 6 Months Ended |
| Sep. 30, 2013 | |
| Notes to Financial Statements | |
| Note 6. Subsequent events | The Company has evaluated subsequent events for potential recognition and disclosure in the financial statements through the date the financial statements were issued. |
| Mineral claim (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 48 Months Ended | ||
| Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | |
| Notes to Financial Statements | ||||||
| Mineral claim due | $19,984 | $19,984 | ||||
| Mineral property exploration | 1,975 | 4,067 | 1,975 | 4,067 | 4,067 | 6,842 |
| Evaluation of mineral claim | $0 | $0 | $800 | |||
| Capital stock (Details Narrative) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
| Notes to Financial Statements | ||
| Common stock, par value | $0.00 | $0.00 |
| Common stock, shares authorized | 75,000,000 | 75,000,000 |
| Common stock, shares issued | 6,850,000 | 6,850,000 |
| Common stock, shares outstanding | 6,850,000 | 6,850,000 |
