| 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 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 (the "Ocure LOI"). 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 LOI. The Company has no revenues and has limited operating history. The success of the Company is dependent upon
the development of products for the treatment of anal fissures, the ability of the Company to obtain the necessary financing to
complete the acquisition, development and commercialize of the Licensed Technology, 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. License Agreement 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. Under the License Agreement, the Company is
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"),
and $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 will occur 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 has paid the First $250,000 Tranche, then Ocure will transfer certain assets, as defined,
to the Subsidiary, and the Company will 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 terminates, 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. As of June 30, 2016 and March 31, 2016, the Company has advanced $221,850 and $131,850, respectively,
to the Subsidiary and paid Ocure $10,000 in furtherance of the commercialization of the Licensed Technology. 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 will have 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 will 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, but by mutual agreement the purchase right will be extended under similar
terms. 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 sublicensee
(the "New Inventions"), the Subsidiary will pay to Ocure royalties calculated as 5% of gross sales. In addition, the
Subsidiary will pay to 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. 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. The Company did not establish
any reserves on its mineral properties prior to terminating its option under the Revised and Restated Mineral Property Option Agreement
(see footnote 3). Rehabilitation Provisions The Company was subject to various government
laws and regulations relating to environmental disturbances which are caused by exploration and evaluation activities. The Company
will record the present value for the estimated costs of legal and constructive obligations required to restore the exploration
sites in the period in which the obligation is incurred. The nature of the rehabilitation activities includes restoration, reclamation
and re-vegetation of the affected exploration sites. The Company has determined that there were no rehabilitation provisions at
February 27, 2015 when the option to acquire the mineral claim was terminated. 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. |
