U.S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 12b-25

                           NOTIFICATION OF LATE FILING

| | Form 10-K and Form 10-KSB      |  | Form  20-F     |  | Form 11-K 
|X| Form 10-Q and Form 10-QSB      |  | Form N-SAR


     For Period Ended: June 30, 1996

     | |  Transition Report on Form 10-K 
     | |  Transition Report on Form 20-F
     | |  Transition Report on Form 11-K 
     | |  Transition Report on Form 10-Q 
     | |  Transition Report on Form N-SAR

     For the Transition Period Ended:-------------------------------------------

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         If the  notification  relates to a portion of the filing checked above,
identify  the  Item(s)  to which  the  notification  relates: ------------------
Item 8,  Part II, Financial Statements.
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Part I - Registrant Information

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     Full Name of Registrant:  Medizone International, Inc.
     Former Name if Applicable:  (originally, Madison Funding, Inc.)

     123 East 54th Street
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     Address of Principal Executive Office (Street and Number)

     New York, New York  10022
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     City, State and Zip Code


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Part II - Rules 12b-25(b) and (c)

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If the subject report could not be filed without  unreasonable effort or expense
and the registrant  seeks relief pursuant to Rule 12b-25(b) the following should
be completed. (Check box if appropriate).

|X| (a) The reasons  described in  reasonable  detail in Part III of this form
could not be eliminated without unreasonable effort or expense;

| | (b) The subject annual report, semi-annual report, transition report on Form
10-K,  Form 20-F,  11-K or Form N-SAR,  or portion  thereof  will be filed on or
before the  fifteenth  calendar day following  the  prescribed  due date; or the
subject  quarterly report or transition  report on Form 10-Q, or portion thereof
will be filed on or before the fifth  calendar day following the  prescribed due
date; and




| | (c) The  accountant's  statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.


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Part III - Narrative

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Certain of the financial information required to be included in the registrant's
quarterly  report on Form 10-Q for the period  ended June 30,  1996 could not be
obtained in a timely manner without the  unreasonable  expense and effort on the
part of the registrant.


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Part IV - Other Information

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          (1) Name and  telephone  number of person to contact in regard to this
notification

     Andrew E. Goldstein, Esq.                  (212)  826-2000
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            (Name)                         (Area Code)(Telephone Number)

          (2) Have all other periodic reports required under section 13 or 15(d)
of the Securities  Exchange Act of 1934 or section 30 of the Investment  Company
Act of 1940 during the  preceding 12 months or for such shorter  period that the
registrant was required to file such report(s) been filed?  If the answer is no,
identify report(s).

                                                               |X| Yes    | | No

          (3) Is it  anticipated  that any  significant  change  in  results  of
operations  from the  corresponding  period  for the last  fiscal  year  will be
reflected by the  earnings  statements  to be included in the subject  report or
portion thereof?

                                                               | | Yes    |X| No

          If  so;  attach  an  explanation  of  the  anticipated   change,  both
narratively and  quantitatively,  and, if  appropriate,  state the reasons why a
reasonable estimate of the results cannot be made.


                          Medizone International, Inc.
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                   (Name of Registrant as specific in charter)

          has  caused  this  notification  to be  signed  on its  behalf  by the
undersigned thereunto duly authorized.


Date:   August 14, 1996 
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                                       By /s/Arthur P. Bergeron
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                                          Arthur P. Bergeron, Vice President,
                                          Treasurer and Chief Financial Officer