U.S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 12b-25

                           NOTIFICATION OF LATE FILING

                                  (Check One):

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

         For Period Ended: December 3 , 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: ______________________________________

________________________________________________________________________________
                                                                                

     If the  notification  relates  to a portion of the  filing  checked  above,
identify  the  Item(s)  to which  the  notification  relates:  Part II,  Item 6:
Selected Financial Data, Item 7: Management Discussion and Analysis of Financial
Condition and Results of Operations, and Item 8: Financial Statements.

________________________________________________________________________________

Part I - Registrant Information
________________________________________________________________________________
         Full Name of Registrant:  Medizone International, Inc.
         Former Name if Applicable:  (originally, Madison Funding, Inc.)
            123 East 54th Street 
         _______________________________________________________________________
            New York, New York  10022 
         _______________________________________________________________________

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

[X]       (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

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





________________________________________________________________________________

Part III - Narrative
________________________________________________________________________________

The registrant was without the financial  resources to retain its accountants to
complete  the year end  audit in 1996 in a timely  manner so as to  include  its
financial information in the report.

________________________________________________________________________________
Part IV - Other Information
________________________________________________________________________________
                                                                                

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

          Andrew E. Goldstein, Esq.        (212)             826-2000
________________________________________________________________________________
                (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.
________________________________________________________________________________
                   (Name of Registrant as specific in charter)

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

Date   March 29, 1997               By /s/Joseph S. Latino 
                                       -----------------------------------------
                                          Joseph S. Latino



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