SECURITIES AND EXCHANGE COMMISSION


WASHINGTON, D.C. 20549


FORM 10-Q /A








[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934FOR THE QUARTERLY PERIOD ENDED:  March 31, 2010OR[  ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROM __________ TO __________





Commission File Number 1-15497





Maydao Corporation


(Formerly RecycleNet Corporation)


(Exact name of small business issuer in its charter)





Utah
87-0301924(State or other jurisdiction of
(IRS Employer Identification No.)incorporation or organization)





175 East 400 South, Suite 900, Salt Lake City Utah, 84111


(Address of principal executive offices, including Zip Code)





801-531-0404


(Issuer's telephone number)





(Copies to:)


Steve Taylor, 175 East 400 South, Suite 900 Salt Lake City, Utah, 84111       801 578-3283





Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Yes  ( x )    No (  )





Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company:


Large Accelerated Filer   (    )
Accelerated Filer (   )Non-Accelerated Filer     (    )
Smaller Reporting Company ( x )





Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act:    Yes ( x  )   No  (  )





Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest applicable date:





The number of common shares outstanding at May 11, 2010: 8,685,742







Amendment to the Report of Form 10-Q for the Quarter Ended March 31, 2010
 
 Explanatory Note
 
 Maydao Corporation (the "Company") is filing this Amendment on Form 10-Q/A to amend our quarterly report filed on Form 10-Q for the period ended March 31, 2010 which was originally filed on May 11, 2010.
 
 This amendment is to revise the Principal Executive Officer and Principal Financial Officer certifications for the quarterly report filed on Form 10-Q for the period ended March 31, 2010 to include the introductory language of Paragraph 4 and the language of Paragraph 4(b) of Item 601(b)(31) of Regulation S-K
 
 There are no other changes to the original Form 10-Q, other than those outlined in this document.





MAYDAO CORPORATION


FORM 10-Q


QUARTER ENDED March 31, 2010





TABLE OF CONTENTS





PagePART I – FINANCIAL INFORMATIONItem 1.
Financial StatementsCondensed Consolidated Balance Sheets March 31, 2010 and December 31, 2009 (Unaudited)
3Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2010 and 2009 (Unaudited)
4Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2010 and March 31, 2009 (Unaudited)
5Notes to Condensed Consolidated Financial Statements (Unaudited)
6Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
8Item 3.
Quantitative and Qualitative Disclosures About Market Risk
12Item 4T.
Controls and Procedures
12PART II – OTHER INFORMATIONItem 1.
Legal Proceedings
12Item 1A.
Risk Factors
12Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
12Item 3.
Defaults Upon Senior Securities
12Item 5.
Other Information
12Item 6.
Exhibits
12Signatures
13










PART I – FINANCIAL INFORMATION





ITEM 1.   FINANCIAL STATEMENTS




MAYDAO CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)March 31,


December 31,2010


2009ASSETSCurrent AssetsCash

$
1,920


$
2,613Prepaid expenses


-



1,000Total Current Assets


1,920



3,613Total Assets

$
1,920


$
3,613LIABILITIES AND STOCKHOLDERS' DEFICITCurrent LiabilitiesRelated party accounts payable

$
34,500


$
8,000Accrued liabilities


16,050



24,929Total Current Liabilities


50,550



32,929Stockholders' DeficitClass N convertible shares $0.01 par value;70,896,789 shares authorized; 0 shares issued and outstanding, respecitvely


-



-Common shares - $0.01 par value; 179,103,211 shares authorized;8,685,742 and 8,675,742 shares issued and oustanding, respectively


867,674



867,574Additional paid-in capital


508,757



507,857Accumulated deficit


(1,425,061
)


(1,404,747
)Total Stockholders' Deficit


(48,630
)


(29,316
)Total Liabilities and Stockholders' Deficit

$
1,920


$
3,613





See the accompanying notes to the condensed consolidated unaudited financial statements


3


MAYDAO CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)For the Three MonthsEnded March 31,2010


2009Sales

$
-


$
112,821Operating Expenses


(20,313
)


(120,973
)Net Loss

$
(20,313
)

$
(8,152
)Basic Loss Per Common Share

$
-


$
-Diluted Loss Per Common Share

$
-


$
-Basic Weighted-Average Common Shares Outstanding


8,685,742



7,909,141Diluted Weighted-Average Common Shares Outstanding


8,685,742



7,909,141





See the accompanying notes to the condensed consolidated unaudited financial statements


4


MAYDAO CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW(Unaudited)March 31,


March 31,2010


2009Cash Flows From Operating Activities:Net loss

$
(20,313
)

$
(8,152
)Adjustments to reconcile net loss to net cash provided by operating activities:Depreciation


-



1,071Changes in assets and liabilities:Accounts and other receivables


-



(247
)Prepaid expenses


1,000



1,488Accrued liabilities and accounts payable


(7,880
)


7,984Deferred revenue


-



5,761Net Cash (Used in) Provided by Operating Activities


(27,193
)


7,905Cash Flows From Investing Activities:Advances to related party


-



(2,990
)Net Cash Used In Investing Activities


-



(2,990
)Cash Flows From Financing Activities:Advances from related party


26,500



-Net Cash Provided by Financing Activities


26,500



-Net Change in Cash


(693
)


4,915Cash at Beginning of Period


2,613



41,348Cash at End of Period

$
1,920


$
46,263Non-Cash Investing and Financing Activities:Issuance of 10,000 shares of common stock for consulting services provided

$
1,000


$
-








See the accompanying notes to the condensed consolidated unaudited financial statements


5


MAYDAO CORPORATION


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


(UNAUDITED)





NOTE 1–ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES





Basis of Presentation — The accompanying condensed financial statements have been prepared by Maydao Corporation and are unaudited.  In the opinion of management, the accompanying unaudited financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with accounting principles generally accepted in the United States of America.




The accompanying unaudited interim financial statements have been condensed pursuant to the rules and regulations of the Securities and Exchange Commission; therefore, certain information and disclosures generally included in financial statements have been condensed or omitted. These financial statements should be read in conjunction with the Company's annual financial statements included in the Company's annual report on Form 10-K as of December 31, 2009. The financial position and results of operations of the interim periods presented are not necessarily indicative of the results to be expected for the year ended December 31, 2010.





Business Condition – These financial statements have been prepared assuming the Company will continue as a going concern. As of March 31, 2010, the Company has an accumulated deficit of $1,425,061 and has experienced losses and negative cash flows from operations for the three months then ended. In addition, upon the divestiture of Scrap.net, Inc, as of November 30, 2009, the Company no longer has operations. This situation raises substantial doubt about its ability to continue as a going concern. The accompanying financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.





In an effort to preserve shareholder value, a vote was requested and unanimously approved by the shareholders of the Company at its Annual Meeting held November 25, 2009, to sell all of its operations and become a publicly traded “Corporate Shell” available for merger or acquisitions by accepting a proposal from Inter-Continental Recycling Inc. to acquire all of the outstanding shares of the Company’s wholly owned subsidiary, Scrap.Net Inc, by a share exchange.  Upon completion of this transaction, effective at the close of business November 30, 2009, there were no material assets or liabilities remaining within the Company, there were no special class, or Class N shares remaining.   The Company has sold its regular operations and has become a “Shell Company”.





NOTE 2–RELATED PARTY TRANSACTIONS





As of March 31, 2010, the Company has received advances of $34,500 from Scrap.Net, Inc.  These funds were advanced so that the Company could pay for certain expenses such as legal and accounting expenses.  The Company anticipates that Scrap.Net, Inc., if required, will provide additional funds; however, there is no assurance that future funds will be loaned.  This loan is due on demand and bears no interest.





Scrap.Net Inc is a wholly owned subsidiary of Inter-Continental Recycling Inc. Inter-Continental Recycling Inc. is the majority shareholder of the Company, an entity controlled by Mr. Paul Roszel, the President and Chief Executive Officer and the Chairman of the Board of Directors of the Company and his immediate family








NOTE 3– STOCKHOLDERS' EQUITY





The Company is authorized to issue 250,000,000 common shares with a par value of $0.01 per share. The Board of Directors is authorized to designate one or more series within the class of common shares and to designate relative preferences, limitations and rights. The Board has designated 70,896,789 common shares as Class N shares. The Class N shares have voting rights of one vote per share and are non-equity participating shares. The Class N shares are convertible into common shares on the basis of one Class N share into one common share of the Company, solely at the option of the holders.





On September 24, 2009, the Board of Directors issued Richard Ivanovick, the Chief Financial Officer of the Company, restricted common shares in exchange for the amount owing for management and professional services rendered by Mr. Ivanovick from October 1, 2008 to March 31, 2009.  These services had been accrued by the Company as a liability in the amount of $17,320. The number of shares issued to Mr. Ivanovick was calculated based on the market ask price on September 24, 2009 and 866,009 shares of common stock were issued.


6





On October 15, 2009, a shareholder converted 6,800,000 Class N shares into 6,800,000 common shares of Maydao Corporation. After the conversion, the Company had 50,000,000 Class N shares outstanding.





On November 30, 2009, 50,000,000 Class N shares were returned to the Company by Inter-Continental Recycling Inc. in exchange for all of the issued and outstanding shares of the Company’s wholly owned subsidiary Scrap.Net Inc. This sale of all of the operations within Maydao Corporation resulted in a shareholder distribution of $5,265.





Upon completion of this share exchange with Intercontinental Recycling, Inc., there are no material assets or liabilities remaining within the Company, there are no special class shares (Class N shares), and the Company has sold its operations and was re-classified as a “Shell company”.





As of November 30, 2009, upon the return of the Class N shares owned by Inter-Continental Recycling, Inc., all of the outstanding Class N shares have been retired.





On November 25, 2009, at the Annual Meeting of Shareholders, the shareholders voted unanimously to change the Company name from RecycleNet Corporation to Maydao Corporation. An amendment to the Articles of Incorporation was submitted and accepted by the State of Utah with this name change on November 30, 2009.





In order to groom the corporate shell to make it attractive for potential transactions including, but not limited to, financings, corporate merger or acquisition, the Board of Directors strongly believed a reduction of the issued and outstanding common shares was necessary.




At the November 25, 2009 Annual Meeting of Shareholders, a reverse split of the common stock of the Company on a one-for-ten basis (for each ten common shares of the Company held by a shareholder, the shareholder will receive one common share of the reorganized Company) was unanimously approved. The financial statements were retroactively restated as of December 31, 2009 to reflect the stock spilt.





Fractional shares, based upon the foregoing ratio were rounded up to a whole share for fractions in excess of 50% and were rounded down for fractions of 50% or less.   For shareholders holding less than 10 common shares the same treatment applied; 6 or more shares were issued 1 (one) share of the reorganized Company, 5 or less shares were rounded down to 0 (zero) shares after completion of the reverse split.





Prior to the reverse stock split, there were 250,000,000 authorized shares of Class N and common stock, of which 86,757,421 were issued and outstanding.  Upon the approval of the reverse stock split, the authorized common shares remained at 250,000,000 and the issued and outstanding common shares were reduced to 8,675,742. The Board of Directors of the Company may at any time,  without prior shareholder approval, issue common shares up to a maximum of the 250,000,000 authorized.





The reorganization of the share structure positions the Company for possible mergers, acquisitions or financing.  At this time the Company has not entered into any potential transactions related to corporate mergers, acquisitions or financing.





Effective at the open of business on January 20, 2010, the corporate actions to process the name change from RecycleNet Corporation to Maydao Corporation and the one-for-ten reverse split of the common shares of the Company were approved by FINRA (The Financial Industry Regulatory Authority).  The stock symbol of the Company was changed from “GARM” to “MYDO”. The common shares of the Company will continue to trade on the Over-The-Counter-Bulletin-Board (OTCBB) with the stock symbol “MYDO”.




The Company is now a “Shell Company” operating under the name “Maydao Corporation” with the stock symbol of “MYDO”.





On December 15, 2009, Maydao Corporation retained IBC USA, Inc, a professional consulting firm specializing in USA & China Capital formation, as a strategic advisor in developing its new strategic corporate initiative.  IBC USA, Inc. will seek prospective reverse merger candidates on behalf of the Company, with a focus on companies from China that desire to expand into the USA.  Maydao Corporation issued IBC USA, Inc. 10,000 common “restricted” shares as total compensation for the services provided by IBC USA, Inc.  The 10,000 common shares were valued based on the adjusted market close price as of December 15, 2009 at $1,000 and were recorded as a prepaid expense and accrued liability as the shares were issuable, but had not yet been issued as of December 31, 2009. The shares were issued to IBC USA, Inc. in February 2010 and the expense was recorded.


7




NOTE 4–BASIC AND DILUTED LOSS PER COMMON SHARE





Basic and Diluted Loss per Common Share - Basic loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding. Diluted income per common share is calculated by dividing net income by the weighted-average number of Class N shares and common shares outstanding to give effect to potentially issuable common shares, except during loss periods when those potentially issuable shares are anti-dilutive.  Basic and diluted income (loss) per share reflects the recent stock split as further discussed in Note 3.





As of November 30, 2009 all of the Class N shares have been retired.





There were no incremental potentially issuable common shares for the three months ended March 31, 2010 and 2009.








ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS





Cautionary Statement Regarding Forward-Looking Statements





Certain statements contained in this Section and elsewhere in this Form 10-Q regarding matters that are not historical facts are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995).  Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. All statements that address operating performance, events or developments that management expects or anticipates to occur in the future, including statements relating to sales and earnings growth or statements expressing general optimism about future operating results, are forward-looking statements. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance. Many factors could cause actual results to differ materially from estimates contained in management's forward-looking statements.  The differences may be caused by a variety of factors, including but not limited to adverse economic conditions, competitive pressures, inadequate capital, unexpected costs, lower revenues, net income and forecasts, the possibility of fluctuation and volatility of our operating results and financial condition, inability to carry out marketing and sales plans and loss of key executives, among other things.





Overview





The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the financial statements and notes related thereto, included elsewhere in this report.





Due to the economic downturn during 2008-2009, Management was of the opinion that the economy would not recover quickly enough for the core operations of its business to be sustainable as a “going concern”.   Since the fall of 2008 the Company had seen a number of its customers closing their operations or declaring bankruptcy.





With the economic turnaround occurring more slowly than expected and the erosion of the customer base, maintaining the core operations of the business was at risk.  Management had implemented strong steps to reduce costs since late 2008 in the attempt to maintain the operations of the Company.





Since April 1, 2009, Paul Roszel, President, Chief Executive Officer and Chairman of the Board of Directors of the Company reduced his compensation by 25% and Richard Ivanovick, Chief Financial Officer and Director of the Company had waived his consulting fees during the same period.





In addition, all expenses were reviewed and reduced accordingly to “right size” the Company relative to sales revenues and cash management.


8





On September 24, 2009, the Board of Directors initiated a reorganization of the Company resulting in the centralization of all of the Company’s recycling operations and websites into Scrap.Net Inc, a wholly owned subsidiary of the Company as of September 30, 2009.





The Company had no external debt, which allowed the Company the opportunity to reorganize.





In an effort to preserve shareholder value, a vote was requested of the shareholders of the Company at its Annual Meeting held November 25, 2009, to sell its operations and become a publicly traded “Corporate Shell” available for merger or acquisitions.





A “Shell Company” is a registrant with no or nominal operations and either no or nominal assets, assets consisting solely of cash and cash equivalents, or assets consisting of any amount of cash and cash equivalents and nominal other assets.





Currently the Company has not entered into any potential transactions related to corporate mergers or acquisitions.





If the Company had continued on its previous path and not reorganized, the Company would not have had the financial resources to meet the obligations to continue as a reporting company with the United States Securities and Exchange Commission.  In that event, the Company would have had to consider deregistration, which would have made it more difficult to trade its shares and also more difficult to hold the share price at current levels.





On November 25, 2009 at the Annual Shareholders Meeting, the shareholders unanimously approved the proposal from Inter-Continental Recycling Inc, to acquire all of the outstanding shares of the Company’s wholly owned subsidiary, Scrap.Net Inc, by a share exchange, effective at the close of business November 30, 2009.





Inter-Continental Recycling Inc. proposed to purchase the recycling operations in exchange for all of the issued and outstanding Class N shares of Maydao Corporation owned by Inter-Continental Recycling Inc.





Inter-Continental is the majority shareholder of the Company, an entity controlled by Mr. Paul Roszel, the President and Chief Executive Officer and the Chairman of the Board of Directors of the Company and his immediate family





The shareholders of the Company did not receive any consideration as a result of this sale.  The impact of the sale on the ownership of the Company was through the retirement of the Class N shares.  On a fully diluted basis the issued and outstanding shares of the Company were reduced from 58,675,741 shares to 8,675,742 shares as of the date of the sale.





Upon completion of this transaction, there were no material assets or liabilities remaining within the Company, there were no special class, or Class N shares remaining. The Company has sold its regular operations and has become a “Shell Company”.





The sale of all of the operations within Maydao Corporation resulted in a shareholder distribution of $5,265.  In our view this would not have any federal income tax consequences to the shareholders.




Liquidity and Capital Resources


March 31,


December 31,2010


2009Cash on Hand

$
1,920


$
2,613





The Company’s cash position at March 31, 2010 has decreased to $1,920, a $963 decrease from the December 31, 2009 balance of $2,613. In response to the reduced cash flows, management is monitoring its cash position and evaluating expenditures daily.





If the Company had not reorganized and had continued on its previous path, the Company would not have had the financial resources to meet the obligations to continue as a reporting company with the United States Securities and Exchange Commission.  In that event, the Company would have had to consider deregistration, which may make it more difficult to trade its shares and the share price would possibly decrease.


9




Advances from Related Party





As of March 31, 2010, the Company has received advances of $34,500 from Scrap.Net, Inc.  These funds were advanced so that the Company could pay for certain expenses such as legal and accounting expenses. This advance is due on demand and bears no interest.





Results of Operations





The financial meltdown of “World Class” banks in the United States and Europe in the third quarter of 2008 and the injection of Government funding to prevent the complete collapse of the financial system has created immediate uncertainty in the business and consumer world. Credit standards for debt assumption were initially frozen and then tightened. The growth in the world economies has fallen dramatically since the third quarter of 2008 reflecting reduced demand for all materials and correspondingly a dramatic price reduction in all commodities.





The Company could not avoid this business slowdown and correspondingly has suffered from a reduction in sales activity.





Due to the economic downturn during fiscal years 2008 and 2009, Management was of the opinion that the economy would not recover quickly enough to sustain the core operations of its business.   Since the third quarter of 2008 the Company has seen many of it customers closing their business operation or declaring bankruptcy. Correspondingly, revenues declined.





In order to rebalance the cash flows management reduced costs, since April 1, 2009, Paul Roszel, President, Chief Executive Officer and Chairman of the Board of Directors of the Company had reduced his compensation by 25%.  Also since April 1, 2009, Richard Ivanovick, Chief Financial Officer and Director of the Company had waived his consulting fees. In addition, all other expenses were reviewed and reduced to the minimum.  Management believed that there were no other additional reductions that could have been made in order to sustain the core operations of the business as an ongoing concern.





On September 24, 2009 the Board of Directors initiated a reorganization of the Company resulting in the centralization of all of the Company’s recycling operations and websites into Scrap.Net Inc, a wholly owned subsidiary of the Company as of September 30, 2009. The Company had no external debt, which allowed the Company this opportunity to reorganize.





In an effort to preserve shareholder value, it was proposed to the shareholders of the Company at the Annual Meeting held November 25, 2009, to sell its operations and become a publicly traded Corporate Shell available for mergers or acquisitions.





A Shell Company is a registrant with no or nominal operations and either no or nominal assets, assets consisting solely of cash and cash equivalents, or assets consisting of any amount of cash and cash equivalents and nominal other assets.





At the November 25, 2009 Annual Shareholders Meeting, the shareholders unanimously approved the proposal from Inter-Continental Recycling Inc, to acquire all of the outstanding shares of the Company’s wholly owned subsidiary, Scrap.Net Inc, by a share exchange, effective at the close of business November 30, 2009.





On November 30, 2009, 50,000,000 Class N shares were returned to the Company by Inter-Continental Recycling Inc. in exchange for all of the issued and outstanding shares of the Company’s wholly owned subsidiary Scrap.Net Inc. This sale of all of the operations within Maydao Corporation resulted in a shareholder distribution of $5,265.





With the divestiture of Scrap.Net Inc. on November 30, 2009, the Company no longer has any operations or revenues and is actively pursuing potential transactions including, but not limited to, financings, corporate merger or acquisition.





If the Company had not reorganized but continued with its current operations, the Company would not have had the required financial resources to maintain its position as a reporting company with the United States Securities and Exchange Commission.  In that event, the Company would have had to consider deregistration, possibly making it more difficult to trade its shares and possibly decreasing its share value.


10





The enclosed financial data reflects the operations of the Company for the three months ended March 31, 2010 and 2009.





Sales Revenues


Three Months EndedMarch 31,2010


2009Sales Revenues

$
0


$
112,800




With the divestiture of Scrap.Net Inc. on November 30, 2009, the Company no longer has any operations and as such has no incoming revenues.





Operating Expenses


Three Months EndedMarch 31,2010


2009Expenses

$
20,300


$
121,000





With the divestiture of Scrap.Net Inc., and the Company no longer having any operations, the expenses now being incurred by the Company are the costs associated with maintaining its position as a reporting company with the United States Securities and Exchange Commission.





As the Company no longer has any revenues in order to generate cash flow, the Company has received advances of $34,500 from Scrap.Net, Inc. to pay for expenses.  Expenses incurred during the first quarter of 2010 where: Office and Administrative Charges of $16,200, Legal and Accounting of $3,350, Bank Charges of $450 and Advertising Costs of $300.  These funds were advanced so that the Company could pay for these expenses.  The Company anticipates that Scrap.Net, Inc., if required, will provide additional funds; however, there is no assurance that future funds will be loaned.  This loan is due on demand and bears no interest.





Net Loss


Three Months EndedMarch 31,2010


2009Net Loss

$
(20,300
)

$
(8,200
)





As discussed above, with the divestiture of Scrap.Net Inc. on November 30, 2009, the Company no longer has any business operations to offset the expense of maintaining its position as a reporting company.   Therefore, these costs incur a direct loss in the Company while it actively pursues potential transactions including, but not limited to, financings, corporate merger or acquisition.




Off Balance Sheet Arrangements




None


11


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK





As a “smaller reporting company” (as defined by Item 10 of Regulation S-K), the Company is not required to provide information required by this Item, as defined by Regulation S-K Item 305(e).





ITEM 4T. CONTROLS AND PROCEDURES





Evaluation of Disclosure Controls:We evaluated the effectiveness of the design and operation of our “disclosure controls and procedures” as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this report. This evaluation (the “disclosure controls evaluation”) was done under the supervision and with the participation of management, including our chief executive officer (“CEO”) and chief financial officer (“CFO”). Rules adopted by the SEC require that in this section of our Quarterly Report on Form 10-Q we present the conclusions of the CEO and the CFO about the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report based on the disclosure controls evaluation.




Objective of Controls: Our disclosure controls and procedures are designed so that information required to be disclosed in our reports filed or submitted under the Exchange Act, such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Our disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to our management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives, and management necessarily is required to use its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures




Management’s Report on Internal Control over Financial Reporting: Based upon the disclosure controls evaluation, our CEO and CFO have concluded that as of the end of the period covered by this report, our disclosure controls and procedures were effective to provide reasonable assurance that the foregoing objectives are achieved.





Changes in Internal Control over Financial Reporting: There were no changes in our internal control over financial reporting during the quarter ended March 31, 2010 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.





PART II – OTHER INFORMATION





ITEM 1.   LEGAL PROCEEDINGS





None





ITEM 1A.  RISK FACTORS





As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.





ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


None





ITEM 3.  DEFAULTS UPON SENIOR SECURITIES





None





ITEM 5.   OTHER INFORMATION





None





ITEM 6. EXHIBITS





None


12


INDEX TO EXHIBITS





Exhibit

Description2

Stock Exchange Agreement as an exhibit to Form 10-SB are hereby incorporated by reference.  Filed on April 4, 2001.3.1

Articles of Incorporation filed as an exhibit to Form 10-SB are hereby incorporated by reference. Filed on December 8, 1999.3.2

By-laws filed as an exhibit to Form 10-SB, Amendment No. 5 are hereby incorporated by reference. Filed on March 7, 2000.10

Material Contracts(a)  Agreement between RecycleNet Corporation and Paul Roszel as an exhibit to Form 10-SB, Amendment No. 6 are hereby incorporated by reference.  Filed on April 12, 2001.(b)  Agreement between RecycleNet Corporation and fiberglass.com, Inc. as an exhibit to Form 10-SB, Amendment No. 6 are hereby incorporated by reference.  Filed on April 12, 2001.(c)   Agreement between RecycleNet Corporation and metalworld.com, inc. as an exhibit to Form 10-KSB hereby incorporated by reference.  Filed on April 16, 200131.1

Chief Executive Officer Certification under Section 302 of the Sarbanes-Oxley Act of 2002.31.2

Chief Financial Officer Certification under Section 302 of the Sarbanes-Oxley Act of 2002.32.1

Chief Executive Officer Certification under Section 906 of the Sarbanes-Oxley Act of 2002.32.2

Chief Financial Officer Certification under Section 906 of the Sarbanes-Oxley Act of 2002.







SIGNATURES





Pursuant to the requirements of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.








Maydao CorporationNovember 2 , 2010
/s/ Paul RoszelPaul Roszel, President and Chairman of the Board of DirectorsNovember 2 , 2010
/s/ Richard IvanovickRichard Ivanovick, C.A., Chief Financial and Accounting Officer






13