SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549


FORM
10-Q








[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








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
      CorporationMay
      11, 2010
            /s/
      Paul RoszelPaul
      Roszel, President and Chairman of the Board of
DirectorsMay
      11, 2010
            /s/
      Richard IvanovickRichard
      Ivanovick, C.A., Chief Financial and Accounting Officer






13