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:  June 30, 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 August 11, 2010: 8,685,742








Amendment to the Report of Form 10-Q for the Quarter Ended June 30, 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 June 30, 2010 which was originally filed on August 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 June 30, 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 June 30, 2010





TABLE OF CONTENTS





PagePART I – FINANCIAL INFORMATIONItem 1.
Financial StatementsCondensed Consolidated Balance Sheets June 30, 2010 and December 31, 2009 (Unaudited)
3Condensed Consolidated Statements of Operations for the Three and Six Months EndedJune 30, 2010 and 2009 (Unaudited)
4Condensed Consolidated Statements of Cash Flows for the Six Months EndedJune 30, 2010 and 2009 (Unaudited)
5Notes to Condensed Consolidated Financial Statements (Unaudited)
6Item 2.
Management’s Discussion and Analysis of Financial Condition andResults 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)June 30,


December 31,2010


2009ASSETSCurrent AssetsCash

$
1,275


$
2,613Prepaid expenses


-



1,000Total Current Assets


1,275



3,613Total Assets

$
1,275


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

$
57,500


$
8,000Accrued liabilities


9,555



24,929Total Current Liabilities


67,055



32,929Stockholders' DeficitClass N convertible shares $0.01 par value;70,896,789 shares authorized; 0 sharesissued 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


(1,442,211
)


(1,404,747
)Total Stockholders' Deficit


(65,780
)


(29,316
)Total Liabilities and Stockholders' Deficit

$
1,275


$
3,613


See the accompanying notes to the condensed consolidated unaudited financial statements.


3


MAYDAO CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)For the Three Months


For the Six MonthsEnded June 30,


Ended June 30,2010


2009


2010


2009Sales

$
-


$
106,982


$
-


$
219,803Operating ExpensesSelling, general and administrative expenses


17,150



107,808



37,464



228,781Write-off of related party receivable


-



166,872



-



166,872Total Operating Expenses


17,150



274,680



37,464



395,653Net Loss

$
(17,150
)

$
(167,698
)

$
(37,464
)

$
(175,850
)Basic Loss Per Common Share

$
-


$
-


$
-


$
-Diluted Loss Per Common Share

$
-


$
-


$
-


$
-Basic Weighted-Average Common Shares Outstanding


8,685,742



7,909,141



8,682,742



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


8,685,742



7,909,141



8,682,742



7,909,141


See the accompanying notes to the condensed consolidated unaudited financial statements.


4




MAYDAO CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW(Unaudited)June 30,


June 30,2010


2009Cash Flows From Operating Activities:Net loss

$
(37,464
)

$
(175,850
)Adjustments to reconcile net loss to net cashprovided by operating activities:Depreciation


-



2,142Write-off of related party receivable


-



166,872Changes in assets and liabilities:Accounts and other receivables


-



(498
)Prepaid expenses


1,000



6,061Accrued liabilities and accounts payable


(14,374
)


(8,232
)Deferred revenue


-



12,428Net Cash (Used in) Provided by Operating Activities


(50,838
)


2,923Cash Flows From Investing Activities:Advances to related party


-



(5,980
)Net Cash Used In Investing Activities


-



(5,980
)Cash Flows From Financing Activities:Advances from related party


49,500



-Net Cash Provided by Financing Activities


49,500



-Net Change in Cash


(1,338
)


(3,057
)Cash at Beginning of Period


2,613



41,348Cash at End of Period

$
1,275


$
38,291Non-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 June 30, 2010, the Company has an accumulated deficit of $1,442,211 and has experienced losses and negative cash flows from operations for the six 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 June 30, 2010, the Company has received advances of $57,500 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.




6


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.





NOTE 4–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 six months ended June 30, 2010 and 2009.


7


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.





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.


8





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

June 30,


December 31,2010


2009Cash on Hand

$
1,275


$
2,613





The Company’s cash position at June 30, 2010 has decreased to $1,275, a $1338 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.




Advances from Related Party





As of June 30, 2010, the Company has received advances of $57,500 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.


9


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.





The enclosed financial data reflects the operations of the Company for the six months ended June 30, 2010 and 2009.





Sales Revenues


Three Months Ended


Six Months EndedJune 30,


June 30,2010


2009


2010


2009Sales Revenues

$
-


$
106,982


$
-


$
219,803




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.


10


Operating Expenses


Three Months Ended


Six Months EndedJune 30,


June 30,2010


2009


2010


2009Expenses

$
17,150


$
274,680


$
37,463


$
395,653


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 $57,500 from Scrap.Net, Inc. to pay for expenses.  Expenses incurred during the first half of 2010 where: Office and Administrative Charges of $30,157, Legal and Accounting of $6,346, Bank Charges of $559 and Advertising Costs of $301.  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 Ended


Six Months EndedJune 30,


June 30,2010


2009


2010


2009Net Loss

$
(17,150
)

$
(167,698
)

$
(37,464
)

$
( 175,850
)





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 June 30, 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 herebyincorporated 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 ofDirectorsNovember 2 , 2010
/s/ Richard IvanovickRichard Ivanovick, C.A., Chief Financial andAccounting Officer







13