UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549


FORM
10-K








ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d)OF


THE
SECURITIES EXCHANGE ACT OF 1934





For the
fiscal year ended December 31, 2009








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
      Employerincorporation
      or organization)
            Identification
      No.)175 East 400 South, Suite 900 Salt Lake City, Utah
      84111
            801-531-0404(Address
      of principal executive offices, including Zip Code)
            (Registrant's
      telephone number)








Securities
registered pursuant to Section 12(g) of the Exchange Act:


Common
Stock, $0.01 par value





Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act.      Yes
(  )        No ( x
)





Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act     Yes
(  )      No (x )





Indicate
by check mark whether the issuer (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 if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best
of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  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 [ ]





As of
June 30, 2009, the aggregate market value of the voting stock held by
non-affiliates of the registrant, based on the average bid and ask prices of
$0.30 and $0.30 respectively, namely $0.30 x 3,182,053 common shares outstanding
was $954,616.





As of
March 15, 2010, there were 8,685,742 of the issuer's Common Shares, $0.010 par
value, outstanding.





MAYDAO
CORPORATION


(FORMERLY
RECYCLENET CORPORATION)


INDEX





Table of
Contents





Part
      IItem
      1.
            Business
            3Item
      1A.
            Risk
      Factors
            7Item
      1B.
            Unresolved
      Staff Comments
            7Item
      2.
            Properties
            8Item
      3.
            Legal
      Proceedings
            8Item
      4.
            Submission
      of Matters to a Vote of Security Holders .
            8Part
      IIItem
      5.
            Market
      for Registrant’s Common Equity, Related Stockholder Matters and Issuer
      Purchases of Equity Securities
            9Item
      6.
            Selected
      Financial Data
            11Item
      7.
            Management's
      Discussion and Analysis of Financial Condition and Results of
      Operations
            11Item
      7A.
            Quantitative
      and Qualitative Disclosures About Market Risk
            15Item
      8.
            Financial
      Statements and Supplemental Data
            16Item
      9.
            Changes
      in and Disagreements with Accountants on Accounting and Financial
      Disclosures
            17Item
      9A(T).
            Controls
      and Procedures
            17Part
      IIIItem
      10.
            Directors,
      Executive Officers, and Corporate Governance
            18Item
      11.
            Executive
      Compensation
            19Item
      12.
            Security
      Ownership of Certain Beneficial Owners and Management and Related
      Stockholders Matters
            20Item
      13.
            Certain
      Relationships and Related Transactions and Director
      Independence
            21Item
      14.
            Principal
      Accountant Fees and Services
            22Part
      IVItem
      15.
            Exhibits,
      Financial Statement Schedules
            24





FORWARD
LOOKING STATEMENTS





Maydao
Corporation (formerly RecycleNet Corporation) (the "Company", "we" or "us")
cautions readers that certain important factors may affect our actual results
and could cause such results to differ materially from any forward-looking
statements that may have been made in this Form 10-K or that are otherwise made
by or on behalf of us. For this purpose, any statements contained in the Form
10-K that are not statements of historical fact may be deemed to be
forward-looking statements.





Without
limiting the generality of the foregoing, words such as "may," "expect,"
"believe," "anticipate," "intend," "could," "estimate," "plan" or “continue" or
the negative other variations thereof or comparable terminology are intended to
identify forward-looking statements. Factors that may affect our results
include, but are not limited to, our limited history of non-profitability, our
dependence on a limited number of customers and key personnel, the need for
additional financing and our dependence on certain industries. We are also
subject to other risks detailed herein or detailed from time to time in our
filings with the Securities and Exchange Commission.











PART
I





ITEM
1. Business





History
of the Company





Maydao
Corporation, formerly RecycleNet Corporation, ("the Company") is a Utah
corporation originally incorporated on December 29, 1961 as Bern Enterprises
Inc. and the name was changed to Garbalizer Machinery Corporation in April
1977.





On
February 25, 1999, RecycleNet Corporation (Ontario) entered into a
reorganization agreement with Garbalizer Machinery Corporation of Utah, a
company whose shares were publicly traded on the bulletin board securities
market utilizing the symbol “GARM.” On March 19, 1999, the reorganization was
consummated with Garbalizer Machinery Corporation surviving and changing its
name to RecycleNet Corporation (Utah). Prior to the March 19, 1999
reorganization, the assets and liabilities of Garbalizer Machinery Corporation
were sold to Garb-Oil & Power Corporation (Utah).





RecycleNet
Corporation (Utah) acquired all of the common shares of RecycleNet Corporation
(Ontario) for shares of the Utah Company. As a result of that reorganization,
shareholders of RecycleNet (Ontario) exchanged their common shares in that
company for Class N voting, non-equity shares of RecycleNet Corporation (Utah)
and Class X non-voting, equity shares of RecycleNet Corporation (Ontario). One
Class N share and one Class X share were exchangeable into one common share of
RecycleNet Corporation (Utah). The Company retained the market symbol "GARM" as
its market symbol and as an acronym for the slogan, "Global Access to Recycling
Markets".





On
December 31, 2007, the Company sold its RecycleNet Corporation (Ontario)
operations to Inter-Continental Recycling Inc., a related party.
Inter-Continental Recycling Inc. assumed the outstanding debt of $138,019 owed
by RecycleNet Corporation (Utah) to RecycleNet Corporation (Ontario) in exchange
for 100% of the issued and outstanding common shares of RecycleNet Corporation
(Ontario) held by RecycleNet Corporation (Utah). At December 31, 2007,
RecycleNet (Ontario) had common stock of $3 and accumulated losses of $458,674.
As a result of the sale, the Company recognized a distribution to shareholders
in the amount of $40,427.


3





Upon
completion of the sale of RecycleNet (Ontario) there are no longer any Class X
shares remaining within the Company.  At the Annual Meeting of
Shareholders on June 20, 2008, shareholders unanimously voted to amend the
Articles of Incorporation for the Class N voting, non-equity shares of the
Company to be directly convertible to common shares on a one for one
basis.





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 is 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 current 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 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. The
Financial Industry Regulatory Authority (subsequently referred to as FINRA)
approved this change effective January 20, 2010.


4





In
addition, 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.




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.





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.





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 and 2008 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 wererounded 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 issue, without
prior shareholder approval, 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.


5





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





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 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”.




Business
Condition and Re-Organization





In 1989,
Paul Roszel, an officer, director and principal shareholder of the Company began
publishing a newsletter entitled "The Recycler's Exchange". This newsletter was
published for a period of approximately seven years and was a regional recycling
industry newsletter that circulated to an estimated 3,200 recycling based
businesses in Ontario, Canada. Along with the newsletter, Mr. Roszel inserted
classified type advertisements for commodities that were available to buy, sell
or trade. In late 1994, Mr. Roszel began work on physically developing the
concept of an electronic format trading system to distribute the Recycler's
Exchange information world wide via the World Wide Web and e-mail. Thus, the
Recycler's Exchange evolved from a printed newsletter with limited distribution
to one available electronically with worldwide distribution.





The
electronic exchange was activated online on May 1, 1995.





With the
divestiture of Scrap.Net Inc. on November 30, 2009, all of the operations within
Maydao Corporation have been sold.  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.





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. shall introduce Maydao Corporation to
prospective reverse merger candidates, with a focus on companies from China that
desire to expand into the USA.  Maydao Corporation will issue IBC USA,
Inc. 10,000 common “restricted” shares as total compensation for the services
provided by IBC USA, Inc.  The 10,000 common restricted shares will be
issued to IBC USA, Inc within the first quarter of 2010.  The 10,000
post-split common shares have been valued based on the adjusted market close
price  as of December 15, 2009 at $1,000 and recorded as a prepaid
expense and accrued liability as the shares were issuable, but had not yet been
issued as of December 31, 2009.


6





Employees





The
Company has no employees.





Prior to
the divestiture of the operations of the Company, all management and staff were
retained on an unwritten contract basis under a related party transaction with
Inter-Continental Recycling Inc. Inter-Continental Recycling is owned 100% by
the Company’s President. Because of the affiliation between Inter-Continental
and the Company, the agreement between them had no definite duration and
continued as necessary for the conduct of business by the Company.
Inter-Continental assigned and provided employees to the Company as long as the
Company required them and could pay the associated costs. Inter-Continental
provided services to and for the Company by employees of Inter-Continental.
There was no mark-up or other charges incurred by the Company from
Inter-Continental and the Company paid the same amount for services for the
Inter-Continental employees, as did Inter-Continental.





The
average monthly invoice from Inter-Continental to the Company in 2009 was
approximately $17,277 paying for services for seven full-time and part-time
employees of Inter-Continental utilized by the Company. The Company was invoiced
for the salaries as well as employee benefits, such as deductions for Canada
Pension Plans and Employment Insurance, which is a deduction mandated by the
Canadian Government. Management of the Company believed this arrangement was
beneficial to the Company in that all payroll and employee withholding
transactions were consolidated into one company, Inter-Continental, thereby
saving the Company a duplicative expense.





Inter-Continental
was responsible for acquiring and maintaining appropriate insurance covering
liabilities, including employee conduct.





Reports
to Security Holders





The
Company intends to prepare and deliver to its security holders an annual report
each year, which will include audited financial statements.





Effect
of Governmental Regulations





The
Company is a "Reporting Company" under the Securities Exchange Act of 1934 and
is required to file annual, quarterly and periodic reports with the Securities
and Exchange Commission, such as Forms 10-K, 10-Q, and 8-K. The reports are
available at the Commission's Public Reference Room at 450 Fifth Street, NW,
Washington, DC 20549, telephone 1-800-SEC-0330 and may be retrieved
electronically via the Internet at www.sec.gov.





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
1B.  UNRESOLVED STAFF COMMENTS





None


7





ITEM
2. PROPERTIES





Facilities





The
Company does not currently own any operating facilities.  The
Company’s corporate offices are located at 175 East 400 South, Suite 900, Salt
Lake City, Utah.  The Company also maintains shared office space at 7
Darren Place, Guelph, Ontario. The Company believes that the current facilities
will be adequate for the foreseeable future. All research and development
activities are performed in these facilities.








ITEM
3. LEGAL PROCEEDINGS





Neither
the Company, nor any of its officers, directors or greater than 10% beneficial
shareholders, are involved in any litigation or legal proceedings involving the
business of the Company.








ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS





The
Annual Meeting of Shareholders of Maydao Corporation was held at the office of
Hertzberger, Olsen and Associates located at Corporate Square, Penthouse, 30
Duke St. W., Kitchener, Ontario, Canada, N2H 3W5 on Wednesday, November 25,
2009, commencing at 10:00 o’clock a.m., EST for the following
purposes.  All items were passed.





Item
1:  Election of Directors





The three
persons elected as directors of the Company are Paul Roszel, Richard Ivanovick
and James Roszel.





The
voting results are as follows (shares on a pre-split basis):





Common
      SharesFor
              
              Against
              
              AbstainPaul
      Roszel
              
              
              78,164,637
              
              
              
              -
              
              
              
              -Richard
      Ivanovick
              
              
              78,164,637
              
              
              
              -
              
              
              
              -James
      Roszel
              
              
              78,164,637
              
              
              
              -
              
              
              
              -Class
      N SharesFor
              
              Against
              
              AbstainPaul
      Roszel
              
              
              50,000,000
              
              
              
              -
              
              
              
              -Richard
      Ivanovick
              
              
              50,000,000
              
              
              
              -
              
              
              
              -James
      Roszel
              
              
              50,000,000
              
              
              
              -
              
              
              
              -


Item 2: Appointment
of Independent Public Accountants





The Board
of Directors has appointed Hansen, Barnett & Maxwell, P.C. certified public
accountants, Salt Lake City, Utah, to be the independent public accountants for
the Company during the coming year and until the next annual shareholders
meeting of the Company.  Hansen, Barnett & Maxwell, P.C. has
served as the Company’s public accountants since inception.


8





The
voting results are as follows (shares on a pre-split basis):





For
              
              Against
              
              AbstainCommon
      Shares
              
              
              78,164,637
              
              
              
              -
              
              
              
              -Class
      N Shares
              
              
              50,000,000
              
              
              
              -
              
              
              
              -
  Item 3:  To
approve the sale of Scrap.Net Inc., a wholly owned subsidiary of Maydao
Corporation, to Inter-Continental Recycling Inc.





Mr. Paul
Roszel and Mr. James Roszel are both principals of Inter-Continental Recycling
Inc and members of the Board of Directors of the Company.  Due to this
potential conflict of interest Inter-Continental Recycling, Paul Roszel and his
immediate family, as the related parties, abstained from voting on this
proposal, allowing the minority shareholders to vote on this
matter.





The
voting results are as follows (shares on a pre-split basis):





For
            
            Against
            
            AbstainCommon
      Shares
            
            
            28,135,907
            
            
            
            -
            
            
            
            50,028,730Class
      N Shares
            
            
            -
            
            
            
            -
            
            
            
            50,000,000





Item 4:  To
approve 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).





The
voting results are as follows (shares on a pre-split basis):





For
              
              Against
              
              AbstainCommon
      Shares
              
              
              78,101,158
              
              
              
              -
              
              
              
              63,479Class
      N Shares
              
              
              50,000,000
              
              
              
              -
              
              
              
              0





Item 5:  To
approve the Company name change from “RecycleNet Corporation” to “Maydao
Corporation”.





The
voting results are as follows (shares on a pre-split basis):





For
              
              Against
              
              AbstainCommon
      Shares
              
              
              78,101,158
              
              
              
              -
              
              
              
              63,479Class
      N Shares
              
              
              50,000,000
              
              
              
              -
              
              
              
              0







PART
II








ITEM
5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES





Market
Information





The
Company's shares are traded on the over-the-counter bulletin board securities
market. The following table gives the range of high and low bid information for
the Company's common shares for each quarter within the last two fiscal years
through December 31, 2009. Because the Company's shares are traded in the
over-the-counter market, the quotations shown below reflect inter-dealer prices
without retail mark up, markdown or commission and they may not represent actual
transactions.  The per share prices below are
pre-split.


9





Fiscal Quarter
            
            
            High Bid
            
            Low Bid1st
      Quarter, 2009
            
            
            $
            0.04
            
            
            $
            0.032nd
      Quarter, 2009
            
            
            $
            0.04
            
            
            $
            0.033rd
      Quarter, 2009
            
            
            $
            0.03
            
            
            $
            0.014th
      quarter, 2009
            
            
            $
            0.02
            
            
            $
            0.011st
      Quarter, 2008
            
            
            $
            0.05
            
            
            $
            0.032nd
      Quarter, 2008
            
            
            $
            0.04
            
            
            $
            0.033rd
      Quarter, 2008
            
            
            $
            0.05
            
            
            $
            0.044th
      Quarter, 2008
            
            
            $
            0.04
            
            
            $
            0.03





As of
December 31, 2009, the number of holders of record of the Company's common
shares was 702.  Neither the Company (nor its subsidiaries) have
declared or paid any cash dividends for the last two fiscal years. It is not
anticipated that any cash dividends will be declared or paid in the near future.
There are no contractual or other restrictions that limit the ability of the
Company to pay dividends on its common shares and none are anticipated in the
future.





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





Prior to
the reverse stock split, there was 250,000,000 common shares authorized by the
Company, of which 86,757,421 were issued and outstanding as of December 31,
2009.  Upon approval of the reverse split of the common stock, the
authorized common shares remained at 250,000,000 and the issued and outstanding
common shares were reduced to 8,675,742 and the shares outstanding were
retroactively restated to reflect the stock split. The stock split was approved
by FINRA effective January 20, 2010. However, the financial statements were
retroactively restated as of December 31, 2009 and 2008 to reflect the stock
split.





A new
stock symbol was issued to the Company on January 20, 2010,
“MYDO”.  The Company's shares will continue to be traded on the
over-the-counter bulletin board securities market under this new
symbol.





Recent
Sales of Unregistered Securities





The
Company has made no offers or sales of unregistered securities during the year
ended December 31, 2009 and none are intended at the present
time.


10





ITEM
6.  SELECTED FINANCIAL DATA





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
7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS





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.





Overview





Maydao
Corporation provided "Global Access to Recycling Markets" (GARM) by providing an
exchange system that facilitated the trade of secondary
commodities.





The
spectrum of goods exchanged on the Company’s system included all grades of scrap
metals, waste paper, recycled plastics, glass, rubber, wood, textiles, minerals,
chemicals and used items.





The
Company did not act as a dealer, broker nor processor but rather as an exchange
system that could be utilized by dealers, brokers, processors, generators and
consumers of scrap materials. Any purchasing agent at any factory that has
scrap, waste or by-product was a potential user of the RecycleNet exchange
system.





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
merger or acquisition.





If the
Company had not reorganized and continued on its operational path, the Company
would have failed to meet its financial obligations to continue as a reporting
company with the United States Securities and Exchange Commission.  In
that event, the Company would have had to deregister its shares from trading.
Trading of the company’s shares after deregistration would be more difficult and
the valuation of its share price would be difficult to maintain at current
levels.





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.  FINRA approved this change January 20, 2010, however the
financial statements were retroactively restated as of December 31, 2009 to
reflect the stock split.


11





At the
Annual Meeting of Shareholders held on November 25, 2009, the shareholders
unanimously approved the proposal from Inter-Continental Recycling Inc, 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, to acquire all of the
outstanding shares and recycling operations of the Company’s wholly owned
subsidiary Scrap.Net Inc in exchange for all of the issued and outstanding Class
N shares of RecycleNet Corporation owned by Inter-Continental Recycling Inc.,
effective at the close of business November 30, 2009. The sale of all of the
operations within Maydao Corporation resulted in a shareholder distribution of
$5,265. In our view this will not have any federal income tax consequences
to the shareholders.





Upon
completion of this transaction, there are no material assets or liabilities
remaining within the Company, there are no special class, Class N shares. The
Company has sold its operations and has been re-classified as a “Shell
Company”.





The stock
of the Company continues to have a market and is traded on the
Over-The-Counter-Bulletin-Board (OTCBB) with the stock symbol of
“MYDO”.





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.





Results
of Operations





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.





The
enclosed financial data reflects the operations of the Company for the years
ended December 31, 2009 and 2008.




Sales
Revenues





2009
            
            2008Sales
      Revenues
            
            $
            407,200
            
            
            $
            594,800





Sales
revenues have declined by $187,600 in 2009 in comparison to 2008.





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 was
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.


12





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, our revenues have
declined.





In order
to rebalance our cash flows, management has reduced costs. Since April 1,
2009, Paul Roszel, President, Chief Executive Officer and Chairman of the
Board of Directors of the Company has 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 believes that there are 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 the 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.





Currently,
the Company has not entered into any potential transactions related to 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.




Operating
Expenses





2009
            
            2008Selling,
      general and Administrative Expenses
            
            $
            413,000
            
            
            $
            576,300Write-off
      of related party receivable
            
            $
            170,000
            
            
            $
            -





Operating
Expenses decreased in 2009 over 2008 by $163,300. With the erosion of sales
revenues, management has adopted procedures to significantly reduce costs since
late 2008 in the attempt to maintain the Company.


13





In
addition, the Company wrote off the balance of the Scrap China Corporation
related party receivable of $170,000 during the year ended December 31,
2009.





Since
April 1, 2009 Paul Roszel, President, Chief Executive Officer and Chairman of
the Board of Directors of the Company had taken a 25% reduction
in compensation. 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.




Net
Income (Loss)





2009
            
            2008Net
      Income (Loss)
            
            $
            (176,100
            )
            
            $
            18,500





As
discussed above, sales revenues decreased significantly during 2009 compared to
2008.  Management was able to slightly offset these declining sales by
reducing expenses.





Cash
Position





The
Company’s cash position at December 31, 2009 has decreased to $2,600, a $38,700
decrease from the December 31, 2008 balance of $41,300. In response to the
reduced cash flows, management is monitoring its cash position and evaluating
expenditures daily.





If the
Company had not reorganized and continued on its current 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
December 31, 2009, the Company has received advances of $8,000 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.




Future
Plans for Expansion





The
Company no longer has any operations or revenues.  The Company's
future plans include actively pursuing potential transactions including, but not
limited to financings, corporate mergers or acquisitions.





Off
Balance Sheet Arrangements





None


14





ITEM
7A.  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).






15


ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA








MAYDAO
CORPORATION


INDEX
TO FINANCIAL STATEMENTS




PageReport
      of Independent Registered Public Accounting Firm
            F-1Consolidated
      Balance Sheets
            F-2Consolidated
      Statements of Operations
            F-3Consolidated
      Statements of Stockholders' Equity
            F-4Consolidated
      Statements of Cash Flows
            F-5Notes
      to Consolidated Financial Statements
            F-6








16





HANSEN, BARNETT & MAXWELL,
      P.C.A
      Professional Corporation
            
            Registered
      with the Public CompanyCERTIFIED
      PUBLIC ACCOUNTANTS
            
            Accounting
      Oversight Board5
      Triad Center, Suite 750Salt
      Lake City, UT 84180-1128Phone:
      (801) 532-2200
              Fax:
      (801) 532-7944www.hbmcpas.com




REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM





To the
Shareholders and the Board of Directors


Maydao
Corporation





We have
audited the consolidated balance sheets of Maydao Corporation (formerly
RecycleNet Corporation) and subsidiaries as of December 31, 2009 and 2008 and
the related consolidated statements of operations, stockholders' equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our
audits.





We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audit included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.





In our
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of Maydao Corporation and
subsidiaries as of December 31, 2009 and 2008 and the results of its operations
and cash flows for the years then ended, in conformity with accounting
principles generally accepted in the United States of America.





The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern. The Company’s recent sale of its operations,
negative cash flows from operations and accumulated deficits raise substantial
doubt about its ability to continue as a going concern. Management’s plans
regarding those matters are also described in Note 1. The financial statements
do not include any adjustments that might result from the outcome of this
uncertainty.





/s/
      HANSEN, BARNETT & MAXWELL, P.C.





Salt Lake
City, Utah


March 15,
2010





F-1


MAYDAO
CORPORATON AND SUBSIDIARIES


CONSOLDATED
BALANCE SHEETS




December
      31,
              
              
              December
      31,2009
              
              
              2008ASSETSCurrent
      AssetsCash
              
              $
              2,613
              
              
              $
              41,348Trade
      accounts receivable, net of allowance for bad debt of$0 and
      $2,500, respectively
              
              
              -
              
              
              
              13,213Prepaid
      expenses
              
              
              1,000
              
              
              
              6,061Total
      Current Assets
              
              
              3,613
              
              
              
              60,622Property
      and EquipmentEquipment
              
              
              -
              
              
              
              21,422Less:
      Accumulated depreciation
              
              
              -
              
              
              
              (12,853
              )Net
      Property and Equipment
              
              
              -
              
              
              
              8,569Related
      party receivable
              
              
              -
              
              
              
              160,892Total
      Assets
              
              $
              3,613
              
              
              $
              230,083LIABILITIES
      AND STOCKHOLDERS' EQUITY (DEFICIT)Current
      LiabilitiesRelated
      party accounts payable
              
              $
              8,000
              
              
              $
              8,702Accrued
      liabilities
              
              
              24,929
              
              
              
              29,494Deferred
      revenue
              
              
              -
              
              
              
              57,074Total
      Current Liabilities
              
              
              32,929
              
              
              
              95,270Stockholders'
      Equity (Deficit)Class
      N convertible shares $0.01 par value;70,896,789 shares authorized;
      0 and 56,800,000 Class N shares issued and outstanding,
      respecitvely
              
              
              -
              
              
              
              568,000Common
      shares - $0.01 par value; 179,103,211 shares authorized; 8,675,742
      and 7,909,141 shares issued and oustanding, respectively
              
              
              867,574
              
              
              
              790,914Additional
      paid-in capital
              
              
              507,857
              
              
              
              4,462Accumulated
      deficit
              
              
              (1,404,747
              )
              
              
              (1,228,563
              )Total
      Stockholders' Equity (Deficit)
              
              
              (29,316
              )
              
              
              134,813Total
      Liabilities and Stockholders' Equity (Deficit)
              
              $
              3,613
              
              
              $
              230,083





The
accompanying notes are an integral part of these consolidated financial
statements.


F-2


MAYDAO
CORPORATION AND SUBSIDIARIES


CONSOLIDATED
STATEMENTS OF OPERATIONS




For
      the YearEnded
      December 31,2009
              
              2008Sales
              
              $
              407,272
              
              
              $
              594,848Operating
      ExpensesSelling,
      general and administrative expenses
              
              
              412,982
              
              
              
              576,329Write-off
      of related party receivable
              
              
              170,474
              
              
              
              -Total
      Operating Expenses
              
              
              583,456
              
              
              
              576,329Net
      Income (Loss)
              
              $
              (176,184
              )
              
              $
              18,519Basic
      Income (Loss) Per Common Share
              
              $
              (0.02
              )
              
              $
              -Diluted
      Income (Loss) Per Common Share
              
              $
              (0.02
              )
              
              $
              -Basic
      Weighted-Average Common Shares Outstanding
              
              
              8,073,982
              
              
              
              7,909,141Diluted
      Weighted-Average Common Shares Outstanding
              
              
              8,073,982
              
              
              
              64,709,171





The
accompanying notes are an integral part of these consolidated financial
statements.


F-3


MAYDAO
CORPORATION AND SUBSIDIARIES


CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY


FOR
THE YEARS ENDED DECEMBER 31, 2008 AND 2009





Additional
              
              
              
              
              
              TotalClass
      N Common Shares
              
              
              Common
      Shares
              
              
              Paid-in
              
              
              Accumulated
              
              
              Stockholders'Shares
              
              
              Amount
              
              
              Shares
              
              
              Amount
              
              
              Capital
              
              
              Deficit
              
              
              Equity/(Deficit)Balance
      - December 31, 2007
              
              
              56,800,000
              
              
              $
              568,000
              
              
              
              7,909,141
              
              
              $
              790,914
              
              
              $
              4,462
              
              
              $
              (1,247,082
              )
              
              $
              116,294Net
      income for the year ended December 31, 2008
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              18,519
              
              
              
              18,519Balance
      - December 31, 2008
              
              
              56,800,000
              
              
              
              568,000
              
              
              
              7,909,141
              
              
              
              790,914
              
              
              
              4,462
              
              
              
              (1,228,563
              )
              
              
              134,813Issuance
      of 866,009 shares of common stock in lieuof accrued
      liability
              
              
              -
              
              
              
              -
              
              
              
              86,601
              
              
              
              8,660
              
              
              
              8,660
              
              
              
              -
              
              
              
              17,320Conversion
      of 6,800,000 shares of Class N to6,800,000 shares of common
      stock;
              
              
              (6,800,000
              )
              
              
              (68,000
              )
              
              
              680,000
              
              
              
              68,000
              
              
              
              -
              
              
              
              -
              
              
              
              -Sale
      of Scrap.net through shareholder distributionand redemption of
      50,000,000 Class N shares
              
              
              (50,000,000
              )
              
              
              (500,000
              )
              
              
              -
              
              
              
              -
              
              
              
              494,735
              
              
              
              -
              
              
              
              (5,265
              )Net
      loss for the year ended December 31, 2009
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (176,184
              )
              
              
              (176,184
              )Balance
      - December 31, 2009
              
              
              -
              
              
              $
              -
              
              
              
              8,675,742
              
              
              $
              867,574
              
              
              $
              507,857
              
              
              $
              (1,404,747
              )
              
              $
              (29,316
              )





The
accompanying notes are an integral part of these consolidated financial
statements.


F-4


MAYDAO
CORPORATION AND SUBSIDIARIES


CONSOLIDATED
STATEMENTS OF CASH FLOWS





For
      the Twelve Months Ended December 31,
              
              2009
              
              
              2008Cash
      Flows From Operating Activities:Net
      income (loss)
              
              $
              (176,184
              )
              
              $
              18,519Adjustments
      to reconcile net income (loss) to net cash provided
      by operating activities:Depreciation
              
              
              3,213
              
              
              
              4,285Bad
      debt expense
              
              
              -
              
              
              
              5,000Adjustment
      to investment in Scrap.net for amounts owed to Scrap.net
              
              
              8,959
              
              
              
              -Write-off
      of related party receivable
              
              
              170,474
              
              
              
              -Changes
      in assets and liabilities:Accounts
      and other receivables
              
              
              1,517
              
              
              
              3,715Prepaid
      expenses
              
              
              6,061
              
              
              
              (440
              )Related
      party accounts payable
              
              
              -
              
              
              
              8,702Accrued
      liabilities and accounts payable
              
              
              4,263
              
              
              
              (1,615
              )Deferred
      revenue
              
              
              (20,556
              )
              
              
              (34,475
              )Net
      Cash (Used in) Provided by Operating Activities
              
              
              (2,253
              )
              
              
              3,691Cash
      Flows From Investing Activities:Advances
      to related party
              
              
              (9,582
              )
              
              
              (14,707
              )Cash
      distributed upon sale of Scrap.net
              
              
              (34,900
              )
              
              
              -Net
      Cash Used In Investing Activities
              
              
              (44,482
              )
              
              
              (14,707
              )Cash
      Flows From Financing Activities:Advances
      from related party
              
              
              8,000
              
              
              
              -Net
      Cash Provided by Financing Activities
              
              
              8,000
              
              
              
              -Net
      Change in Cash
              
              
              (38,735
              )
              
              
              (11,016
              )Cash
      at Beginning of Period
              
              
              41,348
              
              
              
              52,364Cash
      at End of Period
              
              $
              2,613
              
              
              $
              41,348Non-Cash
      Investing and Financing Activities:Issuance
      of common stock through conversion of accrued liabilities
              
              $
              17,320
              
              
              $
              -Conversion
      of 6,800,000 Class N Shares for 6,800,000 shares common
    stock
              
              
              68,000
              
              
              
              -Valuation
      of common shares to be issued for future services to be
      performed
              
              
              1,000
              
              
              
              -





The
accompanying notes are an integral part of these consolidated financial
statements.


F-5


MAYDAO
CORPORATION


NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS


DECEMBER
31, 2009 AND 2008





NOTE
1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES





Consolidation
– The  consolidated financial statements included the accounts of
Maydao Corporation and its wholly owned subsidiaries Scrap.Net, Inc., Waste.Net,
Inc. and Recycle West Network through November 30, 2009. Inter-company accounts
and transactions were eliminated on consolidation.





On
November 30, 2009, the Company sold all of its outstanding shares of the
Company’s wholly owned subsidiary Scrap.Net Inc (and its wholly owned
subsidiary’s Waste.Net, Inc and Recycle West Network) by a share exchange with
Inter-Continental Recycling Inc.  Inter-Continental Recycling Inc.
exchanged all of the issued and outstanding Class N shares of Maydao Corporation
owned by Inter-Continental Recycling Inc. in exchange for all of the issued and
outstanding shares of Scrap.Net Inc.





The
enclosed financial data reflects the consolidated operations of the Company for
the years ended December 31, 2009 and 2008.





Business
Condition – These financial statements have been prepared assuming the
Company will continue as a going concern. As of December 31, 2009, the Company
has an accumulated deficit of $1,404,747 and has experienced negative cash flows
from operations. This situation raises substantial doubt about its ability to
continue as a going concern. In addition, upon divestiture of Scrap.net Inc on
November 30, 2009 the Company has no operations. 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.  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.





Use of
Estimates - The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates.





Fair Values of
Financial Instruments - Due to their near-term nature, the amounts
reported as prepaid expenses, related party accounts payable, and accrued
liabilities are considered to be reasonable approximations of their fair
values.





Accounts
Receivable–With the divestiture of the assets of the Company there are no longer any
revenues and therefore there are no accounts receivables. Prior to the
divestiture, as discussed above, the Company provided an allowance for doubtful
accounts equal to the estimated collection losses that could be incurred in
collection of all receivables. The estimated losses are based on historical
collection experience coupled with review of the current status of existing
receivables. Allowance for doubtful accounts for December 31, 2009 and 2008 was
$0 and $2,500, respectively.





Equipment–With the divestiture of the assets of the Company there is no equipment
remaining within the Company. Prior to the divestiture, as discussed above,
equipment was stated at cost. Maintenance and repairs of equipment were charged
to operations and major improvements were capitalized. Upon retirement, sale, or
other disposition, the cost and accumulated depreciation were eliminated from
the accounts and a gain or loss is included in operations. Depreciation was
computed using the straight-line method over the estimated useful lives of the
property and equipment, which were three to five years. Depreciation expense was
$3,213 and $4,285 for the years ended December 31, 2009 and 2008,
respectively.


F-6





Revenue
Recognition - Revenue from services were recognized as the services are
provided. Website advertising services were charged on a monthly or Pay-Per-Lead
basis without guarantee of the number of customers viewing the web site.
Revenues from the Internet portal services business were derived from individual
custom packages that included any combination of the following services:
subscription fees, credit package bundles that are used in the Pay-Per-Lead
services, HTML linking services, advertising, and web page construction. The
Company’s Pay-Per-Lead service was designed so that the customer could buy the
information that was of value to them instead of paying a monthly or annual
fee.  With respect to the Internet portal sites that facilitate
e-commerce trading, the Company only charged a fee for services that were
provided to customers. The Company did not charge sellers or buyers a percentage
of the value of their transactions nor did the Company charge a back-end fee.
Customer payments received in advance of providing services were recorded as
deferred revenue and were then recognized proportionately as services were
performed.





Upon
divestiture of the Company’s assets on November 30, 2009, operations within the
Company were sold and the Company will record no additional revenue from its
historical activities.





Advertising
Costs - Advertising costs were charged to expense in the period incurred.
Advertising expense for the years ended December 31, 2009 and 2008 were $316 and
$124 respectively.





Income
Taxes-The Company recognizes an asset or liability for the deferred tax
consequences of all temporary differences between the tax basis of assets or
liabilities and their reported amounts in the financial statements that will
result in taxable or deductible amounts in future years when the reported
amounts of the asset or liabilities are recovered or
settled.  Deferred tax assets or liabilities are measured using the
enacted tax rates that will be in effect when the differences are expected to
reverse.  Deferred tax assets are reviewed periodically for
recoverability and valuation allowances are provided as necessary. Assets and
liabilities are established for uncertain tax positions taken or positions
expected to be taken in income tax returns when such positions are judged to not
meet the “more-likely-than-not” threshold based on the technical merits of the
positions. Estimated interest and penalties related to uncertain tax positions
are included as a component of selling, general and administrative
expense.





Basic and Diluted
Income (Loss) per Common Share - Basic income (loss) per common share is
calculated by dividing net income (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 reflect the
recent stock split as further discussed in Note 3.


F-7





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





The
shares used in the computation of basic and diluted income (loss) per common
share for the year ended December 31, 2009 and 2008 are as follows:




For
      the Years EndedDecember
      31,2009
              
              2008Weighted-average
      number of common shares used in basicincome (loss) per common
      share calculation
              
              
              8,073,982
              
              
              
              7,909,141Incremental
      potentially issuable common shares from assumedconversion of Class
      N common shares
              
              
              -
              
              
              
              56,800,000Weighted-average
      number of common shares and dilutivepotential common shares used
      in diluted income (loss) percommon share calculation
              
              
              8,073,982
              
              
              
              64,709,171





Subsequent Events
–Subsequent events have been evaluated through March 15, 2010, the date
which these financial statements were available to be issued.





NOTE
2 - RELATED PARTY TRANSACTIONS





Related Party
Payable — As of
December 31, 2009, the Company has received advances of $8,000 from Scrap.Net,
Inc., a former subsidiary of the Company.  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.





Service
Agreements - The Company had an agreement with Inter-Continental
Recycling, Inc. and its wholly owned subsidiary Cooksmill NetSystems, Inc. to
provide various services for the Company. Inter-Continental Recycling, Inc., and
as such Cooksmill NetSystems, Inc., is 100% owned by the immediate family of the
President of the Company.  The Company was billed monthly for services
supplied for Internet service provider fees, merchant services and management
and sales activities, which vary monthly based on the activity level. The
charges for these services for the year ended December 31, 2009 and 2008 were
$217,513 and $235,198, respectively and are discussed further
below.





As part
of this agreement, Cooksmill NetSystems Inc. provided Rhodium Webweaver Services
to the Company for website management and e-commerce software (ISP) and the fees
for these services were billed to the Company on a monthly basis. The Rhodium
Webweaver Services (ISP) charges for the year ended December 31, 2009 and 2008
were $22,000 and $24,000, respectively.





All
management and staff were retained on an unwritten contract basis under a
related party transaction with Inter-Continental Recycling, Inc. Because of the
affiliation between Inter-Continental and the Company, the agreement between
them had no definite duration and continued as necessary for the conduct of
business by the Company. Inter-Continental assigned and provided employees to
the Company as long as the Company required them and could pay the associated
costs. Inter-Continental provided services to and for the Company by employees
of Inter-Continental. There was no mark-up or other charge incurred by the
Company from Inter-Continental and the Company paid the same amount for services
for the Inter-Continental employee’s, as did Inter-Continental. The
management/staff charges for year ended December 31, 2009 and 2008 were $190,046
and $204,278, respectively.





Inter-Continental
Recycling, Inc. and the Company were also engaged in a merchant services
agreement. On behalf of Inter-Continental Recycling, Inc. the Company operated,
maintained, billed and collected payments for services offered on web sites
owned by Inter-Continental Recycling, Inc.  The Company then issued
payment to Inter-Continental Recycling, Inc. for an agreed upon
rate.  The commissions paid and recorded by the Company for this
merchant service agreement with Inter-Continental Recycling, Inc. for the year
ended December 31, 2009 and 2008 were $44 and $6,920,
respectively.


F-8





The
Company was engaged in an affiliate marketing agreement with Cooksmill
NetSystems, Inc. as of January 1, 2008.  Through this affiliate
marketing agreement, Cooksmill NetSystems, Inc. paid the Company (the
“Affiliate”) a commission on net Pay-Per-Lead service sales generated by
customers referred by the Company’s web sites.  Revenue recorded under
the affiliate marketing agreement for the years ended December 31, 2009 and
2008, was $18,008 and $24,841 respectively.





The
Company has office space in a facility owned by the President of the Company.
For the year ended December 31, 2009 and 2008, rent expense was $1,800 and
$2,400, respectively.





Under the
terms of a distribution rights agreement related to the Rhodium WebWeaver
TurnKey E-Commerce system, the Company is obligated to pay Mr. Roszel, the
President of the Company, a $1,000 royalty payment for each Rhodium WebWeaver
license the Company is able to secure.  For the years ended December
31, 2009 and 2008, no royalty payments were required under this
agreement.





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.





On
October 15, 2009, a shareholder converted 6,800,000 Class N shares into
6,800,000 common shares of RecycleNet 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”.


F-9





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
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 will issue IBC USA,
Inc. 10,000 post-split common “restricted” shares as total compensation for the
services provided by IBC USA, Inc.  The 10,000 post-split common
shares have been valued based on the adjusted market close price  as
of December 15, 2009 at $1,000 and recorded as a prepaid expense and accrued
liability as the shares were issuable, but had not yet been issued as of
December 31, 2009.  These shares were issued to IBC in February
2010.





NOTE
4 - INCOME TAXES





The
Company and its subsidiaries file tax returns in the U.S. Federal jurisdiction
and, in the state of Utah.  The Company is no longer subject to U.S.
federal or Utah State tax examinations for tax years before and including
December 31, 2005. During the years ended December 31, 2009 and 2008, the
Company did not recognize interest and penalties.





Deferred
tax assets are comprised of the following at December 31, 2009 and
2008:


For
      the years ended December 31,
                
                2009
                
                
                2008Operating
      Loss Carry Forward
                
                $
                340,505
                
                
                $
                313,426Valuation
      Allowance
                
                
                (340,505
                )
                
                
                (313,426
                )Total
      Deferred Tax Asset
                
                $
                -
                
                
                $
                -


The
Company had no income tax expense for the years ended December 31, 2009 and
2008.





The
following is a reconciliation of the amount of expense that would result from
applying federal statutory rates to pretax income (loss) with the provision for
income taxes for the years ended December 31:




For
      the years ended December 31,
              
              2009
              
              
              2008Tax
      at federal statutory rates (34%)
              
              $
              (59,903
              )
              
              $
              6,296Non-deductible
      expenses
              
              
              88
              
              
              
              479Benefit
      of operating loss carryforward
              
              
              -
              
              
              
              (9,252
              )Net
      operating losses distributed in spin-off and sale
              
              
              12,047
              
              
              
              -Expiration
      of net operating losses
              
              
              26,503
              
              
              
              (19,813
              )Other
      changes in the valuation allowance
              
              
              27,079
              
              
              
              21,678State
      Benefit, net of federal tax
              
              
              (5,814
              )
              
              
              612Provision
      for Income Taxes
              
              $
              -
              
              
              $
              -




The
Company has federal operating loss carry forwards of $912,798 that expire from
2009 through 2028. The use of operating loss carry forwards is limited and may
not be available to offset future income.


F-10





ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURES





None.





Item
9A(T). 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
Annual Report on Form 10-K 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 Annual Report on Form 10-K, 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 year ended December 31, 2009 that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting.


17


Part
III








ITEM
10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS




The
directors and officers of the Company are as follows:




Name
            
            Age
            
            Position
            
            Term of OfficePaul
      Roszel
            
            53
            
            Chairman
      of the Board,
            
            Inception
      to PresentPresidentRichard
      R. Ivanovick C.A.
            
            69
            
            Chief
      Financial Officer,
            
            03/99
      to PresentDirectorJames
      Roszel
            
            28
            
            Director
            
            09/09
      to Present




Paul
Roszel has been involved with the Company since 1988. Mr. Roszel has over 25
years of hands on experience in the recycling industry. He has been actively
involved in the development and implementation of collection, processing,
transportation and sales/marketing programs for secondary commodities. Paul
Roszel is a Director in Oldwebsites.com Inc and Scrap China
Corporation.





Richard
R. Ivanovick C.A. joined the Company in November 1998. For the past 32 years,
Mr. Ivanovick has been serving as President of Marsh Tire Service Ltd., Ontario,
Canada, a company involved in automobile service, sales and leasing of
automobiles, in the Guelph, Ontario area.  Richard Ivanovick is the
Chief Financial Officer of Oldwebsites.com Inc and Scrap China
Corporation.





For the
past eight years Mr. James Roszel has been responsible for the ongoing
marketing, and participated in business development of RecycleNet
Corporation.  James Roszel has been the President and a Director of
Oldwebsites.com, Inc. (formerly Fiberglass.com, Inc.) since its
inception.  James Roszel is a director of Scrap China
Corporation.  James Roszel is the son of Paul Roszel.





Each of
these persons owns, directly or indirectly, common shares of the
Company.





Indemnification
of Directors and Officers





Section
16-10a-901 through 909 of the Utah Revised Business Corporation Act authorizes a
corporation's board of directors or a court to award indemnification to
directors and officers in terms sufficiently broad to permit such
indemnification under certain circumstances for liabilities (including
reimbursement for expenses incurred, including counsel fees) arising under the
Securities Act of 1933. A director of a corporation may only be indemnified if:
(1) the conduct was in good faith; and (2) the director reasonably believed that
the conduct was in or not opposed to the corporation's best interest; and (3) in
the case of any criminal proceeding, the director had no reasonable cause to
believe the conduct was unlawful. A corporation may not indemnify a person under
the Utah Act unless and until the corporation's board of directors has
determined that the applicable standard of conduct set forth above has been
met.


18





The
Company's Articles of Incorporation do not provide for any additional or
different indemnification procedures other than those provided by the Utah Act,
nor has the Company entered into any indemnity agreements with its current
directors and officers regarding the granting of other or additional or
contractual assurances regarding the scope of the indemnification allowed by the
Utah Act. At present, there is no pending litigation or proceeding involving a
director, officer or employee of the Company regarding which indemnification is
sought, nor is the Company aware of any threatened litigation that may result in
claims or indemnification. The Company has not obtained director's and officer's
liability insurance, although the board of directors of the Company may
determine to investigate and, possibly, acquire such insurance in the
future.





Involvement
in Certain Legal Proceedings





None





Promoters
of the Company





The
promoter of the Company is Mr. Paul Roszel. Mr. Roszel developed the concept of
the electronic dissemination of the information described above. In so doing,
Mr. Roszel acquired the domain name, the web sites and the web pages described
herein. Upon the incorporation of RecycleNet Corporation (Ontario), in
consideration for his services and expertise in developing the web sites and
pages, Mr. Roszel transferred ownership of these items to the corporation for
shares. As of November 1999, after the March 19, 1999 merger reorganization, the
number of Class N Shares issued by the corporation to Mr. Roszel and his related
corporation, for the above services and expertise, totaled 61,559,581.








ITEM
11. EXECUTIVE COMPENSATION





The
following table shows compensation earned during the fiscal years 2009 and 2008
by the Officers and Directors of the Company.  They are the only
persons who received compensation during those periods. No other miscellaneous
compensation was paid or stock options granted during those
periods.





Summary
Compensation Table





Name & Principal
    Positions
            
            Fiscal Year
            
            SalaryPaul
      Roszel, President & Chairman
            
            2009
            
            $46,9442008
            
            $80,482Richard
      R. Ivanovick, CFO
            
            2009
            
            $ 
      8,618(Note
      1)
            
            2008
            
            $38,190James
      Roszel, Director
            
            2009
            
            $NIL2008
            
            $NIL





NOTE
1:  During the years ended December 31, 2009 and 2008, Richard R
Ivanovick, CFO was paid for consulting services of $8,618 and $38,190,
respectively.   As of the quarter ending March 31, 2009, the
Company owed Mr. Ivanovick $17,320 for his consulting services for the 4th
quarter of 2008 and the 1st
quarter of 2009.   On September 24, 2009, Mr. Ivanovick was
issued 866,009 common shares in lieu of payment for this accrued
liability.


19





ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDERS MATTERS





The
following tables sets forth, as of December 31, 2009, the share ownership of
each person known by the Company to be the beneficial owner of 5% or more of the
Company's shares, each officer and director individually and all directors and
officers of the Company as a group.





Titleof Class
            
            Name
      & Addressof Beneficial Owner
            
            Amount,
      Nature & Percentageof Beneficial OwnershipCommon
            
            Inter-Continental
      Recycling, Inc.
            
            46,621,121
      shares (voting)
            
            
            53.74
            %(Note
      1 & 2)7
      Darren PlaceGuelph,
      Ontario CanadaCommon
            
            Paul
      Roszel
            
            2,420,655
      shares (voting)
            
            
            2.79
            %(Notes
      1 & 2)7
      Darren PlaceGuelph,
      Ontario CanadaCommon
            
            Richard
      R. Ivanovick C.A.
            
            4,971,631
      shares (voting)
            
            
            5.73
            %23
      Cottontail PlaceCambridge,
      Ontario CanadaCommon
            
            James
      Roszel
            
            923,475
      shares (voting)
            
            
            1.06
            %(Note
      2)7
      Darren PlaceGuelph,
      Ontario CanadaCommon
            
            Directors,
      as a Group
            
            54,936,882
      shares (voting)
            
            
            63.32
            %





Note (1)
Inter-Continental Recycling Inc. is owned and beneficially held by Mr. Paul
Roszel, a director of the Company, and his immediate family.


Note (2)
James Roszel is the son of Paul Roszel





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





The
reverse split of the common stock was approved by FINRA effective January 20,
2010.





The
following tables sets forth, as of January 20, 2010, the share ownership of each
person known by the Company to be the beneficial owner of 5% or more of the
Company's shares, each officer and director individually and all directors and
officers of the Company as a group.


20





Titleof Class
            
            Name
      & Addressof Beneficial Owner
            
            Amount,
      Nature & Percentageof Beneficial OwnershipCommon
            
            Inter-Continental
      Recycling, Inc.
            
            4,662,112
      shares (voting)
            
            
            53.74
            %(Note
      1 & 2)7
      Darren PlaceGuelph,
      Ontario CanadaCommon
            
            Paul
      Roszel
            
            242,066
      shares (voting)
            
            
            2.79
            %(Notes
      1 & 2)7
      Darren PlaceGuelph,
      Ontario CanadaCommon
            
            Richard
      R. Ivanovick C.A.
            
            497,163
      shares (voting)
            
            
            5.73
            %23
      Cottontail PlaceCambridge,
      Ontario CanadaCommon
            
            James
      Roszel
            
            92,348
      shares (voting)
            
            
            1.06
            %(Note
      2)7
      Darren PlaceGuelph,
      Ontario CanadaCommon
            
            Directors,
      as a Group
            
            5,493,688
      shares (voting)
            
            
            63.32
            %





Note (1)
Inter-Continental Recycling Inc. is owned and beneficially held by Mr. Paul
Roszel, a director of the Company, and his immediate family.


Note (2)
James Roszel is the son of Paul Roszel








ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE





The
Company had an agreement with Inter-Continental Recycling, Inc., an Ontario
Corporation with its head office address at 7 Darren Place, Guelph Ontario to
provide various services for the Company. Inter-Continental Recycling, Inc. is
controlled 100% by Mr. Paul Roszel and his immediate family.





Inter-Continental
Recycling Inc. operates a pool of qualified personnel, working on development
projects, computer programming updates and sales activities for various
companies.  From this pool of personnel, Inter-Continental assigned
and provided employees to the Company as long as the Company required them and
could pay the associated costs.





The
Company was billed monthly for services supplied for management and sales
activities, which varied monthly based on the activity level. The charges for
these services for the years ended December 31, 2009 and 2008 were $217,513 and
$235,198 respectively.





Inter-Continental
Recycling Inc. owns 4,662,112 common shares of Maydao Corporation as of January
20, 2010.





Mr. Paul
Roszel through his holdings controls the majority of the shares in Maydao
Corporation.





There are
no other transactions during 2009, or proposed transactions, between the Company
and any director or officer or greater than 5% shareholder in which such persons
had or is to have a direct or indirect material interest.





The
Company has no stock options, option plans, or other incentive compensation
plans at the present time, although the Company anticipates that it may adopt
incentive compensation plans in the future. Further, the Company has no formal
management or employment agreements with any of its officers, directors or other
employees.





Officers,
directors, and greater than 5% shareholders, of the Company may have a direct or
indirect interest in future potential businesses or entities in the recycling
industry.


21





Description
of Securities





The
Company has authorized 250,000,000 common shares, par value $.01, of which
86,757,421 pre-split common shares were issued and outstanding at December 31,
2009.





On
December 15, 2009, Maydao Corporation retained IBC USA, Inc, a professional
consulting firm specialized at USA & China Capital formation, as a strategic
advisor in developing its new strategic corporate initiative.  IBC
USA, Inc. shall introduce Maydao Corporation to prospective reverse merger
candidates, with a focus on companies from China that desire to expand into the
USA.  Maydao Corporation will issue IBC USA, Inc. 10,000 common
“restricted” shares as total compensation for the services provided by IBC USA,
Inc.  The 10,000 common restricted shares will be issued to IBC USA,
Inc within the first quarter of 2010.  The 10,000 post-split common
shares have been valued based on the adjusted market close price as of December
15, 2009 at $1,000 and 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
reverse split of the common stock was approved by FINRA effective January 20,
2010.  Upon completion of the reverse split the Company has authorized
250,000,000 common shares, par value $0.01, of which 8,685,742 common shares are
issued and outstanding.





Cumulative
voting for the election of directors is not provided for in the Company's
amended Articles of Incorporation, which means that the holders of a majority of
the shares voted can elect all of the directors then standing for election. The
voting shares are not entitled to preemptive rights and are not subject to
conversion or redemption. Upon a liquidation, dissolution or winding-up of the
Company, the assets legally available for distribution to stockholders are
distributable equally among the holders of the shares after payment of claims of
creditors. Each outstanding share is, and all shares that may be issued in the
future, will be fully paid and non-assessable.





There are
no provisions in the amended Articles of Incorporation of the Company that would
delay, defer, or prevent a change in control of the Company. The Company has no
debt securities issued and the Company does not contemplate issuing any in the
near future.





ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES





Hansen,
Barnett & Maxwell, P.C. served as the Company’s Independent Registered
Public Accountants for the years ended December 31, 2009 and 2008, and is
expected to serve in that capacity for the current year. Principal accounting
fees for professional services rendered for the Company by Hansen, Barnett &
Maxwell, P.C. for the years ended December 31, 2009 and 2008 are summarized as
follows:





2009
            
            2008Audit
      Fees
            
            $
            23,450
            
            
            $
            25,900Audit
      related
            
            
            -
            
            
            
            -Tax
            
            
            3,000
            
            
            
            2,100Total
            
            $
            26,450
            
            
            $
            28,000




Audit
Fees.Audit fees were
for professional services rendered in connection with the Company’s annual
financial statement audits and quarterly reviews of financial statements and
review of, and preparation of, consents for registration statements for filing
with the Securities and Exchange Commission.


22





Tax
Fees.  Tax fees related to services for tax compliance and
consulting.





Audit Committee,
Pre-Approval Policies and Procedures.  At its regularly
scheduled and special meetings, the Board of Directors, which is comprised of
independent directors knowledgeable of financial reporting, considers and
pre-approves any audit and non-audit services to be performed by the Company’s
independent accountants. The Board of Directors has the authority to grant
pre-approvals of non-audit services.








23


PART
IV





ITEM
15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES





Exhibit
            Description20
            Consent
      Resolution dated June 7, 2007.Filed
      on June 7, 200720
            Consent
      Resolution dated November 24, 2005.Filed
      on November 30, 2005








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. 5are 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.




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SIGNATURES





Pursuant
to the requirements of Section 13 or 15(d) 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
CORPORATION





March 15,
2010











BY:
      /s/ Paul RoszelPaul
      Roszel, Chairman of the Board of DirectorsMarch
      15, 2010





Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.





March
      15, 2010BY:
      /s/ Paul RoszelPaul
      Roszel, Chairman of the Board of DirectorsMarch
      15, 2010BY:
      /s/ Richard R. IvanovickRichard
      R. Ivanovick, C.A., CFO









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