Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. MAYDAO Corp (1084662) 10-Q published on Nov 16, 2011 at 4:03 pm
Reporting Period: Sep 29, 2011
Unless a business opportunity deemed by the Board of Directors to be more favorable to the shareholders becomes available, the Board of Directors will now proceed in a timely manner to dissolve the Company
As a result, the financial statements are presented on the liquidation basis of accounting.
At a Board of Directors Meeting held on March 15, 2011, a discussion was held regarding the financial condition of the Company. Since November 2009, the Board of Directors had been actively seeking prospects for merger, acquisition or financing, but to date had not been able to enter into any such business opportunity. The Company has no assets or revenues and as of December 31, 2010, the Company had received additional advances of $88,100 from Scrap.Net, Inc. These advances were made to the Company so that they were able to pay for certain expenses such as legal and accounting fees so that the Company could continue as a reporting company with the United States Securities and Exchange Commission. These advances are due on demand and bear no interest
Paul Roszel reported that in order to dissolve the Company, the Board of Directors must recommend dissolution to the shareholders. The Utah Revised Business Corporation Act Section 16-10a-1402 states that the proposal to dissolve must be approved by each voting group entitled to vote separately on the proposal, by a majority of all the votes entitled to be cast on the proposal by that voting group, unless a greater vote is required by the articles of incorporation, the initial bylaws or the bylaws amended pursuant to Section 16-10a-1021, or by the Board of Directors acting pursuant to Subsection (3), whereby the Board of Directors may condition the effectiveness of the dissolution on any basis. A greater vote is not required by the Company’s articles of incorporation, the initial bylaws or the bylaws amended pursuant to Section 16-10a-1021. There is only one voting group, common shares, and they are entitled to vote on the proposal.
Unless a business opportunity deemed by the Board of Directors to be more favorable to the shareholders becomes available, the Board of Directors will now proceed to dissolve the Company in a timely matter. With no assets remaining within the Company and a debt owing to Scrap.Net, Inc. the shareholders will receive no consideration in the event of the dissolution of the Company.
On August 16, 2011, Maydao Corporation (the “Company”) held its Annual Meeting of Shareholders at The Little America Hotel, 500 South Main Street, Salt Lake City, Utah.
The following are the results of the matters voted on by the shareholders at the Annual Meeting.