UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-Q





(Mark
One)





x QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934


For the
quarterly period ended June 30, 2010





OR





 ̈ TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934


For the
transition period from __________ to ___________





Commission File Number  333-150483





Noble
Medical Technologies, Inc.


(Exact
name of registrant as specified in its charter)







Delaware
            20-0587718(State
      or other jurisdiction of
            (I.R.S.
      Employer Identification No.)incorporation
      or organization)





2000 Avenue of the Stars, Suite 410,
Los Angeles, CA 90067


(Address
of principal executive offices)





310-601-2500


(Registrant’s
telephone number, including area code)





N/A


(Former
address and telephone number, if changed since last report)





Indicate
by check mark whether  the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. YES
x NO  ̈





Indicate
by check mark whether each registrant has submitted electronically and posted on
its corporate Website, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). YES  ̈ 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.  See definitions of “large accelerated filer,” “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange
Act:





Large
      accelerated filer  ̈
            Accelerated
      filer  ̈Non-accelerated
      filer  ̈ (Do
      not check if a smaller reporting company)
            Smaller
      reporting company x





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





Indicate
the number of shares outstanding of each of the issuer’s classes of common
equity, as of the latest practicable date: 4,188,000 shares of common stock, par
value $0.0001 per share, as of August 19, 2010.








NOBLE
MEDICAL TECHNOLOGIES, INC.


Table
of Contents


PagePART
      I - FINANCIAL INFORMATIONItem
      1.     Financial StatementsBalance
      Sheets at June 30, 2010 (Unaudited) and December 31, 2009
                    F-1Statements
      of Operations for the Three and Six Months Ended June 30, 2010 and June
      30, 2009 (Unaudited)
                    F-2Statements
      of Cash Flows for the Six Months Ended June 30, 2010 and June 30, 2009
      (Unaudited)
                    F-3Notes
      to the Financial Statements (Unaudited)
                    F-4
      to F-9Item
      2.      Management’s Discussion and Analysis
      of Financial Condition and Results of Operations
                    1Item
      3.      Quantitative and Qualitative
      Disclosures About Market Risk
                    3Item
      4T.   Controls and Procedures
                    3PART
      II - OTHER INFORMATIONItem
      1.      Legal Proceedings
                    4Item
      1A.   Risk Factors
                    4Item
      2.      Unregistered Sales of Equity
      Securities and Use of Proceeds
                    4Item
      3.      Defaults upon Senior
      Securities
                    4Item
      4.      (Removed and
    Reserved)
                    4Item
      5.      Other Information
                    4Item
      6.      Exhibits
                    4SIGNATURES
                    5





PART
I – FINANCIAL INFORMATION




Item
1. Financial Statements





NOBLE
MEDICAL TECHNOLOGIES, INC.





BALANCE
SHEETS





June 30,
                                  2010
                                
                                
                                December 31,
                                  2009(Unaudited)ASSETSCURRENT
      ASSETS:Cash
                                
                                $
                                -
                                
                                
                                $
                                -Total
      Current Assets
                                
                                
                                -
                                
                                
                                
                                -Total
      Assets
                                
                                $
                                -
                                
                                
                                $
                                -LIABILITIES
      AND STOCKHOLDERS’ DEFICITCURRENT
      LIABILITIES:Accrued
      expenses
                                
                                $
                                16,321
                                
                                
                                $
                                9,535Total
      Current Liabilities
                                
                                
                                16,321
                                
                                
                                
                                9,535STOCKHOLDERS’
      DEFICIT:Preferred
      stock at $0.0001 par value: 1,000,000 shares authorized, none issued or
      outstanding
                                
                                
                                -
                                
                                
                                
                                -Common
      stock at $0.0001 par value: 20,000,000 shares authorized, 4,188,000 shares
      issued and outstanding
                                
                                
                                419
                                
                                
                                
                                419Additional
      paid-in capital
                                
                                
                                87,090
                                
                                
                                
                                79,090Accumulated
      deficit
                                
                                
                                (103,830
                                )
                                
                                
                                (89,044
                                )Total
      Stockholders’ Deficit
                                
                                
                                (16,321
                                )
                                
                                
                                (9,535
                                )Total
      Liabilities and Stockholders’ Deficit
                                
                                $
                                -
                                
                                
                                $
                                -





See
accompanying notes to the financial statements.


F-1




NOBLE
MEDICAL TECHNOLOGIES, INC.





STATEMENTS
OF OPERATIONS


(UNAUDITED)





For the
                                                            Three Months
                                                          
                                                          
                                                          For the
                                                            Three Months
                                                          
                                                          
                                                          For the
                                                            Six Months
                                                          
                                                          
                                                          For the
                                                            Six MonthsEnded
                                                          
                                                          
                                                          Ended
                                                          
                                                          
                                                          Ended
                                                          
                                                          
                                                          EndedJune 30,
                                                          
                                                          
                                                          June 30,
                                                          
                                                          
                                                          June 30,
                                                          
                                                          
                                                          June 30,2010
                                                          
                                                          
                                                          2009
                                                          
                                                          
                                                          2010
                                                          
                                                          
                                                          2009OPERATING
      EXPENSES:Professional
      fees
                                                          
                                                          $
                                                          9,786
                                                          
                                                          
                                                          $
                                                          2,000
                                                          
                                                          
                                                          $
                                                          14,786
                                                          
                                                          
                                                          $
                                                          4,000Total
      operating expenses
                                                          
                                                          
                                                          9,786
                                                          
                                                          
                                                          
                                                          2,000
                                                          
                                                          
                                                          
                                                          14,786
                                                          
                                                          
                                                          
                                                          4,000LOSS
      BEFORE TAXES
                                                          
                                                          
                                                          (9,786
                                                          )
                                                          
                                                          
                                                          (2,000
                                                          )
                                                          
                                                          
                                                          (14,786
                                                          )
                                                          
                                                          
                                                          (4,000
                                                          )INCOME
      TAXES
                                                          
                                                          
                                                          -
                                                          
                                                          
                                                          
                                                          -
                                                          
                                                          
                                                          
                                                          -
                                                          
                                                          
                                                          
                                                          -NET
      LOSS
                                                          
                                                          $
                                                          (9,786
                                                          )
                                                          
                                                          $
                                                          (2,000
                                                          )
                                                          
                                                          $
                                                          (14,786
                                                          )
                                                          
                                                          $
                                                          (4,000
                                                          )NET
      LOSS PER COMMON SHARE - BASIC AND DILUTED:
                                                          
                                                          $
                                                          (0.00
                                                          )
                                                          
                                                          $
                                                          (0.00
                                                          )
                                                          
                                                          $
                                                          (0.00
                                                          )
                                                          
                                                          $
                                                          (0.00
                                                          )Weighted
      Common Shares Outstanding - basic and diluted
                                                          
                                                          
                                                          4,188,000
                                                          
                                                          
                                                          
                                                          4,188,000
                                                          
                                                          
                                                          
                                                          4,188,000
                                                          
                                                          
                                                          
                                                          4,188,000





See
accompanying notes to the financial statements.


F-2





NOBLE
MEDICAL TECHNOLOGIES, INC.





STATEMENTS
OF CASH FLOWS


(UNAUDITED)





For the
                                  Six Months
                                
                                
                                For the
                                  Six MonthsEnded
                                
                                
                                EndedJune 30,
                                  2010
                                
                                
                                June 30,
                                  2009CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
                                
                                $
                                (14,786
                                )
                                
                                $
                                (4,000
                                )Adjustments
      to reconcile net loss to net cash used in operating
    activitiesChanges
      in operating assets and liabilities:Accrued
      expenses
                                
                                
                                6,786
                                
                                
                                
                                (17,667
                                )NET
      CASH USED IN OPERATING ACTIVITIES
                                
                                
                                (8,000)
                                
                                
                                
                                (21,667
                                )CASH
      FLOWS FROM FINANCING ACTIVITIES:Capital
      contribution
                                
                                
                                8,000
                                
                                
                                
                                21,296NET
      CASH PROVIDED BY FINANCING ACTIVITIES
                                
                                
                                8,000
                                
                                
                                
                                21,296NET
      CHANGE IN CASH
                                
                                
                                -
                                
                                
                                
                                (371)Cash
      at beginning of period
                                
                                
                                -
                                
                                
                                
                                371Cash
      at end of period
                                
                                $
                                -
                                
                                
                                $
                                -SUPPLEMENTAL
      DISCLOSURE OF CASH FLOW INFORMATION:Interest
      paid
                                
                                $
                                -
                                
                                
                                $
                                -Taxes
      paid
                                
                                $
                                -
                                
                                
                                $
                                -





See
accompanying notes to the financial statements.


F-3





NOBLE
MEDICAL TECHNOLOGIES, INC.





June 30,
2010 and 2009


Notes to
the Financial Statements


(Unaudited)





NOTE
1 - ORGANIZATION AND OPERATIONS





Noble
Medical Technologies, Inc. (the “Company”) was incorporated on July 25, 2007
under the laws of the State of Delaware.  A substantial portion of the
Company’s activities has involved developing a business plan and establishing
contacts and visibility in the marketplace.  Due to the recent
economic downturn, the Company was unable to receive sufficient funds to
commence operations and the Company has not generated any revenue to date.
Therefore, the Company abandoned its plan to engage in developing and marketing
enhancements to electrocardiogram (“EKG”) equipment and is currently inactive
and is seeking a suitable candidate for a business combination.





Recent
Developments





On
February 9, 2010, the Company and GoldSail Shipping Corporation, a Marshall
Islands corporation (“GoldSail”) mutually agreed to enter into a Termination
Agreement, pursuant to which the previously announced Agreement and Plan of
Merger, dated as of May 5, 2009 (the “Merger Agreement”), by and between the
Company, GoldSail and Noble Merger Corp., a Delaware corporation and a
wholly-owned subsidiary of GoldSail, was terminated.





In
connection with the termination of the Merger Agreement, on April 9, 2010,
George Elliott (“Elliott”), entered into an Agreement with Trinad Capital Master
Fund, Ltd. (“Trinad”), pursuant to which Elliott agreed to assign and transfer
an aggregate of 3,978,600 shares (the “Shares”) of the Company’s common stock,
$0.0001 par value per share (“Common Stock”), representing 95% of the issued and
outstanding Common Stock of the Company as of April 9, 2010 (the “Closing”). At
Closing, Trinad exchanged one share of Series B Convertible Preferred Stock of
GoldSail in consideration for the Shares. At the time of the change in control,
Trinad became the beneficial owner of 3,978,600 shares of Common Stock of the
Company. This amount represents 95% of the total voting securities of the
Company’s currently issued and outstanding shares of Common Stock.





NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES





Basis of
presentation





The
accompanying unaudited interim financial statements and related notes have been
prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) for interim financial information, and
with the rules and regulations of the United States Securities and Exchange
Commission (“SEC”) to Form 10-Q and Article 8 of Regulation
S-X.  Accordingly, they do not include all of the information and
footnotes required by U.S. GAAP for complete financial
statements.  The unaudited interim financial statements furnished
reflect all adjustments (consisting of normal recurring accruals) which are, in
the opinion of management, necessary to a fair statement of the results for the
interim periods presented.  Interim results are not necessarily
indicative of the results for the full year.  These financial
statements should be read in conjunction with the financial statements of the
Company for the year ended December 31, 2009 and notes thereto contained in the
Company’s Annual Report on Form 10-K as filed with the SEC on April 15,
2010.





Use of
estimates





The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those
estimates.





Due to
the limited level of operations, the Company has not had to make material
assumptions or estimates other than the assumption that the Company is a going
concern.





Cash
equivalents





The
Company considers all highly liquid investments with a maturity of three months
or less when purchased to be cash equivalents.


F-4





Fair value of financial
instruments





The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards
Codification for disclosures about fair value of its financial instruments and
paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph
820-10-35-37”) to measure the fair value of its financial instruments. Paragraph
820-10-35-37 establishes a framework for measuring fair value in U.S. GAAP, and
expands disclosures about fair value measurements.  To increase
consistency and comparability in fair value measurements and related
disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three (3) broad levels.  The fair value hierarchy gives the highest
priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities and the lowest priority to unobservable inputs.  The three
(3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are
described below:





Level 1
                Quoted market prices available in
      active markets for identical assets or liabilities as of the reporting
      date.


Level 2
                Pricing inputs other than quoted
      prices in active markets included in Level 1, which are either directly or
      indirectly observable as of the reporting date.


Level 3
              Pricing inputs that are generally
      observable inputs and not corroborated by market
    data.





The
carrying amounts of the Company’s financial assets and liabilities, such as
accrued expenses, approximate their fair values because of the short maturity of
these instruments.





The
Company does not have any assets or liabilities measured at fair value on a
recurring or a non-recurring basis, consequently, the Company did not have any
fair value adjustments for assets and liabilities measured at fair value at June
30, 2010 or December 31, 2009, nor are gains or losses reported in the statement
of operations that are attributable to the change in unrealized gains or losses
relating to those assets and liabilities still held at the reporting date for
the six month period ended June 30, 2010 or 2009.





Revenue
recognition





The
Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards
Codification for revenue recognition.  The Company will recognize
revenue when it is realized or realizable and earned.  The Company
considers revenue realized or realizable and earned when all of the following
criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the
product has been shipped or the services have been rendered to the customer,
(iii) the sales price is fixed or determinable, and (iv) collectability is
reasonably assured.





Income
taxes





The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting
Standards Codification, which requires recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been
included in the financial statements or tax returns.  Under this
method, deferred tax assets and liabilities are based on the differences between
the financial statements and tax bases of assets and liabilities using enacted
tax rates in effect for the fiscal year in which the differences are expected to
reverse.  Deferred tax assets are reduced by a valuation allowance to
the extent management concludes it is more likely than not that the assets will
not be realized.  Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the fiscal years
in which those temporary differences are expected to be recovered or
settled.  The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in the Statements of Income and Comprehensive
Income in the period that includes the enactment date.





The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification
(“Section 740-10-25”) with regards to uncertainty income
taxes.  Section 740-10-25 addresses the determination of whether tax
benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements.  Under Section 740-10-25, the Company may
recognize the tax benefit from an uncertain tax position only if it is more
likely than not that the tax position will be sustained on examination by the
taxing authorities, based on the technical merits of the
position.  The tax benefits recognized in the financial statements
from such a position should be measured based on the largest benefit that has a
greater than fifty percent (50%) likelihood of being realized upon ultimate
settlement. Section 740-10-25 also provides guidance on de-recognition,
classification, interest and penalties on income taxes, accounting in interim
periods and requires increased disclosures.  The Company had no
material adjustments to its liabilities for unrecognized income tax benefits
according to the provisions of Section 740-10-25.


F-5





Net loss per common
share





Net loss
per common share is computed pursuant to section 260-10-45 of the FASB
Accounting Standards Codification.  Basic net loss per share is
computed by dividing net loss by the weighted average number of shares of common
stock outstanding during the period.  Diluted net loss per share is
computed by dividing net loss by the weighted average number of shares of common
stock and potentially outstanding shares of common stock during each
period.  There were no potentially dilutive shares outstanding as of
June 30, 2010 or 2009.





Recently issued accounting
pronouncements





In
January 2010, the FASB issued the FASB Accounting Standards Update No. 2010-01
“Equity Topic 505 – Accounting
for Distributions to Shareholders with Components of Stock and Cash”,
which clarify that the stock portion of a distribution to shareholders that
allows them to elect to receive cash or stock with a potential limitation on the
total amount of cash that all shareholders can elect to receive in the aggregate
is considered a share issuance that is reflected in EPS prospectively and is not
a stock dividend for purposes of applying Topics 505 and 260 (Equity and
Earnings Per Share (“EPS”)).  Those distributions should be accounted
for and included in EPS calculations in accordance with paragraphs 480-10-25- 14
and 260-10-45-45 through 45-47 of the FASB Accounting Standards
codification.  The amendments in this Update also provide a technical
correction to the Accounting Standards Codification.  The correction
moves guidance that was previously included in the Overview and Background
Section to the definition of a stock dividend in the Master
Glossary.  That guidance indicates that a stock dividend takes nothing
from the property of the corporation and adds nothing to the interests of the
stockholders.  It also indicates that the proportional interest of
each shareholder remains the same, and is a key factor to consider in
determining whether a distribution is a stock dividend.





In
January 2010, the FASB issued the FASB Accounting Standards Update No. 2010-02
“Consolidation Topic 810 –
Accounting and Reporting for Decreases in Ownership of a Subsidiary – a Scope
Clarification”, which provides amendments to Subtopic 810-10 and related
guidance within U.S. GAAP to clarify that the scope of the decrease in ownership
provisions of the Subtopic and related guidance applies to the
following:





1.
            A subsidiary or group of assets
      that is a business or nonprofit
activity.


2.
            A subsidiary that is a business
      or nonprofit activity that is transferred to an equity method investee or
      joint venture.


3.
            An exchange of a group of assets
      that constitutes a business or nonprofit activity for a noncontrolling
      interest in an entity (including an equity method investee or joint
      venture).





The
amendments in this Update also clarify that the decrease in ownership guidance
in Subtopic 810-10 does not apply to the following transactions even if they
involve businesses:





1.
            Sales of in substance real
      estate. Entities should apply the sale of real estate guidance in
      Subtopics 360-20 (Property, Plant, and Equipment) and 976-605
      (Retail/Land) to such
transactions.


2.
            Conveyances
      of oil and gas mineral rights. Entities should apply the mineral property
      conveyance and related transactions guidance in Subtopic 932-360 (Oil and
      Gas-Property, Plant, and Equipment) to such
  transactions.





If a
decrease in ownership occurs in a subsidiary that is not a business or nonprofit
activity, an entity first needs to consider whether the substance of the
transaction causing the decrease in ownership is addressed in other U.S. GAAP,
such as transfers of financial assets, revenue recognition, exchanges of
nonmonetary assets, sales of in substance real estate, or conveyances of oil and
gas mineral rights, and apply that guidance as applicable. If no other guidance
exists, an entity should apply the guidance in Subtopic 810-10.




In
January 2010, the FASB issued the FASB Accounting Standards Update No.
2010-06 “Fair Value
Measurements and Disclosures (Topic 820) Improving Disclosures about Fair Value
Measurements”, which provides amendments to Subtopic 820-10
that require new disclosures as follows:
  1.
              Transfers in and out of Levels 1
      and 2. A reporting entity should disclose separately the amounts of
      significant transfers in and out of Level 1 and Level 2 fair value
      measurements and describe the reasons for the transfers.
 2.
              Activity in Level 3 fair value measurements.
      In the reconciliation for fair value measurements using significant
      unobservable inputs (Level 3), a reporting entity should present
      separately information about purchases, sales, issuances, and settlements
      (that is, onagross basis rather than as one
      net number).
   F-6
  This Update provides amendments to
Subtopic 820-10 that clarify existing disclosures as
follows:
  1.
              Level of disaggregation. A
      reporting entity should provide fair value measurement disclosures for
      each class of assets
      and liabilities. A class is often a subset of assets or liabilities within
      a line item in the statement of financial position. A reporting entity
      needs to use judgment in determining the appropriate classes of assets and
      liabilities.
 2.
              Disclosures about inputs and valuation
      techniques. A reporting entity should provide disclosures about the
      valuation techniques and inputs used to measure fair value for both
      recurring and nonrecurring fair value measurements. Those disclosures are
      required forfair value measurements that fall
      in either Level 2 or Level 3.
  This
Update also includes conforming amendments to the guidance on employers'
disclosures about postretirement benefit plan assets (Subtopic 715-20). The
conforming amendments to Subtopic 715-20 change the terminology from major categoriesof assets to
classesof assets and
provide a cross reference to the guidance in Subtopic 820-10 on how to determine
appropriate classes to present fair value disclosures. The new disclosures and
clarifications of existing disclosures are effective for interim and annual
reporting periods beginning after December 15, 2009, except for the disclosures
about purchases, sales, issuances, and settlements in the roll forward of
activity in Level 3 fair value measurements. Those disclosures are effective for
fiscal years beginning after December 15, 2010, and for interim periods within
those fiscal years.
  In
February 2010, the FASB issued the FASB Accounting Standards Update No.
2010-09 “Subsequent Events
(Topic 855) Amendments to Certain Recognition and Disclosure
Requirements”, which provides amendments to Subtopic 855-10 as
follows:
  1.
              An
      entity that either (a) is an SEC filer or(b) is a conduit bond obligor for
      conduit debt securities that are traded in a public market (a domestic or
      foreign stock exchange or an over-the-counter market, including local or
      regional markets) is required to evaluate subsequent events through the
      date that the financial statements are issued. If an entity meets neither
      of those criteria, then it should evaluate subsequent events through the
      date the financial statements are available to be
  issued.
  2.
              An
      entity that is an SEC filer is not required to disclose the date through
      which subsequent events have been evaluated. This change alleviates
      potential conflicts between Subtopic 855-10 and the SEC's
      requirements.
  3.
              The
      scope of the reissuance disclosure requirements is refined to include
      revised financial statements only. The term revised financial statementsis added to the glossary of Topic 855. Revised financial statements
      include financial statements revised either as a result of correction of
      an error or retrospective application of U.S. generally accepted
      accounting principles.
  All of
the amendments in this Update are effective upon issuance of the final Update,
except for the use of the issued date for conduit debt obligors. That amendment
is effective for interim or annual periods ending after June 15,
2010.
  In
April 2010, the FASB issued the FASB Accounting Standards Update No.
2010-17 “Revenue Recognition —
Milestone Method (Topic 605) Milestone Method of Revenue Recognition”,
which provides guidance on the criteria that should be met for determining
whether the milestone method of revenue recognition is appropriate. A vendor can
recognize consideration that is contingent upon achievement of a milestone in
its entirety as revenue in the period in which the milestone is achieved only if
the milestone meets all criteria to be considered substantive.
  Determining
whether a milestone is substantive is a matter of judgment made at the inception
of the arrangement. The following criteria must be met for a milestone to be
considered substantive. The consideration earned by achieving the milestone
should:
  1.
              Be
      commensurate with either of the
following:
  a.
              The
      vendor's performance to achieve the
milestone
  b.
              The
      enhancement of the value of the item delivered as a result of a specific
      outcome resulting from the vendor's performance to achieve the
      milestone
  2.
              Relate
      solely to past performance
  3.
              Be
      reasonable relative to all deliverables and payment terms in the
      arrangement.
  A
milestone should be considered substantive in its entirety. An individual
milestone may not be bifurcated. An arrangement may include more than one
milestone, and each milestone should be evaluated separately to determine
whether the milestone is substantive. Accordingly, an arrangement may contain
both substantive and nonsubstantive milestones.
  F-7
  A
vendor's decision to use the milestone method of revenue recognition for
transactions within the scope of the amendments in this Update is a policy
election. Other proportional revenue recognition methods also may be applied as
long as the application of those other methods does not result in the
recognition of consideration in its entirety in the period the milestone is
achieved.
  A vendor
that is affected by the amendments in this Update is required to provide all of
the following disclosures:
  1.
              A
      description of the overall
arrangement
 2.
              A
      description of each milestone and related contingent
      consideration
 3.
              A
      determination of whether each milestone is considered
      substantive
 4.
              The
      factors that the entity considered in determining whether the milestone or
      milestones are substantive
 5.
              The
      amount of consideration recognized during the period for the milestone or
      milestones.
  The
amendments in this Update are effective on a prospective basis for milestones
achieved in fiscal years, and interim periods within those years, beginning on
or after June 15, 2010. Early adoption is permitted. If a vendor elects early
adoption and the period of adoption is not the beginning of the entity's fiscal
year, the entity should apply the amendments retrospectively from the beginning
of the year of adoption. Additionally, a vendor electing early adoption should
disclose the following information at a minimum for all previously reported
interim periods in the fiscal year of adoption:
  1.
              Revenue
 2.
              Income
      before income taxes
 3.
              Net
      income
 4.
              Earnings
      per share
 5.
              The
      effect of the change for the captions
presented.
  A vendor
may elect, but is not required, to adopt the amendments in this Update
retrospectively for all prior periods.


Management
does not believe that any other recently issued, but not yet effective
accounting pronouncements, if adopted, would have a material effect on the
accompanying financial statements.





NOTE
3 – GOING CONCERN





The
accompanying financial statements have been prepared assuming that the Company
will continue as a going concern.  As reflected in the accompanying
financial statements, the Company had an accumulated deficit of $103,830 at June
30, 2010, a net loss from operations of $14,786 and net cash used in operating
activities of $8,000 for the interim period ended June 30, 2010, respectively
with no revenues earned since inception.


F-8





The
Company’s cash position may not be sufficient enough to support the Company’s
daily operations.  The Company’s development activities since
inception have been financially sustained through equity financing. The ability
of the Company to continue as a going concern is dependent upon its ability to
find a suitable acquisition or merger candidate, raise additional capital from
the sale of stock, receive additional paid in capital and ultimately, the
achievement of significant positive results.  The ability of the
Company to continue as a going concern is dependent upon the Company’s ability
to further implement its business plan and generate revenues.  The
financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.





NOTE
4 – STOCKHOLDERS’ DEFICIT





Additional paid-in
capital





Net
accrued expenses of $21,296, as of February 6, 2009, were assumed by certain
stockholders of the Company and have been reclassified to additional paid-in
capital.





For the
period from July 1, 2009 through December 31, 2009, the majority stockholder of
the Company paid $11,213 of professional fees on behalf of the Company. The
payments were recorded as a contribution to capital.





On March
18, 2010, the majority stockholder of the Company paid $8,000 of professional
fees on behalf of the Company. The payment was recorded as a contribution to
capital.





NOTE
5 – RELATED PARTY TRANSACTION





Free office
space





The
Company has been provided office space by its principal stockholder at no
cost.  Management determined that such cost is nominal and did not
recognize the rent expense in its financial statements.





NOTE
6 – SUBSEQUENT EVENTS





The
Company has evaluated all events that occurred after the balance sheet date
through the date when the financial statements were issued, to determine if they
must be reported.  Management of the Company determined that there
were no reportable subsequent events to be disclosed.


F-9





Item
2. Management’s Discussion and Analysis of Financial Condition and Results of
Operations





Forward-Looking
Statements





Certain
statements made in this Quarterly Report on Form 10-Q (“Quarterly Report”) are
“forward-looking statements” (within the meaning of the Private Securities
Litigation Reform Act of 1995). Such statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance
or achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. The
forward-looking statements included herein are based on current expectations
that involve numerous risks and uncertainties. Our plans and objectives are
based, in part, on assumptions involving judgments with respect to, among other
things, future economic, market conditions and future business decisions, all of
which are difficult or impossible to predict accurately and many of which are
beyond our control. Without limiting the foregoing, the words “believes,”
“anticipates,” “plans,” “expects” and similar expressions are intended to
identify forward-looking statements.





The
forward-looking statements are based on various factors and were derived using
numerous assumptions. Although we believe that our assumptions underlying the
forward-looking statements are reasonable, any of the assumptions could prove
inaccurate and, therefore, there can be no assurance that the forward-looking
statements included in this Quarterly Report will prove to be accurate. In light
of the significant uncertainties inherent in the forward-looking statements
included herein, particularly in view of the current state of our operations,
the inclusion of such information should not be regarded as a statement by us or
any other person that our objectives and plans will be achieved. In addition,
the forward-looking statements contained herein represent our estimate only as
of the date of this filing and should not be relied upon as representing our
estimate as of any subsequent date. While we may elect to update these
forward-looking statements at some point in the future, we specifically disclaim
any obligation to do so to reflect actual results, changes in assumptions or
changes in other factors affecting such forward-looking statements.





References
to “Company”, “we” or “us” refer to Noble Medical Technologies, Inc., unless the
context requires otherwise.





Overview





The
Company was incorporated on July 25, 2007 under the laws of the State of
Delaware. A substantial portion of the Company’s activities has involved
developing a business plan and establishing contacts and visibility in the
marketplace. Due to the recent economic downturn, the Company was unable to
receive sufficient funds to commence operations and the Company has not
generated any revenue to date. Therefore, the Company abandoned its plan to
engage in developing and marketing enhancements to electrocardiogram (“EKG”)
equipment and is currently inactive and is seeking a suitable candidate for a
business combination.





Recent
Developments





On
February 9, 2010, we and GoldSail Shipping Corporation, a Marshall Islands
corporation (“GoldSail”) mutually agreed to enter into a Termination Agreement,
pursuant to which the previously announced Agreement and Plan of Merger, dated
as of May 5, 2009 (the “Merger Agreement”), by and between us, GoldSail and
Noble Merger Corp., a Delaware corporation and a wholly-owned subsidiary of
GoldSail, was terminated.





In
connection with the termination of the Merger Agreement, on April 9, 2010,
George Elliott (“Elliott”), entered into an Agreement with Trinad Capital Master
Fund, Ltd. (“Trinad”), pursuant to which Elliott agreed to assign and transfer
an aggregate of 3,978,600 shares (the “Shares”) of the Company’s common stock,
$0.0001 par value per share (“Common Stock”), representing 95% of the issued and
outstanding Common Stock of the Company as of April 9, 2010 (the “Closing”). At
Closing, Trinad exchanged one share of Series B Convertible Preferred Stock of
GoldSail in consideration for the Shares. At the time of the change in control,
Trinad became the beneficial owner of 3,978,600 shares of Common Stock of the
Company. This amount represents 95% of the total voting securities of the
Company’s currently issued and outstanding shares of Common Stock.





On April
9, 2010, Elliott resigned as the Company’s Chief Executive Officer, President
and Secretary and as a director. In addition, the total number of members to
serve on the board of directors of the Company was increased to two and Messrs.
Robert S. Ellin and Jay Krigsman were appointed as members of the board of
directors.





In
addition, on April 14, 2010, the board of directors of the Company appointed
Robert S. Ellin as our Chief Executive Officer.


1





A Blank Check
Company





At
present, the Company has no sources of revenue and we are an inactive company.
The Company’s business plan is to seek a business combination. As a result, the
Company is a “blank check” or “shell” company. Many states have enacted
statutes, rules and regulations limiting the sale of securities of shell
companies in their respective jurisdictions. Management does not intend to
undertake any efforts to cause a market to develop in the Company’s securities
or undertake any offering of the Company’s securities, either debt or equity,
until such time as the Company has successfully implemented its business plan
and closed on a suitable business combination.





The
Company’s common stock is a “penny stock,” as defined in Rule 3a51-1 under the
Exchange Act. The penny stock rules require a broker-dealer, prior to a
transaction in penny stock not otherwise exempt from the rules, to deliver a
standardized risk disclosure document that provides information about penny
stocks and the nature and level of risks in the penny stock market. The
broker-dealer also must provide the customer with current bid and offer
quotations for the penny stock, the compensation of the broker-dealer and its
sales person in the transaction, and monthly account statements showing the
market value of each penny stock held in the customer’s account. In addition,
the penny stock rules require that the broker-dealer, not otherwise exempt from
such rules, must make a special written determination that the penny stock is
suitable for the purchaser and receive the purchaser’s written agreement to the
transaction. These disclosure rules have the effect of reducing the level of
trading activity in the secondary market for a stock that becomes subject to the
penny stock rules. So long as the common stock of the Company is subject to the
penny stock rules, it may be more difficult to sell the Company’s common
stock.





Our
principal business objective for the next 12 months and beyond such time will be
to achieve long-term growth potential through a combination with a business
rather than immediate, short-term earnings. We will not restrict our potential
candidate target companies to any specific business, industry or geographical
location and, thus, may acquire any type of business.





We have
not had any operating income since our inception. We do not currently engage in
any business activities that provide cash flow. For the period from July 25,
2007 (inception) through June 30, 2010, we recognized net losses of $103,830,
resulting from expenses mainly associated with legal and accounting fees. The
costs of investigating and analyzing business combinations for the next 12
months and beyond such time will be paid with additional amounts, as necessary,
to be loaned to or invested in us by our principal stockholder, management or
other investors, or assumed by our principal stockholder.





During
the next 12 months we anticipate incurring costs related to:





(i)
filing of Exchange Act reports; and


(ii)
costs relating to consummating an acquisition.





We
believe we will be able to meet these costs through use of funds to be loaned by
or invested in us by our principal stockholder, management or other
investors.





We may
consider a business which has recently commenced operations, is a developing
company in need of additional funds for expansion into new products or markets,
is seeking to develop a new product or service, or is an established business
which may be experiencing financial or operating difficulties and is in need of
additional capital. In the alternative, a business combination may involve the
acquisition of, or merger with, a company which does not need substantial
additional capital, but which desires to establish a public trading market for
its shares, while avoiding, among other things, the time delays, significant
expense, and loss of voting control which may occur in a public
offering.





Any
target business that is selected may be a financially unstable company or an
entity in its early stages of development or growth, including entities without
established records of sales or earnings. In that event, we will be subject to
numerous risks inherent in the business and operations of financially unstable
and early stage or potential emerging growth companies. In addition, we may
effect a business combination with an entity in an industry characterized by a
high level of risk, and, although our management will endeavor to evaluate the
risks inherent in a particular target business, there can be no assurance that
we will properly ascertain or assess all significant risks.





We
anticipate that the selection of a business combination will be complex and
extremely risky. Because of general economic conditions, rapid technological
advances being made in some industries and shortages of available capital, our
management believes that there are numerous firms seeking even the limited
additional capital which we will have and/or the perceived benefits of becoming
a publicly traded corporation. Such perceived benefits of becoming a publicly
traded corporation include, among other things, facilitating or improving the
terms on which additional equity financing may be obtained, providing liquidity
for the principals of and investors in a business, creating a means for
providing incentive stock options or similar benefits to key employees, and
offering greater flexibility in structuring acquisitions, joint ventures and the
like through the issuance of stock. Potentially available business combinations
may occur in many different industries and at various stages of development, all
of which will make the task of comparative investigation and analysis of such
business opportunities extremely difficult and complex.


2


Going
Concern





Our
financial statements have been prepared on a going concern basis, which
contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business. We have a history of losses that are likely to
continue in the future. Our independent registered public accounting firm has
included an explanatory paragraph in their report in our audited financial
statements for the year ended December 31, 2009 and in Note 3 to our financial
statements included herein to the effect that our losses from operations and our
negative cash flows from operations raise substantial doubt about our ability to
continue as a going concern. Our financial statements do not include any
adjustments that might be necessary should we be unable to continue as a going
concern. We may be required to cease operations which could result in our
stockholders losing almost all of their investment.





Results
of Operations





The
Company has not conducted any active operations since its inception. No revenues
have been generated by the Company for the period from July 25, 2007 (inception)
through June 30, 2010. It is unlikely the Company will have any revenues unless
it is able to effect an acquisition or merger with an operating company, of
which there can be no assurance.





Liquidity
and Capital Resources





As of
June 30, 2010, we had no assets or cash on hand and current liabilities of
$16,321. Consequently, our current position is extremely
illiquid.  Our limited resources will affect the extent of our
activities in the future unless we are successful in realizing financing.
Management is seeking debt or equity financing or alternatively to acquire an
operating business with liquidity. There can be no assurance that we will obtain
financing or complete a business combination.





Off
Balance Sheet Arrangements





At June
30, 2010, we have no significant off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources that is material to
stockholders.





Recent
Accounting Pronouncements





Reference
is made to Note 2 to our financial statements included herein.





Item
3. Quantitative and Qualitative Disclosures about Market Risk





Not
applicable as we are a smaller reporting company.





Item
4T. Controls and Procedures





Evaluation
of Disclosure Controls and Procedures





Our Chief
Executive Officer and Chief Financial Officer performed an evaluation of the
effectiveness of our disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this
Quarterly Report on Form 10-Q. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed by us in the reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the Securities and Exchange Commission’s rules and forms,
and is accumulated and communicated to our management, including our principal
executive and principal financial officers, or persons performing similar
functions, as appropriate to allow timely decisions regarding required
disclosure. Based on that evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that, as of June 30, 2010, our disclosure controls
and procedures were ineffective at the reasonable assurance level due to the two
material weaknesses described below:





(i) We do
not have written documentation of our internal control policies and procedures.
Written documentation of key internal controls over financial reporting is a
requirement of Section 404 of the Sarbanes-Oxley Act which is applicable to us
for the year ended December 31, 2009. Management evaluated the impact of our
failure to have written documentation of our internal controls and procedures on
our assessment of our disclosure controls and procedures and has concluded that
the control deficiency that resulted represented a material
weakness.


3





(ii) We
do not have sufficient segregation of duties within accounting functions, which
is a basic internal control. Due to our size and nature, segregation of all
conflicting duties may not always be possible and may not be economically
feasible. However, to the extent possible, the initiation of transactions, the
custody of assets and the recording of transactions should be performed by
separate individuals. Management evaluated the impact of our failure to have
segregation of duties on our assessment of our disclosure controls and
procedures, and concluded that the control deficiency that resulted represented
a material weakness.





It should
be noted that any system of controls, however well designed and operated, can
provide only reasonable and not absolute assurance that the objectives of the
system are met. In addition, the design of any control system is based in part
upon certain assumptions about the likelihood of certain events. Because of
these and other inherent limitations of control systems, there can be no
assurance that any design will succeed in achieving its stated goals under all
potential future conditions, regardless of how remote.





Changes in Internal Control over
Financial Reporting





There
were no changes in the Company’s internal control over financial reporting
identified in connection with the evaluation of such internal control that
occurred during the period covered by this report that have materially affected,
or are reasonably likely to materially affect, the Company’s internal control
over financial reporting.





PART
II – OTHER INFORMATION





Item
1 – Legal Proceedings





There are
no material legal proceedings to which we are a party, or of which any of our
property is subject, and we are not aware of any threatened legal proceedings
against us.





Item
1A – Risk Factors





Not
applicable as we are a smaller reporting company.





Item
2 – Unregistered Sales of Equity Securities and Use of Proceeds





None.





Item
3 – Defaults Upon Senior Securities





None.





Item 4 – (Removed and
Reserved)





Item
5 – Other Information





None.





Item
6 – Exhibits





Exhibits:





10.1
            
            Agreement,
      dated as of April 9, 2010, by and between George Elliott and Trinad
      Capital Master Fund, Ltd. (previously filed as Exhibit 10.1 to the
      Registrant’s Annual Report on Form 10-K, filed with the SEC on April 15,
      2010).31.1
            
            Certification
      of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
      Act of 2002.*31.2
            
            Certification
      of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
      Act of 2002.*32.1
            
            Certifications
      of Chief Executive Officer and Chief Financial Officer pursuant to Section
      906 of the Sarbanes-Oxley Act of
2002.*





* Filed
herewith.


4




SIGNATURES





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





NOBLE
      MEDICAL TECHNOLOGIES, INC.(Registrant)Date:          August
      20, 2010
                  By:
                  /s/
      Robert S. EllinRobert
      S. EllinChief
      Executive Officer(Authorized
      Officer and Principal Executive Officer)Date:         August
      20, 2010
                  By:
                  /s/
      Charles BentzCharles
      BentzChief
      Financial Officer(Authorized
      Officer and Principal Financial
Officer)




5