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 March 31, 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 May 21, 2010.








NOBLE
MEDICAL TECHNOLOGIES, INC.


Table
of Contents


PagePART
      I - FINANCIAL INFORMATIONItem
      1.     Financial StatementsBalance
      Sheets at March 31, 2010 (Unaudited) and December 31, 2009
                  F-2Statements
      of Operations for the Three Months Ended March 31, 2010 and March 31, 2009
      (Unaudited)
                  F-3Statements
      of Cash Flows for the Three Months Ended March 31, 2010 and March 31, 2009
      (Unaudited)
                  F-4Notes
      to the Financial Statements (Unaudited)
                  F-5
      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.





March
31, 2010 and 2009





INDEX
TO FINANCIAL STATEMENTS





Balance
      Sheets at March 31, 2010 (Unaudited) and December 31, 2009
                
                F-2Statements
      of Operations for the Three Months Ended March 31, 2010 and March 31, 2009
      (Unaudited)
                
                F-3Statements
      of Cash Flows for the Three Months Ended March 31, 2010 and March 31, 2009
      (Unaudited)
                
                F-4Notes
      to the Financial Statements (Unaudited)
                
                F-5
      to F-9


F-1




NOBLE
MEDICAL TECHNOLOGIES, INC.





BALANCE
SHEETS




March 31,
                          2010
                        
                        
                        December 31,
                          2009(Unaudited)ASSETSCURRENT
      ASSETS:Cash
                        
                        $
                        -
                        
                        
                        $
                        -Total
      Current Assets
                        
                        
                        -
                        
                        
                        
                        -Total
      Assets
                        
                        $
                        -
                        
                        
                        $
                        -LIABILITIES
      AND STOCKHOLDERS’ DEFICITCURRENT
      LIABILITIES:Accrued
      expenses
                        
                        $
                        6,535
                        
                        
                        $
                        9,535Total
      Current Liabilities
                        
                        
                        6,535
                        
                        
                        
                        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
                        
                        
                        (94,044
                        )
                        
                        
                        (89,044
                        )Total
      Stockholders’ Deficit
                        
                        
                        (6,535
                        )
                        
                        
                        (9,535
                        )Total
      Liabilities and Stockholders’ Deficit
                        
                        $
                        -
                        
                        
                        $
                        -




See
accompanying notes to the financial statements.


F-2




NOBLE
MEDICAL TECHNOLOGIES, INC.





STATEMENTS
OF OPERATIONS


(UNAUDITED)




For the
                      Three
      Months
                    
                    
                    For the
                      Three MonthsEnded
                    
                    
                    EndedMarch
      31,
                    
                    
                    March
      31,2010
                    
                    
                    2009OPERATING
      EXPENSES:Professional
      fees
                    
                    $
                    5,000
                    
                    
                    $
                    2,000Total
      operating expenses
                    
                    
                    5,000
                    
                    
                    
                    2,000LOSS
      BEFORE TAXES
                    
                    
                    (5,000
                    )
                    
                    
                    (2,000
                    )INCOME
      TAXES
                    
                    
                    -
                    
                    
                    
                    -NET
      LOSS
                    
                    $
                    (5,000
                    )
                    
                    $
                    (2,000
                    )NET
      LOSS PER COMMON SHARE -BASIC
      AND DILUTED:
                    
                    $
                    (0.00
                    )
                    
                    $
                    (0.00
                    )Weighted
      Common Shares Outstanding - basic and diluted
                    
                    
                    4,188,000
                    
                    
                    
                    4,188,000




See
accompanying notes to the financial statements.


F-3





NOBLE
MEDICAL TECHNOLOGIES, INC.





STATEMENTS
OF CASH FLOWS


(UNAUDITED)




For the
                        Three Months
                      
                      
                      For the
                        Three MonthsEnded
                      
                      
                      EndedMarch 31,
                        2010
                      
                      
                      March 31,
                        2009CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
                      
                      $
                      (5,000
                      )
                      
                      $
                      (2,000
                      )Adjustments
      to reconcile net loss to net cash used in operating
    activitiesChanges
      in operating assets and liabilities:Accrued
      expenses
                      
                      
                      (3,000)
                      
                      
                      
                      (19,667
                      )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-4




NOBLE
MEDICAL TECHNOLOGIES, INC.




March 31,
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 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-5





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 accounting
principles generally accepted in the United States of America (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
March 31, 2010 or December 31, 2009, nor gains or losses are 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 three months ended March 31, 2010 and March 31, 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 statement 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.





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
March 31, 2010 or 2009.


F-6





Recently issued accounting
pronouncements





On June
5, 2003, the United States Securities and Exchange Commission (“SEC”) adopted
final rules under Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”),
as amended by SEC Release No. 33-9072 on October 13, 2009.  Under the
provisions of Section 404 of the Sarbanes-Oxley Act, public companies and their
independent auditors are each required to report to the public on the
effectiveness of a company’s internal controls.  The smallest public
companies with a public float below $75 million have been given extra time to
design, implement and document these internal controls before their auditors are
required to attest to the effectiveness of these controls.  This
extension of time will expire beginning with the annual reports of companies
with fiscal years ending on or after June 15, 2010.  Commencing with
its annual report for the fiscal year ending December 31, 2010, the Company will
be required to include a report of management on its internal control over
financial reporting.  The internal control report must include a
statement





·
            Of management’s responsibility
      for establishing and maintaining adequate internal control over its
      financial reporting;




·
            Of management’s assessment of the
      effectiveness of its internal control over financial reporting as of year
      end; and




·
            Of the framework used by
      management to evaluate the effectiveness of the Company’s internal control
      over financial reporting.





Furthermore,
it is required to file the auditor’s attestation report separately on the
Company’s internal control over financial reporting on whether it believes that
the Company has maintained, in all material respects, effective internal control
over financial reporting.





In
June 2009, the FASB approved the “FASB Accounting Standards Codification”
(the “Codification”) as the single source of authoritative nongovernmental U.S.
GAAP to be launched on July 1, 2009.  The Codification does not
change current U.S. GAAP, but is intended to simplify user access to all
authoritative U.S. GAAP by providing all the authoritative literature related to
a particular topic in one place.  All existing accounting standard
documents will be superseded and all other accounting literature not included in
the Codification will be considered non-authoritative. The Codification is
effective for interim and annual periods ending after September 15,
2009.





In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-04 “Accounting for
Redeemable Equity Instruments - Amendment to Section 480-10-S99” which
represents an update to section 480-10-S99, distinguishing liabilities from
equity, per EITF Topic D-98, Classification and Measurement of
Redeemable Securities .  The Company does not expect the
adoption of this update to have a material impact on its consolidated financial
position, results of operations or cash flows.





In
August 2009, the FASB issued the FASB Accounting Standards Update No.
2009-05 “Fair Value
Measurement and Disclosures Topic 820 – Measuring Liabilities at Fair
Value” , which provides amendments to subtopic 820-10, Fair Value
Measurements and Disclosures – Overall, for the fair value measurement of
liabilities.  This update provides clarification that in circumstances
in which a quoted price in an active market for the identical liability is not
available, a reporting entity is required to measure fair value using one or
more of the following techniques: 1. A valuation technique that uses: a. The
quoted price of the identical liability when traded as an asset b. Quoted prices
for similar liabilities or similar liabilities when traded as assets. 2. Another
valuation technique that is consistent with the principles of topic 820; two
examples would be an income approach, such as a present value technique, or a
market approach, such as a technique that is based on the amount at the
measurement date that the reporting entity would pay to transfer the identical
liability or would receive to enter into the identical liability. The amendments
in this update also clarify that when estimating the fair value of a liability,
a reporting entity is not required to include a separate input or adjustment to
other inputs relating to the existence of a restriction that prevents the
transfer of the liability. The amendments in this update also clarify that both
a quoted price in an active market for the identical liability when traded as an
asset in an active market when no adjustments to the quoted price of the asset
are required are Level 1 fair value measurements.  The Company does
not expect the adoption of this update to have a material impact on its
consolidated financial position, results of operations or cash
flows.





In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-08 “Earnings Per Share –
Amendments to Section 260-10-S99”, which represents technical corrections
to topic 260-10-S99, Earnings per share, based on EITF Topic D-53, Computation of Earnings Per Share
for a Period that includes a Redemption or an Induced Conversion of a Portion of
a Class of Preferred Stock and EITF Topic D-42, The Effect of the Calculation of
Earnings per Share for the Redemption or Induced Conversion of Preferred
Stock . The Company does not expect the adoption of this update to have a
material impact on its consolidated financial position, results of operations or
cash flows.





In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-09 “Accounting for
Investments -Equity Method and Joint Ventures and Accounting for Equity-Based
Payments to Non-Employees” .  This update represents a
correction to Section 323-10-S99-4, Accounting by an Investor for
Stock-Based Compensation Granted to Employees of an Equity Method
Investee. Additionally, it adds observer comment Accounting Recognition for Certain
Transactions Involving Equity Instruments Granted to Other Than Employees
to the Codification. The Company does not expect the adoption to have a material
impact on its consolidated financial position, results of operations or cash
flows.


F-7





In
September 2009, the FASB issued the FASB Accounting Standards Update No.
2009-12 “Fair Value
Measurements and Disclosures Topic 820 – Investment in Certain Entities That
Calculate Net Assets Value Per Share (or Its Equivalent)”, which provides
amendments to Subtopic 820-10, Fair Value Measurements and Disclosures-Overall,
for the fair value measurement of investments in certain entities that calculate
net asset value per share (or its equivalent). The amendments in this update
permit, as a practical expedient, a reporting entity to measure the fair value
of an investment that is within the scope of the amendments in this update on
the basis of the net asset value per share of the investment (or its equivalent)
if the net asset value of the investment (or its equivalent) is calculated in a
manner consistent with the measurement principles of Topic 946 as of the
reporting entity’s measurement date, including measurement of all or
substantially all of the underlying investments of the investee in accordance
with Topic 820. The amendments in this update also require disclosures by major
category of investment about the attributes of investments within the scope of
the amendments in this update, such as the nature of any restrictions on the
investor’s ability to redeem its investments a the measurement date, any
unfunded commitments (for example, a contractual commitment by the investor to
invest a specified amount of additional capital at a future date to fund
investments that will be make by the investee), and the investment strategies of
the investees. The major category of investment is required to be determined on
the basis of the nature and risks of the investment in a manner consistent with
the guidance for major security types in U.S. GAAP on investments in debt and
equity securities in paragraph 320-10-50-1B. The disclosures are required for
all investments within the scope of the amendments in this update regardless of
whether the fair value of the investment is measured using the practical
expedient. The Company does not expect the adoption to have a material impact on
its consolidated financial position, results of operations or cash
flows.





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.





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 $94,044 at March
31, 2010, a net loss from operations of $5,000 and net cash used in operations
of $8,000 for the interim period ended March 31, 2010,
respectively.


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.  The 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 May 24, 2010, the date when the financial statements were issued, to
determine if they must be reported.  The 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





Noble
Medical Technologies, Inc. (the “Company” or “Noble”) 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 to serve until the next annual stockholders meeting and until his
successor is duly elected and qualified.





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





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.


1




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 March 31, 2010, we recognized net losses of $[94,044],
resulting from expenses mainly associated with legal and accounting expenses.
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 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.





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.


2





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 March 31, 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
March 31, 2010, we had no assets or cash on hand and current liabilities of
$6,535. 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 March
31, 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




The
information called for by this item is not required as we are a smaller
reporting company.




Item
4T. 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 March 31, 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.




(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 that
occurred during the first fiscal quarter of 2010 that have materially affected,
or are reasonably likely to materially affect, the Company’s internal control
over financial reporting as such term is defined in Rule 13a-15 and 15d-15 of
the Exchange Act.


3




PART
II – OTHER INFORMATION





Item
1 – Legal Proceedings





We are
not currently party to any material legal proceedings and are not aware of any
threatened legal proceedings against us.





Item
1A – Risk Factors





The
information called for by this item is not required 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).10.2
                    
                    Termination
      Agreement, dated as of February 9, 2010, by and between Noble Medical
      Technologies, Inc. and GoldSail Shipping Corporation (previously filed as
      Exhibit 10.1 to the Registrant’s Current Report on Form 8-K,
      filed with the SEC on February 10, 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‡
                    
                    Certifications
      of Chief Executive Officer and Chief Financial Officer pursuant to
      Section 906 of the Sarbanes-Oxley Act of
  2002.





* Filed
herewith.


‡
Furnished 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:          May
      24, 2010
              By:
              /s/ Robert S. EllinRobert
      S. EllinChief
      Executive Officer
                (Authorized
      Officer and Principal Executive Officer)Date:         May
      24, 2010
              By:
              /s/ Charles BentzCharles
      BentzChief
      Financial Officer
                (Authorized
      Officer and Principal Financial
Officer)


5