----

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| x | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------|

| o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT |
|---|-----------------------------------------------------------------|

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|                                                          |   |                                |
|---------------------------------------------------------------|--------|-------------------------------------|
| Nevada                                                        |   | 26-4205169                          |
| (State or Other Jurisdiction ofIncorporation or Organization) |   | (I.R.S. EmployerIdentification No.) |

|                                                      |   |                              |
|-----------------------------------------------------------|--------|-----------------------------------|
| 4695 MacArthur Court, Suite 1430, Newport Beach, CA 92660 |   | 949-475-9086                      |
| (Address of Principal Executive Offices)                  |   | (Issuer’s Telephone Number) |

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|                              |   |   |         |                                |   |   |
|-----------------------------------|--------|--------|--------------|-------------------------------------|--------|--------|
| Large accelerated filer |   | o      |    | Accelerated filer              |   | o      |
|                              |   |   |         |
| Non-accelerated filer             |   | o      |    | Smaller reporting company |   | x      |

----

----

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|                          |         |   |
|-------------------------------|--------------|--------|
| Balance Sheets                |    | 3      |
|                          |         |
| Statements of Operations      |    | 4      |
|                          |         |
| Statements of Cash Flows      |    | 5      |
|                          |         |
| Notes to Financial Statements |    | 6      |

----

| Gold Bag, Inc.                |
|-------------------------------|
| (A Development Stage Company) |
| Balance Sheets                |

|                                                                                                                                                                          |   | Balanceas of    |     |   | Balanceas of      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|----------|--------|-------------------|--------|
|                                                                                                                                                                          |   | August 31, 2010 |     |   | February 28, 2010 |   |
| ASSETS                                                                                                                                                                        |   |            |     |   |              |   |
| Current assets                                                                                                                                                                |   |            |     |   |              |   |
| Cash                                                                                                                                                                          |   | $               | 105      |   |              | $      | 5,619 |   |
| Prepaid legal fees                                                                                                                                                            |   |            | 12,000   |   |              |   | - |   |
|                                                                                                                                                                          |   |            |     |   |              |   |   |   |
| Total current assets                                                                                                                                                          |   |            | 12,105   |   |              |   | 5,619 |   |
|                                                                                                                                                                          |   |            |     |   |              |   |   |   |
| TOTAL ASSETS                                                                                                                                                                  |   | $               | 12,105   |   |              | $      | 5,619 |   |
|                                                                                                                                                                          |   |            |     |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                                         |   |            |     |   |              |   |   |   |
| Current liabilities                                                                                                                                                           |   |            |     |   |              |   |   |   |
| Accounts payable and accrued liabilities                                                                                                                                      |   | $               | 37,500   |   |              | $      | 8,596 |   |
| Advances from Officer                                                                                                                                                         |   |            | 17,445   |   |              |   | 0 |   |
|                                                                                                                                                                          |   |            |     |   |              |   |   |   |
| Total current liabilities                                                                                                                                                     |   |            | 54,945   |   |              |   | 8,596 |   |
|                                                                                                                                                                          |   |            |     |   |              |   |   |   |
| Total liabilities                                                                                                                                                             |   |            | 54,945   |   |              |   | 8,596 |   |
|                                                                                                                                                                          |   |            |     |   |              |   |   |   |
| Stockholders' deficit                                                                                                                                                         |   |            |     |   |              |   |   |   |
| Preferred stock, $0.00001 par value, 100,000,000 shares authorized and none issued and outstanding as of May 31, 2010                                                         |   |            | -        |   |              |   | - |   |
| Common stock, $0.00001 par value, authorized 250,000,000 shares, 61,590,010 and 61,340,010 shares issued and outstanding as of August 31, 2010 and May 31, 2010, respectively |   |            | 616      |   |              |   | 613 |   |
| Additional paid-in capital                                                                                                                                                    |   |            | 313,783  |   |              |   | 250,787 |   |
| Donated capital                                                                                                                                                               |   |            | 17,559   |   |              |   | 17,559 |   |
| Deficit accumulated during the development stage                                                                                                                              |   |            | (374,798 | )      |              |   | (271,936 | ) |
|                                                                                                                                                                          |   |            |     |   |              |   |   |   |
| Total stockholders' equity (deficit)                                                                                                                                          |   |            | (42,840  | )      |              |   | (2,977 | ) |
|                                                                                                                                                                          |   |            |     |   |              |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                                   |   | $               | 12,105   |   |              | $      | 5,619 |   |
|                                                                                                                                                                          |   |            |     |   |              |   |   |   |
| (The accompanying notes are an integral part of these financial statements.)                                                                                                  |   |

----

| Gold Bag, Inc.                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|-------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| (A Development Stage Company) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Statements of Operations      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                         |   | Accumulated from23-Dec-05 |     |   | For the six months ended August 31, |   |       | For the three months ended August 31, |   |
|------------------------------------------------------------------------------|--------|---------------------------|----------|--------|-------------------------------------|--------|------------|---------------------------------------|--------|
|                                                                         |   | (date of inception)       |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |
|                                                                         |   | to May 31, 2010           |     |   | 2010                                |   |       | 2009                                  |   |   | 2010 |   |   | 2009 |   |
| Revenue                                                                      |   | $                         | 0        |   |                                | $      | 0          |                                  |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                     |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                                                    |   |                      | 17,559   |   |                                |   | -          |                                  |   |   | 2,359 |   |   |   | - |   |   |   | 0 |   |
| General and administrative                                                   |   |                      | 24,101   |   |                                |   | 283        |                                  |   |   | 13,567 |   |   |   | 36 |   |   |   | 1,550 |   |
| Management fees                                                              |   |                      | 95,881   |   |                                |   | 9,000      |                                  |   |   | 42,000 |   |   |   | 4,500 |   |   |   | 21,000 |   |
| Professional fees                                                            |   |                      | 237,263  |   |                                |   | 93,579     |                                  |   |   | 33,563 |   |   |   | 43,374 |   |   |   | 13,564 |   |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                                                               |   |                      | 374,804  |   |                                |   | 102,862    |                                  |   |   | 91,489 |   |   |   | 47,910 |   |   |   | 35,814 |   |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                                               |   |                      | (374,804 | )      |                                |   | (102,862   | )                                     |   |   | (91,489 | ) |   |   | (47,910 | ) |   |   | (35,814 | ) |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                              |   |                      | 6        |   |                                |   | -          |                                  |   |   | 6 |   |   |   | - |   |   |   | 1 |   |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss before taxes                                                            |   |                      | (374,798 | )      |                                |   | (102,862   | )                                     |   |   | (91,483 | ) |   |   | (47,910 | ) |   |   | (35,813 | ) |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                                   |   |                      | -        |   |                                |   | -          |                                  |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for period                                                          |   | $                         | (374,798 | )      |                                | $      | (102,862   | )                                     |   |   | (91,483 | ) |   | $ | (47,910 | ) |   |   | (35,813 | ) |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted net loss per share                                         |   |                      |     |   |                                | $      | (0.00      | )                                     |   | $ | (0.00 | ) |   | $ | (0.00 | ) |   | $ | (0.00 | ) |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding                                |   |                      |     |   |                                |   | 61,402,510 |                                  |   |   | 69,640,000 |   |   |   | 61,465,010 |   |   |   | 69,640,000 |   |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                         |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| (The accompanying notes are an integral part of these financial statements.) |   |                      |     |   |                                |   |       |                                  |   |   |   |   |   |

----

| Gold Bag, Inc.                                                               |   |                |     |   |               |   |     |   |   |
|------------------------------------------------------------------------------|--------|---------------------|----------|--------|--------------------|--------|----------|--------|--------|
| (A Development Stage Company)                                                |   |                |     |   |               |   |     |   |   |
| Statements of Cash Flows                                                     |   |                |     |   |               |   |     |   |   |
|                                                                         |   |                |     |   |               |   |     |   |   |
|                                                                         |   | Accumulated from    |     |   | For the six months |   |
|                                                                         |   | 23-Dec-05           |     |   | ended              |   |
|                                                                         |   | (Date of Inception) |     |   | August 31,         |   |
|                                                                         |   | to May 31, 2010     |     |   | 2010               |   |     | 2009   |   |
| Cash flow from operating activities                                          |   |                |     |   |               |   |     |   |   |
| Net loss                                                                     |   | $                   | (374,798 | )      |               | $      | (102,862 | )      |   | $ | (91,483 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities   |   |                |     |   |               |   |     |   |   |   |   |   |
| Donated services and rent                                                    |   |                | 17,559   |   |               |   | -        |   |   |   | 2,359 |   |
| Expenses paid with common stock                                              |   |                | 63,000   |   |               |   | 63,000   |   |   |   |   |   |
| Change in operating assets and liabilities                                   |   |                |     |   |               |   |     |   |   |   | - |   |
| Increase in prepaid expenses                                                 |   |                | (12,000  | )      |               |   | (12,000  | )      |   |   |   |   |
| Accounts payable and accrued liabilities                                     |   |                | 37,500   |   |               |   | 28,903   |   |   |   | (14,954 | ) |
| Net cash used in operating activities                                        |   |                | (268,739 | )      |               |   | (22,959  | )      |   |   | (104,078 | ) |
|                                                                         |   |                |     |   |               |   |     |   |   |   |   |   |
| Cash flow from financing activities                                          |   |                |     |   |               |   |     |   |   |   |   |   |
| Proceeds from issuance of common stock                                       |   |                | 201,400  |   |               |   | -        |   |   |   | - |   |
| Capital contributed by officer                                               |   |                | 50,000   |   |               |   | -        |   |   |   | - |   |
| Proceeds from stockholder and officer loans                                  |   |                | 47,444   |   |               |   | 17,445   |   |   |   | - |   |
| Repayments of stockholder and officer loans                                  |   |                | (30,000  | )      |               |   | -        |   |   |   | - |   |
| Net cash provided by financing activities                                    |   |                | 268,844  |   |               |   | 17,445   |   |   |   | - |   |
|                                                                         |   |                |     |   |               |   |     |   |   |   |   |   |
| Net cash increase (decrease)                                                 |   |                | 105      |   |               |   | (5,514   | )      |   |   | (104,078 | ) |
|                                                                         |   |                |     |   |               |   |     |   |   |   |   |   |
| Cash at beginning of year                                                    |   |                | -        |   |               |   | 5,619    |   |   |   | 114,331 |   |
|                                                                         |   |                |     |   |               |   |     |   |   |   |   |   |
| Cash at end of year                                                          |   | $                   | 105      |   |               | $      | 105      |   |   | $ | 10,253 |   |
|                                                                         |   |                |     |   |               |   |     |   |   |   |   |   |
| Supplemental information                                                     |   |                |     |   |               |   |     |   |   |   |   |   |
| Cash paid for taxes                                                          |   | $                   | -        |   |               | $      | -        |   |   | $ | - |   |
| Cash paid for interest expense                                               |   | $                   | -        |   |               | $      | -        |   |   | $ | - |   |
|                                                                         |   |                |     |   |               |   |     |   |   |   |   |   |
|                                                                         |   |                |     |   |               |   |     |   |   |   |   |   |
|                                                                         |   |                |     |   |               |   |     |   |   |   |   |   |
| (The accompanying notes are an integral part of these financial statements.) |   |                |     |   |               |   |     |   |   |

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|       |         |              |         |                                                                                                                                      |
|------------|--------------|-------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo. |    | Date              |    | Description                                                                                                                               |
| 3.1        |    | n/a               |    | Articles of Incorporation(1)                                                                                                              |
| 3.2        |    | n/a               |    | Bylaws(1)                                                                                                                                 |
| 10.1       |    | September 2, 2009 |    | Amendment to Stock Purchase Agreement between Noel Noel, Ltd. and Lance Ayers. (2)                                                        |
| 10.2       |    | September 2, 2009 |    | Secured Promissory Note for $10,000 from Lance Ayers to Noel Noel, Ltd.(2)                                                                |
| 10.3       |    | September 2, 2009 |    | Security Agreement between Noel Noel, Ltd. and Lance Ayers. (2)                                                                           |
| 31.1       |    | October 12, 2010  |    | Certification of Chief Executive Officer and Principal Financial Officer of Periodic Report pursuant to Rule 13a-14a and Rule 14d-14(a).* |
| 32.1       |    | October 12, 2010  |    | Certification of Chief Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350.*                             |

| (1) | Filed as an exhibit to Form SB-2 filed with the SEC on June 2, 2006. |
|-----|---------------------------------------------------------------------------|

| (2) | Filed as an exhibit to Current Report on Form 8-K filed with the SEC on September 16, 2009. |
|-----|--------------------------------------------------------------------------------------------------|

| * | Filed herewith. |
|---|-----------------|

----

|                    | Gold Bag, Inc. |
|-------------------------|----------------|
|                    |           |   |
| Dated: October 12, 2010 | By:            | /s/ Grant R. White |
|                    |           | Grant R. White |
|                    |           | Chief Executive Officer |
|                    |           |   |

----