----

----

| 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 |
|---|-----------------------------------------------------------------|

----

----

| 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) |

----

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

----

----

|                                    |         |   |
|-----------------------------------------|--------------|--------|
| Balance Sheets                          |    | 3      |
|                                    |         |
| Statements of Operations                |    | 4      |
|                                    |         |
| Statement of Stockholders’ Equity |    | 5      |
|                                    |         |
| Statements of Cash Flows                |    | 6      |
|                                    |         |
| Notes to Financial Statements           |    | 7      |

----

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

|                                                                |   | Unaudited    |     |   | Audited   |   |
|---------------------------------------------------------------------|--------|--------------|----------|--------|-----------|--------|
|                                                                |   | May 31, 2010 |     |   | 28-Feb-10 |   |
| ASSETS                                                              |   |         |     |   |      |   |
| Current assets                                                      |   |         |     |   |      |   |
| Cash                                                                |   | $            | 141      |   |      | $      | 5,619 |   |
| Total current assets                                                |   |         | 141      |   |      |   | 5619 |   |
| TOTAL ASSETS                                                        |   |         | 141      |   |      |   | 5619 |   |
|                                                                |   |         |     |   |      |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                               |   |         |     |   |      |   |   |   |
| Current liabilities                                                 |   |         |     |   |      |   |   |   |
| Accounts payable and accrued liabilities                            |   |         | 46,200   |   |      |   | 8,596 |   |
| Advances from Officer                                               |   |         | 2,871    |   |      |   | - |   |
| Liabilities to be settled in common stock                           |   |         | 9,000    |   |      |   | - |   |
| Total current liabilities                                           |   |         | 58,071   |   |      |   | 8,596 |   |
| Total liabilities                                                   |   |         | 58,071   |   |      |   | 8,596 |   |
| Stockholders' deficit                                               |   |         |     |   |      |   |   |   |
| Preferred stock, $0.00001 par value, 100,000,000                    |   |         |     |   |      |   |   |   |
| shares authorized and none issued or outstanding as of May 31, 2010 |   |         |     |   |      |   |   |   |
| Common stock, $0.00001 par value, authorized 250,000,000            |   |         |     |   |      |   |   |   |
| shares, 61,340,010 shares issued and outstanding                    |   |         | 613      |   |      |   | 613 |   |
| Additional paid-in capital                                          |   |         | 250,787  |   |      |   | 250,787 |   |
| Donated capital                                                     |   |         | 17,559   |   |      |   | 17,559 |   |
| Deficit accumulated during the development stage                    |   |         | (326,889 | )      |      |   | (347,889 | ) |
|                                                                |   |         |     |   |      |   |   |   |
| Total stockholders' equity (deficit)                                |   |         | (57,930  | )      |      |   | (48,930 | ) |
|                                                                |   |         |     |   |      |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                         |   | $            | 141      |   |      | $      | 141 |   |

----

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

|                                          |   | Accumulated from   |     |   |                         |   |       |   |   |
|-----------------------------------------------|--------|--------------------|----------|--------|------------------------------|--------|------------|--------|--------|
|                                          |   | 23-Dec-05          |     |   | For the period ended May 31, |   |
|                                          |   | (date of inception |     |   |                         |   |       |   |   |
|                                          |   | to May 31, 2010    |     |   | 2010                         |   |       | 2009   |   |
|                                          |   |               |     |   |                         |   |       |   |   |
| Revenue                                       |   | $                  | 0        |   |                         | $      | 0          |   |   | $ | 0 |   |
|                                          |   |               |     |   |                         |   |       |   |   |   |   |   |
| Expenses                                      |   |               |     |   |                         |   |       |   |   |   |   |   |
| Donated services and rent                     |   |               | 17,559   |   |                         |   | -          |   |   |   | 0 |   |
| General and administrative                    |   |               | 24,065   |   |                         |   | 247        |   |   |   | 55,675 |   |
| Management fees                               |   |               | 91,381   |   |                         |   | 4,500      |   |   |   | 0 |   |
| Professional fees                             |   |               | 193,889  |   |                         |   | 50,205     |   |   |   | 0 |   |
|                                          |   |               |     |   |                         |   |       |   |   |   |   |   |
| Total expenses                                |   |               | 326,894  |   |                         |   | 54,952     |   |   |   | 55,675 |   |
|                                          |   |               |     |   |                         |   |       |   |   |   |   |   |
| Operating loss                                |   |               | (326,894 | )      |                         |   | (54,952    | )      |   |   | (55,675 | ) |
|                                          |   |               |     |   |                         |   |       |   |   |   |   |   |
| Interest income                               |   |               | 6        |   |                         |   | -          |   |   |   | 5 |   |
|                                          |   |               |     |   |                         |   |       |   |   |   |   |   |
| Loss before taxes                             |   |               | (326,888 | )      |                         |   | (54,952    | )      |   |   | (55,670 | ) |
|                                          |   |               |     |   |                         |   |       |   |   |   |   |   |
| Provision for income taxes                    |   |               | -        |   |                         |   | -          |   |   |   | - |   |
|                                          |   |               |     |   |                         |   |       |   |   |   |   |   |
| Net loss for period                           |   | $                  | (326,888 | )      |                         | $      | (54,952    | )      |   |   | (55,670 | ) |
|                                          |   |               |     |   |                         |   |       |   |   |   |   |   |
| Basic and diluted net loss per share          |   |               |     |   |                         | $      | (0.00      | )      |   | $ | (0.00 | ) |
|                                          |   |               |     |   |                         |   |       |   |   |   |   |   |
| Weighted average number of shares outstanding |   |               |     |   |                         |   | 61,340,010 |   |   |   | 69,640,000 |   |

----

| Gold Bag, Inc.                    |   |   |   |   |   |   |   |   |   |   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| (A Development Stage Company)     |   |   |   |   |   |   |   |   |   |   |   |
| Statement of Stockholders' Equity |   |   |   |   |   |   |   |   |   |   |   |

|                                     |   |         |       |   | Additional |   |   |    |   |   |     |   |   |     |   |
|------------------------------------------|--------|--------------|------------|--------|------------|--------|--------|---------|--------|--------|----------|--------|--------|----------|--------|
|                                     |   | Common Stock |       |   | Paid in    |   |   | Donated |   |   | Retained |   |   |     |   |
|                                     |   | Shares       |       |   | Amount     |   |   | Capital |   |   | Capital  |   |   | Earnings |   |   | Total |   |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |
| Balance at December 23, 2005 (inception) |   |         | -          |   |       | $      | 0      |    |   | $      | 0        |   |   | $        | 0      |   |   | $ | 0 |   |   | $ | 0 |   |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | 800    |   |   |   | - |   |   |   | 800 |   |
| Shares issued in private placement       |   |         | 50,000,000 |   |       |   | 500    |    |   |   | 4,500    |   |   |     |   |   |   |   |   |   |   |   | 5,000 |   |
| Net loss                                 |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | -      |   |   |   | (17,235 | ) |   |   | (17,235 | ) |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2006             |   |         | 50,000,000 |   |       |   | 500    |    |   |   | 4,500    |   |   |     | 800    |   |   |   | (17,235 | ) |   |   | (11,435 | ) |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | 4,800  |   |   |   | - |   |   |   | 4,800 |   |
| Shares issued in private placement       |   |         | 19,640,000 |   |       |   | 196    |    |   |   | 196,204  |   |   |     |   |   |   |   |   |   |   |   | 196,400 |   |
| Net loss                                 |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | -      |   |   |   | (34,943 | ) |   |   | (34,943 | ) |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2007             |   |         | 69,640,000 |   |       |   | 696    |    |   |   | 200,704  |   |   |     | 5,600  |   |   |   | (52,178 | ) |   |   | 154,822 |   |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | 4,800  |   |   |   | - |   |   |   | 4,800 |   |
| Net loss                                 |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | -      |   |   |   | (24,965 | ) |   |   | (24,965 | ) |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2008             |   |         | 69,640,000 |   |       |   | 696    |    |   |   | 200,704  |   |   |     | 10,400 |   |   |   | (77,143 | ) |   |   | 134,657 |   |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | 4,800  |   |   |   | - |   |   |   | 4,800 |   |
| Net loss                                 |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | -      |   |   |   | (65,492 | ) |   |   | (65,492 | ) |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2009             |   |         | 69,640,000 |   |       |   | 696    |    |   |   | 200,704  |   |   |     | 15,200 |   |   |   | (142,635 | ) |   |   | 73,965 |   |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Donated services and rent                |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | 2,359  |   |   |   | - |   |   |   | 2,359 |   |
| Contributed capital                      |   |         | -          |   |       |   | -      |    |   |   | 50,000   |   |   |     |   |   |   |   |   |   |   |   | 50,000 |   |
| Shares cancelled without consideration   |   |         | (8,299,990 | )      |       |   | (83    | )       |   |   | 83       |   |   |     |   |   |   |   |   |   |   |   | - |   |
| Net loss                                 |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | -      |   |   |   | (129,301 | ) |   |   | (130,306 | ) |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at February 28, 2010             |   |         | 61,340,010 |   |       |   | 613    |    |   |   | 250,787  |   |   |     | 17,559 |   |   |   | (271,936 | ) |   |   | (2,977 | ) |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Net loss                                 |   |         | -          |   |       |   | -      |    |   |   | -        |   |   |     | -      |   |   |   | (54,952 | ) |   |   | (54,952 | ) |
|                                     |   |         |       |   |       |   |   |    |   |   |     |   |   |     |   |   |   |   |   |   |   |   |   |   |
| Balance at May 31, 2010 (unaudited)      |   |         | 61,340,010 |   |       | $      | 613    |    |   | $      | 250,787  |   |   | $        | 17,559 |   |   | $ | 326,888 |   |   | $ | (57,930 | ) |

----

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

|                                                                       |   |                |     |   |           |   |    |   |   |
|----------------------------------------------------------------------------|--------|---------------------|----------|--------|----------------|--------|---------|--------|--------|
|                                                                       |   | Accumulated from    |     |   | For the period |   |
|                                                                       |   | 23-Dec-05           |     |   | ended          |   |
|                                                                       |   | (Date of Inception) |     |   | May 31,        |   |
|                                                                       |   | to May 31, 2010     |     |   | 2010           |   |    | 2009   |   |
|                                                                       |   |                |     |   |           |   |    |   |   |
| Cash flow from operating activities                                        |   |                |     |   |           |   |    |   |   |
| Net loss                                                                   |   | $                   | (326,888 | )      |           | $      | (54,952 | )      |   | $ | (55,670 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities |   |                |     |   |           |   |    |   |   |   |   |   |
| Donated services and rent                                                  |   |                | 17,559   |   |           |   | -       |   |   |   | 2,359 |   |
| Liabilities to be settled in Common Stock                                  |   |                | 9,000    |   |           |   | 9,000   |   |   |   |   |   |
| Change in operating assets and liabilities                                 |   |                |     |   |           |   |    |   |   |   | (450 | ) |
| Accounts payable and accrued liabilities                                   |   |                | 46,200   |   |           |   | 37,603  |   |   |   | (27,003 | ) |
| Net cash used in operating activities                                      |   |                | (254,129 | )      |           |   | (8,349  | )      |   |   | (80,764 | ) |
|                                                                       |   |                |     |   |           |   |    |   |   |   |   |   |
| 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                                |   |                | 32,870   |   |           |   | 2,871   |   |   |   | - |   |
| Repayments of stockholder and officer loans                                |   |                | (30,000  | )      |           |   | -       |   |   |   | - |   |
| Net cash provided by financing activities                                  |   |                | 254,270  |   |           |   | 2,871   |   |   |   | - |   |
|                                                                       |   |                |     |   |           |   |    |   |   |   |   |   |
| Net cash increase (decrease)                                               |   |                | 141      |   |           |   | (5,478  | )      |   |   | (80,764 | ) |
|                                                                       |   |                |     |   |           |   |    |   |   |   |   |   |
| Cash at beginning of year                                                  |   |                | -        |   |           |   | 5,619   |   |   |   | 114,331 |   |
|                                                                       |   |                |     |   |           |   |    |   |   |   |   |   |
| Cash at end of year                                                        |   | $                   | 141      |   |           | $      | 141     |   |   | $ | 33,567 |   |
|                                                                       |   |                |     |   |           |   |    |   |   |   |   |   |
| Supplemental information                                                   |   |                |     |   |           |   |    |   |   |   |   |   |
| Cash paid for taxes                                                        |   | $                   | -        |   |           | $      | -       |   |   | $ | - |   |
| Cash paid for interest expense                                             |   | $                   | -        |   |           | $      | -       |   |   | $ | - |   |

----

NOTES TO FINANCIAL STATEMENTS

----

----

----

----

| 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       |    | July 20, 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       |    | July 20, 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: July 21, 2010 | By:            | /s/ Richard O. Weed |   |
|                 |           | Richard O. Weed          |   |
|                 |           | President                |   |
|                 |           |                     |   |

----