UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
MATERIAL TECHNOLOGIES, INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
576678205
(CUSIP Number)
December 31, 2006
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/___/ Rule 13d-1(b)
/_x_/ Rule 13d-1(c)
/___/ Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No.
576678205
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1) Name of Reporting Person. Golden Gate Investors, Inc.
IRS Identification No. of Above Person (entities only) 34-1986525
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2) Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions) (b) [ ]
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3) SEC Use Only
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4) Citizenship or Place of Organization. USA
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Number of Shares 5) Sole Voting Power 86,414
Beneficially ------------------------------------------------
Owned by Each 6) Shared Voting Power
Reporting ------------------------------------------------
Person With 7) Sole Dispositive Power 86,414
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8) Shared Dispositive Power
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9) Aggregate Amount Beneficially Owned by Each Reporting Person 86,414
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10 Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions) [x]
The aggregate amount in Row 9 represents the maximum amount of shares that
Golden Gate Investors can beneficially control under a contractually stipulated
9.99% ownership restriction. The full conversion of La Jolla Cove Investors'
Convertible Debenture would exceed this restriction.
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11) Percent of Class Represented by Amount in Item 9. 9.99%
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12) Type of Reporting Person (See Instructions) CO
ITEM 1.
(A) NAME OF ISSUER Material Technologies, Inc.
(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE 11661 San Vicente Boulevard,
Suite 707, Los Angeles, California 90049
ITEM 2.
(A) NAME OF PERSON FILING Golden Gate Investors, Inc.
(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR IF NONE, RESIDENCE
7817 Herschel Ave., Suite 200
La Jolla, CA 92037
(C) CITIZENSHIP USA
(D) TITLE OF CLASS OF SECURITIES Common Stock
(E) CUSIP NUMBER
576678205
ITEM 3.
If this statement is filed pursuant to rule 240.13d- 1(b), or 240.13d-2(b) or
(c), check whether the person filing is a:
(a) ___ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b) ___ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) ___ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
78c).
(d)___Investment company registered under section 8 of the Investment Company
Act of 1940 (15 U.S.C. 80a-8).
(e) ___ An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).
(f) ___ An employee benefit plan or endowment fund in accordance with
240.13d-1(b)(1)(ii)(F).
(g) ___ A parent holding company or control person in accordance with
240.13d-1(b)(1)(ii)(G)
(h) ___ A savings association as defined in section 3(b) of the Federal Deposit
Insurance Act (12 U.S.C. 1813).
(i) ___ A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C.
80a-3).
(j) ___ Group, in accordance with section 240.13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 86,414
(b) Percent of class: 9.99%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 86,414
(ii) Shared power to vote or to direct the vote:
(iii) Sole power to dispose or to direct the disposition of: 86,414
(iv) Shared power to dispose or to direct the disposition of:
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following /___/.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not applicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable
ITEM 10. CERTIFICATION.
By signing below we certify that, to the best of our knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
Dated:
February 9, 2007
By: /s/ Travis W. Huff
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Name: Travis W. Huff
Title: Vice President and Portfolio
Manager