FORM 1O-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                Quarterly Report Under Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                   For the Quarterly Period Ended Sep 30, 2003
                         Commission File Number: 0-19505

                              YANG HOLDING COMPANY
             ------------------------------------------------------
             (exact name of registrant as specified in its charter)

           FLORIDA                                              65-0274107
-------------------------------                          -----------------------
(State or other jurisdiction of                          (IRS Employer I.D. No.)
Incorporation of organization)

                         999 Brickell Avenue, Suite 600
                              Miami, Florida 33131
                    ----------------------------------------
                    (Address of principal executive offices)

                                 (305) 810-2898
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
   --------------------------------------------------------------------------
   (Former name, address and former fiscal year, if changed from last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(D) of the Securities and Exchange Act of 1934
during the preceding 12 months (or for such short 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 [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE.

As of Sep 30, 2003 there were 50,003,000 shares of Common Stock outstanding.

<PAGE>

                                      INDEX

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

         Condensed Balance Sheets as of Sep 30, 2003 (Unaudited) and
         December 31, 2002                                                     3

         Condensed Statement of Operations for the Three Months Ended
         Sep 30, 2003 and 2002 (Unaudited)                                     4

         Condensed Statement of Changes in Shareholders' Equity for the
         Three Months Ended Sep 30, 2003 and 2002 (Unaudited)                  5

         Condensed Statement of Cash Flow   for the Three Months Ended
         Sep 30, 2003 and 2002 (Unaudited)                                     6

         Notes to Condensed Financial Statements                            7-10

ITEM 2  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS                         11

PART II - OTHER INFORMATION                                                12-13

SIGNATURE PAGE                                                                14

                                        2
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                            CONDENSED BALANCE SHEETS

                                                       9/30/03       12/31/02
                                                      --------       --------
                                                     (Unaudited)     (Audited)
ASSETS

Cash
                                                      $     73       $      6
                                                      --------       --------
  Total Assets                                        $     73       $      6
                                                      ========       ========

LIABILITIES AND SHAREHOLDERS' EQUITY
  (DEFICIENCY IN ASSETS)

Liabilities                                           $      -       $      -
                                                      --------       --------
Shareholders' Equity:

Common Stock, par value $0.001 per share;
  200,000,000 shares authorized,
  50,003,000 shares issued and outstanding in 2000      50,003         50,003

Additional Paid-In Capital                              34,269         28,659

Preferred Stock, par value $.10 per
  share; 1,000,000 shares authorized,
  no shares issued and outstanding                           0              0

Deficit accumulated during the
  development stage                                    (84,199)       (78,656)
                                                      --------       --------
Total Shareholders' Equity                                  73              6
                                                      --------       --------
Total Liabilities and Shareholders' Equity            $     73       $      6
                                                      ========       ========


See Accompanying Notes to Condensed Financial Statements

                                        3

<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
             CONDENSED STATEMENT OF OPERATIONS For the three months
                           ended Sep 30, 2003 and 2002
                                   (Unaudited)

                                                            2003          2002
                                                          --------     --------
Revenues                                                  $      0     $      0
                                                          --------     --------
Total Revenues                                                   0            0
                                                          --------     --------
Expenses:

  Professional fees and expenses                               208          192
  Other                                                         30           30
                                                          --------     --------
Total Expenses                                                 238          222
                                                          --------     --------
Net Loss                                                  $   (238)    $   (222)
                                                          ========     ========
Weighted average loss per share (Note 1)                  $  (.000)    $  (.000)

Shares used in the calculation of basic & diluted
  net loss per share                                    50,003,000   50,003,000


See Accompanying Notes to Condensed Financial Statements

                                        4
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
             CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
                For the three months ended Sep 30, 2003 and 2002
                                  (Unaudited)

                                                           2003           2002
                                                          ------         ------
Shareholders' Equity:

    Beginning of period                                   $   61         $  66

Additions

    Shareholder contributions                                250           192

Deductions

    Net loss for the three months ended Sep 30, 2003
      and 2002 (Additional deficit accumulated
      during the development stage)                         (238)         (222)
                                                          ------         -----
Ending balance at end of period                           $   72         $  36
                                                          ======         =====


See Accompanying Notes to Condensed Financial Statements

                                        5
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
              CONDENSED STATEMENT OF CASH FLOW For the three months
                           ended Sep 30, 2003 and 2002
                                   (Unaudited)

                                                            2003         2002
                                                           ------       ------
CASH FLOW FROM OPERATING ACTIVITIES

Net loss                                                   $ (238)      $ (222)
                                                           ------       ------
Net cash used by operating activities                        (238)        (222)

CASH FLOW FROM INVESTING
  ACTIVITIES

  Shareholders' contribution to paid in capital               250          192
                                                           ------       ------
CASH FLOW FROM FINANCING
  ACTIVITIES                                                    0            0
                                                           ------       ------
NET INCREASE (DECREASE) IN CASH                                12          (30)
                                                           ------       ------
Cash - Beginning of Period                                     61           66
                                                           ------       ------
Cash - End of Period                                       $   73       $   36
                                                           ======       ======


See Accompanying Notes to Condensed Financial Statements

                                        6
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                           (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

        Business Activity

Yang Holding Company ("we" or the "Company") was organized under the laws of he
State of Florida on July 25, 1991, as National Advertising Group, Inc. The
Company is a development stage entity, and has not yet commenced business
operations. The Company intends to acquire an operating entity, however, the
company has not yet targeted an acquisition.

        Loss Per Share

Loss per share is computed by dividing the net loss by the weighted average
number of common shares outstanding during each period. The weighted average
number of common shares has been retroactively adjusted to reflect the 1 for 10
reverse split accepted in April 1997, the 1 for 20 reverse split approved in
February 1999 and the 100 for 1 forward split effected in April 1999. The
Company has no dilutive securities.

        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.

        Income taxes

The Company accounts for income taxes in accordance with SFAS No. 109,
"Accounting for Income Taxes". Accordingly, deferred income would be provided to
show the effect of temporary differences between the recognition of revenue and
expenses for financial and income tax reporting purposes and between the tax
basis of assets and liabilities and their reported amounts in the financial
statements.

RECENT ACCOUNTING PRONOUNCEMENTS

FASB NO. 141, "BUSINESS COMBINATIONS"

In June 2001, the Financial Accounting Standards Board ("FASB")issued Statement
No. 141, "Business Combinations". This Statement replaces Accounting Principles
Board ("APB") Opinion No.16, "Business Combinations" and SFAS 38, "Accounting
for Preacquisition Contingencies of Purchased Enterprises". All business
combinations in the scope of this statement are to be accounted for using the
purchase method. The single method approach used in this statement reflects the
conclusion that virtually all business combinations are acquisitions and, thus,
all business combinations should be accounted for in the same way that other
asset acquisitions are accounted based on the values exchanged. This Statement
does not change many of the provisions of Opinion 16 and Statement 38 related to
the application of the purchase method. The provisions of this Statement apply
to all business combinations initiated after June 30, 2001, and all business
combinations accounted for by the purchase method for which the date of
acquisition is July 1, 2001 or later. FASB 141 did not affect the Company's
financial statements.

                                        7
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
FASB NO. 142, "GOODWILL AND OTHER INTANGIBLE ASSETS"

In July 2001, the FASB issued SFAS No. 142, "Goodwill and Other Intangible
Assets". SFAS No. 142 addresses financial accounting and reporting for
intangible assets acquired individually or with a group of assets (but not those
acquired in a business combination) at acquisition. This Statement also
addresses financial accounting and reporting for goodwill and other intangible
assets subsequent to their acquisition. The provisions of this Statement are
required for fiscal years beginning after December 15, 2001. This Statement is
required to be applied at the beginning of an entity's fiscal year and to be
applied to all goodwill and other intangible assets recognized in its financial
statements at that date. Impairment losses for goodwill and definite-lived
intangible assets that arise due to initial application of this Statement are to
be reported as resulting from a change in accounting principle. SFAS No. 142 did
not impact the Company's financial position or results of operations.

FASB NO. 143, "ACCOUNTING FOR ASSET RETIREMENT OBLIGATIONS"

In July 2001, the FASB issued Statement No. 143, "Accounting for Asset
Retirement Obligations". This Statement addresses financial accounting and
reporting for obligations associated with the retirement of tangible long-lived
assets and the associated asset retirement costs. This Statement requires that
the fair value of a liability for an asset requirement obligation be recognized
in the period in which it is incurred if a reasonable estimate of fair value can
be made. The associated asset requirement costs are capitalized as part of the
carrying amount of the long-lived asset and subsequently allocated to expense
using a systematic and rational method. Adoption of this Statement is required
for fiscal years beginning after June 15, 2002. The adoption of Statement No.
143 is not expected to materially affect the Company's financial statements.

FASB NO. 144, "ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS"

In October 2001, the FASB issued Statement No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets and for Long-Lived Assets to be
Disposed Of". This Statement supersedes Statement No. 121 but retains many of
its fundamental provisions. The Statement also establishes a single accounting
model, based on the framework established in Statement No. 121, for long-lived
assets to be disposed of by sale. Additionally, the Statement resolves
significant implementation issues related to Statement No. 121. The provisions
of this Statement are effective for financial statements issued for fiscal
years
beginning after December 15, 2001. The provisions of Statement No. 144 are not
expected to materially affect the Company's financial statements.

FASB NO. 145, "RESCISSION OF FASB STATEMENTS NOS. 4, 44 AND 64, AMENDMENT OF
FASB STATEMENT NO. 13, AND TECHNICAL CORRECTIONS".

In April 2002, the FASB issued SFAS No. 145, "Rescission of FASB Statements
Nos.
4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections".
This Statement, among other things, requires that gains and losses related to
extinguishment of debt be classified as extraordinary items only if they meet
the criteria in Opinion No. 30. The provision of Statement No. 145 related to
the rescission of Statement No. 4 should be applied in fiscal years beginning
after May 15, 2002. Any gain or loss on extinguishment of debt that was
classified as an extraordinary item in prior periods presented, that does not
meet the criteria in Opinion No. 30 for classification as an extraordinary
item,
should be reclassified. The provisions of Statement No. 145 are not expected to
materially affect the Company's financial statements.

                                        8
<PAGE>

                              YANG HOLDING COMPANY
                         (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

FASB NO. 146, "ACCOUNTING FOR COSTS ASSOCIATED WITH EXIT OR DISPOSAL
ACTIVITIES"

In June 2002, the FASB issued SFAS No. 146, "Accounting for Costs Associated
with Exit or Disposal Activities". This Statement addresses financial accounting
and reporting for costs associated with exit or disposal activities and replaces
Emerging Issues Task Force (EITF) Issue No. 94-3, Liability Recognition for
Certain Employee Termination Benefits and Other Costs to Exit an Activity
(including Certain Costs Incurred in a Restructuring)". This Statement is
effective for exit or disposal activities that are initiated after December 31,
2002, with early application encouraged. The effect of adopting SFAS No. 146 is
not expected to have a material impact on the Company's financial position or
results of operations.

FASB No. 148 "Accounting for Stock-Based Compensation Transition and
Disclosure"

In December 2002, the FASB issued SFAS No. 148, "Accounting for Stock-Based
Compensation Transition and Disclosure". SFAS No. 148 does not alter the
provisions of SFAS 123, nor does it require stock-based compensation to be
measured under the fair-value method. Rather, SFAS 148 provides alternative
transition methods to companies that elect to expense stock-based compensation
using the fair-value approach under SFAS No. 123. The adoption of SFAS 148 is
not expected to affect the Company's financial position or results of
operations.

NOTE 2. COMMON STOCK

Effective February 1, 1999, the Company accepted a 1 for 20 reverse split of its
common stock and effective April 10, 1997, the Company accepted a 1 for 10
reverse split of its common stock.

Effective April 22, 1999, the Company filed Articles of Amendment, which
increased its capitalization to 200,000,000 shares of common stock. In addition,
effective April 22, 1999, the Company forward split their issued and outstanding
common stock 100 for 1.

As reflected in the statement of stockholders' equity, the Company issued
7,519,700 shares in 1993, 8,380,000 shares in 1995, 9,060,030 shares in 1997 and
30 shares in 1999 for various services rendered.

NOTE 3. INCOME TAXES

At Sep 30, 2003, the Company has available approximately $84,199 of net
operating losses. The Company has provided a valuation allowance to fully offset
those tax benefits that might be recognized in the future, due to the
uncertainty of their utilization. These losses begin expiring in 2020.

Deferred income tax assets and liabilities as of Sep 30, 2003 were approximately
as follows:

Deferred income tax assets:

                Net operating losses            $33,000
                Less valuations allowance       (33,000)
                                                -------
                Net deferred tax assets         $   -0-
                                                =======

                                        9
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 3. INCOME TAXES (CONTINUED)

The effective tax rate varies from the U.S. Federal statutory tax rate for the
three months ended Sep 30, 2003 principally due to the following:

                                                2003
                                                ----
        U.S. statutory tax rate                  35%
        State, net of federal tax benefit         4
        Less: Valuation allowance               (39)
                                                ---
        Effective tax rate                        0%
                                                ===
NOTE 4. GOING CONCERN

As shown in the accompanying financial statements, the Company is in the
development stage, have yet to generate operating revenues and will require a
significant amount of capital to commence its planned principal operations. As
reflected in the accompanying financial statements, the Company has incurred
accumulated losses since inception of $84,199 and has raised an insignificant
amount of capital. As such, there is no assurance that the Company will be
successful in its efforts to raise the necessary capital to commence its planned
principal operations.

The Company's plans include a merger and a subsequent public offering of common
stock; however there is no assurance that the Company will be successful in its
efforts to raise capital or to obtain a business combination.

These conditions raise substantial doubt about the Company's ability to continue
as a going concern. The financial statements do not include any adjustments that
might result from the outcome of these uncertainties.

                                       10
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS.

         The Registrant has not, as of the end of the three month period ended
Sep 30, 2003, commenced active business operations. As of Sep 30,2003 the
Registrant had assets in the amount of $73, no liabilities, and the total
Shareholders' Equity was $73.

         The Registrant has no reasonable basis for comparison with respect to
its quarterly financial results in that the Company has not yet commenced its
business operations.

         The recurring professional fees and other costs of complying with
filings with the Securities and Exchange Commission, the Internal Revenue
Service and others is being funded through contributions to capital by the
Company's principal shareholder.

                                       11
<PAGE>

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

         Not Applicable

ITEM 2. CHANGES IN SECURITIES

         Effective April 22, 1999, the Company filed Articles of Amendment,
which increased the Company's capitalization to 200,000,000 shares of common
stock. In addition, effective April 22, 1999, the Company forward split its
issued and outstanding common stock 100 for 1.

         The issued and outstanding common stock after the recapitalization
consists of 50,003,000 shares, par value $0.001.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

         Not Applicable

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY- HOLDERS

         Not Applicable

ITEM 5. OTHER INFORMATION

         Not Applicable

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

         EXHIBITS

         31.      Certification pursuant to Rule 15-d-14(a)

         32.      Certification pursuant to 18 U.S.C. Section 1350, as adopted
                  pursuant to Section 906 of the Sarbanes-Oaxley Act of 2002.

         REPORTS ON FORM 8-K

         On February 17, 1999 the Company filed a Form 8-K, which is
incorporated herein by reference. The Report principally dealt with a change in
the corporate name from National Advertising Group, Inc., to Yang Holding
Company.

                                       12
<PAGE>

PART II - OTHER INFORMATION - (Continued)

         ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - (Continued)

         Additionally, the February 17, 1999 Form 8-K disclosed a reverse split
of the outstanding shares of common stock, and the resignation of a director.

         On April 22, 1999, the Company filed a Form 8-K, which is incorporated
herein by reference. The Report principally dealt with the recapitalization of
the Company and the forward split of its outstanding shares of common stock.

         On April 12, 2000 the Company filed a Form 8-K, which is incorporated
herein by reference. The Report principally dealt with a change in the Company's
Certified Public Accountants, from Dohan and Company, P.A. to Berkovitz and
Company, P.A. and states there were no disagreements with Dohan and Company,
P.A.

         On February 22, 2001 the Company filed a Form 8-K, which is
incorporated herein by reference. The Report principally dealt with a change in
the Company's Certified Public Accountants, from Berkovitz and Company, P.A. to
Puritz & Weintraub, LLP and states there were no disagreements with Berkovitz
and Company, P.A.

                                       13

<PAGE>

                                   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.

                                                Registrant:

                                                YANG HOLDING COMPANY

                                                By: /s/ James Chow
                                                    ----------------------------
                                                    JAMES CHOW
                                                    President

Date:    November 10, 2003

                                       14