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 September 30, 1999

                         Commission File Number: 0-19505

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

         FLORIDA                                               65-274107
(State or other jurisdiction of                          (IRS Employer I.D. No.)
Incorporation of organization)

              2666 TIGERTAIL AVENUE, SUITE 104 MIAMI, FLORIDA 33133
                    (Address of principal executive offices)

                                 (305) 535-9700
              (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 November 1, 1999 there were 50,003,000 shares of Common Stock outstanding

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                                      INDEX

PART I - FINANCIAL INFORMATLON

ITEM 1.   FINANCIAL STATEMENTS.

          Condensed Balance Sheets as of September 30, 1999 (Unaudited) and
          December 31, 1998                                                    4

          Condensed Statements of Operations for the Three Months Ended
          September 30, 1999 and 1998 (Unaudited)                              5

          Condensed Statement of Changes in Shareholders' Equity for the
          Three Months ended September 30, 1999 and 1998 (Unaudited)           6

          Condensed Statement of Cash Flow for the Three Months ended
          September 30,1999 and 1998 (Unaudited)                               7

          Notes to Condensed Financial Statements                            8-9

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
          AND RESULTS OF OPERATIONS.                                          10

PART II - OTHER INFORMATION                                                11-13

                                                                               2
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                                   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 Crow
                                           --------------------------
                                               JAMES CHOW
                                               President

Date:    November 1, 1999

                                                                               3
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                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                             CONDENSED BALANCE SHEET
                    September 30, 1999 and December 31, 1998

                                            September 30,1999  December 31, 1998
                                                (Unaudited)        (Audited)

                  ASSETS

Cash                                             $      0          $      0
                                                 --------          --------
Total Assets                                     $      0          $      0
                                                 ========          ========

   LIABILITIES AND SHAREHOLDERS' EQUITY
          (DEFICIENCY IN ASSETS)

Liabilities:
Accrued expenses                                 $    500          $  2,000
                                                 --------          --------
Shareholders' Equity:
Common Stock, par value $0.001 per share;
          200,000,000 shares authorized,
          issued and outstanding-50,003,000        50,003            10,000
Additional Paid-In Capital                         10,813            41,747
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                                 (61,316)          (53,747)
                                                 --------          --------

Total Shareholders' Equity (Deficiency in Assets)    (500)           (2,000)
                                                 --------          --------

Total Liabilities and Shareholders' Equity       $      0          $      0
                                                 ========          ========

            See Accompanying Notes to Condensed Financial Statements

                                                                               4

<PAGE>
                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                        CONDENSED STATEMENT OF OPERATIONS
             For the three months ended September 30, 1999 and 1998
                                   (Unaudited)

                                                    1999               1998


Revenues                                           $     0             $   0
                                                   -------             -----
Total Revenues                                     $     0             $   0
                                                   =======             =====

Expenses:

          Professional fees and expenses           $ 5,693             $ 500
                                                   -------             -----
Total Expenses                                     $ 5,693             $ 500
                                                   -------             -----
Net Loss                                           $(5,693)            $(500)
                                                   =======             =====

            See Accompanying Notes to Condensed Financial Statements

                                                                               5
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                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
             CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
             For the three months ended September 30, 1999 and 1998
                                   (Unaudited)


                                                            1999       1998
Shareholders' Equity:
         Beginning of period                              $  (500)     $   0

Additions
         Shareholder contributions                          5,693        500


Deductions

         Net loss for the three months
         ended September 30, 1999 and 1998
         (Additional deficit accumulated during
         development stage)                                (5,693)     $(500)
                                                          -------      -----
Ending balance at end of period                           $  (500)     $   0
                                                          =======      =====

            See Accompanying Notes to Condensed Financial Statements

                                                                               6
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                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                        CONDENSED STATEMENT OF CASH FLOW
             For the three months ended September 30, 1999 and 1998
                                   (Unaudited)

                                                           1999        1998

CASH FLOW FROM OPERATING ACTIVITIES

         Net loss                                        $(5,693)     $(500)
         Adjustment to reconcile net loss to
            Net cash used by operating activities:
                None                                     $    (0)     $  (0)
                                                         -------      -----
                Net cash used by operating activities    $(5,693)     $(500)

CASH FLOW FROM INVESTING ACTIVITIES                      $     0      $   0

         Shareholders' contribution to paid in capital   $ 5,693      $ 500

CASH FLOW FROM FINANCING ACTIVITIES                      $     0      $   0
                                                         -------      -----
NET INCREASE (DECREASE) IN CASH                          $     0      $   0

Cash - Beginning of Period                               $     0      $   0
                                                         -------      -----
Cash - End of Period                                     $     0      $   0
                                                         =======      =====

            See Accompanying Notes to Condensed Financial Statements

                                                                               7
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                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         BUSINESS ACTIVITY

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

         BASIS OF PRESENTATION

         The accompanying unaudited condensed financial statements of Yang
         Holding Company presented herein do not include all disclosures
         required by generally accepted accounting principles for complete
         financial statements. In the opinion of management these financial
         statements include all adjustments, consisting of accrual of
         professional fees and expenses, necessary for a fair presentation of
         the results of interim periods.

         The interim condensed financial statements should be read in
         conjunction with the financial statements and footnotes that are
         included in the Company's Annual Report on Form 10-K filed with the
         Securities and Exchange Commission March 29, 1999.

         RECAPITALIZATION

         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.

         In connection with the recapitalization, $40,003 was transferred from
         paid in capital to common stock. The accompanying condensed financial
         statements give effect to the recapitalization.

                                                                               8
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                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
              NOTES TO CONDENSED FINANCIAL STATEMENTS - (Continued)
                                   (Unaudited)

NOTE 2 - GOING CONCERN

         As shown in the accompanying financial statements, the Company has an
         accumulated deficit of $ 61,316 as of September 30, 1999. As a result,
         the Company has a deficiency in assets. The management of the Company
         intends to actively pursue a business combination through a merger, or
         an acquisition. The financial statements do not include any adjustments
         that might be necessary should the Company be unable to continue as a
         going concern.

                                                                               9
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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
         September 30, 1999, commenced active business operations. As of
         September 30, 1999 the Registrant had no assets. Liabilities were
         accounts payable of $500, and the total Shareholders' Equity consisted
         of a Deficiency in Assets of $500.

         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.

                                                                              10
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                           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

                  27.1      Financial Data Schedule

                  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.

                                                                              11
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                    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.

                                                                              12
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                                 EXHIBIT INDEX

EXHIBIT     DESCRIPTION
-------     -----------
  27.1      Financial Data Schedule