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, 2001
                         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)

                         1000 Brickell Avenue, Suite 900
                              Miami, Florida 33131
                    ----------------------------------------
                    (Address of principal executive offices)

                                 (305) 702-5512
              ----------------------------------------------------
              (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 September 30, 2001 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 September 30, 2001 (Unaudited)
         and December 31, 2000 ........................................      3

         Condensed Statement of Operations for the Three Months Ended
         September 30, 2001 and 2000 (Unaudited) ......................      4

         Condensed Statement of Changes in Shareholders' Equity for
         the Three Months Ended September 30, 2001 and 2000
         (Unaudited) ..................................................      5

         Condensed Statement of Cash Flow for the Three Months Ended
         September 30, 2001 and 2000 (Unaudited) ......................      6

         Notes to Condensed Financial Statements ......................    7-8

Item 2  Management's Discussion and Analysis of
        Financial Condition and Results of Operations .................      9

Part Ii - Other Information ...........................................  10-11

Signature Page ........................................................     12

                                       2
<PAGE>


Part I - Financial Information

Item 1 - Financial Statements

                         YANG HOLDING COMPANY
                     (A DEVELOPMENT STAGE COMPANY)
                        CONDENSED BALANCE SHEET
    September 30, 2001 (Unaudited) and December 31, 2000 (Audited)

                                                           9/30/01     12/31/00
                                                         (Unaudited)   (Audited)
                                                          --------     --------
ASSETS
  Total Assets .......................................    $      0     $      0
                                                          ========     ========

Liabilities and Shareholders' Equity
(Deficiency in Assets)
Liabilities ..........................................    $      0     $      0
                                                          --------     --------
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 ...........................      23,495       18,547
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 ....................................     (73,498)     (68,550)
                                                          --------     --------

Total Shareholders' Equity ...........................           0            0
                                                          --------     --------

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

            See Accompanying Notes to Condensed Financial Statements

                                       3



<PAGE>




Part I - Financial Information

Item 1 - Financial Statements

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                        CONDENSED STATEMENT OF OPERATIONS
             For the three months ended September 30, 2001 and 2000
                                   (Unaudited)

                                                           2001          2000
                                                     ----------     ----------

Revenues ........................................    $        0     $        0
                                                     ----------     ----------

Total Revenues ..................................             0              0
                                                     ----------     ----------

Expenses:
  Professional fees and expenses ................           288            600
                                                     ----------     ----------

Total Expenses ..................................           288            600
                                                     ----------     ----------

Net Loss ........................................    $     (288)    $     (600)
                                                     ==========     ==========

Weighted average loss per share (Note 1) ........    ($    .000)    ($    .000)


Shares used in the calculation of basic & diluted
net loss per share ............................      50,003,000     50,002,750


            See Accompanying Notes to Condensed Financial Statements

                                       4
<PAGE>


Part I - Financial Information

Item 1 - Financial Statements


                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
             CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
             For the three months ended September 30, 2001 and 2000
                                   (Unaudited)



                                                             2001         2000
                                                            -----         -----

Shareholders' Equity:
         Beginning of period .......................        $   0         $   0

Additions
         Shareholder contributions .................          288           600

Deductions
         Net loss for the three months
         ended September 30, 2001 and 2000
         (Additional deficit accumulated
         during the development stage) .............         (288)         (600)
                                                            -----         -----

Ending balance at end of period ....................        $   0         $   0
                                                            =====         =====

            See Accompanying Notes to Condensed Financial Statements

                                       5
<PAGE>

Part I - Financial Information

Item 1 - Financial Statements



                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                        CONDENSED STATEMENT OF CASH FLOW
             For the three months ended September 30, 2001 and 2000
                                   (Unaudited)
                                                               2001        2000
                                                              -----       -----

CASH FLOW FROM OPERATING ACTIVITIES

Net loss ...............................................      $(288)      $(600)
                                                              -----       -----

Net cash used by operating activities ..................       (288)       (600)

CASH FLOW FROM INVESTING
  ACTIVITIES
  Shareholders' contribution to paid in capital ........        288         600
                                                              -----       -----

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

                                        6
<PAGE>


Part I - Financial Information

Item 1 - Financial Statements

                              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 (we or the Company) was organized under the laws of
the State of Florida on July 25, 1991, as National Advertising Group, Inc. We
are a development stage entity, which has not yet commenced business operations.
We intend to acquire an operating entity, however, we have not yet targeted an
acquisition.

     Loss Per Share

     Loss per share is as computed by dividing the net loss by the average
number of common shares outstanding during each period. The average number of
common shares has been retroactively adjusted to reflect the 1 for 20 reverse
split approved in February, 1999 and the 100 for 1 forward split effected in
April, 1999.

     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.

     Recent Accounting Pronouncement

SFAS No. 133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
requires companies to recognize all derivatives contracts as either assets or
liabilities in the balance sheet and to measure them at fair value. If certain
conditions are met, a derivative may be specifically designated as a hedge, the
objective of which is to match the timing of gain or loss recognition on the
hedging derivative with the recognition of (i) the changes in the fair value of
the hedged asset or liability that are attributable to the hedged risk or (ii)
the earnings effect of the hedged forecasted transaction. For a derivative not
designated as a hedging instrument, the gain or loss is recognized in income in
the period of change. SFAS No. 133 is effective for all fiscal quarters of
fiscal years beginning after June 15, 1999. We have not entered into derivatives
contracts either to hedge existing risks or for speculative purposes.
Accordingly, we do not expect adoption of the new standard to have a material
effect on our financial statements.

NOTE 2. COMMON STOCK

     Effective February 1, 1999, we effected a 1 for 20 reverse split of our
common stock.

                                        7


<PAGE>

Part I - Financial Information

Item 1 - Financial Statements

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

Note 2. Common Stock (continue)

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

Note 3. Income Taxes

     We have not recorded a provision for income taxes in the accompanying
financial statements because of the lack of certainty of the realization of the
benefit from the net operating losses incurred for tax reporting purposes.

     At September 30, 2001, we had a net operating loss carryover of
approximately $73,498, less a valuation allowance of the same amount.

     There was an ownership change in the Company during 1997, as defined in
Section 382 of the Internal Revenue Code. These changes will materially limit
the annual use of our net operating loss carry forward, based upon the change in
control.

Note 4. Going Concern

     As shown in the accompanying financial statements, we are in the
development stage, have yet to generate operating revenues and will require a
significant amount of capital to commence our planned principal operations. As
reflected in the accompanying financial statements, we have incurred accumulated
losses since inception of $73,498 and have raised an insignificant amount of
capital. As such, there is no assurance that we will be successful in our
efforts to raise the necessary capital to commence our planned principal
operations.

     Our plans include a merger and a subsequent public offering of our common
stock; however there is no assurance that we will be successful in our efforts
to raise capital or to obtain a business combination.

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

                                        8

<PAGE>

Part I - Financial Information

Item 2.  Management's Discussion and Analysis of Financial
Condition and Results of Operations.


The Registrant has not, as of the end of the thre month period ended September
30, 2001, commenced active business operations. As of September 30, 2001 the
Registrant had no assets or liabilities, and the total Shareholders' Equity was
$0.

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.

                                       9
<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

          NONE

          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.

                                       10
<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.



                                       11
<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 13, 2001

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