United States
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
             Quarterly Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

     For the Quarterly Period Ended              Commission File Number:
           February 29, 2000                             0-24075

                             NBG RADIO NETWORK, INC.
        (Exact name of small business issuer as specified in its charter)


                 Nevada                                88-0362102
     (State or other jurisdiction of                (I.R.S. Employer
      incorporation or organization)               Identification No.)


    520 SW Sixth Avenue, Suite 750
           Portland, Oregon                               97204
 (Address of principal executive offices)              (Zip Code)


                                 (503) 802-4624
                (Issuer's telephone number, including area code)



     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter 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      [   ]


     The  registrant  has one  class of  Common  Stock  with  12,160,293  shares
outstanding as of April 12, 2000.


     Transitional Small Business Issuer Disclosure Format (check one):
                               Yes [ ]  No [X].


<PAGE>

PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements
                                                     NBG RADIO NETWORK, INC.
                                                         BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                          ASSETS

                                                         February 29              February 28           November 30
                                                         (Unaudited)              (Unaudited)            (Audited)
                                                  -------------------------     -----------------    ------------------
                                                            2000                      1999                 1999
                                                  -------------------------     -----------------    ------------------
<S>                                                            <C>                    <C>                  <C>

CURRENT ASSETS
  Cash and cash equivalents                                    $   340,742            $1,377,094           $   892,092
  Marketable equity securities, at fair value                      468,750                     -               468,750
  Barter exchange receivables                                      144,934               232,850               148,136
  Accounts receivable, net of allowance for
     doubtful accounts of $1,200 in 1998 and 1997                2,691,601             1,280,275             2,121,207
  Related-party receivable                                          47,462                14,462                47,462
  Supplies inventory                                                26,557                     -                29,278
  Sales representation agreements, net of                        2,098,774                     -             1,155,689
     accumulated amortization
                                                       --------------------     -----------------    ------------------

           Total current assets                                  5,818,820             2,904,681             4,862,614
                                                       --------------------     -----------------    ------------------

PROPERTY AND EQUIPMENT, net of accumulated                         192,853               167,205               202,713
  depreciation

DEPOSITS                                                             1,000                 3,250                 1,000


INTANGIBLE ASSETS, net of amortization                           1,539,655             1,936,647             1,634,897

                                                       --------------------     -----------------    ------------------

          Total assets                                        $  7,552,328            $5,011,783           $ 6,701,224
                                                       ====================     =================    ==================
</TABLE>
<PAGE>


                                   LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>

CURRENT LIABILITIES
  <S>                                                          <C>                     <C>                  <C>
  Accounts payable                                             $   129,376             $ 272,514            $  179,649
  Accrued liabilities                                               10,762                30,741                31,615
  Deferred programming revenue                                     500,000                     -               500,000
  Sales representation agreement liabilities                     1,837,246                                   1,155,689
  Current portion of long-term debt                                      -               243,459                     -
                                                       --------------------     -----------------    ------------------

          Total current liabilities                              2,477,384               546,714             1,866,953
                                                       --------------------     -----------------    ------------------

OTHER LIABILITIES
  Long-term debt, net of current portion                                 -               240,000                     -
  Deferred income tax liability                                          -                 9,789                     -
                                                       --------------------     -----------------    ------------------
          Total other liabilities                                        -               249,789                     -
                                                       --------------------     -----------------    ------------------

STOCKHOLDERS' EQUITY
  Common stock, $.001 par value; 20,000,000
   shares authorized 12,160,293 and 10,840,700
   shares issued and outstanding at February 29,
   2000 and February 28, 1999, respectively                         12,160                10,840                12,160
  Additional paid-in-capital                                     6,708,412             5,196,862             6,708,412
  Retained deficit                                              (1,559,253)             (815,338)             (1749038)
  Stock subscription receivable                                    (55,125)             (177,084)             (106,013)
  Unrealized loss on marketable equity
   securities, net of tax                                          (31,250)                    -               (31,250)
                                                  -------------------------     -----------------    ------------------

      Total stockholders' equity                                 5,074,944             4,215,280             4,834,271
                                                  -------------------------     -----------------    ------------------

      Total liabilities and stockholders'                     $  7,552,328            $5,011,783            $6,701,224
       equity
                                                  =========================     =================    ==================

</TABLE>


See Accompanying Notes

<PAGE>

                                                    NBG RADIO NETWORK, INC.
                                                   STATEMENTS OF OPERATIONS

                                           THREE MONTHS ENDED FEBRUARY 29,
                                             2000 and FEBRUARY 28, 1999
                                                      (Unaudited)
                                      --------------------  --------------------
                                             2000                 1999
                                      --------------------  --------------------

REVENUES
  Advertising income                      $ 1,849,007            $ 150,544
  Kiosk income                                 75,716               62,865
  Interest income                               5,260                9,038
                                      --------------------  --------------------
          Total revenues                    1,929,983              222,447


COST OF GOODS SOLD                            574,498               99,008
                                      --------------------  --------------------
GROSS MARGIN                                1,355,485              123,439
                                      --------------------  --------------------

GENERAL AND ADMINISTRATIVE
EXPENSES
  Wages and employee benefits                 367,244              161,642
  Travel and entertainment                     35,802               34,560
  Consulting and professional                  94,681               86,451
  Advertising                                  10,303               13,604
  Depreciation and amortization               518,449               37,165
  Postage and printing                         28,865               21,290
  Rent                                         24,347               18,148
  Interest                                        633                  362
  Office supplies                              12,653                6,924
  Telephone                                    11,776               13,249
  Other expenses                               60,947               60,619
                                      --------------------  --------------------
      Total general and                     1,165,700              454,014
      administrative expenses         --------------------  --------------------

Net income (loss) before                      189,785             (330,575)
 provision for income taxes

Provision for income taxes                         -                    -
                                      --------------------  --------------------
Net income (loss)                         $   189,785          $  (330,575)
                                      ====================  ====================

Basic loss per share of common stock      $      0.02          $     (0.03)
                                      ====================  ====================
Weighted average number of shares          12,160,293           10,606,200
 outstanding
                                      ====================  ====================

See Accompanying Notes

<PAGE>

                                                     NBG RADIO NETWORK, INC.
                                         STATEMENTS OF STOCKHOLDERS' EQUITY
                                                                 (Unaudited)
<TABLE>
<CAPTION>

                                                                                            STOCK
                                                        ADDITIONAL        RETAINED       SUBSCRIP-TION       OTHER
                               COMMON STOCK              PAID-IN           DEFICIT       RECEIVABLE       COMPREHEN-SIVE    TOTAL
                                                         CAPITAL                                            INCOME
                        ---------------------------    -------------     ------------    ------------     ------------   -----------
                          SHARES          AMOUNT
                        ------------    -----------
<S>                       <C>                <C>            <C>             <C>                    <C>              <C>     <C>
BALANCE, November 30,     1,110,000          1,110          493,363         (285,740)              -                -       208,733
 1997

Issuance of common          232,250            232          337,968                -        (180,757)               -       157,443
 shares for services
Issuance of common          220,220            220          120,020                -               -                -       120,240
 shares for cancellation
 of notes payable
Private placement of        750,000            750        1,999,250                -               -                -     2,000,000
 common stock
Exercise of options       1,184,430          1,184          986,605                -               -                -       987,789
 and warrants
3 for 1 stock split       6,993,800          6,994           (6,994)               -               -                -             -
Net loss for the year             -              -                -         (199,023)              -                -      (199,023)
                        ------------    -----------    -------------     ------------    ------------     ------------   -----------
BALANCE, November 30,    10,490,700      $  10,490      $ 3,930,212       $ (484,763)     $ (180,757)         $     -    $3,275,182
 1998

Issuance of common          350,000            350        1,266,650                -               -                -     1,267,000
 shares for business
 acquisition
Exercise of options       1,319,593          1,320        1,511,550                -               -                -     1,512,870
 and warrants
Services provided for
 payment of subscribed            -              -                -                -          74,744                -        74,744
 shares
Net loss for the year             -              -                -                -               -                -
Change in unrealized
 loss on marketable
 securities                       -              -                -                -               -          (31,250)      (31,250)
                        ------------    -----------    -------------     ------------    ------------     ------------   -----------
BALANCE, November 30,    12,160,293      $  12,160      $ 6,708,412      $(1,749,038)     $ (106,013)       $ (31,250)   $4,834,271
 1999
                        ============    ===========    =============     ============    ============     ============   ===========
Services provided for
 payment of subscribed            -              -                -                -          50,888                -        50,888
 shares
Net income                        -              -                -          189,785                                -       189,785
                        ------------    -----------    -------------     ------------    ------------     ------------   -----------
BALANCE, February 29,    12,160,293      $  12,160      $ 6,708,412      $(1,559,253)      $ (55,125)       $ (31,250)   $5,074,944
 2000
                        ============    ===========    =============     ============    ============     ============   ===========
</TABLE>

See Accompanying Notes

<PAGE>

                                                    NBG RADIO NETWORK, INC.
                                                   STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

                                                                        THREE MONTHS ENDED FEBRUARY 29,
                                                                          2000 and FEBRUARY 28, 1999
                                                                                  (Unaudited)
                                                                  ------------------------------------------
                                                                          2000                   1999
                                                                  ---------------------     ----------------
<S>                                                                        <C>                   <C>

CASH FLOWS FROM OPERATING ACTIVITIES
  Net Income/Loss                                                          $   189,785           $ (330,575)
  Adjustments to reconcile net income/loss to
   cash from operating activities:
     Depreciation and amortization                                             518,449               37,165
     Services provided in payment of subscribed shares                          50,888                3,673
  Changes in assets and liabilities:
     Barter exchange receivables                                                 3,202                8,828
     Accounts receivable                                                      (570,394)            (104,945)
     Supplies inventory                                                          2,721                    -
     Sales representation agreements                                        (1,354,994)                   -
     Payments on programming contract liabilities                              681,557                    -
     Accounts payable                                                          (50,273)              96,312
     Accrued liabilities                                                       (20,853)             (37,145)
                                                                  ---------------------     ----------------

          Net cash from operating activities                                  (549,912)            (326,687)
                                                                  ---------------------     ----------------


CASH FLOWS FROM INVESTING ACTIVITIES
   Issuance of common stock                                                  $       -          $ 1,267,000
   Goodwill from subsidiary acquisition                                              -             (656,027)
   Covenant not to compete from subsidiary acquisition                               -             (721,093)
   Acquisition of property and equipment                                        (1,438)             (39,976)
                                                                  ---------------------     ----------------

          Net cash from investing activities                                    (1,438)            (150,096)
                                                                  ---------------------     ----------------


CASH FLOWS FROM FINANCING ACTIVITIES
   Payments on long-term debt                                                        -               (1,789)
                                                                  ---------------------     ----------------

          Net cash from financing activities                                         -               (1,789)
                                                                  ---------------------     ----------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                          (551,350)            (478,572)
CASH, beginning of year                                                        892,092            1,855,666
                                                                  ---------------------     ----------------
CASH, end of year                                                          $   340,742          $ 1,377,094
                                                                  =====================     ================
</TABLE>
<PAGE>

                                                    NBG RADIO NETWORK, INC.
                                                   STATEMENTS OF CASH FLOWS

                                          THREE MONTHS ENDED FEBRUARY 29,
                                            2000 and FEBRUARY 28, 1999
                                                    (Unaudited)
                                    --------------------------------------------
                                            2000                    1999
                                    ---------------------  ---------------------

SUPPLEMENTAL DISCLOSURE OF
 CASH FLOW INFORMATION
     Cash paid for interest             $        633             $      362
                                    =====================  =====================

SUPPLEMENTAL SCHEDULE OF NONCASH
 INVESTING AND FINANCING ACTIVITIES
     Capitalization of programming
      contract assets and
      recognition of related
      liabilities                       $  1,138,996             $       -
                                    =====================  =====================
     Issuance of common stock
      for subsidiary acquisition        $          -             $ 1,267,000
                                    =====================  =====================

     Issuance of common stock for
      services, net of stock
      subscription                      $     50,888             $    16,916
                                    =====================  =====================
     Receivable                         $     55,125             $   177,084
                                    =====================  =====================


See Accompanying Notes


<PAGE>

NOTE 1       -  ORGANIZATION AND BUSINESS ACTIVITY

             NBG Radio Network,  Inc. (the Company) was organized under the laws
             of the  State  of  Nevada  on  March  27,  1996,  with  the name of
             Nostalgia Broadcasting  Corporation.  In January 1998, shareholders
             approved the Company's name change to NBG Radio  Network,  Inc. The
             Company  has  been  involved  in  the  acquisition,   creation  and
             syndication of national radio  programming and music production and
             distribution.  In January 1999, NBG Radio Network,  Inc.  completed
             the acquisition of M-Tek Technical Services, Inc., which became NBG
             Solutions,  Inc., a wholly owned subsidiary of the Company involved
             in  providing  design,  installation,  and support for  interactive
             kiosks and card-based customer loyalty programs.

NOTE 2       -  PRINCIPLES OF CONSOLIDATION

             The interim consolidated  financial statements include the accounts
             NBG  Radio  Network, Inc.  and its wholly  owned  subsidiaries, NBG
             Solutions, Inc. and NBG Travel Exclusives, Inc., after  elimination
             of intercompany transactions and balances.

             The interim  financial  statements have been prepared in accordance
             with generally accepted accounting principles for interim financial
             information.   Accordingly,   they  do  not   include  all  of  the
             information and footnotes required by generally accepted accounting
             principles  for  complete  financial   statements.   The  financial
             information  included in this interim  report has been  prepared by
             management  without audit by independent  public accountants who do
             not express an opinion  thereon.  The Company's  annual report will
             contain audited financial statements. In the opinion of management,
             all adjustments,  including normal recurring accruals necessary for
             fair  presentation of results of operations for the interim periods
             included  herein have been made.  The results of operations for the
             three months ended February 29, 2000 are not necessarily indicative
             of results to be anticipated for the year ending November 30, 2000.
             Certain  amounts for 1998 have been  restated  to conform  with the
             1999 presentation.

NOTE 3       -  EARNINGS PER COMMON SHARE

             Earnings per common share is  calculated  by dividing net income by
             the weighted  average  shares  outstanding.  The  weighted  average
             number of shares and common share equivalents have been adjusted to
             give retroactive effect to the 3 for 1 stock split in July 1998.


<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operation

Forward Looking Statements
--------------------------
         The  information  set forth  below  relating  to  matters  that are not
historical facts are "forward looking  statements" within the meaning of Section
21E of the Securities  Exchange Act of 1934 and involve risks and  uncertainties
which could cause actual results to differ  materially  from those  contained in
such forward looking statements.  Such risks and uncertainties  include, but are
not limited to, the following:

o    A decline in national and regional advertising

o    Preference  by customers of other forms of  advertising  such as newspapers
     and magazines, outdoor advertising,  network radio advertising, yellow page
     directories and point of sale advertising

o    Loss of executive management personnel

o    Ability to maintain and establish new relations with radio stations

o    Ability to predict public taste with respect to entertainment programs

Three Months Ended February 29, 2000 and February 28, 1999
----------------------------------------------------------
      Reference is made to Item 6, "Management's Discussion and Analysis or Plan
of  Operation"  included in the  Company's  annual report on Form 10-KSB for the
year ended  November  30,  1999,  as amended,  on file with the  Securities  and
Exchange  Commission.  The  following  discussion  and analysis  pertains to the
Company's  results of operations for the  three-month  period ended February 29,
2000,  compared to the results of operations  for the  three-month  period ended
February 28, 1999,  and to changes in the  Company's  financial  condition  from
November 30, 1999 to February 29, 2000.

      REVENUES. Total revenues for the three months ended February 29, 2000 were
$1,929,983  compared  to  revenues  of  $222,447  for the same  period  in 1999,
representing  an increase of $1,707,536,  or 768%. This increase was principally
due to the Company's  acquisition of programming over the past year. The Company
acquired  multiple  long-form  programs to complement  its current list of short
form programs.  The long form programming offers the Company  significantly more
commercial broadcast inventory available for sale. The increase in inventory has
resulted in  significant  revenue  growth.  In addition to this,  the  continued
growth of the Company's  network  affiliates  airing their programs has provided
the Company the  opportunity  to charge  higher spot rates for their  commercial
broadcast time resulting in higher revenues.

      COSTS  OF GOODS  SOLD.  Costs of goods  sold for the  three  months  ended
February 29, 2000 and 1999 were $574,498 and $99,008, respectively, representing
an increase of $475,490,  or 480%. The increase is due primarily to the increase
costs of producing long-form programs.  Long-form programs are more expensive to
produce due to the increase  cost of delivery of the program via  satellite  and
the extra  telephone  charges  incurred for caller driven  programs.  Short-form
programs  are  distributed  on CD via the mail,  a much less  expensive  form of
distribution. As

<PAGE>

a percentage of total revenues costs of goods sold were 30% for the three months
ended February 29, 2000 and 45% for the same period in 1999. The decrease is due
mainly to the significant  increase in revenues  afforded the Company by the new
long-form programs acquired.

      GROSS  MARGIN.  Gross margin for the three months ended  February 29, 2000
was $1,355,485,  an increase of $1,232,046, or 998%, compared to the same period
1999.  The  increase  in gross  margin  during  the  first  quarter  of 2000 was
principally due to the Company's  significant increase in total revenues for the
first three months of 2000.

      GENERAL AND ADMINISTRATIVE  EXPENSES.  General and administrative expenses
for the three months ended  February 29, 2000 was  $1,165,700,  representing  an
increase  of  $711,686,  or 157% over the same period in 1999.  The  increase is
mainly  attributable  to  two  main  areas.  First  of  all,   amortization  and
depreciation  (non-cash  costs)  increased  $481,284  from  $37,165  in  1999 to
$518,449  for the same  period  in  2000.  The  increase  is  mainly  due to the
amortization of goodwill  associated with business and programming  acquisitions
by the Company.  This goodwill is being  amortized over a period of time ranging
from three to ten years.  The second area of increase is from wages and employee
benefits.  The increase of $205,602, or 127%, from $161,642 for the three months
ended February 28, 1999 to $367,244 for the same period in 2000 is mainly due to
the increase in staff size and infrastructure necessary to support the growth of
the Company.  The Company grew from 18 full-time  employees in the first quarter
of 1999 to 32 full-time  employees in the the first quarter of 2000.  Management
expects general and  administrative  expenses to continue to grow as the Company
attempts to acquire new programming and continues to develop existing programs.

      INCOME TAXES. Due to loss carryforwards, there was no provision for income
taxes during the three months ended February 29, 2000 and February 28, 1999.

      NET LOSS AND  EARNINGS  PER SHARE.  Net income for the three  months ended
February 29, 2000 was $189,785, or $.02 per share. Net loss for the three months
ended February 28, 1999 was $330,575,  or $.03 per share.  The loss for 1999 was
mainly  due to reduced  revenues  as the  Company  transitioned  to mainly  cash
clients and no barter transactions.

      Earnings  per  share are  based  upon  12,160,293  and  10,606,200  shares
outstanding on February 29, 2000 and 1999, respectively.  The Company declared a
three for one stock split in June of 1998 payable to all  shareholders of record
as of July 31,  1998.  Per share  earnings  for the first  quarter  of 1998 were
adjusted to reflect the stock split.

Liquidity and Capital Resources
-------------------------------
      Historically,  the Company has financed its cash flow requirements through
cash flows  generated from  operations and financing  activities.  The Company's
working capital at February 29, 2000 was $3.34 million compared to $2.36 million
at February 28, 1999.  The increase in working  capital was  primarily due to an
increase in accounts  receivable in connection with the growth in total revenues
of the Company.

      In June 1998 the Company completed a private placement of 250,000 units at
$2.00 per unit. Each unit consisted of one share of common stock and one warrant
to purchase one share of common  stock,  exercisable  immediately.  The warrants
were exercisable for $2.25 from June 1998 to January 31, 2000. The warrants then
became exercisable for $2.50 after February 1, 2000 and expire on July 31, 2001.
The Company received proceeds of $500,000 from the private placement.

<PAGE>

      The Company  declared a three for one stock split in June of 1998  payable
to all shareholders of record as of July 31, 1998. The offerings discussed above
and the warrant prices indicated do not reflect the stock split.

      The Company has no long term debt.

      Management  believes  that its  available  cash  together  with  operating
revenues will be sufficient to fund the Company's  working capital  requirements
through  November 30, 2000.  The Company's  management  further  believes it has
sufficient liquidity to implement its expansion and acquisition strategies.


PART II - OTHER INFORMATION
---------------------------

Item 6.  Exhibits and Reports on Form 8-K

(a)      The following exhibits are filed as part of this report:

            Exhibit Number             Description of Exhibit

                 27                    Financial Data Schedule

(b)      No reports  on form 8-K were  required to be filed  during  the quarter
         ended February 29,2000.

<PAGE>

                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange  Act of 1934,  the  Company has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                NBG RADIO NETWORK, INC.,
                                a Nevada corporation

Date:  April 14, 2000           By: /s/ John J. Brumfield
                                    --------------------------------------------
                                    John J. Brumfield, Chief Financial Officer
                                    Vice President, Finance
                                    (Principal Financial and Accounting Officer)