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 Quarter Ended: September 30, 1998
Commission File Number: 0-19505
NATIONAL ADVERTlSING GROUP, INC.
(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)
P.O. Box 403624, Miami Beach, Florida 33140
(Address of principal executive offices)
(305) 535-9700
(Registrant's telephone number, including area code)
________________________________________________
(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.
$3
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 October 29, 1998 there were 10,000,000 shares of Common Stock
outstanding
PART I - FINANCIAL INFORMATlON
Item 1. Financial Statements.
See financial statements for the three month period ended
September 30, 1998, (unaudited), attached as an exhibit.
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, 1998, commenced active business
operations. As of September 30, 1998 theRegistrant had
total assets of $0 which consists of Total Stockholders'
Equity.
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.
PART II - OTHER INFORMATION
Item 1-5. Not Applicable
Item 6. Exhibits.
Financial Statements (unaudited) of National Advertising
Group, Inc. for the three month period ended
September 30, 1998
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:
NATIONAL ADVERTlSING GROUP, INC.
By:___________________________
JAMES CHOW
President
Date: October 29, 1998
NATIONAL ADVERTISING GROUP, INC
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
SEPTEMBER 30, 1998 (UNAUDITED) AND DECEMBER 31, 1997 (AUDITED)
UNAUDITED AUDITED
09/30/98 12/31/97
ASSETS
Cash $ -0- $ -0-
Other Asset:
Organizational Costs 70 70
Accumulated Amortization (70) (70)
Total Assets 0 0
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY IN ASSETS)
Liabilities:
Accrued expenses $ 0 $ 2,000
Shareholders' Equity (Deficiency in assets):
Common Stock, par value $0.001 per share;
1,000,000 shares authorized,
issued and outstanding-1,000,000 $ 10,000 $ 10,000
Additional Paid-In Capital 28,347 20,590
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 (38,347) (32,590)
Total Shareholders' Equity
(Deficiency in assets) 0 (2,000)
_______ _______
Total Liabilities and Stockholders' Equity $ -0- $ -0-
See accompanying Notes to Financial Statements
F-I
NATIONAL ADVERTISING GROUP, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(UNAUDITED)
1998 1997
Revenues $ -0- $ -0-
Total Revenues $ -0- $ -0-
Expenses:
Accounting and professional fees $ 500- $ 4,500
Amortization $ -0- $ 0
Total Expenses $ 500 $ 4,500
Net Loss $(500) $ (4,500)
See Accompanying Notes to Financial Statements
F-2
NATIONAL ADVERTISING GROUP, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(UNAUDITED)
1998 1997
Shareholders' Equity:
Beginning of period $ 0 $ 0
Additions
Shareholders' contribution
to paid in capital $ 500 $ 4,500
Deductions
Net loss for the three months
ended September 30, 1998 and 1997
Deficit accumulated during
development stage $ (500) $ (4,500)
Ending balance as of September 30 $ 0 $ -0-
See Accompanying Notes to Financial Statements
F-3
NATIONAL ADVERTISING GROUP, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOW
THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
1998 1997
CASH FLOW FROM OPERATING ACTIVITIES
Net loss $ (500) $(4,500)
Adjustment to reconcile net loss to
Net cash used by operating activities:
Amortization $ 0 $ 0
Net cash used by operating activities $ (500) $(4,500)
CASH FLOW FROM INVESTING ACTIVITIES $ 0 $ 0
CASH FLOW FROM FINANCING ACTIVITIES $ 0 $ 0
Shareholders' contribution to paid
in capital $ 500 $ 4,500
NET INCREASE (DECREASE) IN CASH $ 0 $ 0
Cash - Beginning of Period $ 0 $ 0
Cash - End of Period $ 0 $ 0
See Accompanying Notes to Financial Statements
F-4
NATIONAL ADVERTISING GROUP, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business Activity
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.
Organizational Costs
Organizational costs consist of expenditures incurred in the formation of
the company. These costs were amortized ratably over a period of sixty
months.
NOTE 2 - In the opinion of management the accompanying unaudited financial
statements contain all adjustments necessary to present fairly National
Advertising Group, Inc.'s financial position as of September 30, 1998 and
the results of its operations, changes in the shareholders' equity and
cash flows for the three months then ended.
NOTE 3 - On April 10, 1997, the Company reversed split its outstanding
shares of common stock 1 for 10, thereby reducing the number of shares
outstanding to 1,000,000.
NOTE 4 - On April 10,1997, subsequent to the reverse split referred to in
Note 3, the Company issued 9,000,000 shares of its common stock to Florida
Atlantic Group, Inc. for services, bringing the number of shares
outstanding to 10,000,000.
NOTE 5 - On May 22, 1997, Florida Atlantic Group, Inc. sold 9,000,000
shares of its common stock to Inter-Global Investments, Inc.
F-5
NAGI FINANCIAL DATA SCHEDULE 6-98 QTR
PERIOD TYPE QUARTER
FISCAL YEAR END DECEMBER 31, 1997
PERIOD END SEPTEMBER 30, 1998
CASH 0
SECURITIES 0
RECEIVABLES 0
ALLOWANCES 0
INVENTORY 0
CURRENT ASSETS 0
PP&F 0
DEPRECIATION 0
TOTAL ASSETS 0
CURRENT LIABILITIES 0
BONDS 0
PREFERRED MANDATORY 0
PREFERRED 0
COMMON 10,000
OTHER SE <10,000>
TOTAL LIABILITY AND
STOCKHOLDER EQUITY 0
SALES 0
TOTAL REVENUES 0
CGS 0
TOTAL COSTS 0
OTHER EXPENSES 500
LOSS PROVISION 0
INTEREST EXPENSE 0
INCOME PRETAX <500>
INCOME TAX 0
INCOME CONTINUING 0
CHANGES 0
NET INCOME <500>
EPS PRIMARY .00
EPS DILUTED .00
