SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 10-Q

|X|   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934 for the quarterly period ended May 31, 2003

                                       OR

      Transition Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934

      from the transition period from _____ to ______

                          Commission File Number 0-9987

                            GLOBUS GROWTH GROUP, INC.
             (Exact name of registrant as specified in its charter)

          New York                                           13-2949462
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

44 West 24th Street, New York, NY                              10010
(Address of principal executive offices)                     (zip code)

                                 (212) 243-1000
              (Registrant's telephone number, including area code)

      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 Exchange Act of
1934 during the preceding 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 |_|

      Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes |_| No |X|

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court. Yes |_| No |_|

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

      Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as the latest practicable date: 2,499,000 (including 163,243
held in treasury)

<PAGE>

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

GLOBUS GROWTH GROUP, INC.

CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                      May 31,          February 28,
                                                                       2003                2003
                                                                    -----------        ------------
<S>                                                                 <C>                <C>
ASSETS                                                              (Unaudited)        (See Note 1)

Cash                                                                $     1,000
Investments in Securities (Note 3)                                  $ 1,318,000        $ 1,318,000
Other Assets                                                        $    18,000        $    15,000
                                                                    -----------        -----------
TOTAL                                                               $ 1,337,000        $ 1,333,000
                                                                    -----------        -----------

LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Cash overdraft                                                    $         0        $     1,000
  Accounts payable and accrued expenses                             $ 1,527,000        $ 1,520,000
  Loans payable to officers/shareholders                            $   458,000        $   455,000
  Demand loan payable to related party                              $   596,000        $   520,000
                                                                    -----------        -----------
Total Liabilities                                                   $ 2,581,000        $ 2,496,000
                                                                    -----------        -----------

Stockholders' equity (Note 2)
Preferred stock - $.10 par value, Authorized - 450,000 shares
     None Issued
Series B convertible preferred stock - $.10 par value
     Authorized - 50,000 shares, None issued
Common stock - $.01 par value, Authorized - 4,500,000
     shares, Issued 2,499,000 shares                                $    25,000        $    25,000
Additional paid in capital                                          $ 2,747,000        $ 2,747,000
Treasury Stock, 163,243 shares                                      ($   41,000)       ($   41,000)
Accumulated deficit                                                 ($3,975,000)       ($3,894,000)
                                                                    -----------        -----------
Total stockholders' deficiency                                      ($1,244,000)       ($1,163,000)
                                                                    -----------        -----------
TOTAL                                                               $ 1,337,000        $ 1,333,000
                                                                    -----------        -----------
</TABLE>

(See Accompanying Notes to Financial Statements)

<PAGE>

GLOBUS GROWTH GROUP, INC.

STATEMENTS OF OPERATIONS
      (Unaudited)

                                                          Three Months
                                                          Ended May 31,
                                                     2003               2002
                                                 -----------        -----------

Consulting and other income - related party               $0            $32,000
                                                 -----------        -----------
TOTAL                                                     $0            $32,000
                                                 -----------        -----------

Expenses:
   General and administrative                        $73,000            $73,000
   Interest                                           $8,000             $7,000
                                                 -----------        -----------
TOTAL                                                $81,000            $80,000

Loss from operations before taxes                   ($81,000)          ($48,000)
Benefit/(Provision) for taxes                             $0                 $0
                                                 -----------        -----------
Net Loss                                            ($81,000)          ($48,000)
                                                 -----------        -----------

Net Loss per share of common stock -
   Basic and diluted  (Note 2)                        ($0.03)            ($0.02)
Weighted Average Number of shares of
    Stock Outstanding - Basic and diluted
   (Note 2)                                        2,335,757          2,347,257
                                                 -----------        -----------

(See Accompanying Notes to Financial Statements)

<PAGE>

GLOBUS GROWTH GROUP, INC.

STATEMENTS OF CASH FLOWS
      (Unaudited)

<TABLE>
<CAPTION>
                                                                         Three Months
                                                                         Ended May 31,
                                                                      2003          2002
                                                                    --------      --------
<S>                                                                 <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net Loss                                                     ($81,000)     ($48,000)
       Adjustments to reconcile net loss to net cash used in
             operating activities:
             Increase in accounts payable, accrued expenses and
                 accrued interest on loans                           $14,000       $10,000
             (Increase) in other assets                              ($3,000)      ($1,000)
                                                                    --------      --------

             Net cash used in operating activities                  ($70,000)     ($39,000)
             ------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
       (Decrease) in cash overdraft                                  ($1,000)     ($15,000)
       Increase in loans payable to shareholders                     $72,000       $10,000
       Increase in loans payable to officers/shareholders                          $45,000
                                                                    --------      --------

             Net cash provided by financing activities               $71,000       $40,000
             ------------------------------------------------------------------------------

Net increase in cash                                                  $1,000        $1,000

Cash - beginning of period                                                $0            $0
                                                                    --------      --------

Cash - end of period                                                  $1,000        $1,000
                                                                    --------      --------

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
       Cash paid during the period for:
             Interest                                                     $0            $0
             Income Taxes                                                 $0            $0
</TABLE>

(See Accompanying Notes to Financial Statements)

<PAGE>

GLOBUS GROWTH GROUP, INC.                Notes to Condensed Financial Statements
                                            (Unaudited)         May 31, 2003

Note 1 - Basis of Condensed Information

      In the opinion of the Company, the accompanying unaudited condensed
financial statements contain all adjustments, consisting of only normal
recurring accruals, necessary to present fairly the financial position as of May
31, 2003, the results of operations for the three months ended May 31, 2003 and
2002, and statements of cash flows for the three months ended May 31, 2003 and
2002.

      The results of operations for the three months ended May 31, 2003 are not
necessarily indicative of the results to be expected for the full year.

      Certain information and note disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted
in the United States of America have been condensed or omitted. These condensed
financial statements should be read in conjunction with the financial statements
and notes thereto included in the Company's annual report filed on Form 10-K for
the year ended February 28, 2003.

      The balance sheet at February 28, 2003 has been derived from the Company's
audited balance sheet included in its Annual Report on Form 10-K.

Note 2 - Earnings Per Share

      Per share date are based on the weighted average number of common shares
outstanding during the period.

Note 3 - Investments

      As of February 28, 2003 and May 31, 2003, investments are carried at fair
value, which, for readily marketable securities, represents the last reported
sales price or bid price on the valuation date. Investments in restricted
securities and securities which are not readily marketable are carried at fair
value as determined in good faith by Management, in the case of interim
financial statements, and by the Board of Directors, in the case of year end
financial statements; in each instance, in the exercise of their respective
judgments, after taking into consideration various indications of value
available to them.

(Continued on next page)

<PAGE>

Note 3 - Investments (Continued)

<TABLE>
<CAPTION>
                                                  May 31,                            February 28,
                                                   2003                                  2003
                                                   ----                                  ----

                                   No.                                     No.
                                  Shares        Value         Cost        Shares        Value         Cost
                                  ------        -----         ----        ------        -----         ----
<S>                               <C>        <C>            <C>           <C>        <C>            <C>
Common Stock
ExSAR Corp.                       33,333     $   13,000     $ 13,000      33,333     $   13,000     $ 13,000
                                             ----------     --------                 ----------     --------

Total Common Stock                           $   13,000     $ 13,000                 $   13,000     $ 13,000
                                             ----------     --------                 ----------     --------

Preferred Stock
Genitope Corp. Series A Pfd.     420,858     $  631,000     $210,000     420,858     $  631,000     $210,000
Genitope Corp. Series B Pfd.     332,992     $  499,000     $420,000     332,992     $  499,000     $420,000
ExSAR Corp. Series A Pfd.        100,000     $  150,000     $150,000     100,000     $  150,000     $150,000
ExSAR Corp. Series B Pfd.         10,000     $   25,000     $ 25,000      10,000     $   25,000     $ 25,000
                                             ----------     --------                 ----------     --------

Total Preferred Stock                        $1,305,000     $805,000                 $1,305,000     $805,000
                                             ----------     --------                 ----------     --------

Total Investments                            $1,318,000     $818,000                 $1,318,000     $818,000
                                             ----------     --------                 ----------     --------
</TABLE>

*At May 31, 2003 and February 28, 2003, all investments represent securities
which are not readily marketable and which are carried at fair value.

<PAGE>

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

Results of Operations

      Prior to fiscal 1987, the Company was engaged in the camera and
photography business. On February 28, 1986, the Company sold its operating
business to an affiliated company and since that date the Company's principal
activity has been the making of investments in other companies.

      At May 31, 2003, the Company had total assets of $1,337,000 compared to
total assets of $1,333,000 at February 28, 2003. Included in total assets were
investments of $1,318,000 at May 31, 2003 and February 28, 2003. Shareholders
deficiency was ($1,244,000) at May 31, 2003 and ($1,163,000) at February 28,
2003. There was no change in the fair value of the investments from February 28,
2003 to May 31, 2003. Operating expenses, including interest charges, amounted
to $81,000 for the three months ended May 31, 2003 and $80,000 for the three
months ended May 31, 2002. (Loss) from operations was ($81,000) for the
three-month period ended May 31, 2003 compared to ($48,000) for the three-month
period ended May 31, 2002. Net (loss) per share was ($0.03) for the three months
ended May 31, 2003 compared to ($0.02) for the three months ended May 31, 2002.
The weighted average number of shares of Common Stock outstanding at May 31,
2003 is 2,335,757 and 2002 is 2,347,257.

Liquidity, Capital Resources and Other Matters Affecting Financial Condition

      The near term liquidity of the Company, as well as its near term capital
resources position, are presently dependent upon the continued willingness, as
to which there can be no assurance whatsoever, of the members of the Globus
family who have made loans to the Company not to demand full or substantially
full repayment of such loans and to continue to make loans to the Company, if
necessary. Thus, loans payable, including accrued interest, to Mr. Stephen E.
Globus (his individual account) amounted to $217,000 at May 31, 2003 and
February 28, 2003. Loans payable, including accrued interest, to Mr. Richard D.
Globus (his individual account) remained the same at $1,000 at May 31, 2003 and
February 28, 2003. Loans payable to Messrs. Stephen E. and Richard D. Globus (a
separate joint account), including accrued interest, amounted to $240,000 at May
31, 2003, an increase of $2,000 from $238,000 at February 28, 2003. This
increase was due to an increase in accrued interest of approximately $2,000. At
May 31, 2003, loans payable, including accrued interest, to another member of
the Globus family, Ms. Jane Globus (the mother of Stephen E. and Richard D.
Globus), amounted to approximately $596,000, an increase of $72,000 in
additional loans and $4,000 in accrued interest from February 28, 2003. At May
31, 2003, unpaid salary owing to Mr. Stephen E. Globus was $741,000, and unpaid
salary owing to Mr. Richard D. Globus and his designee was $710,000; so that at
such date the total of monies owed to Messrs. Stephen E. Globus, Richard D.
Globus and Ms. Jane Globus aggregated approximately $2,505,000.

      There are in fact presently no known events that can be considered certain
to occur which would materially change favorably either the short term or long
term liquidity (i.e., ability of the Company to generate adequate amounts of
cash to meet its needs for cash) or capital resources position (i.e., source of
funds) of the Company from that in which it presently finds itself, and, absent
continuation of the presently existing loans without call for payment, or
additional loans, from the Globus family, the present liquidity and capital
resources position of the Company and its ability to make new investments. In
such connection it must be noted that: the profitability of a BDC, like the
Company, is largely dependent upon its ability to make investments and upon
increases in the value of its investments; and a BDC is also subject to a number
of risks which are not generally present in an operating company, and which are
discussed generally in Item 1 of the Company's 10-K Report for its fiscal year
ended February 28, 2003 to which Item reference is hereby made. Reference is
also hereby made to Item 1 and Item 7 of such Report and to

<PAGE>

the Financial Statements and notes thereto contained in such Report for
information concerning the Company's investments and its financial condition.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

      Not Applicable.

Item 4. Controls and Procedures

            As of July 15, 2003, an evaluation was performed under the
supervision and with the participation of the Company's management, including
the Chief Executive Officer and Principal Accounting Officer, of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures. Based on the evaluation, the Company's management, including the
Chief Executive Officer and Principal Accounting Officer, concluded that the
Company's disclosure controls and procedures were effective as of July 15, 2003.
There have been no significant changes in the Company's internal controls or in
other factors that could significantly affect internal controls subsequent to
July 15, 2003.

PART II - Other Information

Item 6. Exhibits and Reports on Form 8-K

      (a) Exhibits

            See Exhibit A (next page)

      (b) Reports on Form 8-K

            No reports on Form 8-K have been filed during the quarter for which
this Report is filed.

<PAGE>

Exhibit A

                                                July 15, 2003

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

                          Re: Globus Growth Group, Inc.
                              File No. 0-9987

Dear Sirs,

      We refer to the accompanying periodic report on Form 10-Q. To the best of
the knowledge of each of the undersigned, this report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934.
The information contained in this report fairly presents in all material
respects the Registrant's financial condition and results of operations as of
the periods stated.

                                        Very truly yours,


                                        /s/ Stephen E. Globus
                                        Stephen E. Globus
                                        Chief Executive Officer


                                        /s/ Lisa M. Vislocky
                                        Lisa M. Vislocky
                                        Principal Accounting Officer

<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.

Date: July 15, 2003

                                                       GLOBUS GROWTH GROUP, INC.
                                                                    (Registrant)


                                                           /s/ Stephen E. Globus
                                                               Stephen E. Globus
                                                          Chairman of the Board,
                                                     Principal Executive Officer


                                                            /s/ Lisa M. Vislocky
                                                                Lisa M. Vislocky
                                                    Principal Accounting Officer

<PAGE>

I, Stephen E. Globus, Chief Executive Officer, certify that:

      1.    I have reviewed this quarterly report on Form 10-Q of Globus Growth
            Group, Inc.;

      2.    Based on my knowledge, this quarterly report does not contain any
            untrue statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this quarterly report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the registrant as of, and for, the periods presented
            in this quarterly report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
            and we have:

                  a.    Designed such disclosure controls and procedures to
                        ensure that material information relating to the
                        registrant is made known to us by others within those
                        entities, particularly during the period in which this
                        quarterly report is being prepared;

                  b.    Evaluated the effectiveness of the registrant's
                        disclosure controls and procedures as of a date within
                        90 days prior to the filing date of this quarterly
                        report (the "Evaluation Date"); and

                  c.    Presented in this quarterly report our conclusions about
                        the effectiveness of the disclosure controls and
                        procedures based on our evaluation as of the Evaluation
                        Date;

      5.    The registrant's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the registrant's auditors
            and the audit committee of registrant's board of directors (or
            persons performing the equivalent function):

                  a.    All significant deficiencies in the design or operation
                        of internal controls which could adversely affect the
                        registrant's ability to record, process, summarize and
                        report financial data and have identified for the
                        registrant's auditors any material weaknesses in
                        internal controls; and

                  b.    Any fraud, whether or not material, that involves
                        management or other employees who have a significant
                        role in the registrant's internal controls; and

      6.    The registrant's other certifying officers and I have indicated in
            this quarterly report whether or not there were significant changes
            in internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions which regard to
            significant deficiencies and material weaknesses.

July 15,2003


                                        /s/ Stephen E. Globus
                                        Stephen E. Globus
                                        Chief Executive Officer

<PAGE>

I, Lisa M. Vislocky, Principal Accounting Officer, certify that:

      1.    I have reviewed this quarterly report on Form 10-Q of Globus Growth
            Group, Inc.;

      2.    Based on my knowledge, this quarterly report does not contain any
            untrue statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this quarterly report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the registrant as of, and for, the periods presented
            in this quarterly report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
            and we have:

                  a.    Designed such disclosure controls and procedures to
                        ensure that material information relating to the
                        registrant is made known to us by others within those
                        entities, particularly during the period in which this
                        quarterly report is being prepared;

                  b.    Evaluated the effectiveness of the registrant's
                        disclosure controls and procedures as of a date within
                        90 days prior to the filing date of this quarterly
                        report (the "Evaluation Date"); and

                  c.    Presented in this quarterly report our conclusions about
                        the effectiveness of the disclosure controls and
                        procedures based on our evaluation as of the Evaluation
                        Date;

      5.    The registrant's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the registrant's auditors
            and the audit committee of registrant's board of directors (or
            persons performing the equivalent function):

                  a.    All significant deficiencies in the design or operation
                        of internal controls which could adversely affect the
                        registrant's ability to record, process, summarize and
                        report financial data and have identified for the
                        registrant's auditors any material weaknesses in
                        internal controls; and

                  b.    Any fraud, whether or not material, that involves
                        management or other employees who have a significant
                        role in the registrant's internal controls; and

      6.    The registrant's other certifying officers and I have indicated in
            this quarterly report whether or not there were significant changes
            in internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions which regard to
            significant deficiencies and material weaknesses.

July 15,2003


                                        /s/ Lisa M. Vislocky
                                        Lisa M. Vislocky
                                        Principal Accounting Officer