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 August 31, 1999

                                       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 ___

                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 151,743
held in treasury)


<PAGE>

PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

GLOBUS GROWTH GROUP, INC.

CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                 August 31,    February 28,
                                                                   1999            1999
                                                                -----------    -----------

ASSETS                                                          (Unaudited)    (See Note 1)
<S>                                                              <C>            <C>
Cash                                                               $218,000       $233,000
Investments in Securities (Note 3)                               $1,604,000     $1,414,000
Demand Loan Receivable                                             $105,000       $105,000
Other Assets                                                        $41,000        $43,000
                                                                -----------    -----------
TOTAL                                                            $1,968,000     $1,795,000
                                                                -----------    -----------


LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Accounts payable and accrued expenses                          $1,114,000     $1,082,000
  Loans payable to officers/shareholders                           $372,000       $221,000
  Demand loan payable to related party                             $359,000       $353,000
                                                                -----------    -----------
Total Liabilities                                                $1,845,000     $1,656,000
                                                                -----------    -----------


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 at 8/31/99                     $25,000        $25,000
Additional paid in capital                                       $2,747,000     $2,747,000
Treasury Stock, 151,743 shares at 8/31/99                          ($41,000)      ($41,000)
Accumulated earnings (deficit)                                  ($2,608,000)   ($2,592,000)
                                                                -----------    -----------
Total stockholders' equity                                         $123,000       $139,000
                                                                -----------    -----------
TOTAL                                                            $1,968,000     $1,795,000
                                                                -----------    -----------
</TABLE>


(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.

STATEMENT OF OPERATIONS
      (Unaudited)

<TABLE>
<CAPTION>
                                                   Three Months                   Six Months
                                                  Ended August 31,              Ended August 31,
                                                1999           1998           1999           1998
                                             -----------    -----------    -----------    -----------
<S>                                            <C>            <C>            <C>            <C>
Gain (loss) on investments:
   Realized                                      $40,000             $0        $40,000             $0
   Unrealized                                   ($48,000)      ($32,000)       $77,000        $46,000
                                             -----------    -----------    -----------    -----------
Total                                            ($8,000)      ($32,000)      $117,000        $46,000
Dividend Income                                   $2,000         $2,000         $3,000         $3,000
Interest Income                                       $0             $0         $3,000             $0
Consulting and other income                       $4,000         $6,000         $7,000        $12,000
                                             -----------    -----------    -----------    -----------
TOTAL                                            ($2,000)      ($24,000)      $130,000        $61,000

Expenses:
   General and administrative                    $65,000        $78,000       $135,000       $157,000
   Interest                                       $6,000         $6,000        $10,000        $11,000
                                             -----------    -----------    -----------    -----------
TOTAL                                            $71,000        $84,000       $145,000       $168,000

Income (loss) from operations before taxes      ($73,000)     ($108,000)      ($15,000)     ($107,000)
Benefit/(Provision) for taxes                         $0             $0             $0             $0
                                             -----------    -----------    -----------    -----------
Net earnings (loss)                             ($73,000)     ($108,000)      ($15,000)     ($107,000)
                                             -----------    -----------    -----------    -----------


Net (Loss) per share of common stock              ($0.03)        ($0.05)        ($0.01)        ($0.05)
Weighted Average Number of shares of
    Stock Outstanding                          2,347,257      2,347,257      2,347,257      2,347,257
                                             -----------    -----------    -----------    -----------
</TABLE>


(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.

STATEMENT OF CASH FLOWS
            (Unaudited)

<TABLE>
<CAPTION>
                                                                                            Six Months
                                                                                          Ended August 31,
                                                                                         1999         1998
                                                                                      ---------    ---------
<S>                                                                                    <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net Income (loss)                                                               ($15,000)   ($107,000)
       Adjustments to reconcile net income (loss) to net cash provided by (used in)
            operating activities:
            Depreciation and amortization                                                $1,000           $0
            Realized (gain) loss on investments                                        ($40,000)          $0
            Unrealized (gain) loss on investments                                      ($77,000)    ($46,000)
            Increase/(decrease) in accounts payable, accrued expenses and
                accrued interest on loans                                               $42,000      $38,000
            (Increase) decrease in prepaid assets                                            $0           $0
                                                                                      ---------    ---------

            Net cash (used in ) operating activities                                   ($89,000)   ($115,000)
            ------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:

       Purchase of investments                                                        ($200,000)   ($113,000)
       Issuance of demand loan receivable                                                    $0     ($75,000)
       Proceeds from sale of investments                                               $127,000           $0
                                                                                      ---------    ---------

            Net cash provided by (used in ) investing activities                       ($73,000)   ($188,000)
            ------------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
       Repayment of loans payable to officers/shareholders                              ($3,000)    ($11,000)
       Increase (decrease) in loans payable to officers/shareholders                   $150,000           $0
                                                                                      ---------    ---------

            Net cash provided by (used in) financing activities                        $147,000     ($11,000)
            ------------------------------------------------------------------------------------------------

Net increase (decrease) in cash                                                        ($15,000)   ($314,000)

Cash - beginning of period                                                             $233,000     $840,000

Cash - end of period                                                                   $218,000     $526,000

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
       Cash paid during the year for:
            Interest                                                                         $0           $0
            Income Taxes                                                                     $0       $6,000
       Stock received for consulting services                                                $0      $13,000
</TABLE>


(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.                                        August 31, 1999
                     Notes to Condensed Financial Statements
                                   (Unaudited)


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 August 31,  1999,  the results of  operations  for the
          three and six months ended August 31, 1999 and 1998,  and statement of
          cash flows for the six months ended August 31, 1999 and 1998.

          The results of operations for the six months ended August 31, 1999 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 generally  accepted
          accounting principles 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, 1999.

          The balance  sheet at  February  28,  1999 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  data are  based on the  weighted  average  number of common
          shares  outstanding  during  the  period.   Common  equivalent  shares
          (options  and  warrants)  would  be  anti-dilutive  and are  therefore
          excluded from the calculations.

Note 3 -  Investments

          As of February 28, 1999 and August 31, 1999,  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 the Board of  Directors,  in the  exercise  of its  judgment,
          after taking into consideration various indications of value available
          to the Board.

          (Continued on next page)


<PAGE>


GLOBUS GROWTH GROUP, INC.                                        August 31, 1999
                     Notes to Condensed Financial Statements
                                   (Unaudited)


Note 3 -  (Continued)

<TABLE>
<CAPTION>
                                                     August 31,                            February 28,
                                                        1999                                   1999
                                                        ----                                   ----
                                              No.                                    No.
                                           Shares        Value         Cost       Shares        Value         Cost
                                          -------     --------     --------      -------     --------     --------
<S>                                       <C>         <C>          <C>           <C>         <C>          <C>
Common Stock
Catamount Brewing Co. (1)                  23,215     $118,000     $176,000       23,215     $118,000     $176,000
Interface Systems Inc.                        775       $5,000       $7,000          775       $2,000       $7,000
Kimeragen, Inc. Cl A                      108,827     $219,000     $219,000      108,827     $219,000     $219,000
Kimeragen, Inc. Cl B                       35,000      $75,000      $75,000       35,000      $75,000      $75,000
Repligen Corporation (4)                   54,818     $144,000     $104,000      100,468     $157,000     $190,000
Thermaphore Sciences, Inc.                  8,333      $12,000      $12,000        8,333      $12,000      $12,000
                                                    ----------   ----------                ----------   ----------
Total Common Stock                                    $573,000     $593,000                  $583,000     $679,000
                                                    ----------   ----------                ----------   ----------

Preferred Stock
Catamount Brewing Co. Pfd (1)               4,286     $101,000     $150,000        4,286     $101,000     $150,000
Genitope Corp. Series A Pfd               420,858     $210,000     $210,000      420,858     $210,000     $210,000
Genitope Corp. Series B Pfd               332,992     $420,000     $420,000      332,992     $420,000     $420,000
Kimeragen, Inc. Series A Pfd (2)           60,000     $150,000     $150,000
Thermaphore Sciences, Inc. A Pfd (3)      100,000     $150,000     $150,000       66,667     $100,000     $100,000
                                                    ----------   ----------                ----------   ----------
Total Preferred Stock                               $1,031,000   $1,080,000                  $831,000     $880,000
                                                    ----------   ----------                ----------   ----------


Total Investments - Fair  value                     $1,604,000   $1,673,000                $1,414,000   $1,559,000
                                                    ----------   ----------                ----------   ----------
</TABLE>


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

Notes:

(1)  The Company also loaned  $105,000 to Catamount  Brewing Company on a demand
          loan basis during 1998.

(2)  The Company  purchased  60,000  Series A Preferred  shares for  $150,000 of
          Kimeragen, Inc. on May 1, 1999.

(3)  The  Company  purchased  33,333  Series A  Preferred  share for  $50,000 of
          Thermaphore Sciences, Inc. on March 5, 1999.

(4)  The Company sold 45,650  shares of Repligen  during  June,  July and August
          with sales proceeds totalling $126,580.54.



<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 August 31, 1999, the Company had total assets of $1,968,000  compared to
total assets of $1,795,000 as at February 28, 1999.  Included in total assets at
such dates were  investments of $1,604,000 for the six month period ended August
31, 1999 and  $1,414,000  for the year ended  February  28,  1999.  Shareholders
equity at such dates was $123,000 for the six month period ended August 31, 1999
and $139,000 for the year ended February 28, 1999. Gain on investments  amounted
to $117,000 for the six month period ended August 31, 1999 as compared to a gain
of $46,000 for the six month  period  ended  August 31,  1998.  Included in such
gains were realized gain of $40,000 and  unrealized  gain of $77,000 for the six
month  period  ended  August 31, 1999  compared to no realized  gain or loss and
$46,000 of  unrealized  gain for the six month  period  ended  August 31,  1998.
Operating  expenses,  including  interest charges,  amounted to $145,000 for the
1999 six month  period and  $168,000  for the 1998 six month  period.  Loss from
operations, both before and after provision for taxes, was ($15,000) for the six
month  period  ended August 31, 1999  compared to  ($107,000)  for the six month
period ended  August 31,  1998.  Net loss per share was ($0.01) for the 1999 six
month period  compared to ($0.05) for the comparable  1998 period.  The weighted
average  number of shares of Common Stock  outstanding at August 31, 1999 and at
August 31, 1998 is 2,347,257.

Liquidity, Capital Resources and Other Matters Affecting Financial Condition

     The  Company's  cash  position as at August 31, 1999  (i.e.,  $218,000)  is
offsetable  by the  indebtedness  that is owing to members of the Globus  family
described  below.  The near term  liquidity of the Company,  as well as its near
term capital resources position,  are presently  principally  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 by the Company  (including
accrued interest) to Mr. Stephen E. Globus  ("individual  account")  amounted to
$218,000 at August 31, 1999, a decrease of $3,000 from  $221,000 at February 28,
1999.  This  decrease  was due to a loan  repayment  to  Stephen  E.  Globus  of
approximately $3,600, and an increase in accrued interest of approximately $900.
Loans  payable to Messrs.  Stephen E. and Richard D.  Globus (a separate  "joint
account")  at August 31, 1999  amounted to $150,000,  plus  accrued  interest of
approximately  $3,500,  which  loan was made for the  purpose  of the  Company's
purchase of additional  shares of Kimeragen in May 1999.  All loans payable plus
accrued interest to Mr. Richard D. Globus ("individual account") were reduced to
zero as at February 28, 1999.  As at August 31, 1999,  loans  payable to another
member of the Globus  family,  to wit: Ms. Jane Globus (the mother of Stephen E.
and Richard D. Globus),  amounted to approximately  $359,000,  including accrued
interest.  As at August 31, 1999,  unpaid salary owing to Mr.  Stephen E. Globus
was $555,000,  and unpaid salary owing to Mr. Richard D. Globus was $524,000; so
that at such date the total of monies owed to Messrs. Stephen E. Globus, Richard
D. Globus and Ms. Jane Globus aggregated approximately $1,809,500.

     There  are in  fact  presently  no  known  events  that  can be  considered
reasonably  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


<PAGE>


Globus  family,  the present  liquidity  and capital  resources  position of the
Company necessarily adversely affects the financial condition 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  10K Report for its fiscal year ended  February 28, 1999 to which Item
reference is hereby made.  Reference is also hereby made to Item 1 and Item 7 of
such Report and to the Financial  Statements and notes thereto contained in such
Report for  information  concerning the Company's  investments and its financial
condition.

The Year 2000 Problem

     The fact that most existing and unmodified computer systems may not be able
to  distinguish  the year 2000 from the year 1900 has created  what is generally
known as the "Year 2000 Problem" (hereinafter "Y2K"). The full extent of the Y2K
problem  is not  yet  known,  and it is  generally  agreed  that  if not  timely
corrected, it could adversely affect many businesses.

     While the Company does not believe  that its own  internal  systems will be
materially affected by the Y2K problem,  there can be no assurance that: (a) the
computer  systems and  applications of the Company's  various  investees will be
converted  timely,  or, (b) that a failure to so correct by one or more material
investees  would not have a material  adverse effect on the Company's  financial
condition.

     The  Company is making what it  believes,  under the  circumstances,  to be
diligent inquiry of its investees in an attempt to ascertain: (i) the opinion of
each  investee as to whether any of its  business  or results of  operations  or
financial condition,  is or will be, or could be, affected by a Y2K problem; and
(ii) the extent, if any, of related Y2K matters.

     As of the date hereof the Company has  received  responses  from all of its
investees  which   responses   answer  inquiry  "(i)"  above  in  the  negative.
Necessarily,  the Company cannot make any  representation  as to the accuracy of
any of the  responses it receives.  Furthermore,  such  responses  should not be
construed to indicate  that any investee is in fact immune to business  problems
and market conditions  related to Y2K matters that may be faced by entities,  if
any, that may do business with any particular investee.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

     Not Applicable.


PART II - Other Information

Item 6. Exhibits and Reports on Form 8-K

     (a)  Exhibit 27 - Financial Data Schedule

     (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>


                                   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: October 15, 1999

                                                      GLOBUS GROWTH GROUP, INC.
                                                                   (Registrant)


                                                           /s/Stephen E. Globus
                                                           --------------------

                                                              STEPHEN E. GLOBUS
                                                         Chairman of the Board,
                                                  (Principal Executive Officer)


                                                           /s/Richard D. Globus
                                                           --------------------

                                                              RICHARD D. GLOBUS
                                                            President, Director