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, 1998

                                       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>
                                                                           May 31,      February 28, 
                                                                            1998            1998
                                                                         -----------    -----------

ASSETS                                                                   (Unaudited)    (See Note 1)
<S>                                                                      <C>            <C>         
Cash                                                                        $739,000       $840,000
Investments in Securities (Note 3)                                        $1,958,000     $1,880,000
Demand Loan Receivable                                                       $25,000             $0
Other Assets                                                                  $8,000        $10,000
                                                                         -----------    -----------
TOTAL                                                                     $2,730,000     $2,730,000
                                                                         -----------    -----------




LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Accounts payable and accrued expenses                                   $1,023,000     $1,028,000
  Loans payable to officers/shareholders                                    $365,000       $364,000
  Demand loan payable to related party                                      $388,000       $385,000
                                                                         -----------    -----------
Total Liabilities                                                         $1,776,000     $1,777,000
                                                                         -----------    -----------


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 5/31/98                              $25,000        $25,000
Additional paid in capital                                                $2,747,000     $2,747,000
Treasury Stock, 151,743 shares at 5/31/98                                   ($41,000)      ($41,000)
Accumulated earnings (deficit)                                           ($1,777,000)   ($1,778,000)
                                                                         -----------    -----------
Total stockholders' equity                                                  $954,000       $953,000
                                                                         -----------    -----------
TOTAL                                                                     $2,730,000     $2,730,000
                                                                         -----------    -----------
</TABLE>



(See Accompanying Notes to Financial Statements)



<PAGE>

GLOBUS GROWTH GROUP, INC.


STATEMENT OF OPERATIONS
    (Unaudited)

<TABLE>
<CAPTION>
                                                             Three Months
                                                             Ended May 31,
                                                        1998            1997
                                                    ------------    ------------
<S>                                                   <C>             <C>      
Gain (loss) on investments:
   Realized                                                  $0         $22,000
   Unrealized                                           $78,000       ($142,000)
                                                    -----------     -----------
Total                                                   $78,000       ($120,000)
Dividend Income                                          $1,000          $6,000
Interest Income                                              $0          $1,000
Consulting and other income                              $6,000          $9,000
                                                    -----------     -----------
TOTAL                                                   $85,000       ($104,000)

Expenses:
   General and administrative                           $79,000         $52,000
   Interest                                              $5,000          $8,000
                                                    -----------     -----------
TOTAL                                                   $84,000         $60,000

Income (loss) from operations before taxes               $1,000       ($164,000)
Benefit/(Provision) for taxes                                $0              $0
                                                    -----------     -----------
Net earnings (loss)                                      $1,000       ($164,000)
                                                    -----------     -----------


Net (Loss) per share of common stock                      $0.00          ($0.07)
Weighted Average Number of shares of
    Stock Outstanding                                 2,347,257       2,364,860
                                                    -----------     -----------
</TABLE>


(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.


STATEMENT OF CASH FLOWS
     (Unaudited)

<TABLE>
<CAPTION>
                                                                                          Three Months
                                                                                          Ended May 31,
                                                                                        1998         1997
                                                                                     -----------  -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                   <C>           <C>      
       Net Income (loss)                                                                 $1,000    ($164,000)
       Adjustments to reconcile net income (loss) to net cash provided by (used in)
            operating activities:
            Depreciation and amortization                                                    $0           $0
            Realized (gain) loss on investments                                              $0     ($22,000)
            Unrealized (gain) loss on investments                                      ($78,000)    $142,000
            Increase/(decrease) in accounts payable, accrued expenses and
                accrued interest on loans                                               ($1,000)     $30,000
            (Increase) decrease in prepaid assets                                        $2,000       $2,000
                                                                                     -----------  -----------

            Net cash (used in ) operating activities                                   ($76,000)    ($12,000)
            -------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:

       Issuance of demand loan receivable                                              ($25,000)          $0
       Proceeds from sale of investments                                                     $0      $24,000
                                                                                     -----------  -----------

            Net cash provided by (used in ) investing activities                       ($25,000)     $24,000
            -------------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
       Repayment of loans payable to officers/shareholders                                   $0     ($60,000)
       Increase (decrease) in loans payable to officers/shareholders                         $0     ($16,000)
                                                                                     -----------  -----------

            Net cash provided by (used in) financing activities                              $0     ($76,000)
            -------------------------------------------------------------------------------------------------

Net increase (decrease) in cash                                                       ($101,000)    ($64,000)

Cash - beginning of period                                                             $840,000     $512,000

Cash - end of period                                                                   $739,000     $448,000

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
       Cash paid during the year for:
            Interest                                                                         $0           $0
            Income Taxes                                                                $28,000       $2,625

(See Accompanying Notes to Financial Statements)
</TABLE>

<PAGE>


GLOBUS GROWTH GROUP, INC. Notes to Condensed Financial Statements   May 31, 1998
                                     (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 May 31, 1998, the results of operations for the three
          months ended May 31, 1998 and 1997, and statement of cash flows for
          the three months ended May 31, 1998 and 1997.

          The results of operations for the three months ended May 31, 1998 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, 1998.

          The balance sheet at February 28, 1998 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, 1998 and May 31, 1998, 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>


Note 3 - (Continued)

<TABLE>
<CAPTION>
                                                        May 31,                                             February 28,
                                                         1998                                                  1998
                                                         ----                                                  ----
                                                    No.                                          No.
                                                   Shares       Value           Cost           Shares         Value          Cost
                                                   ------       -----           ----           ------         -----          ----
Common Stock
------------
<S>                                               <C>         <C>            <C>               <C>         <C>            <C>     
Catamount Brewing Co.                              23,215       $176,000       $176,000         23,215       $176,000       $176,000
Interface Systems Inc.                                775         $2,000         $7,000            775         $3,000         $7,000
Kimeragen, Inc. Cl A                              108,827       $609,000       $219,000        108,827       $609,000       $219,000
Kimeragen, Inc. Cl B                               35,000       $196,000        $75,000         35,000       $196,000        $75,000
Repligen Corporation                              100,468       $195,000       $190,000        100,468       $116,000       $190,000
                                                              ----------     ----------                    ----------     ----------
Total Common Stock                                            $1,178,000       $667,000                    $1,100,000       $667,000
                                                              ----------     ----------                    ----------     ----------
Preferred Stock
---------------
Catamount Brewing Co. - Pfd                         4,286       $150,000       $150,000          4,286       $150,000       $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
                                                              ----------     ----------                    ----------     ----------
Total Preferred Stock                                           $780,000       $780,000                      $780,000       $780,000
                                                              ----------     ----------                    ----------     ----------

Total Investments - Fair  value                               $1,958,000     $1,447,000                    $1,880,000     $1,447,000
                                                              ----------     ----------                    ----------     ----------
</TABLE>

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



<PAGE>


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

Analysis of 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,  1998,  the Company had total assets of  $2,730,000  compared to
total assets of $2,730,000 as at February 28, 1998.  Included in total assets at
such dates were  investments  of $1,958,000 for the three month period ended May
31, 1998 and  $1,880,000  for the year ended  February  28,  1998.  Shareholders
equity at such dates was  $954,000 for the three month period ended May 31, 1998
and $953,000 for the year ended February 28, 1998. Gain on investments  amounted
to $78,000 for the three month  period  ended May 31, 1998 as compared to a loss
of  ($120,000)  for the three month period ended May 31, 1997.  Included in such
gains (losses) were no realized gain or loss and unrealized  gain of $78,000 for
the three month period ended May 31, 1998  compared to $22,000 of realized  gain
and ($142,000) of unrealized loss for the three month period ended May 31, 1997.
Operating expenses, including interest charges, amounted to $84,000 for the 1998
three month period and $60,000 for the 1997 three month period. Gain (loss) from
operations,  both before and after provision for taxes, was $1,000 for the three
month  period  ended May 31,  1998  compared to  ($164,000)  for the three month
period  ended May 31,  1997.  Net gain  (loss)  per share was $0.00 for the 1998
three month  period  compared to ($0.07) for the  comparable  1997  period.  The
weighted  average  number of shares of Common Stock  outstanding at May 31, 1998
was 2,347,257 and 2,364,860 at May 31, 1997.



Analysis of Financial Condition

     The  Company's  cash  position  as at May  31,  1998  (i.e.,  $739,000)  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 Messrs.  Stephen E. and  Richard D.  Globus  amounted  to
$365,000 at May 31,  1998,  an increase of $1,000 from  $364,000 at February 28,
1998.  This  increase  was due in part to an  increase  in accrued  interest  of
approximately  $1,800,  which was  somewhat  offset by a $500 loan  repayment to
Stephen E. and Richard D. Globus.  As at May 31, 1998,  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  $388,000,  including accrued
interest.  As at May 31, 1998,  unpaid salaries owing to Messrs.  Stephen E. and
Richard D. Globus aggregated $979,000;  so that at such date the total of monies
owed to  Messrs.  Stephen E.  Globus,  Richard D.  Globus  and Ms.  Jane  Globus
aggregated approximately $1,732,000.


<PAGE>


     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 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, 1998 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.





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: July 15, 1998

                                                       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