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, 2001

                                       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,
                                                                      2001              2001
                                                                   -----------      ------------
<S>                                                                <C>              <C>
ASSETS                                                             (Unaudited)      (See Note 1)

Cash                                                                   $25,000          $21,000
Investments in Securities (Note 3)                                  $1,345,000       $1,387,000
Other Assets                                                            $7,000          $11,000
                                                                   -----------      -----------
TOTAL                                                               $1,377,000       $1,419,000
                                                                   -----------      -----------


LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Accounts payable and accrued expenses                             $1,299,000       $1,282,000
  Loans payable to officers/shareholders                              $359,000         $326,000
  Demand loan payable to related party                                $331,000         $329,000
                                                                   -----------      -----------
Total Liabilities                                                   $1,989,000       $1,937,000
                                                                   -----------      -----------


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 5/31/01                        $25,000          $25,000
Additional paid in capital                                          $2,747,000       $2,747,000
Treasury Stock, 151,743 shares at 5/31/01                             ($41,000)        ($41,000)
Accumulated deficit                                                ($3,343,000)     ($3,249,000)
                                                                   -----------      -----------
Total stockholders' deficiency                                       ($612,000)       ($518,000)
                                                                   -----------      -----------
TOTAL                                                               $1,377,000       $1,419,000
                                                                   -----------      -----------
</TABLE>


(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.

STATEMENTS OF OPERATIONS
      (Unaudited)

                                                           Three Months
                                                           Ended May 31,
                                                        2001            2000
                                                    -----------     -----------

Gain (loss) on investments:
   Realized                                              $2,000              $0
   Unrealized                                          ($34,000)      ($410,000)
                                                    -----------     -----------
Total                                                  ($32,000)      ($410,000)
Dividend Income                                              $0          $1,000
Consulting and other income - related party             $15,000          $6,000
                                                    -----------     -----------
TOTAL                                                  ($17,000)      ($403,000)

Expenses:
   General and administrative                           $72,000         $67,000
   Interest                                              $5,000          $3,000
                                                    -----------     -----------
TOTAL                                                   $77,000         $70,000

Loss from operations before taxes                      ($94,000)      ($473,000)
Benefit/(Provision) for taxes                                $0              $0
                                                    -----------     -----------
Net Loss                                               ($94,000)      ($473,000)
                                                    -----------     -----------


Net Loss per share of common stock -
   Basic (Note 2)                                        ($0.04)         ($0.20)
Weighted Average Number of shares of
    Stock Outstanding - Basic (Note 2)                2,347,257       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,
                                                                         2001           2000
                                                                       --------       ---------
<S>                                                                    <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net Loss                                                        ($94,000)      ($473,000)
       Adjustments to reconcile net loss to net cash used in
            operating activities:
            Realized (gain) on investments                              ($2,000)             $0
            Unrealized loss on investments                              $34,000        $410,000
            Increase in accounts payable, accrued expenses and
                accrued interest on loans                               $23,000         $19,000
            Decrease in prepaid assets                                   $4,000          $1,000
                                                                       --------       ---------

            Net cash used in operating activities                      ($35,000)       ($43,000)
                                                                       --------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
       Proceeds from sale of investments                                 $9,000              $0
                                                                       --------       ---------

            Net cash provided by investing activities                    $9,000              $0
                                                                       --------       ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
       Repayment of loans payable to officers/shareholders                   $0         ($4,000)
       Increase in loans payable to officers/shareholders               $30,000              $0
                                                                       --------       ---------

            Net cash provided by (used in) financing activities         $30,000         ($4,000)
                                                                       --------       ---------

Net increase (decrease) in cash                                          $4,000        ($47,000)

Cash - beginning of period                                              $21,000         $58,000

Cash - end of period                                                    $25,000         $11,000

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  May 31, 2001
                                        (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, 2001,  the results of operations  for the three
          months ended May 31, 2001 and 2000,  and  statements of cash flows for
          the three months ended May 31, 2001 and 2000.

          The results of operations  for the three months ended May 31, 2001 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, 2001.

          The balance  sheet at  February  28,  2001 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.


     Note 3 - Investments

          As of February 28, 2001 and May 31, 2001,  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 - (Continued)


<TABLE>
<CAPTION>
                                                        May 31,                                  February 28,
                                                         2001                                       2001
                                                         ----                                       ----

                                             No.                                       No.
                                           Shares        Value           Cost        Shares         Value           Cost
                                           ------        -----           ----        ------         -----           ----
<S>                                       <C>         <C>            <C>            <C>          <C>            <C>
Common Stock
Carta Proteomics, Inc.                     33,333        $13,000        $13,000       33,333        $13,000        $13,000
Catamount Brewing Co.                      23,215                      $176,000       23,215                      $176,000
Repligen Corporation                       26,718        $82,000        $50,000       30,718       $124,000        $58,000
Tumbleweed Communications Corp.               204         $1,000         $7,000          204         $1,000         $7,000
ValiGen, N. V                              85,403       $444,000       $444,000       85,403       $444,000       $444,000
                                                      ----------     ----------                  ----------     ----------

Total Common Stock                                      $540,000       $690,000                    $582,000       $698,000
                                                      ----------     ----------                  ----------     ----------

Preferred Stock
Carta Proteomics, Inc. Series A Pfd       100,000       $150,000       $150,000      100,000       $150,000       $150,000
Carta Proteomics, Inc. Series B Pfd        10,000        $25,000        $25,000       10,000        $25,000        $25,000
Catamount Brewing Co. Pfd                   4,286                      $150,000        4,286                      $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                                   $805,000       $955,000                    $805,000       $955,000
                                                      ----------     ----------                  ----------     ----------

Total Investments - Fair  value                       $1,345,000     $1,645,000                  $1,387,000     $1,653,000
                                                      ----------     ----------                  ----------     ----------
</TABLE>


<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,  2001,  the Company had total assets of  $1,377,000  compared to
total assets of $1,419,000  at February 28, 2001.  Included in total assets were
investments  of $1,345,000 at May 31, 2001 and  $1,387,000 at February 28, 2001.
Shareholders  deficiency  was  ($612,000)  at May 31,  2001  and  ($518,000)  at
February 28, 2001. Loss on investments amounted to ($32,000) for the three month
period ended May 31, 2001,  compared to a loss of ($410,000) for the three month
period ended May 31, 2000.  Included in such losses were realized gain of $2,000
and  unrealized  loss of ($34,000) for the three month period ended May 31, 2001
compared to no realized gain or loss and  ($410,000) of unrealized  loss for the
three month  period  ended May 31,  2000.  The  unrealized  loss of $410,000 was
principally  due to the  decline in market  value of the common  stock  owned in
Repligen Corporation.  Operating expenses,  including interest charges, amounted
to $77,000 for the 2001 three month  period and $70,000 for the 2000 three month
period.  Income  (loss) from  operations,  both before and after  provision  for
taxes,  was  ($94,000) for the three month period ended May 31, 2001 compared to
($473,000)  for the three month period ended May 31, 2000.  Net earnings  (loss)
per share was ($0.04) for the 2001 three  month  period  compared to ($0.20) for
the  comparable  2000 period.  The weighted  average  number of shares of Common
Stock outstanding at May 31, 2001 and May 31, 2000 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 by the Company,  including accrued interest,  to
Mr. Stephen E. Globus (his individual  account)  amounted to $214,000 at May 31,
2001, no change from February 28, 2001. Loans payable to Messrs.  Stephen E. and
Richard D.  Globus (a  separate  joint  account),  including  accrued  interest,
amounted to $143,000 at May 31, 2001,  an increase of $32,000  from  $111,000 at
February 28, 2001. This increase was due to an increase in principal of $30,000,
and an increase in accrued interest of approximately $2,000. As at May 31, 2001,
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
$331,000, including accrued interest. As at May 31, 2001, unpaid salary owing to
Mr.  Stephen E. Globus was $641,000,  and unpaid salary owing to Mr.  Richard D.
Globus was  $610,000;  so that at such date the total of monies  owed to Messrs.
Stephen  E.   Globus,   Richard  D.  Globus  and  Ms.  Jane  Globus   aggregated
approximately $1,940,000.


     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  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


<PAGE>


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, 2001 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)  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 11, 2001

                                                       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
                                                                 Vice President,
                                                         Chief Financial Officer