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, 1997

                                       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 134,140
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,
                                                                    1997           1997
                                                                -----------    -----------
ASSETS                                                          (Unaudited)    (See Note 1)
<S>                                                             <C>            <C>       
Cash                                                                $47,000       $512,000
Investments in Securities (Note 3)                               $3,051,000     $2,737,000
Promissory Note Receivable                                          $50,000        $50,000
Other Assets                                                        $20,000        $19,000
                                                                -----------    -----------
TOTAL                                                            $3,168,000     $3,318,000
                                                                -----------    -----------

LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Accounts payable and accrued expenses                            $948,000       $910,000
  Loans payable to officers/shareholders                           $471,000       $528,000
  Demand loan payable to related party                             $413,000       $405,000
                                                                -----------    -----------
Total Liabilities                                                $1,832,000     $1,843,000
                                                                -----------    -----------

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 8/31/97                     $25,000        $25,000
Additional paid in capital                                       $2,747,000     $2,747,000
Treasury Stock, 134,140 shares at 8/31/97                          ($37,000)      ($37,000)
Accumulated earnings (deficit)                                  ($1,399,000)   ($1,260,000)
                                                                -----------    -----------
Total stockholders' equity                                       $1,336,000     $1,475,000
                                                                -----------    -----------
TOTAL                                                            $3,168,000     $3,318,000
                                                                -----------    -----------
</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,
                                                                    1997               1996               1997               1996
                                                                -----------        -----------        -----------        -----------
<S>                                                               <C>                <C>                <C>                <C>      
Gain (loss) on investments:
   Realized                                                         $73,000                 $0            $95,000                 $0
   Unrealized                                                      ($12,000)         ($320,000)         ($154,000)          $296,000
                                                                -----------        -----------        -----------        -----------
Total                                                               $61,000          ($320,000)          ($59,000)          $296,000
Dividend Income                                                      $2,000            $11,000             $8,000            $23,000
Interest Income                                                      $4,000                 $0             $5,000                 $0
Consulting and other income                                          $9,000             $9,000            $18,000            $18,000
                                                                -----------        -----------        -----------        -----------
TOTAL                                                               $76,000          ($300,000)          ($28,000)          $337,000

Expenses:
   General and administrative                                       $44,000            $48,000            $96,000           $117,000
   Interest                                                          $7,000             $9,000            $15,000            $19,000
                                                                -----------        -----------        -----------        -----------
TOTAL                                                               $51,000            $57,000           $111,000           $136,000

Income (loss) from operations before taxes                          $25,000          ($357,000)         ($139,000)          $201,000
Benefit/(Provision) for taxes                                            $0                 $0                 $0                 $0
                                                                -----------        -----------        -----------        -----------
Net earnings (loss)                                                 $25,000          ($357,000)         ($139,000)          $201,000
                                                                -----------        -----------        -----------        -----------


Net (Loss) per share of common stock                                  $0.01             ($0.15)            ($0.06)             $0.08
Weighted Average Number of shares of
    Stock Outstanding                                             2,364,860          2,364,860          2,364,860          2,365,067
                                                                -----------        -----------        -----------        -----------
</TABLE>

(See Accompanying Notes to Financial Statements)




<PAGE>





GLOBUS GROWTH GROUP, INC.

STATEMENT OF CASH FLOWS
     (Unaudited)

<TABLE>
<CAPTION>
                                                                                                                   Six Months
                                                                                                                Ended August 31,
                                                                                                            1997             1996
                                                                                                         ---------        ---------
<S>                                                                                                      <C>              <C>       
CASH FLOWS FROM OPERATING ACTIVITIES:
        Net Income (loss)                                                                                ($139,000)        $201,000
        Adjustments to reconcile net income (loss) to net cash provided by (used in)
              operating activities:
              Depreciation and amortization                                                                     $0           $1,000
              Realized (gain) loss on investments                                                         ($95,000)              $0
              Unrealized (gain) loss on investments                                                       $154,000        ($296,000)
              Increase in accounts payable, accrued expenses and accrued interest
                on loans                                                                                   $53,000          $54,000
              (Increase) decrease in prepaid assets                                                        ($2,000)          $2,000
                                                                                                         ---------        ---------

              Net cash (used in ) operating activities                                                    ($29,000)        ($38,000)
              ---------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
        Purchase of investments                                                                          ($500,000)              $0
        Purchase of property and equipment                                                                      $0               $0
        Proceeds from sale of investments                                                                 $128,000               $0
                                                                                                         ---------        ---------

              Net cash provided by (used in ) investing activities                                       ($372,000)              $0
              ---------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
        Repayment of loans payable to officers/shareholders                                               ($94,000)        ($60,000)
        Increase (decrease) in loans payable to officers/shareholders                                      $30,000         ($17,000)
        Borrowing from related party                                                                            $0               $0
        Repayment to broker                                                                                     $0               $0
        Payment from broker                                                                                     $0               $0
        Purchase of treasury stock                                                                              $0               $0
                                                                                                         ---------        ---------

              Net cash provided by (used in) financing activities                                         ($64,000)        ($77,000)
              ---------------------------------------------------------------------------------------------------------------------

Net increase (decrease) in cash                                                                          ($465,000)       ($115,000)

Cash - beginning of period                                                                                $512,000         $985,000

Cash - end of period                                                                                       $47,000         $870,000

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
        Cash paid during the year for:
              Interest                                                                                          $0               $0
              Income Taxes                                                                                  $3,000          $12,000
</TABLE>

(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.  Notes to Condensed Financial Statements  
                                   (Unaudited)                   August 31, 1997


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, 1997,  the results of operations for the three and six months
     ended  August 31, 1997 and 1996,  and  statement  of cash flows for the six
     months ended August 31, 1997 and 1996.

     The results of operations  for the six months ended August 31, 1997 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,
     as amended, for the year ended February 28, 1997.

     The balance  sheet at February 28, 1997 has been derived from the Company's
     audited  balance  sheet  included  in its Annual  Report on Form  10-K,  as
     amended.


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, 1997 and August 31,  1997,  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>
                                                               August 31,                                February 28,
                                                                 1997                                        1997
                                                                 ----                                        ----

                                                    No.                                          No.
                                                 Shares          Value          Cost          Shares         Value           Cost
                                               ----------     ----------     ----------     ----------     ----------     ----------
<S>                                               <C>         <C>            <C>               <C>         <C>            <C>       
Common Stock
------------
Catamount Brewing Co.                              23,215       $569,000       $176,000         23,215       $569,000       $176,000
Interface Systems Inc.                                775         $2,000         $7,000            775         $4,000         $7,000
Nematron Corp.                                                                                  16,925       $110,000        $30,000
Energy Research Corp.*                             74,000       $796,000        $86,000         76,000       $883,000        $88,000
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        $99,000       $190,000        100,468        $86,000       $190,000
                                                              ----------     ----------                    ----------     ----------
Total Common Stock*                                           $2,271,000       $753,000                    $2,457,000       $785,000
                                                              ==========     ==========                    ==========     ==========

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        260,000       $130,000       $130,000
                                                                                                           ----------     ----------
Genitope Corp. Series B Pfd                       332,992       $420,000       $420,000
                                                              ----------     ----------                    
Total Preferred Stock                                           $780,000       $780,000                      $280,000       $280,000
                                                              ==========     ==========                    ==========     ==========

Promissory Note
---------------
Woodstock Communications Inc.                                    $50,000        $50,000                       $50,000        $50,000
                                                              ----------     ----------                    ----------     ----------

Total Investments - Fair  value*                              $3,101,000     $1,583,000                    $2,787,000     $1,115,000
                                                              ----------     ----------                    ----------     ----------

====================================================================================================================================
</TABLE>

*On  September  18, 1997,  the Company sold all of the shares of common stock of
Energy Research Corp. held by it for the net sum of $960,116.


<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 August 31, 1997, the Company had total assets of $3,168,000  compared to
total assets of $3,318,000 as at February 28, 1997.  Included in total assets at
such dates were  investments of $3,101,000 for the six month period ended August
31, 1997 and  $2,787,000  for the year ended  February  28,  1997.  Shareholders
equity at such dates was  $1,336,000  for the six month  period ended August 31,
1997 and $1,475,000  for the year ended  February 28, 1997.  Loss on investments
amounted to ($59,000) for the six month period ended August 31, 1997 as compared
to a gain of $296,000 for the six month  period ended August 31, 1996.  Included
in such gains  (losses)  were realized  gain of $95,000 and  unrealized  loss of
($154,000)  for the six month period ended August 31, 1997  compared to $296,000
of  unrealized  gain and no realized gain or loss for the six month period ended
August 31, 1996.  Operating  expenses,  including interest charges,  amounted to
$111,000  for the 1997 six  month  period  and  $136,000  for the 1996 six month
period.  Income  (loss) from  operations,  both before and after  provision  for
taxes, was ($139,000) for the six month period ended August 31, 1997 compared to
$201,000 for the six month period ended August 31, 1996. Net earnings (loss) per
share  were  ($0.06)  for the 1997 six month  period  compared  to $0.08 for the
comparable  1996 period.  The weighted  average number of shares of Common Stock
outstanding at August 31, 1997 was 2,364,860 and 2,365,067 at August 31, 1996.

Analysis of Financial Condition

     The Company's pro forma cash position as at August 31, 1997 (i.e.,  $47,000
plus $960,116 representing the net proceeds of its sale in September 1997 of its
holdings in Energy  Research  Corp.) 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 (chiefly Stephen E. Globus) 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 $471,000 at
August 31, 1997, a decrease of $57,000 from $528,000 at February 28, 1997.  This
decrease was due to a $61,000 loan repayment to Stephen E. and Richard D. Globus
and a $33,000  charge to the two  officers/shareholders  loans for  general  and
administrative  costs and use by them of the Company's  office and personnel for
the six month period  (reference is made to Note H of Form 10K, as amended,  for
the year ended  February 28,  1997);  which  decrease was somewhat  offset by an
increase in loans of  approximately  $30,000 and an increase in accrued interest
of approximately  $7,000. As at August 31, 1997, 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  $413,000,  including  accrued
interest. As at August 31, 1997, unpaid salaries owing to Messrs. Stephen E. and
Richard D. Globus aggregated $910,000;  so that at such date the total of monies
owed to  Messrs.  Stephen E.  Globus,  Richard D.  Globus  and Ms.  Jane  Globus
aggregated approximately $1,794,000.


<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, as amended,
for its fiscal year ended  February  28, 1997 to which Item  reference is hereby
made.  Reference  is also  hereby made to Item 1 and Item 7 of such  Report,  as
amended,  and to the Financial  Statements  and notes thereto  contained in such
Report, as amended, 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:  October 15, 1997


                                                       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