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, 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>
                                                                  May 31,      February 28,
                                                                   1999           1999
                                                                -----------    -----------
<S>                                                             <C>            <C>
ASSETS                                                          (Unaudited)    (See Note 1)

Cash                                                            $   135,000    $   233,000
Investments in Securities (Note 3)                              $ 1,739,000    $ 1,414,000
Demand Loan Receivable                                          $   105,000    $   105,000
Other Assets                                                    $    41,000    $    43,000
                                                                -----------    -----------
TOTAL                                                           $ 2,020,000    $ 1,795,000
                                                                -----------    -----------
LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Accounts payable and accrued expenses                         $ 1,097,000    $ 1,082,000
  Loans payable to officers/shareholders                        $   370,000    $   221,000
  Demand loan payable to related party                          $   356,000    $   353,000
                                                                -----------    -----------
Total Liabilities                                               $ 1,823,000    $ 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 5/31/99                 $    25,000    $    25,000
Additional paid in capital                                      $ 2,747,000    $ 2,747,000
Treasury Stock, 151,743 shares at 5/31/99                       ($   41,000)   ($   41,000)
Accumulated earnings (deficit)                                  ($2,534,000)   ($2,592,000)
                                                                -----------    -----------
Total stockholders' equity                                      $   197,000    $   139,000
                                                                -----------    -----------
TOTAL                                                           $ 2,020,000    $ 1,795,000
                                                                -----------    -----------
</TABLE>


(See Accompanying Notes to Financial Statements)


<PAGE>


STATEMENT OF OPERATIONS
      (Unaudited)

                                                             Three Months
                                                             Ended May 31,
                                                          1999           1998
                                                       ----------     ----------

Gain (loss) on investments:
   Realized                                            $        0     $        0
   Unrealized                                          $  125,000     $   78,000
                                                       ----------     ----------
Total                                                  $  125,000     $   78,000
Dividend Income                                        $    1,000     $    1,000
Interest Income                                        $    3,000     $        0
Consulting and other income                            $    3,000     $    6,000
                                                       ----------     ----------
TOTAL                                                  $  132,000     $   85,000

Expenses:
   General and administrative                          $   70,000     $   79,000
   Interest                                            $    4,000     $    5,000
                                                       ----------     ----------
TOTAL                                                  $   74,000     $   84,000

Income (loss) from operations before taxes             $   58,000     $    1,000
Benefit/(Provision) for taxes                          $        0     $        0
                                                       ----------     ----------
Net earnings (loss)                                    $   58,000     $    1,000
                                                       ----------     ----------


Net (Loss) per share of common stock                   $     0.02     $     0.00
Weighted Average Number of shares of
    Stock Outstanding                                   2,347,257      2,347,257
                                                       ----------     ----------

(See Accompanying Notes to Financial Statements)

<PAGE>


GLOBUS GROWTH GROUP, INC.

STATEMENT OF CASH FLOWS
     (Unaudited)

<TABLE>
<CAPTION>
                                                                           Three Months
                                                                           Ended May 31,
                                                                         1999         1998
                                                                       ---------    ---------
<S>                                                                    <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net Income (loss)                                               $  58,000    $   1,000
       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    $       0
            Unrealized (gain) loss on investments                      ($125,000)   ($ 78,000)
            Increase/(decrease) in accounts payable, accrued
                expenses and accrued interest on loans                 $  19,000    ($  1,000)
            (Increase) decrease in prepaid assets                      $   2,000    $   2,000
                                                                       ---------    ---------
            Net cash (used in ) operating activities                   ($ 46,000)   ($ 76,000)
            ---------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:

       Purchase of investments                                         ($200,000)   $       0
       Issuance of demand loan receivable                              $       0    ($ 25,000)
       Proceeds from sale of investments                               $       0    $       0
                                                                       ---------    ---------
            Net cash provided by (used in ) investing activities       ($200,000)   ($ 25,000)
            ---------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
       Repayment of loans payable to officers/shareholders             ($  2,000)   $       0
       Increase (decrease) in loans payable to officers/shareholders   $ 150,000    $       0
       Purchase of treasury stock                                      $       0    $       0
                                                                       ---------    ---------
            Net cash provided by (used in) financing activities        $ 148,000    $       0
            ---------------------------------------------------------------------------------
Net increase (decrease) in cash                                        ($ 98,000)   ($101,000)

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

Cash - end of period                                                   $ 135,000    $ 739,000

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
       Cash paid during the year for:
            Interest                                                   $       0    $       0
            Income Taxes                                               $       0    $  28,000
       Stock received for consulting services
</TABLE>


(See Accompanying Notes to Financial Statements)

<PAGE>


GLOBUS GROWTH GROUP, INC.

                    Notes to Condensed Financial Statements         May 31, 1999
                                  (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, 1999,  the results of operations  for the three months ended May
     31, 1999 and 1998,  and  statement of cash flows for the three months ended
     May 31, 1999 and 1998.

     The results of  operations  for the three months ended May 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 May 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>


Note 3 - (Continued)

<TABLE>
<CAPTION>
                                                                     May 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    $    2,000    $    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                                   100,468    $  282,000    $  190,000       100,468    $  157,000    $  190,000
Thermaphore Sciences, Inc.                               8,333    $   12,000    $   12,000         8,333    $   12,000    $   12,000
                                                                  ----------    ----------                  ----------    ----------
Total Common Stock                                                $  708,000    $  679,000                  $  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                                   $1,739,000    $1,759,000                  $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.


<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,  1999,  the Company had total assets of  $2,020,000  compared to
total assets of $1,795,000 as at February 28, 1999.  Included in total assets at
such dates were  investments  of $1,739,000 for the three month period ended May
31, 1999 and  $1,414,000  for the year ended  February  28,  1999.  Shareholders
equity at such dates was  $197,000 for the three month period ended May 31, 1999
and $139,000 for the year ended February 28, 1999. Gain on investments  amounted
to $125,000  for the three month period ended May 31, 1999 as compared to a gain
of $78,000 for the three month period ended May 31, 1998. Included in such gains
were no realized  gain or loss and  unrealized  gain of  $125,000  for the three
month period ended May 31, 1999 compared to no realized gain or loss and $78,000
of  unrealized  gain for the three month period  ended May 31,  1998.  Operating
expenses,  including  interest  charges,  amounted to $74,000 for the 1999 three
month  period  and  $84,000  for  the  1998  three  month  period.  Income  from
operations, both before and after provision for taxes, was $58,000 for the three
month  period  ended May 31, 1999  compared to $1,000 for the three month period
ended May 31,  1998.  Net  earnings per share was $0.02 for the 1999 three month
period  compared to $0.00 for the comparable 1998 period.  The weighted  average
number of shares of Common Stock outstanding at May 31, 1999 and at May 31, 1998
is 2,347,257.

Liquidity, Capital Resources and Other Matters Affecting Financial Condition

     The  Company's  cash  position  as at May  31,  1999  (i.e.,  $135,000)  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 amounted to $220,000 at May 31, 1999,
a decrease of $1,000 from  $221,000 at February 28, 1999.  This decrease was due
to a loan  repayment  to  Stephen  E.  Globus of  approximately  $1,800,  and an
increase in accrued  interest of  approximately  $500.  Loans payable to Messrs.
Stephen E. and Richard D. Globus at May 31, 1999  increased  by  $150,000,  plus
accrued interest of approximately $600, for the purpose of purchasing Kimeragen.
All loans payable plus accrued interest to Mr. Richard D. Globus were reduced to
zero as at February  28,  1999.  As at May 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  $356,000,  including accrued
interest.  As at May 31, 1999,  unpaid salary owing to Mr. Stephen E. Globus was
$542,000, and unpaid salary owing to Mr. Richard D. Globus was $511,000; so that
at such date the total of monies owed to Messrs.  Stephen E. Globus,  Richard D.
Globus and Ms. Jane Globus aggregated approximately $1,779,000.

     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


<PAGE>


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: July 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