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, 1996

                                       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 29,
                                                                                                    1996                    1996
                                                                                                 -----------            -----------
ASSETS                                                                                           (Unaudited)            (See Note 1)
<S>                                                                                              <C>                    <C>        
Cash                                                                                                $870,000               $985,000
Investments in Securities (Note 3)                                                                $1,986,000             $1,690,000
Other Assets                                                                                         $13,000                $16,000
                                                                                                 -----------            -----------
TOTAL                                                                                             $2,869,000             $2,691,000
                                                                                                 -----------            -----------


LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Accounts payable and accrued expenses                                                             $854,000               $808,000
  Loans payable to officers/shareholders                                                            $584,000               $660,000
  Demand loan payable to related party                                                              $402,000               $394,000
                                                                                                 -----------            -----------
Total Liabilities                                                                                 $1,840,000             $1,862,000
                                                                                                 -----------            -----------
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 8/31/96                                                         $25,000                $25,000
Additional paid in capital                                                                        $2,747,000             $2,747,000
Treasury Stock, 134,140 shares at 8/31/96                                                           ($37,000)              ($36,000)
Accumulated earnings (deficit)                                                                   ($1,706,000)           ($1,907,000)
                                                                                                 -----------            -----------
Total stockholders' equity                                                                        $1,029,000               $829,000
                                                                                                 -----------            -----------
TOTAL                                                                                             $2,869,000             $2,691,000
                                                                                                 -----------            -----------
</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,
                                                                    1996               1995               1996              1995
                                                                -----------        -----------        -----------       -----------
<S>                                                               <C>                <C>                <C>               <C>      
Gain (loss) on investments:
   Realized                                                              $0           ($31,000)                $0          ($33,000)
   Unrealized                                                     ($320,000)          $240,000           $296,000           $86,000
                                                                -----------        -----------        -----------       -----------
Total                                                             ($320,000)          $209,000           $296,000           $53,000
Dividend Income                                                     $11,000                 $0            $23,000            $1,000
Interest Income                                                          $0                 $0                 $0                $0
Consulting and other income                                          $9,000             $3,000            $18,000            $5,000
                                                                -----------        -----------        -----------       -----------
TOTAL                                                             ($300,000)          $212,000           $337,000           $59,000

Expenses:
   General and administrative                                       $48,000            $41,000           $117,000           $99,000
   Interest                                                          $9,000            $14,000            $19,000           $27,000
                                                                -----------        -----------        -----------       -----------
TOTAL                                                               $57,000            $55,000           $136,000          $126,000

Income (loss) from operations before taxes                        ($357,000)          $157,000           $201,000          ($67,000)
Benefit/(Provision) for taxes                                            $0                 $0                 $0                $0
                                                                -----------        -----------        -----------       -----------
Net earnings (loss)                                               ($357,000)          $157,000           $201,000          ($67,000)
                                                                -----------        -----------        -----------       -----------


Net (Loss) per share of common stock                                 ($0.15)             $0.07              $0.08            ($0.03)
Weighted Average Number of shares of
    Stock Outstanding                                             2,364,860          2,377,310          2,365,067         2,383,199
                                                                -----------        -----------        -----------       -----------
</TABLE>

(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.

STATEMENT OF CASH FLOWS
      (Unaudited)
<TABLE>
<CAPTION>
                                                                                                                Six Months
                                                                                                              Ended August 31,
                                                                                                           1996             1995
                                                                                                         ---------        ---------
<S>                                                                                                      <C>              <C>      
CASH FLOWS FROM OPERATING ACTIVITIES:
         Net Income (loss)                                                                                $201,000         ($67,000)
         Adjustments to reconcile net income (loss) to net cash provided by (used in)
                operating activities:
                Depreciation and amortization                                                               $1,000           $1,000
                Realized (gain) loss on investments                                                             $0          $33,000
                Unrealized (gain) loss on investments                                                    ($296,000)        ($86,000)
                Increase in accounts payable, accrued expenses and accrued interest
                    on loans                                                                               $46,000          $65,000
                (Increase) decrease in prepaid assets                                                       $2,000           $4,000
                                                                                                         ---------        ---------

                Net cash (used in ) operating activities                                                  ($46,000)        ($50,000)
                -------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
         Purchase of investments                                                                                $0        ($185,000)
         Purchase of property and equipment                                                                     $0               $0
         Proceeds from sale of investments                                                                      $0          $89,000
                                                                                                         ---------        ---------

                Net cash provided by (used in ) investing activities                                            $0         ($96,000)
                -------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
         Repayment of loans payable to officers/shareholders                                              ($60,000)        ($50,000)
         Increase (decrease) in loans payable to officers/shareholders                                    ($17,000)        ($23,000)
         Borrowing from broker                                                                                             $214,000
         Repayment to broker
         Payment from broker                                                                                    $0
         Purchase of treasury stock                                                                             $0          ($1,000)
         Borrowing from related party                                                                       $8,000               $0
                                                                                                         ---------        ---------

                Net cash provided by (used in) financing activities                                       ($69,000)        $140,000
                -------------------------------------------------------------------------------------------------------------------

Net increase (decrease) in cash                                                                          ($115,000)         ($6,000)

Cash - beginning of period                                                                                $985,000           $6,000

Cash - end of period                                                                                      $870,000               $0

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
         Cash paid during the year for:
                Interest                                                                                        $0               $0
                Income Taxes                                                                               $12,000           $1,000
</TABLE>

(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.  Notes to Condensed Financial Statements  
                                    (Unaudited)                  August 31, 1996


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, 1996, the results of operations for the six
           months  ended August 31, 1996 and 1995,  and  statement of cash flows
           for the six months ended August 31, 1996 and 1995.

           The results of  operations  for the six months  ended August 31, 1996
           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 29, 1996.

           The balance  sheet at February  29,  1996 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 29, 1996 and August 31, 1996,  investments are carried
           at fair value, which, for readily marketable  securities,  represents
           the last  reported  sales price or bid price on the  valuation  date.
           Investments in restricted  securities  and  securities  which are not
           readily  marketable  are carried at fair value as  determined in good
           faith by the Board of  Directors,  in the  exercise of its  judgment,
           after  taking  into  consideration   various   indications  of  value
           available to the Board.

           (Continued on next page)


<PAGE>


GLOBUS GROWTH GROUP, INC.  Notes to Condensed Financial Statements  
                                    (Unaudited)                  August 31, 1996

Note 3 - (Continued)

<TABLE>
<CAPTION>
                                                                   August 31,                               February 29,
                                                                     1996                                      1996
                                                                     ----                                      ----
                                                         No.                                        No.
                                                       Shares        Value          Cost          Shares       Value          Cost
                                                       ------        -----          ----          ------       -----          ----
<S>                                                     <C>       <C>              <C>            <C>       <C>             <C>    
Common Stock
------------
Catamount Brewing Co.                                   23,215      $176,000      $176,000        23,215      $176,000      $176,000
Interface Systems Inc.                                     775        $4,000        $7,000           775       $12,000        $7,000
Nematron Corp.                                          16,925      $127,000       $30,000        16,925      $127,000       $30,000
Energy Research, Inc.                                   81,000    $1,195,000       $94,000        81,000      $891,000       $94,000
Kimeragen, Inc.                                                                                      414       $70,000       $70,000
Kimeragen, Inc. Cl A                                    53,827       $70,000       $70,000
Kimeragen, Inc. Cl A                                    55,000      $149,000      $149,000        55,000      $149,000      $149,000
                                                                                                            ----------      --------
Kimeragen, Inc. Cl B                                    35,000       $75,000       $75,000
                                                                  ----------      -------- 
Total Common Stock                                                $1,796,000      $601,000                  $1,425,000      $526,000

Preferred Stock
---------------
Kimeragen, Inc. Preferred                                                                            113       $75,000       $75,000
Proscure, Inc. Series A Conv. Pfd.                      61,000       $86,000       $86,000        61,000       $86,000       $86,000
Proscure, Inc. Series B Conv. Pfd.                      53,334       $80,000       $80,000        53,334       $80,000       $80,000
                                                                  ----------      --------                  ----------      --------
Total Preferred Stock                                               $166,000      $166,000                    $241,000      $241,000

Stock Purchase Warrant
----------------------
Glycan Pharmaceuticals, Inc.                            37,500       $17,000       $17,000        37,500       $17,000       $17,000
Proscure Inc.                                           75,000        $7,000        $7,000        75,000        $7,000        $7,000
                                                                  ----------      --------                  ----------      --------
Total Warrants                                                       $24,000       $24,000                     $24,000       $24,000

Total Investments - Fair  value                                   $1,986,000      $791,000                  $1,690,000      $791,000
                                                                  ----------      --------                  ----------      --------
</TABLE>


<PAGE>


                     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, 1996, the Company had total assets of $2,869,000  compared to
total assets of $2,691,000 as at February 29, 1996.  Included in total assets at
such dates were investments in securities of $1,986,000 for the six month period
ended  August 31, 1996 and  $1,690,000  for the year ended  February  29,  1996.
Shareholders  equity at such dates was $1,029,000 for the six month period ended
August 31, 1996 and  $829,000  for the year ended  February  29,  1996.  Gain on
investments  amounted to $296,000 for the six month period ended August 31, 1996
as compared to a gain of $53,000 for the six month period ended August 31, 1995.
Included in such gains were no realized  gain or loss and $296,000 of unrealized
gain for the six month  period  ended  August 31, 1996  compared to ($33,000) of
realized  loss and $86,000 of  unrealized  gain for the six month  period  ended
August 31, 1995.  Operating  expenses,  including interest charges,  amounted to
$136,000  for the 1996 six  month  period  and  $126,000  for the 1995 six month
period.  Income  (loss) from  operations,  both before and after  provision  for
taxes,  was $201,000 for the six month period ended August 31, 1996  compared to
($67,000)  for the six month period ended August 31, 1995.  Net earnings  (loss)
per share were $0.08 for the 1996 six month period compared to a loss of ($0.03)
for the comparable 1995 period.  The weighted average number of shares of Common
Stock  outstanding  at August 31, 1996 was 2,365,067 and 2,383,199 at August 31,
1995.


Analysis of Financial Condition

     The  Company's  cash  position as at August 31, 1996  (i.e.,  $870,000)  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: (i)
the market  value and  future  ability of the  Company to sell its  position  in
Energy Research, Inc. and Nematron Corp.; and (ii) 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 $584,000 at August 31, 1996, a decrease of $76,000 from  $660,000 at
February 29, 1996.  This decrease was due to a $60,000 loan repayment to Stephen
E. and  Richard D.  Globus,  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 G of
Form 10K for the year ended  February  29,  1996);  which  decrease was somewhat
offset  by an  increase  of $5,500  in such  loans,  plus  accrued  interest  of
approximately $11,000. As at August 31, 1996, 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 $402,000,  including accrued interest. As
at August 31, 1996,  unpaid salaries owing to Messrs.  Stephen E. and Richard D.
Globus  aggregated  $812,000;  so that at such date the total of monies  owed to
Messrs.  Stephen E.  Globus,  Richard D. Globus and Ms.  Jane Globus  aggregated
approximately $1,798,000.


<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 possible sales of stock of Energy Research,  Inc. and
of Nematron Corporation and 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  29, 1996 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.


PART II - Other Information

Item 6. Exhibits and Reports on Form 8K

     (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, 1996



                                                       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