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, 2002

                                       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>
                                                                             August 31,    February 28,
                                                                               2002            2002
                                                                            -----------    -----------
                                                                            (Unaudited)    (See Note 1)
<S>                                                                         <C>            <C>
ASSETS

Investments in Securities (Note 3)                                           $1,747,000     $1,748,000
Other Assets                                                                    $16,000        $13,000
                                                                            -----------    -----------
TOTAL                                                                        $1,763,000     $1,761,000
                                                                            -----------    -----------
LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Cash overdraft                                                                 $2,000        $15,000
  Accounts payable and accrued expenses                                      $1,437,000     $1,417,000
  Loans payable to officers/shareholders                                       $459,000       $405,000
  Demand loan payable to related party                                         $408,000       $338,000
                                                                            -----------    -----------
Total Liabilities                                                            $2,306,000     $2,175,000
                                                                            -----------    -----------
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                                            $25,000        $25,000
Additional paid in capital                                                   $2,747,000     $2,747,000
Treasury Stock, 151,743 shares                                                 ($41,000)      ($41,000)
Accumulated deficit                                                         ($3,274,000)   ($3,145,000)
                                                                            -----------    -----------
Total stockholders' deficiency                                                ($543,000)     ($414,000)
                                                                            -----------    -----------
TOTAL                                                                        $1,763,000     $1,761,000
                                                                            -----------    -----------
</TABLE>

(See Accompanying Notes to Financial Statements)


<PAGE>

GLOBUS GROWTH GROUP, INC.

<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
    (Unaudited)
                                                   Three Months                   Six Months
                                                  Ended August 31,              Ended August 31,
                                                2002           2001           2002           2001
                                            -----------    -----------    -----------    -----------
<S>                                             <C>           <C>             <C>           <C>
Gain (loss) on investments:
   Realized                                          $0        $11,000             $0        $13,000
   Unrealized                                   ($1,000)      ($33,000)       ($1,000)      ($67,000)
                                            -----------    -----------    -----------    -----------
Total                                           ($1,000)      ($22,000)       ($1,000)      ($54,000)
Dividend Income                                      $0             $0             $0             $0
Consulting and other income                          $0        $11,000        $32,000        $26,000
                                            -----------    -----------    -----------    -----------
TOTAL                                           ($1,000)      ($11,000)       $31,000       ($28,000)

Expenses:
   General and administrative                   $73,000        $86,000       $146,000       $158,000
   Interest                                      $7,000         $5,000        $14,000        $10,000
                                            -----------    -----------    -----------    -----------
TOTAL                                           $80,000        $91,000       $160,000       $168,000

(Loss) from operations before taxes            ($81,000)     ($102,000)     ($129,000)     ($196,000)
(Benefit)/Provision for taxes                        $0             $0             $0             $0
                                            -----------    -----------    -----------    -----------
Net (Loss)                                     ($81,000)     ($102,000)     ($129,000)     ($196,000)
                                            -----------    -----------    -----------    -----------

Net (Loss) per share of common
   stock - basic and diluted                     ($0.03)        ($0.04)        ($0.05)        ($0.08)
Weighted Average Number of shares of
   Stock Outstanding - basic and diluted      2,347,257      2,347,257      2,347,257      2,347,257
                                            -----------    -----------    -----------    -----------
</TABLE>

(See Accompanying Notes to Financial Statements)


<PAGE>

GLOBUS GROWTH GROUP, INC.

STATEMENTS OF CASH FLOWS
     (Unaudited)

<TABLE>
<CAPTION>
                                                                        Six Months
                                                                      Ended August 31,
                                                                     2002         2001
                                                                  ---------    ---------
<S>                                                               <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net Loss                                                   ($129,000)   ($196,000)
       Adjustments to reconcile net loss to net cash used in
             operating activities:
             Realized (gain) on investments                              $0     ($13,000)
             Unrealized loss on investments                          $1,000      $67,000
             Increase in accounts payable, accrued expenses and
                 accrued interest on loans                          $34,000      $52,000
             (Increase) in other assets                             ($3,000)     ($6,000)
                                                                  ---------    ---------

             Net cash used in operating activities                 ($97,000)    ($96,000)
                                                                  ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
       Proceeds from sale of investments                                 $0      $28,000
                                                                  ---------    ---------

             Net cash provided by investing activities                   $0      $28,000
                                                                  ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
       (Decrease) in cash overdraft                                ($13,000)
       Increase in loans payable to shareholders                    $65,000
       Increase in loans payable to officers/shareholders           $45,000      $47,000
                                                                  ---------    ---------

             Net cash provided by financing activities              $97,000      $47,000
                                                                  ---------    ---------

Net increase in cash                                                     $0     ($21,000)

Cash - beginning of period                                               $0      $21,000
                                                                  ---------    ---------

Cash - end of period                                                     $0           $0
                                                                  ---------    ---------

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
                                        (Unaudited)              August 31, 2002

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, 2002, the results of operations for the three and six months ended
August 31, 2002 and 2001, and statements of cash flows for the six months ended
August 31, 2002 and 2001.

      The results of operations for the six months ended August 31, 2002 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, 2002.

      The balance sheet at February 28, 2002 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, 2002 and August 31, 2002, 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>

GLOBUS GROWTH GROUP, INC.

Notes to Condensed Financial Statements (Unaudited)              August 31, 2002

Note 3 - Investments (Continued)

<TABLE>
<CAPTION>
                                                                  August 31,                                February 28,
                                                                    2002                                        2002
                                                                    ----                                        ----
                                                       No.                                         No.
                                                     Shares         Value           Cost          Shares        Value         Cost
                                                   ----------     ----------     ----------     ----------     --------     --------
<S>                                                    <C>           <C>           <C>              <C>         <C>         <C>
Common Stock
Catamount Brewing Co.                                  23,215                      $176,000         23,215                  $176,000
Tumbleweed Communications Corp.                           204             $0         $7,000            204       $1,000       $7,000
ValiGen, N.V                                           85,404        $50,000       $444,000         85,404      $50,000     $444,000
Repligen Corporation                                      468         $1,000         $1,000            468       $1,000       $1,000
Carta Proteomics, Inc.                                 33,333        $13,000        $13,000         33,333      $13,000      $13,000
                                                                  ----------     ----------                  ----------   ----------
Total Common Stock                                                   $64,000       $641,000                     $65,000     $641,000
                                                                  ----------     ----------                  ----------   ----------
Preferred Stock
Catamount Brewing Co. Series A Pfd                      4,286                      $150,000          4,286                  $150,000
Genitope Corp. Series A Pfd.                          420,858       $842,000       $210,000        420,858     $842,000     $210,000
Genitope Corp. Series B Pfd.                          332,992       $666,000       $420,000        332,992     $666,000     $420,000
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
                                                                  ----------     ----------                  ----------   ----------
Total Preferred Stock                                             $1,683,000       $955,000                  $1,683,000     $955,000
                                                                  ----------     ----------                  ----------   ----------
Total Investments                                                 $1,747,000     $1,596,000                  $1,748,000   $1,596,000
                                                                  ----------     ----------                  ----------   ----------
</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 August 31, 2002, the Company had total assets of $1,763,000 compared to
total assets of $1,761,000 at February 28, 2002. Included in total assets were
investments of $1,747,000 at August 31, 2002 and $1,748,000 at February 28,
2002. Shareholders deficiency was ($543,000) at August 31, 2002 and ($414,000)
at February 28, 2002. Loss on investments amounted to ($1,000) for the six month
period ended August 31, 2002 compared to a loss of ($54,000) for the six month
period ended August 31, 2001. Included in such losses were no realized loss and
($1,000) of unrealized loss for the six month period ended August 31, 2002 and
$13,000 of realized gain and ($67,000) of unrealized loss for the six month
period ended August 31, 2001. Included in such gains and losses were no realized
gain or loss and ($1,000) of unrealized loss for the three month period ended
August 31, 2002 compared to realized gain of $11,000 and ($33,000) of unrealized
losses for the three month period ended August 31, 2001. Operating expenses,
including interest charges, amounted to $160,000 for the 2002 six month period
and $168,000 for the 2001 six month period. Operating expenses, including
interest charges, amounted to $80,000 for the three months ended August 31, 2002
compared to $91,000 for the three months ended August 31, 2001. (Loss) from
operations, both before and after provision for taxes, was ($129,000) for the
six month period ended August 31, 2002 compared to ($196,000) for the six month
period ended August 31, 2001. (Loss) from operations, both before and after
provision for taxes, was ($81,000) for the three months ended August 31, 2002
compared to ($102,000) for the three months ended August 31, 2001. Net (loss)
per share was ($0.05) for the 2002 six month period compared to ($0.08) for the
comparable 2001 period. Net (loss) per share was ($0.03) for the three months
ended August 31, 2002 compared to ($0.04) for the three months ended August 31,
2001. The weighted average number of shares of Common Stock outstanding at
August 31, 2002 and 2001 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 $216,000 at August
31, 2002, an increase of $1,000 from February 28, 2002. This increase is due to
an increase in accrued interest. Loans payable by the Company, including
interest, to Mr. Richard D. Globus (his individual account) remained the same at
$1,000 as at February 28, 2002. Loans payable to Messrs. Stephen E. and Richard
D. Globus (a separate joint account), including accrued interest, amounted to
$241,000 at August 31, 2002, an increase of $52,000 from $189,000 at February
28, 2002. This increase was due to an increase in principal of $45,000, and an
increase in accrued interest of approximately $7,000. As at August 31, 2002,
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
$408,000, including accrued interest. As at August 31, 2002, unpaid salary owing
to Mr. Stephen E. Globus was $704,000, and unpaid salary owing to Mr. Richard D.
Globus and his designee was $673,000; so that at such date the total of monies
owed to Messrs. Stephen E. Globus, Richard D. Globus and Ms. Jane Globus
aggregated approximately $2,243,000.


<PAGE>

      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 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, 2002 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.

Item 4. Controls and Procedures

      As of October 3, 2002, an evaluation was performed under the supervision
and with the participation of the Company's management, including the Chief
Executive Officer and Principal Accounting Officer, of the effectiveness of the
design and operation of the Company's disclosure controls and procedures. Based
on that evaluation, the Company's management, including the Chief Executive
Officer and Principal Accounting Officer, concluded that the Company's
disclosure controls and procedures were effective as of October 3, 2002. There
have been no significant changes in the Company's internal controls or in other
factors that could significantly affect internal controls subsequent to October
3, 2002.

PART II - Other Information

Item 6. Exhibits and Reports on Form 8-K

      (a)   Exhibits

            See Exhibit A (next page)

      (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>

Exhibit A

                                                                 October 3, 2002

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

                          Re: Globus Growth Group, Inc.
                              File No. 0-9987

Dear Sirs,

      We refer to the accompanying periodic report on Form 10-Q. To the best of
the knowledge of each of the undersigned, this report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934.
The information contained in this report fairly presents in all material
respects the Registrant's financial condition and results of operations as of
the periods stated.

                                            Very truly yours,


                                            /s/ Stephen E. Globus
                                            Stephen E. Globus
                                            Chief Executive Officer

                                            /s/ Lisa M. Vislocky
                                            Lisa M. Vislocky
                                            Principal Accounting Officer


<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 11, 2002

                                                       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
                                                  (Principal Accounting Officer)


<PAGE>

I, Stephen E. Globus, Chief Executive Officer, certify that:

      1.    I have reviewed this quarterly report on Form 10-Q of Globus Growth
            Group, Inc.;

      2.    Based on my knowledge, this quarterly report does not contain any
            untrue statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this quarterly report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the registrant as of, and for, the periods presented
            in this quarterly report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
            and we have:

            a)    designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

            b)    evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

            c)    presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

      5.    The registrant's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the registrant's auditors
            and the audit committee of registrant's board of directors (or
            persons performing the equivalent function):

            a)    all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

            b)    any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

      6.    The registrant's other certifying officers and I have indicated in
            this quarterly report whether or not there were significant changes
            in internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions with regard to
            significant deficiencies and material weaknesses.


October 11, 2002                                  /s/ Stephen E. Globus
                                                  ---------------------
                                                  Stephen E. Globus
                                                  Chief Executive Officer


<PAGE>

I, Lisa M. Vislocky, Principal Accounting Officer, certify that:

      1.    I have reviewed this quarterly report on Form 10-Q of Globus Growth
            Group, Inc.;

      2.    Based on my knowledge, this quarterly report does not contain any
            untrue statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this quarterly report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report, fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the registrant as of, and for, the periods presented
            in this quarterly report;

      4.    The registrant's other certifying officers and I are responsible for
            establishing and maintaining disclosure controls and procedures (as
            defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
            and we have:

            a)    designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

            b)    evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

            c)    presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

      5.    The registrant's other certifying officers and I have disclosed,
            based on our most recent evaluation, to the registrant's auditors
            and the audit committee of the registrant's board of directors (or
            persons performing the equivalent function):

            a)    all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

            b)    any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

      6.    The registrant's other certifying officers and I have indicated in
            this quarterly report whether or not there were significant changes
            in internal controls or in other factors that could significantly
            affect internal controls subsequent to the date of our most recent
            evaluation, including any corrective actions with regard to
            significant deficiencies and material weaknesses.


October 11, 2002                                  /s/ Lisa M. Vislocky
                                                  --------------------
                                                  Lisa M. Vislocky
                                                  Principal Accounting Officer