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, 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>
                                                                                                   May 31,              February 28,
                                                                                                    1997                    1997
                                                                                                 -----------            -----------
ASSETS                                                                                           (Unaudited)            (See Note 1)
<S>                                                                                              <C>                    <C>        
Cash                                                                                             $   448,000            $   512,000
Investments in Securities (Note 3)                                                               $ 2,593,000            $ 2,737,000
Promissory Note Receivable                                                                       $    50,000            $    50,000
Other Assets                                                                                     $    17,000            $    19,000
                                                                                                 -----------            -----------
TOTAL                                                                                            $ 3,108,000            $ 3,318,000
                                                                                                 -----------            -----------




LIABILITIES AND STOCKHOLDERS'  EQUITY

Liabilities
  Accounts payable and accrued expenses                                                          $   932,000            $   910,000
  Loans payable to officers/shareholders                                                         $   456,000            $   528,000
  Demand loan payable to related party                                                           $   409,000            $   405,000
                                                                                                 -----------            -----------
Total Liabilities                                                                                $ 1,797,000            $ 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 5/31/97                                                  $    25,000            $    25,000
Additional paid in capital                                                                       $ 2,747,000            $ 2,747,000
Treasury Stock, 134,140 shares at 5/31/97                                                        ($   37,000)           ($   37,000)
Accumulated earnings (deficit)                                                                   ($1,424,000)           ($1,260,000)
                                                                                                 -----------            -----------
Total stockholders' equity                                                                       $ 1,311,000            $ 1,475,000
                                                                                                 -----------            -----------
TOTAL                                                                                            $ 3,108,000            $ 3,318,000
                                                                                                 -----------            -----------
</TABLE>



(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.

STATEMENT OF OPERATIONS
      (Unaudited)

                                                             Three Months
                                                            Ended May 31,
                                                        1997            1996
                                                    -----------      -----------
Gain (loss) on investments:
   Realized                                             $22,000               $0
   Unrealized                                         ($142,000)        $616,000
                                                    -----------      -----------
Total                                                 ($120,000)        $616,000
Dividend Income                                          $6,000          $12,000
Interest Income                                          $1,000               $0
Consulting and other income                              $9,000           $9,000
                                                    -----------      -----------
TOTAL                                                 ($104,000)        $637,000

Expenses:
   General and administrative                           $52,000          $69,000
   Interest                                              $8,000          $10,000
                                                    -----------      -----------
TOTAL                                                   $60,000          $79,000

Income (loss) from operations before taxes            ($164,000)        $558,000
Benefit/(Provision) for taxes                                $0               $0
                                                    -----------      -----------
Net earnings (loss)                                   ($164,000)        $558,000
                                                    -----------      -----------


Net (Loss) per share of common stock                     ($0.07)           $0.24
Weighted Average Number of shares of
    Stock Outstanding                                 2,364,860        2,365,273
                                                    -----------      -----------

(See Accompanying Notes to Financial Statements)


<PAGE>


GLOBUS GROWTH GROUP, INC.

STATEMENT OF CASH FLOWS
       (Unaudited)

<TABLE>
<CAPTION>

                                                                                           Three Months
                                                                                           Ended May 31,
                                                                                        1997         1996
                                                                                     ----------   ----------
<S>                                                                                   <C>           <C>     
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net Income (loss)                                                              ($164,000)    $558,000
       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                                        ($22,000)          $0
            Unrealized (gain) loss on investments                                      $142,000    ($616,000)
            Increase in accounts payable, accrued expenses and accrued interest
                on loans                                                                $30,000      $25,000
            (Increase) decrease in prepaid assets                                        $2,000       $1,000
                                                                                     ----------   ----------

            Net cash (used in) operating activities                                    ($12,000)    ($32,000)
            ------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
       Purchase of investments                                                               $0           $0
       Purchase of property and equipment                                                    $0           $0
       Proceeds from sale of investments                                                $24,000           $0
                                                                                     ----------   ----------

            Net cash provided by (used in ) investing activities                        $24,000           $0
            ------------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
       Repayment of loans payable to officers/shareholders                             ($60,000)    ($51,000)
       Increase (decrease) in loans payable to officers/shareholders                   ($16,000)      $6,000
       Borrowing from broker                                                                 $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                        ($76,000)    ($45,000)
            ------------------------------------------------------------------------------------------------

Net increase (decrease) in cash                                                        ($64,000)    ($77,000)

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

Cash - end of period                                                                   $448,000     $908,000

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
       Cash paid during the year for:
            Interest                                                                         $0           $0
            Income Taxes                                                                 $2,625      $10,375
</TABLE>


(See Accompanying Notes to Financial Statements)


<PAGE>



GLOBUS GROWTH GROUP, INC.  Notes to Condensed Financial Statements  May 31, 1997
                                         (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, 1997,  the results of operations  for the three
          months  ended May 31, 1997 and 1996,  and  statement of cash flows for
          the three months ended May 31, 1997 and 1996.

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

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


Note 3 -  (Continued)

<TABLE>
<CAPTION>
                                                 May 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     $102,000      $30,000       16,925     $110,000      $30,000
Energy Research, Inc.                 74,000     $712,000      $86,047       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     $123,000     $190,000      100,468      $86,000     $190,000
                                              -----------   ----------                ----------   ----------
Total Common Stock                             $2,313,000     $783,047                $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          260,000     $130,000     $130,000      260,000     $130,000     $130,000
                                              -----------   ----------                ----------   ----------
Total Preferred Stock                            $280,000     $280,000                  $280,000     $280,000
                                               -----------   ----------                ----------   ----------

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

Total Investments - Fair  value                $2,643,000   $1,113,047                $2,787,000   $1,115,000
                                              -----------   ----------                ----------   ----------
</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 May 31,  1997,  the Company had total assets of  $3,108,000  compared to
total assets of $3,318,000 as at February 28, 1997.  Included in total assets at
such dates were  investments  of $2,643,000 for the three month period ended May
31, 1997 and  $2,787,000  for the year ended  February  28,  1997.  Shareholders
equity at such dates was  $1,311,000  for the three month  period  ended May 31,
1997 and $1,475,000  for the year ended  February 28, 1997.  Loss on investments
amounted to ($120,000) for the three month period ended May 31, 1997 as compared
to a gain of $616,000 for the three month period ended May 31, 1996. Included in
such gains  (losses)  were  realized  gain of  $22,000  and  unrealized  loss of
($142,000) for the three month period ended May 31, 1997 compared to $616,000 of
unrealized  gain and no realized  gain or loss for the three month  period ended
May 31,  1996.  Operating  expenses,  including  interest  charges,  amounted to
$60,000  for the 1997 three  month  period and  $79,000 for the 1996 three month
period.  Income  (loss) from  operations,  both before and after  provision  for
taxes,  was ($164,000) for the three month period ended May 31, 1997 compared to
$558,000 for the three month period ended May 31, 1996. Net earnings  (loss) per
share were  ($0.07)  for the 1997 three month  period  compared to $0.24 for the
comparable  1996 period.  The weighted  average number of shares of Common Stock
outstanding at May 31, 1997 was 2,364,860 and 2,365,273 at May 31, 1996.



     Analysis of Financial Condition

     The  Company's  cash  position  as at May  31,  1997  (i.e.,  $448,000)  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 $456,000 at May 31,  1997,  a decrease of $72,000  from  $528,000 at
February 28, 1997.  This decrease was due to a $60,000 loan repayment to Stephen
E. and  Richard D.  Globus,  a $16,500  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 three 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 accrued interest of approximately  $4,000.  As
at May 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  $409,000,  including accrued interest. As at May 31, 1997, unpaid
salaries owing to Messrs.  Stephen E. and Richard D. Globus aggregated $885,000;
so that at such date the total of monies  owed to  Messrs.  Stephen  E.  Globus,
Richard D. Globus and Ms. Jane Globus aggregated approximately $1,750,000.


<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, 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.






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: July 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