U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 10-KSB ANNUAL REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2007 Commission file number: 000-26971 TRIMOL GROUP, INC.(Name of small business issuer in its charter)  DELAWARE

13-3859706(State of Incorporation)

(IRS Employer ID No.)  1285 Avenue of the Americas, 35th FloorNew York, New York, 10019(Address of principal offices) Registrants
Telephone Number: (212) 554-4394 Securities
registered under Section 12(b) of the Exchange Act: None Securities
registered under Section 12(g) of the Exchange Act: None Title of Each Class
Name of each Exchange on which listedCommon Stock, par value $0.01 per share
OTC Bulletin Board 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 o Indicate by
check mark if disclosure of delinquent files pursuant to Item 405 of Regulation
S-K (§ 229/405 of this chapter) is not contained herein, and will not be
contained, to the best of Registrants knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB. o Indicate by
check mark whether the Registrant is a shell company (as defined in Rule 12b-2
of the Act), Yes o     No x Issuers
revenues for fiscal year ended December 31, 2007 were $0.00. The aggregate
market value of the voting common equity held by non-affiliates of the   Registrant was
approximately $73,253 as of March 31, 2008 computed on the basis of a closing price of $0.01 per share on such
date of the Registrants common stock as reported on the National Association
of Securities Dealers, Inc.s Over the Counter Bulletin Board.

The number of
shares outstanding of the Registrants common stock, as of March 31, 2008 was
100,472,328.

Indicate by check mark whether
the Registrant is an accelerated filer as defined in Rule 12b-2 of the
Securities Exchange Act of 1934. Yes o     No x

Transitional
Small Business Disclosure Format (check one): Yes o     No x

2

TABLE OF CONTENTS

PART IITEM
  1.
  
  DESCRIPTION
  OF BUSINESS
  
  4ITEM 1 A
  
  RISK FACTORS
  
  5ITEM
  2.
  
  DESCRIPTION
  OF PROPERTY
  
  11ITEM
  3.
  
  LEGAL
  PROCEEDINGS
  
  12ITEM
  4.
  
  SUBMISSION
  OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
  12PART IIITEM
  5.
  
  MARKET
  FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
  EQUITY SECURITIES
  
  13ITEM
  6.
  
  MANAGEMENTS
  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
  
  14ITEM
  7.
  
  FINANCIAL
  STATEMENTS
  
  17Report of
  the Independent Auditors
  
  17Consolidated
  Balance Sheet
  
  18Consolidated
  Statement of Operations
  
  19Consolidated
  Statement of Changes in Shareholders Deficiency
  
  20Consolidated
  Statement of Cash Flows
  
  21Notes to
  Consolidated Financial Statements
  
  22ITEM
  8.
  
  CHANGES
  IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  
  30ITEM 8-A
  
  CONTROLS
  AND PROCEDURES
  
  30PART IIIITEM 9.
  
  DIRECTORS,
  EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16
  (a) OF THE EXCHANGE ACT
  
  31ITEM
  10.
  
  EXECUTIVE
  COMPENSATION
  
  33ITEM
  11.
  
  SECURITY
  OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
  MATTERS
  
  37ITEM
  12.
  
  CERTAIN
  RELATIONSHIPS AND RELATED TRANSACTIONS
  
  38ITEM
  13.
  
  EXHIBITS
  AND REPORTS ON FORM 8-K
  
  383

PART I

ITEM 1.
DESCRIPTION OF BUSINESSBusiness Development

We
were incorporated on May 6, 1953 under the laws of the State of Delaware. Since
1998 we have operated our wholly-owned subsidiary, Intercomsoft Limited, a
non-resident Irish company engaged in the operation of a computerized photo
identification and database management system.

In
addition, we have an exclusive worldwide license to a mechanically rechargeable
aluminum-air fuel cell technology for use with portable consumer electronic
devices which we acquired in January 2001.

However,
other than activities in connection with Intercomsofts Supply Agreement as
more detailed below, although it is seeking other opportunities, Trimol is not
currently engaged in any other business operations, and is not currently
engaged in any activities that generate revenue.

Intercomsoft Limited

Intercomsoft
Limited is a technology intensive company engaged in the operation of a
computerized photo identification and database management system utilized in
the production of a variety of secure essential government identification
documents such as passports, drivers licenses, national identification
documents and other forms of essential personal identification.

Although
it pursued other opportunities, Intercomsofts only customer has been the
Government of the Republic of Moldova, pursuant to a Contract on Leasing
Equipment and Licensing Technology (the Supply Agreement) awarded to
Intercomsoft in April 1996 by the Ministry of Economics, Republic of Moldova,
to provide a National Register of Population and a National Passport System,
which, unless renewed, expired by its terms on April 29, 2006.

Under
the terms of the Supply Agreement, Intercomsoft supplied all of the equipment,
technology, software, materials and consumables utilized by the Government of
Moldova for the production of all national passports, drivers, licenses,
vehicle permits, identification cards and other government authorized identification
documents used in the Republic of Moldova.

To
support its efforts in the Republic of Moldova, Intercomsoft utilized a
proprietary technology provided to it by Supercom, Ltd. pursuant to a Sales
Agreement between it and Supercom dated August 25, 1995, as amended, which was
subsequently terminated in March 2005. Notwithstanding such termination,
Supercom agreed to continue to supply the Government of Moldova with such
equipment, consumables, software and technology during the remaining term of
the Supply Agreement. Except and as to the extent provided under the
Termination Agreement, Intercomsoft had no other rights to Supercoms
proprietary technology as referred to above.

4

On
or about February 11, 2006, we received notice from the Government of the
Republic of Moldova that it did not intend to renew the Supply Agreement which,
unless renewed, expired by its terms on April 29, 2006. We believe that such
notice of non-renewal may not have been sent timely under the applicable provisions
of the Supply Agreement and are currently contesting the claimed non-renewal of
such Agreement.

However,
inasmuch as our only current source of revenue was derived from Intercomsofts
activities under the Supply Agreement, the Company has not generated any
revenue since April 2006. If the Supply Agreement is not renewed or extended we
will continue to have no source of revenues as a consequence of the expiration
of such Agreement. This event has had a material adverse effect on Intercomsoft
as well as on us.

Aluminum-Air Fuel
Cell Technology

We
have an exclusive worldwide license to a mechanically rechargeable aluminum-air
fuel cell technology solely for use with portable consumer electronic devices,
all rights and title to a certain technology relating to aluminum-air fuel
cells and the design and know how to a converter designed and developed by
Aluminum-Power, Inc., our majority shareholder.

Since
we acquired such technology in January 2001 and through the second quarter of
2003 we engaged in research, development and marketing efforts in connection
with such technology. Further, during such period we also actively sought
strategic business partners to commercialize the technology and pursued the
prosecution of patent applications resulting in the issuance by the United
States Patent and Trademark Office of two patents on our aluminum-air fuel cell
technology.

As
of the second quarter of 2003 we discontinued our research and development
efforts on the aluminum-air fuel cell technology and have not actively pursued
the development of such technology since such time. We do not intend to pursue
the development of such technology in the future.

Our Employees

We
currently do not have any full time employees. However, we do have a number of
individuals and entities that provide services to us on a consulting or
advisory basis.

Transfer Agent

The
transfer agent and registrar for our common stock is Interstate Transfer
Company, 6084 South 900 East, Suite 101, Salt Lake City, Utah 84121.

ITEM 1A.
RISK FACTORSYou
should carefully review and consider the following risks, as well as all other
information contained in this Annual Report or incorporated herein by
reference, including our consolidated financial statements and the notes to
those statements, before you decide to

5

purchase any
shares of our common stock. The following risks and uncertainties are not the
only ones facing us. Additional risks and uncertainties of which we are currently
unaware or which we believe are not material could also nevertheless materially
adversely affect our business, financial condition, results of operations, or
cash flows. In any case, the value of the shares of our common stock could
decline and you could lose all or a portion of your investment in such shares.
To the extent any of the information contained in this Annual Report
constitutes forward-looking statements or information, the risk factors set
forth below must be considered cautionary statements identifying important
factors that could cause our actual results for various financial reporting
periods to differ materially from those expressed in any forward-looking
statements made by or on our behalf and could materially adversely affect our
financial condition, results of operations or cash flows. See also, Statement
Regarding Forward-Looking Statements in Item 6.

The Companys subsidiary operates in the
Republic of Moldova.

The
Companys wholly owned subsidiary, Intercomsoft Limited, operates in the
Republic of Moldova, a former member of the Soviet Union with a historically
uncertain economic and political climate. This may have a material adverse
impact on the Company and Intercomsoft.

The Company has no current source of revenue.

The
Company had no revenue for the year ended December 31, 2007. The Companys sole
revenue source in recent prior years was from Intercomsoft whose only customer
is the Republic of Moldovas Ministry of Economics to which it supplied its goods
and services pursuant to the Supply Agreement between the Government of Moldova
and Intercomsoft. However, in February 2006, the Company received a notice from
the Government of the Republic of Moldova advising the Company that it did not
intend to renew the Supply Agreement which, unless renewed, expired by its
terms on April 29, 2006. Inasmuch as the Companys only revenues were derived
from Intercomsofts activities under the Supply Agreement, as of April 29,
2006, the Company has had no current source of revenue as a consequence of the
non-renewal of such Agreement. Although the Company has contested Moldovas
notice of non-renewal of the Supply Agreement, there can be no assurance as to
the outcome of such dispute. If the Government of the Republic of Moldova does
not recognize the renewal of the Supply Agreement, such event will have a
material adverse effect on Intercomsoft and the Company.

The Company has commenced a legal action
against the Government of Moldova.

On
June 27, 2006, the Company and Intercomsoft commenced an action in the United
States District Court for the Southern District of New York against the
Ministry of Economics of the Republic of Moldova and the Government of the
Republic of Moldova seeking damages of approximately $41 million for breach of
contract and an injunction prohibiting Moldova from producing further essential
government documents in accordance with the terms of the Supply Agreement.
Additionally, the Company has contested Moldovas notice of non-renewal of the
Supply Agreement. The action was withdrawn in August 2006, without prejudice.
On September 18, 2006, Intercomsoft commenced an action with the International
Chamber of Commerce, International Court of Arbitration, in Geneva, Switzerland
(the ICC). The Demand for Arbitration filed in connection therewith repeats
and incorporates the claims that were set forth in the Complaint in the
withdrawn prior action noted above.

6

The
Moldovan Defendants have denied that the ICC has jurisdiction to hear the
arbitration and hearings have been held, but not completed, on this issue. In
addition, the Moldovan Defendants have commenced an action before the
International Commercial Court of Arbitration attached to the Chamber of
Commerce and Industry of the Republic of Moldova, claiming that it is the
proper body to administer any arbitration between the parties. The claims
asserted in the current action, are the same claims asserted by the Moldovan
Defendants in the ICC arbitration. Such arbitration is currently stayed in
favor of the jurisdiction proceedings before the ICC arbitral panel.

The
Republic of Moldova and the other respondents have interposed counterclaims
against the Company and Intercomsoft in amounts totaling $30 million. The counterclaims
contain allegations of fraud and misrepresentation claimed to have occurred
during the performance of the Supply Agreement.

Management
of the Company and Intercomosft are vigorously pursuing the claims against the
Moldovan Defendants and have denied any wrongdoing and are, likewise,
vigorously contesting the counterclaims.

There
can be no assurance as to the outcome of the above noted actions.

The Company has terminated its agreement with
Supercom Limited.

Pursuant
to a Sales Agreement between Intercomsoft and Supercom Limited (Supercom)
dated August 25, 1995, as amended, Supercom supplied the equipment, software,
technology and consumables utilized by Intercomsoft for the production of
computerized documents under the Supply Agreement. Pursuant to this agreement,
Intercomsoft is provided with the guidance and support required for the
installation and operation of the equipment, as well as the materials required
for its maintenance.

On
March 24, 2005, Intercomsoft and Supercom entered into a Termination Agreement,
terminating the Sales Agreement. Notwithstanding, pursuant to the terms of the
Termination Agreement, Supercom, in consideration of certain payments to be
made to it, agreed to continue to supply Moldova with such equipment,
consumables, software and technology during the remaining term of the Supply
Agreement, pursuant to the requirements of the Supply Agreement. Supercom
agreed not to take any action, directly or indirectly, to interfere with Intercomsofts
contractual rights with Moldova or to, in any way, cause Moldova to terminate
or not renew the Supply Agreement and agreed to pay to Intercomsoft certain
amounts specified in the Termination Agreement as liquidated damages in the
event of any breach or default by Supercom thereunder. Except and as to the
extent provided under the Termination Agreement, Intercomsoft has no other
rights to Supercoms proprietary technology as referred to above.

The Company is not pursuing development of
its aluminum-air fuel cell technology.

Through
a joint venture with Aluminum-Power, Inc., the Companys majority shareholder,
the Company pursued research and development of its aluminum-air fuel cell
technology it acquired in the first quarter of 2001. Such research and
development was suspended in the second quarter of 2003. The Company does not
intend to pursue the development of such technology in the future.

7

The Company has no current business
activities that generate revenue.

Although
the Company is currently exploring opportunities, it is not currently engaged
in any business activities that generate revenue.

The loss of our executive officers or key
personnel would adversely affect our business.

We
have substantially discontinued our operations, with the exception of limited
administrative activities. Our ability to restructure the business will be
dependent on the services of our executive officers and certain key personnel.
If we are unable to compensate our existing or future executives we may lack
the required leadership to restructure our business.

We are not in compliance with rules requiring
the adoption of certain corporate governance measures. This may result in
shareholders having limited protections against interested director
transactions, conflicts of interest and similar matters.

The
Sarbanes-Oxley Act of 2002, as well as rule changes proposed and enacted by the
SEC and The NASDAQ Stock Market as a result of Sarbanes-Oxley requires the
implementation of various measures relating to corporate governance. These
measures are designed to enhance the integrity of corporate management and the
securities markets. Some of these new requirements are reflected in the NASDAQ
listing requirements. Because we are not yet required to comply with many of
the corporate governance provisions (the applicable compliance date for
companies in our category was extended to January 1, 2008), we have not yet
adopted all of these measures. We are not in compliance with the requirement
relating to the adoption of a corporate Code of Ethics, we are not in
compliance with the requirement relating to the establishment of an audit
committee consisting of all independent Board members. We have not established
a Compensation Committee. We are not yet in compliance with requirements
relating to the distribution to stockholders of annual and interim reports,
solicitation of proxies, the holding of stockholders meetings, quorum
requirements for such meetings and the rights of stockholders to vote on
certain matters. Furthermore, until we comply with such corporate governance
measures, the absence of such standards of corporate governance may leave our
shareholders without protections against interested director transactions,
conflicts of interest and similar matters.

Failure to achieve and maintain effective
internal controls in accordance with Section 404 of the Sarbanes-Oxley Act
could have a material adverse effect on our business and operating results. In
addition, current and potential stockholders could lose confidence in our
financial reporting, which could have a material adverse effect on our stock
price.

Effective
internal controls are necessary for us to provide reliable financial reports
and effectively prevent fraud. If we cannot provide reliable financial reports
or prevent fraud, our operating results could be harmed.

We
will be required to document and test our internal control procedures in order
to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act, which
requires increased control over financial reporting requirements, including
annual management assessments of

8

the
effectiveness of such internal controls and a report by our independent
registered public accounting firm addressing these assessments. We must be in
compliance with these requirements for our 2008 calendar year. In preparing to
meet such deadline we may identify deficiencies that we may not be able to
remediate in time to meet the deadline. In addition, if we fail to maintain the
adequacy of our internal controls, as such standards are modified, supplemented
or amended from time to time, we may not be able to ensure that we can conclude
on an ongoing basis that we have effective internal controls over financial
reporting in accordance with Section 404 of the Sarbanes-Oxley Act. Failure to
achieve and maintain an effective internal control environment could also cause
investors to lose confidence in our reported financial information, which could
have a material adverse effect on our stock price.

We do not intend to pay any dividends on our
common stock in the foreseeable future.

We
currently intend to retain all future earnings, if any, to finance our business
activities and do not anticipate paying any cash dividends on our common stock
in the foreseeable future.

The limited public trading market may cause
volatility in the price of our common stock.

Our
common stock is currently traded on the Over the Counter Bulletin Board
(OTCBB) under the symbol TMOL. The quotation of our common stock on the OTCBB
does not assure that a meaningful, consistent and liquid trading market
currently exists, and in recent years such market has experienced extreme price
and volume fluctuations that have particularly affected the market prices of
many smaller companies like ours. Our common stock is thus subject to this
volatility. Sales of substantial amounts of our common stock, or the perception
that such sales might occur, could adversely affect prevailing market prices of
our common stock.

During
2007, the shares of our common stock traded on the OTCBB at prices ranging from
a low of $0.001 per share to a high of $0.025 per share and during 2006 at
prices ranging from a low of $0.01 per share to a high of $0.25 per share. The
market price of the shares of our common stock, like the securities of many
other over-the-counter publicly traded companies, may be highly volatile.
Factors such as sales of large numbers of shares of our common stock by
existing stockholders and general market and economic conditions may have a
significant effect on the market price of our common stock. In addition, U.S.
stock markets have experienced extreme price and volume fluctuations in the
past. This volatility has significantly affected the market prices of
securities of many companies, for reasons frequently unrelated or
disproportionate to the operating performance of the specific companies. These
broad market fluctuations may adversely affect the market price of our common
stock.

The
OTCBB is an inter-dealer, over-the-counter market that provides significantly
less liquidity than NASDAQ, and quotes for stocks included on the OTCBB are not
listed in the financial sections of newspapers, as are those for the NASDAQ
Stock Market. The trading price of our common stock may fluctuate significantly
in response to various general economic and market conditions which may have a
material or adverse effect on the market price of our common stock.

9

Trading in our common stock over the last 12
months has been limited, so investors may not be able to sell as many of their
shares as they want at prevailing prices.

Shares
of our common stock are traded on the OTCBB. Limited trading in our common
stock may make it difficult for investors who purchase shares of our common
stock to sell such shares in the public market at any given time at prevailing
prices. Also, the sale of a large block of our common stock could depress the
market price of our common stock to a greater degree than a company that
typically has a higher volume of trading of its securities.

We
cannot predict whether an active market for our common stock will develop in
the future. In the absence of an active trading market:


Investors
  may have difficulty buying and selling or obtaining market quotations;
Market
  visibility for our common stock may be limited; and
Lack of
  visibility for our common stock may have a depressive effect on the market
  price for our common stock.Penny stock regulations may impose certain
restrictions on marketability of the Companys securities

The
Securities and Exchange Commission (the Commission) has adopted regulations
which generally define a penny stock to be any equity security that has a
market price (as defined) of less than $5.00 per share or an exercise price of
less than $5.00 per share, subject to certain exceptions. As a result, our
common stock is subject to rules that impose additional sales practice
requirements on broker-dealers who sell such securities to persons other than
established customers and accredited investors (generally those with assets in
excess of $1,000,000 or annual income exceeding $200,000, or $300,000 together
with their spouse). For transactions covered by these rules, the broker-dealer
must make a special suitability determination for the purchase of such
securities and have received the purchasers written consent to the transaction
prior to the purchase. Additionally, for any transaction involving a penny
stock, unless exempt, the rules require the delivery, prior to the transaction,
of a risk disclosure document mandated by the Commission relating to the penny
stock market. The broker-dealer must also disclose the commission payable to
both the broker-dealer and the registered representative, current quotations for
the securities and, if the broker-dealer is the sole market maker, the
broker-dealer must disclose this fact and the broker-dealers presumed control
over the market. Finally, monthly statements must be sent disclosing recent
price information for the penny stock held in the account and information on
the limited market in penny stocks. Consequently, the penny stock rules may
restrict the ability of broker-dealers to sell our securities and may affect
the ability of investors to sell our securities in the secondary market and the
price at which such purchasers can sell any such securities.

Shareholders
should be aware that, according to the Commission, the market for penny stocks
has suffered in recent years from patterns of fraud and abuse. Such patterns
include:

10


Control of
  the market for the security by one or a few broker-dealers that are often
  related to the promoter or issuer;
Manipulation
  of prices through prearranged matching of purchases and sales and false and
  misleading press releases;
Boiler
  room practices involving high pressure sales tactics and unrealistic price
  projections by inexperienced sales persons;
Excessive
  and undisclosed bid-ask differentials and markups by selling broker-dealers;
  and
The
  wholesale dumping of the same securities by promoters and broker-dealers
  after prices have been manipulated to a desired level, along with the
  inevitable collapse of those prices with consequent investor losses.Purchasers
of penny stocks may have certain legal remedies available to them in the event
the obligations of the broker-dealer from whom the penny stock was purchased
violates or fails to comply with the above obligations or in the event that
other state or federal securities laws are violated in connection with the
purchase and sale of such securities. Such rights include the right to rescind
the purchase of such securities and recover the purchase price paid for them.

Shares eligible for future sale may adversely
affect the market

From
time to time, certain of our shareholders may be eligible to sell all or some
of their shares of our common stock by means of ordinary brokerage transactions
in the open market pursuant to Rule 144, subject to certain limitations. Of the
100,472,328 shares of our common stock issued and outstanding, all shares have
been issued for more than two years and are eligible for sale in compliance
with Rule 144(k).

In
general, pursuant to Rule 144, a stockholder (or stockholders whose shares are
aggregated) who has satisfied a one-year holding period may, under certain
circumstances, sell within any three-month period a number of securities which
does not exceed the greater of 1% of the then outstanding shares of common
stock or the average weekly trading volume of the class during the four
calendar weeks prior to such sale. Rule 144 also permits, under certain
circumstances, the sale of securities, without any limitation, by a
non-affiliate of the Company that has satisfied a two-year holding period. Any
substantial sale of our common stock pursuant to Rule 144 may have an adverse
effect on the market price of our publicly traded securities.

ITEM 2.
DESCRIPTION OF PROPERTYDuring
the period covered by this Annual Report, we maintained our office at 1285
Avenue of the Americas, 35th Floor, New York, New York 10019, on a
month-to-month tenancy.

11

ITEM 3.
LEGAL PROCEEDINGSOn
or about February 11, 2006, we received a notice from the Government of the Republic
of Moldova wherein it advised us that it did not intend to renew the Supply
Agreement which, unless renewed, expired by its terms on April 29, 2006. We
believe that such non-renewal notice may not have been sent timely under the
applicable provisions of the Supply Agreement and we have contested such
non-renewal notice.

On
June 27, 2006, together with our subsidiary Intercomsoft, we commenced an
action in the United States District Court for the Southern District of New
York against the Ministry of Economics of the Republic of Moldova and the
Government of the Republic of Moldova seeking damages of approximately $41
million for breach of contract and an injunction prohibiting Moldova from
producing further essential government documents in accordance with the terms
of the Supply Agreement. As a consequence of discussions with counsel to the
defendants in this action, we withdrew the action in August 2006, without
prejudice to our rights to reinstate it in the United States courts

On
September 18, 2006, Intercomsoft commenced an action with the International
Chamber of Commerce (the ICC), International Court of Arbitration, in Geneva,
Switzerland. The Demand for Arbitration filed in connection with such action
repeats and incorporates the claims that were set forth in the Complaint in the
withdrawn prior action noted above.

The
Moldovan Defendants have denied that the ICC has jurisdiction to hear the
arbitration and hearings have been held, but not completed, on this issue. In
addition, the Moldovan Defendants have commenced an action before the
International Commercial Court of Arbitration attached to the Chamber of
Commerce and Industry of the Republic of Moldova, claiming that it is the
proper body to administer any arbitration between the parties. The claims
asserted in the current action, are the same claims asserted by the Moldovan
Defendants in the ICC arbitration. Such arbitration is currently stayed in
favor of the jurisdiction proceedings before the ICC arbitral panel.

The
Republic of Moldova and the other respondents have interposed counterclaims
against us and Intercomsoft in amounts totaling $30 million. The counterclaims
contain allegations of fraud and misrepresentation which the respondents claim
occurred during the performance of the Supply Agreement.

Management
of the Company and Intercomosft are vigorously pursuing the claims against the
Moldovan Defendants and have denied any wrongdoing and are, likewise,
vigorously contesting the counterclaims.

There
can be no assurance as to the outcome of such arbitration proceedings and
actions.

ITEM 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSNo
matters were submitted during the fiscal year covered by this Annual Report to
a vote of security holders, through the solicitation of proxies or otherwise.

12

PART II

ITEM 5.
MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER
  PURCHASES OF EQUITY SECURITIESOur
common stock is quoted and traded on a limited and sporadic basis on the Over
the Counter Bulletin Board (OTCBB) under the trading symbol TMOL. The limited
and sporadic trading does not constitute, nor should it be considered, an
established public trading market for our common stock. The following table
sets forth the high and low closing bid prices for our common stock for the
periods indicated, as reported by the OTCBB. Such quotations reflect
inter-dealer prices, without real mark-ups, mark-downs or commissions, and may
not necessarily represent actual transactions. We had 408 stockholders of
record as of December 31, 2007.

Fiscal 2007


High


LowFourth
  Quarter

$
0.001

$
0.001Third
  Quarter

$
0.01

$
0.001Second
  Quarter

$
0.02

$
0.01First
  Quarter

$
0.01

$
0.01Fiscal 2006


High


LowFourth
  Quarter

$
0.04

$
0.03Third
  Quarter

$
0.10

$
0.03Second
  Quarter

$
0.25

$
0.01First
  Quarter

$
0.03

$
0.01We
have not declared any cash dividends on our common stock for the last two
fiscal years and do not anticipate declaring any in the near future. There are
no restrictions that limit our ability to pay dividends, other than those
generally imposed by applicable state law. The future payment of dividends, if
any, on our common stock is within the sole discretion of the Board of
Directors and will depend, in part, on our earnings, capital requirements,
financial condition, and other relevant factors, as determined by the Board.

There
was no issuance or sales of our securities during the last two years.

During
the fiscal year ended December 31, 2007, there were no options granted or
cancelled pursuant to the 2001 Omnibus Plan, as amended.

As
of December 31, 2007, 3,870,000 options were issued and outstanding under the
2001 Omnibus Plan, as amended, and 3,000,000 options which were not issued
under such Plan were issued and outstanding.

13

ITEM 6.
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
  RESULTS OF OPERATIONThe
following managements discussion and analysis of financial condition and
results of operations should be read in conjunction with our financial
statements and notes thereto contained elsewhere in this report.

Plan of Operation

General

As
more fully described above, Intercomsoft, Ltd. operated in and derived its
revenues solely from services performed for the Government of the Republic of
Moldova pursuant to a Supply Agreement that expired by its terms in April 2006.

In
February 2006, we received notice from the Government of the Republic of
Moldova that it did not intend to renew the April 29, 1996 Supply Agreement
between it and Intercomsoft which, unless renewed, expired by its terms on
April 29, 2006. We believe that such notice of non-renewal may not have been
sent timely under the applicable provisions of the Supply Agreement and we are
currently contesting the claimed non-renewal of such Agreement.

However,
inasmuch as our only revenues were derived from Intercomsofts activities under
the Supply Agreement, as a consequence of such action, we did not generate any
revenue in year 2007, nor have we generated any revenue since April 2006. If
the Supply Agreement is not renewed or extended, we will not have any source of
revenues as a consequence of the expiration of such Agreement. This event has
had a material adverse effect on Intercomsoft as well as on us.

In
addition to Intercomsoft, in the first quarter of 2001 we acquired certain
rights to an aluminum-air fuel cell technology for use in portable consumer
electronic devices such as cellular telephones and laptop computers. From the
time we acquired such technology in January 2001 and through the second quarter
of 2003 we engaged in research, development and marketing efforts in connection
with such technology. In addition, we actively sought strategic business
partners to commercialize the technology and pursued the prosecution of patent
applications resulting in the issuance by the US Patent and Trademark Office of
two patents on such technology.

We
have not actively pursued development of this technology since the second
quarter of 2003, and do not intend to further pursue the development of such
technology.

Results of Operations

General

The
Company did not engage in any business operations in the year 2007 that
generated any revenue.

14

Comparison of Year
Ended December 31, 2007 to Year Ended December 31, 2006

During
the fiscal year ended December 31, 2007 we generated no revenue. In the
comparative period in 2006, we had revenues resulting solely from
Intercomsofts production of government documents in Moldova of $640,000. The
decrease in revenue is the result of the expiration and non-renewal of the
Supply Agreement with the Government of Moldova, which we are currently
contesting.

During
the fiscal year ended December 31, 2007 there were no costs associated with the
generation of revenue as there was no revenue. In the comparative period in
2006, Intercomsofts costs associated with generating revenue was $593,000.
This resulted in gross profit for Intercomsoft of $36,000 for the year ending
December 31, 2006. Such decrease was the result of the expiration and
non-renewal of the Supply Agreement as more fully detailed above.

General
and administrative expenses for the fiscal year ending December 31, 2007 were
$1,267,000 which consisted of $34,000 from Intercomsoft and $1,233,000 of
general corporate and administrative expenses. For the same period in 2006
general and administrative expenses were $1,375,000 which consisted of $29,000
from Intercomsoft and $1,346,000 of general corporate and administrative
expenses. In both years the Intercomsoft expenses related to equipment
depreciation.

There
were no public relations, marketing and advertising expenses for fiscal year
ending December 31, 2007 or 2006. All marketing efforts were suspended in 2006
due to the unavailability of funds resulting from the expiration and
non-renewal of the Supply Agreement as noted above.

There
were no research and development costs related to our aluminum-air fuel cell in
either year 2007 or 2006. All such efforts were suspended in the second quarter
of 2003.

We
had a net loss from operations of approximately $1,267,000 for 2007, as
compared to a net loss of $1,328,000 for 2006 which resulted from the factors
set forth above.

Liquidity & Capital Resources

With
the expiration and non-renewal of Intercomsofts Supply Agreement in April
2006, our sole source of revenue ended. If the Supply Agreement is not
continued, we will need to pursue future business opportunities in order to
sustain continued operations.

Forward Looking Statements

Certain
statements contained in this Annual Report, including, without limitation,
statements containing the words believes, anticipates, estimates,
expects, projections, and words of similar import, constitute
forward-looking statements. You should not place undue reliance on these
forward-looking statements. Our actual results

15

could differ
materially from those anticipated in these forward-looking statements for many
reasons, including risks faced by us which are described in this Report and the
other documents we file with the Securities and Exchange Commission (SEC).

Available Information

We
are subject to the informational requirements of the Securities Exchange Act of
1934, as amended (the Exchange Act), and, in accordance therewith, files
reports, proxy and information statements and other information with the
Commission. Reports, proxy statements and other information filed by us with
the Commission pursuant to the informational requirements of the Exchange Act
may be inspected and copied at the public reference facilities maintained by
the Commission at Room 1024, Judiciary Plaza, 450 Fifth Street, N.W., Washington,
D.C. 20549. Copies of such material may also be obtained upon written request
addressed to the Commission, Public Reference Section, Room 1024, 450 Fifth
Street, N.W., Washington, D.C. 20549, at prescribed rates. The Commission also
maintains an Internet web site that contains reports, proxy and information
statements and other information regarding registrants that file electronically
with the Commission at www.sec.gov.

No
person has been authorized to give any information or to make any representation
other than as contained or incorporated by reference in this Annual Report and,
if given or made, such information or representation must not be relied upon as
having been authorized by us.

16

ITEM 7
FINANCIAL STATEMENTSREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors
and Shareholders of
Trimol Group, Inc.

We have audited the
accompanying consolidated balance sheet of Trimol Group, Inc. and subsidiary
(the Company) as of December 31, 2007 and the related consolidated statements
of operations, changes in shareholders deficiency and cash flows for the years
ended December 31, 2007 and 2006. These financial statements are the
responsibility of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audit.

We conducted our audit in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. Our
audit included consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the
Companys internal control over financial reporting, accordingly we express no
such opinion. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

The accompanying financial
statements have been prepared assuming that the Company will continue as a
going concern. As discussed in Note 3 to the financial statements, the
Companys only customer did not renew its contract which expired April 29, 2006
and, as a result, the Company has not generated any revenue since such date. In
addition, as shown on the accompanying balance sheet, the Companys liabilities
exceeded its assets by $2,675,000. These circumstances, among others, raise
substantial doubt about its ability to continue as a going concern. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.

In our opinion, the
consolidated financial statements referred to above present fairly, in all
material respects, the financial position of the Company as of December 31,
2007 and the results of its operations and cash flows for each of the two years
in the period ended December 31, 2007 in conformity with accounting principles
generally accepted in the United States of America.

PARITZ
 & COMPANY, P.A.Dated: March 24, 2008Certified Public
 AccountantsHackensack, New Jersey17

TRIMOL GROUP, INC.

CONSOLIDATED
BALANCE SHEET

DECEMBER 31, 2007ASSETSCurrent assets:Cash

$
4,000Total current
assets


4,000Property and equipment,
 net


27,000TOTAL ASSETS

$
31,000LIABILITIESCurrent liabilities:Related parties

$
2,158,000Accrued expenses


548,000TOTAL LIABILITIES


2,706,000SHAREHOLDERS DEFICIENCY


(2,675,000
)TOTAL LIABILITIES AND
 SHAREHOLDERS DEFICIENCY

$
31,000The accompanying notes are
 an integral part of the financial statements.18

TRIMOL GROUP, INC.CONSOLIDATED
  STATEMENT OF OPERATIONSYear
  Ended
  December 31, 2007

Year
  Ended
  December 31, 2006REVENUES

$


$
640,000OPERATING EXPENSES:Cost of revenues





593,000General and administrative
  expenses


1,267,000


1,375,000TOTAL OPERATING EXPENSES


1,267,000


1,968,000NET LOSS

$
(1,267,000
)
$
(1,328,000
)Net loss per share (Basic
  and Diluted)

$
(.01
)
$
(.01
)WEIGHTED AVERAGE NUMBER OF
  SHARES
  OUTSTANDING-BASIC AND DILUTED


100,472,328


100,472,328The accompanying notes are an integral part of the financial
  statements19

TRIMOL GROUP, INC.CONSOLIDATED
  STATEMENT OF CHANGES IN SHAREHOLDERS DEFICIENCYCOMMON
  STOCK

ADDITIONALSHARES
  OUTSTANDING

AMOUNT

PAID-IN
  CAPITAL

DEFICIT

TOTALBALANCE  JANUARY 1, 2006


100,472,328

$
1,005,000

$
5,339,000

$
(6,424,000
)
$
(80,000
)Net loss











(1,328,000
)

(1,328,000
)BALANCE  DECEMBER 31, 2006


100,472,328


1,005,000


5,339.000


(7,752,000
)

(1,408,000
)NET LOSS











(1,267,000
)

(1,267,000
)BALANCE  DECEMBER 31, 2007


100,472,328

$
1,005,000

$
5,339,000

$
(9,019,000
)
$
(2,675,000
)The accompanying notes are
  an integral part of the financial statements.20

TRIMOL GROUP, INC.

CONSOLIDATED
 STATEMENT OF CASH FLOWSYear Ended
 December 31, 2007

Year Ended
 December 31, 2006CASH FLOWS FROM OPERATING
 ACTIVITIESNet loss

$
(1,267,000
)
$
(1,328,000
)ADJUSTMENTS TO RECONCILE NET
 LOSS TONET CASH USED IN OPERATING
 ACTIVITIESDepreciation of property
 and equipment


34,000


11,000Accrued expenses to related parties


438,000


311,000CHANGES IN OPERATING ASSETS
 AND LIABILITIESAccounts receivable





646,000Accounts payable





(267,000
)Accrued expenses


89,000


(86,000
)NET CASH USED IN OPERATING
 ACTIVITIES


(706,000
)

(713,000
)CASH FLOW FROM FINANCING
 ACTIVITIESProceeds from
related parties


697,000


712,000NET CASH PROVIDED BY
 FINANCING ACTIVITIES


697,000


712,000DECREASE IN CASH


(9,000
)

(1,000
)CASH - BEGINNING OF YEAR


13,000


14,000CASH - END
 OF YEAR

$
4,000

$
13,000The
 accompanying notes are an integral part of the financial statements.TRIMOL GROUP, INC.

NOTES TO
 CONSOLIDATED FINANCIAL STATEMENTSNOTE
1-ORGANIZATION AND OPERATIONS

Trimol Group,
Inc. (the Company) was incorporated in 1953 in Delaware and owns all of the
outstanding shares of Intercomsoft Limited (Intercomsoft) a company which,
until April 2006, was engaged in the operation of a computerized photo
identification and database management system utilized in the production of
secure essential government identification documents such as passports,
drivers licenses, national identification documents and other forms of
essential personal government identification. (See Note 3).

In addition,
the Company has an exclusive worldwide license to an aluminum-air fuel cell
technology solely for use with portable consumer electronic devices, all rights
and title to certain technology relating to aluminum-air fuel cells, and the
design and know-how to a converter designed and developed by a related company.
The Company ceased development of this technology in 2003. (See Note 3).

As more
detailed in Note 3, the Company is pursuing certain legal action related to the
operation of Intercomsoft and in 2007 did not generate any revenue from
business operations.

NOTE
2-SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The
consolidated financial statements of the Company include the accounts of the
Company and its wholly-owned subsidiary, Intercomsoft. Intercompany
transactions and balances have been eliminated in consolidation.

Use of Estimates

The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

Impairment of Long-lived Assets

The Company
reviews long-lived assets for impairment when circumstances indicate the
carrying value of an asset may not be recoverable. If an impairment exists, an
adjustment is made to write the asset down to its fair value, and a loss is
recorded as the difference between the carrying value and the fair value.

Property
and Equipment

Property and
equipment are recorded at cost. Depreciation is provided for financial
reporting purposes on the straight-line method in amounts sufficient to
amortize the cost of the related asset over its estimated useful life.

Maintenance,
repairs and minor renewals are charged to expense when incurred. Replacements
and major renewals are capitalized.

- 22 -

Research and Development

The Company
charges all research and development costs to expense as incurred.

Marketing and Promotion

The Company
expenses all marketing and promotion costs as incurred.

Revenue Recognition

Revenue from
Intercomsoft is recognized upon the quantity of product (number of computerized
documents) produced during the period reported.

Income Taxes

The Company
accounts for deferred income taxes using Statement of Financial Accounting
Standards (SFAS) No. 109, Accounting for Income Taxes (SFAS 109).
The statement requires that deferred income taxes reflect the tax consequences
on future years of differences between the tax basis of assets and liabilities
and their basis for financial reporting purposes. In addition, SFAS 109
requires the recognition of future tax benefits, such as net operating loss
carryforwards. A valuation allowance related to deferred tax assets is
recognized when, in managements judgment, it is more likely than not that all,
or a portion of such deferred assets, will not be realized.

Income (Loss) Per Share

Income (loss) per share of
common stock has been computed on the basis of the weighted average number of
shares of common stock outstanding. Diluted earnings per share is based on the
weighted average number of shares and common stock equivalents outstanding. The
Company had no common stock equivalents outstanding during the periods
presented.

Comprehensive Income

The Company
adopted the provisions of the SFAS No. 130, Reporting Comprehensive Income.
Comprehensive income is defined as any change in equity from transactions and
other events originating from non-owner sources, and is included as accumulated
comprehensive income in the Statements of Changes in Shareholders Equity.

Fair Value of Financial Instruments

The carrying value
of short-term financial instruments arising in the ordinary course of business approximates fair value because of the
relatively short period of time between their origination and expected
realization.

Recently Issued Accounting Standards

FASB issued
SFAS No. 157 (SFAS 157) Fair Value Measurements on September 15, 2006. SFAS
157 enhances existing guidance for measuring assets and liabilities using fair
value. Previously, guidance for applying fair value was incorporated in several
accounting pronouncements. The statement provides a single definition of fair
value, together with a framework for measuring it, and requires additional
disclosure about the use of fair value to measure assets and liabilities. While
the statement does not add any new fair value measurements, it does change
current practice. One such change is a requirement to adjust the value of
nonvested stock for the effect of the restriction even if the restriction
lapses within one year. SFAS 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. The adoption of SFAS 157 is not expected to have a

- 23 -

material
impact on the financial statements of the Company.

NOTE 3-RISKS AND UNCERTAINTIES

The following risk factors relating to the Company and its business
should be carefully considered:

The Companys subsidiary operates in the
Republic of Moldova.

The
Companys wholly owned subsidiary, Intercomsoft Limited, operates in the
Republic of Moldova, a former member of the Soviet Union with a historically
uncertain economic and political climate. This may have a material adverse
impact on the Company and Intercomsoft.

The Company has no current source of revenue.

The
Company had no source of revenue for the year ended December 31, 207. Its sole
revenue source prior to that and for the year ended December 31, 2006 was from
Intercomsoft whose only customer was the Republic of Moldovas Ministry of
Economics to which it supplied its goods and services pursuant to the Supply
Agreement between the Government of Moldova and Intercomsoft.

On
or about February 11, 2006, the Company received a notice from the Government
of the Republic of Moldova advising the Company that it did not intend to renew
the Supply Agreement which, unless renewed, expired by its terms on April 29,
2006. The Company believes that such non-renewal notice may not have been sent
timely under the applicable provisions of the Supply Agreement. However,
inasmuch as the Companys only revenues are derived from Intercomsofts
activities under the Supply Agreement, as of April 29, 2006, the Company has
had no current source of revenue as a consequence of the non-renewal of such
Agreement. Although the Company has contested Moldovas notice of non-renewal
of the Supply Agreement, there can be no assurance as to the outcome of such
dispute. If the Government of the Republic of Moldova does not recognize the
renewal of the Supply Agreement, such event will have a material adverse effect
on Intercomsoft and the Company.

The Company has commenced a legal action against
the Government of Moldova.

On
June 27, 2006, the Company and Intercomsoft commenced an action in the United
States District Court for the Southern District of New York against the Ministry
of Economics of the Republic of Moldova and the Government of the Republic of
Moldova seeking damages of approximately $41 million for breach of contract and
an injunction prohibiting Moldova from producing further essential government
documents in accordance with the terms of the Supply Agreement. Additionally,
the Company has contested Moldovas notice of non-renewal of the Supply
Agreement. Among the Companys claims against Moldova is a claim for
non-payment for all of the essential government documents produced under the
Supply Agreement during the four month period commencing January 2006 and
ending in April 2006. Based, in part, upon records issued by Moldova, the
Company believes the uncollected amount due for this period for services rendered,
together with contractually agreed upon interest for late payments, is in
excess of $2.5 million, which amount is not included in the accompanying
financial statement. The Company is still pursuing such amount and believes it
to be a legally valid receivable. In August 2006, the action was withdrawn,
without prejudice.

On September 18, 2006,
Intercomsoft commenced an action with the International Chamber of Commerce,
International Court of Arbitration, in Geneva, Switzerland (the ICC). The
Demand for Arbitration filed in connection therewith repeats and incorporates
the claims that were set forth in the Complaint in the withdrawn prior action
noted above.

The
Moldovan Defendants have denied that the ICC has jurisdiction to hear the
arbitration and hearings have been held, but not completed, on this issue. In
addition, the Moldovan Defendants have

- 24 -

commenced
an action before the International Commercial Court of Arbitration attached to
the Chamber of Commerce and Industry of the Republic of Moldova, claiming that
it is the proper body to administer any arbitration between the parties. The
claims asserted in the current action, are the same claims asserted by the
Moldovan Defendants in the ICC arbitration. Such arbitration is currently
stayed in favor of the jurisdiction proceedings before the ICC arbitral panel.

The
Republic of Moldova and the other respondents have interposed counterclaims
against the Company and Intercomsoft in amounts totaling $30 million. The
counterclaims contain allegations of fraud and misrepresentation claimed to
have occurred during the performance of the Supply Agreement.

Management
of the Company and Intercomosft are vigorously pursuing the claims against the
Moldovan Defendants and have denied any wrongdoing and are, likewise,
vigorously contesting the counterclaims.

The Company has terminated its agreement with
Supercom Limited.

Pursuant to a Sales
Agreement between Intercomsoft and Supercom Limited (Supercom) dated August
25, 1995, as amended, Supercom supplied the equipment, software, technology and
consumables utilized by Intercomsoft for the production of computerized
documents under the Supply Agreement. Pursuant to this agreement, Intercomsoft
was provided with the guidance and support required for the installation and
operation of the equipment, as well as the materials required for its
maintenance.

On
March 24, 2005, Intercomsoft and Supercom entered into a Termination Agreement,
terminating the Sales Agreement. Notwithstanding, pursuant to the terms of the
Termination Agreement, Supercom, in consideration of certain payments to be
made to it, agreed to continue to supply Moldova with such equipment,
consumables, software and technology during the remaining term of the Supply
Agreement, pursuant to the requirements of the Supply Agreement. Supercom
agreed not to take any action, directly or indirectly, to interfere with
Intercomsofts contractual rights with Moldova or to, in any way, cause Moldova
to terminate or not renew the Supply Agreement and agreed to pay to
Intercomsoft certain amounts specified in the Termination Agreement as
liquidated damages in the event of any breach or default by Supercom
thereunder. Except and as to the extent provided under the Termination
Agreement, Intercomsoft has no other rights to Supercoms proprietary
technology as referred to above.

The Company is not pursuing development of
its aluminum-air fuel cell technology.

Through a joint venture with Aluminum-Power, Inc., the Companys
majority shareholder, the Company pursued research and development of its
aluminum-air fuel cell technology it acquired in the first quarter of 2001.
Such research and development was suspended in the second quarter of 2003. The
Company does not intend to pursue the development of such technology in the
future.

The Company has no current business
activities that generate revenue.

Although the
Company is currently exploring opportunities, it is not currently engaged in
any business activities that generate revenue.

- 25 -

NOTE
4-PROPERTY AND EQUIPMENT

A summary of
property and equipment and the estimated useful lives used in the computation
of depreciation is as follows:

Amount

LifeDocument
 processing equipment

$
170,000


5 yearsLess accumulated
 depreciation


143,000$
27,000NOTE
5-SHAREHOLDERS EQUITY

The Company
has authorized 130,000,000 shares of $0.01 par value common stock, of which
100,472,328 shares were issued and outstanding as of December 31, 2007.

The Company has
authorized 10,000 shares of $1.00 par value shares of Preferred Stock, none of
which were issued and outstanding as of December 31, 2007.

NOTE 6-RELATED
PARTY TRANSACTIONS AND BALANCES

Transactions

2007

2006Compensation
 and related expenses to Chairman (1)

$
318,000

$
276,000Cash
 advance from Royal HTM Group (2)


106,000


178,000Cash
 advances in the form of direct payment of expenses by Royal HTM Group (2)


591,000


551,000Business
 development services (2)


120,000


120,000$
1,135,000

$
1,125,0001)
Mr.
 Boris Birshtein serves as the Companys Chairman of the Board of Directors
 (the Chairman) on a month-to-month basis.(2)
The
 Company has engaged Royal HTM Group, Inc., a Canadian company beneficially
 owned and controlled by the Chairman, to render certain business development
 services to the Company. Royal HTM Group has also advanced money to the
 Company to fund its expenses.- 26 -

Balances

Payables
to related parties consist of the following:

Amount due to the Chairman
 and a company owned and controlled by such individual.

$
1,587,000Accrued compensation due
 to the Chairman.


571,000$
2,158,000These amounts are
non-interest bearing and due on demand.

NOTE 7-STOCK
COMPENSATION PLANS

Pursuant to
the Companys 2001 Omnibus Plan, as amended, eligible persons, as defined
therein, may be granted (a) stock options which may be designated as
nonqualified stock options or incentive stock options, (b) stock appreciation
rights, (c) restricted stock awards, (d) performance awards, or (e) other forms
of stock-based incentive awards.

The maximum
number of shares with respect to which the awards may be granted under the 2001
Omnibus Plan, as amended, is 10,000,000 shares of common stock; provided,
however, that such number of shares of common stock may also be subject to
adjustment, from time to time, at the discretion of the Board of Directors of
the Company. The Company has also issued options outside of the Omnibus Plan.

A summary of
option activity is as follows:

Inside
 Plan

Outside
 Plan

TotalBalance 
 January 1, 2006


5,470,000


5,250,000


10,720,000Granted








Exercised








Cancelled


(1,600,000
)




(1,600,000
)Balance 
 December 31, 2006


3,870,000


5,250,000


9,120,000Granted








Exercised








Cancelled





(2,250,000
)

(2,250,000
)Balance 
 December 31, 2007


3,870,000


3,000,000


6,870,000- 27 -

The following
table summarizes information regarding stock options outstanding at December
31, 2007:

Exercise
Price
Range

Number of
Options
Outstanding

Weighted Average
Remaining
Contractual Life

Weighted
Average
Exercise
Price

Number of
Shares
Exercisable$
0.01


6,870,000


2.1


0.01


6,870,000NOTE 8-INCOME
TAX

The Companys
income tax benefit differs from the expected income tax benefit by applying the
U.S. Federal statutory rate of 34% to net income (loss) as follows:

December 31, 2007

December 31, 2006Income tax
 (benefit) at statutory rate of 34%

$
(431,000
)
$
(450,000
)Net
 operating loss carryforward (used) not utilized


431,000


450,000$


$
Deferred tax
assets and liabilities consist of:

December 31, 2007

December 31, 2006Deferred tax
 assets (liabilities):Amortization of
intangibles

$
(3,935,000
)
$
(3,400,000
)Net operating
loss carryforward


2,796,000


2,365,000Capital loss
carryforward


2,706,000


2,706,0001,567,000


1,671.000Valuation
 allowance (see Note 2)


(1,567,000
)

(1,671,000
)$


$
- 28 -

NOTE 9-SEGMENT
INFORMATION

The Companys
operations are classified into two reportable segments. The segments consist of
Intercomsoft, which produces computerized identification documents, and general
and administrative expenses incurred for corporate purposes.

YEAR ENDED
DECEMBER 31, 2007

Intercomsoft

Corporate and
Administrative

TotalNet sales

$


$


$
Operating
 expenses


(34,000
)

1,233,000


1,267,000Net income
 (loss)

$
(34,000
)
$
(1,233,000
)
$
(1,267,000
)YEAR ENDED
DECEMBER 31, 2006

Intercomsoft

Corporate and
Administrative

TotalNet sales

$
640,000

$


$
640,000Operating
 expenses


604,000


1,364,000


1,968,000Net income
 (loss)

$
36,000

$
(1,364,000
)
$
(1,328,000
)- 29 -

ITEM 8.
CHANGES IN
 AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURENone.

ITEM 8 A.
CONTROLS AND PROCEDURESEvaluation of
Disclosure Controls and Procedures

As of the
end of the period covered by this Annual Report, the Company carried out, under
the supervision and with the participation of the Companys management,
including its Chief Executive Officer and Chief Financial Officer, an
evaluation of the effectiveness of the design and operation of the Companys
disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e)
under the Securities Exchange Act of 1934) in ensuring that information
required to be disclosed by the Company in its reports is recorded, processed,
summarized and reported within the required time periods. In carrying out that
evaluation, management identified a material weakness (as defined in Public
Company Accounting Oversight Board Standard No. 2) in our internal control over
financial reporting regarding a lack of adequate segregation of duties.
Accordingly, based on their evaluation of our disclosure controls and
procedures as of December 31, 2007, the Companys Chief Executive Officer and
its Chief Financial Officer have concluded that, as of that date, the Companys
controls and procedures were not effective for the purposes described above.

There was
no change in the Companys internal control over financial reporting (as
defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of
1934) during the period ended December 31, 2007 that has materially affected or
is reasonably likely to materially affect the Companys internal control over
financial reporting.

Managements Report
on Internal Control over Financial Reporting

Management
of the Company is responsible for establishing and maintaining adequate
internal control over financial reporting as defined in Rule 13a-15(f) under
the Securities Exchange Act of 1934. We have assessed the effectiveness of
those internal controls as of December 31, 2007, using the Committee of
Sponsoring Organizations of the Treadway Commission (COSO) Internal Control  Intergrated Framework
as a basis for our assessment.

Because of
inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies and procedures may deteriorate. All internal control systems, no
matter how well designed, have inherent limitations. Therefore, even those
systems determined to be effective

- 30 -

can provide only reasonable assurance with respect to financial
statement preparation and presentation.

A material
weakness in internal controls is a deficiency in internal control, or
combination of control deficiencies, that adversely affects the Companys ability
to initiate, authorize, record, process, or report external financial data
reliably in accordance with accounting principles generally accepted in the
United States of America such that there is more than a remote likelihood that
a material misstatement of the Companys annual or interim financial statements
that is more than inconsequential will not be prevented or detected. In the
course of making our assessment of the effectiveness of internal controls over
financial reporting, we identified a material weakness in our internal control
over financial reporting. This material weakness consisted of inadequate
staffing and supervision within the bookkeeping and accounting operations of
our company. The relatively small number of individuals who have bookkeeping
and accounting functions prevents us from segregating duties within our
internal control system. The inadequate segregation of duties is a weakness
because it could lead to the untimely identification and resolution of
accounting and disclosure matters or could lead to a failure to perform timely
and effective reviews.

As we are
not aware of any instance in which the Company failed to identify or resolve a
disclosure matter or failed to perform a timely and effective review, we
determined that the addition of personnel to our bookkeeping and accounting
operations is not an efficient use of our very limited resources at this time
and not in the interest of our shareholders.

This Annual
Report does not include an attestation report of the Companys registered
public accounting firm regarding internal control over financial reporting.
Managements report was not subject to attestation by the Companys registered
public accounting firm pursuant to temporary rules of the Securities and
Exchange Commission that permit the Company to provide only managements report
in this Annual Report.

PART III

ITEM 9.
DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS
 AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACTDirectors and Executive Officers

Our
officers are elected by, and serve at the pleasure of, our Board of Directors.
The names and ages of our directors and executive officers as of December 31,
2007, are set forth below. Our By-laws provide for not less than three and not
more than fifteen directors.

- 31 -

NAME

AGE

POSITION WITH
 COMPANYBoris Birshtein

60

Chairman of the Board of DirectorsYuri Benenson

53

Director; Chief Executive OfficerWalter J. Perchal

56

DirectorJack Braverman

39

Director; Chief Financial OfficerBackground of Executive Officers and Directors

Boris
Birshtein
has served as our Chairman of the Board of Directors since January 1998. From
1994 to May 2006, Mr. Birshtein served as the Chairman of the Board of
Directors of Banca Commercialia pe Actiuni Export Import, a former subsidiary
of ours, and since 1997 he has been the Chairman of the Board and principal
shareholder of Royal HTM Group, Inc. Since 1999, Mr. Birshtein has served as
the Chairman of Eontech Group Inc., of which he is the principal shareholder
and of Aluminum-Power Inc., our majority shareholder. Since 1996 Mr. Birshtein
has served as the Chairman of World Assets (Media) Inc. Mr. Birshtein holds
PhDs in Philosophy and Economics.

Yuri
Benenson has served as a member of our Board of
Directors and our Chief Executive Officer since May 2003. From 1997 to May 2006
Mr. Benenson served as a member of the Board of Directors of Banca Commerciala
pe Actiuni Export Import Bank and since 1997 as Vice President of EXIM Asint,
S.A., both of which are our former subsidiaries, and from January 2004 has
served as a member of the management team of Intercomsoft Limited, our
subsidiary. Mr. Benenson holds a masters degree in Finance and Economics from
Vilnius State University.

Walter
J. Perchal has served as member of our Board of
Directors since February 2001. Since 1997, Mr. Perchal has served as the
President and Chief Executive Officer of IC Inc., a consulting firm, which
provides consulting services in North America, Europe and Asia. For the past 25
years, Mr. Perchal has served as an adjunct Professor at York University in
Toronto, Canada.

Jack
Braverman has served as a member of our Board of
Directors and our Chief Financial Officer since January 2004. Mr. Braverman has
worked with Mr. Birshtein, his uncle and our Chairman of the Board, in a number
of capacities since 1997, including his service as President of Eontech Group,
Inc. from July 1999 to date, President of Royal HTM Group, Inc. from December
1997 to April 2001 and as Vice President and Chief Financial Officer of Royal
HTM Group, Inc. from April 2001 to date, as well as serving as Vice President
of Aluminum-Power Inc, our majority shareholder, since January 2001. Mr.
Braverman holds a BA in Economics from the University of Western Ontario.

- 32 -

Section 16(a) Beneficial Ownership Reporting
Compliance

We
are not aware of any person who was a director, officer, or beneficial owner of
more than ten percent (10%) of our common stock and who failed to file reports
required by Section 16(a) of the Securities Exchange Act of 1934 in a timely
manner.

ITEM 10.
EXECUTIVE COMPENSATIONFor the fiscal
years ended December 31, 2007 and 2006, the following individuals received the
following compensation for services rendered to us. See Employment Agreements
for a description of compensation arrangements entered into by us with certain
of our executive officers and directors.

Summary Compensation Table

Annual
 Compensation

Long Term
 CompensationAWARDSName & Principal Position

Year

Salary ($)

Other Annual 
 Compensation
 ($)


Securities
 Underlying 
 Options/ SARs

All Other
 CompensationBoris Birshtein

2007

$
276,570
(1)
$
72,162
(2)

Chairman of
 the Board

2006

$
276,570
(3)
$
63,600
(4)Yuri Benenson

2007

$
104,216
(5)




Chief
 Executive Officer

2006

$
53,320


Jack Braverman

2007

$
94,416
(6)
$
17,559
(7)

Chief
 Financial Officer

2006

$
105,120(1)
All of such amount was
 accrued but not paid to Mr. Birshtein.(2)
Such amount represents a
 monthly expense allowance $1,800 totaling $21,600 annually, all of which was
 accrued but not paid, and $50,562 for auto lease and insurance premiums paid
 on behalf of Mr. Birshtein(3)
Of such amount, $23,047
 was paid to Mr. Birshtein and the balance was accrued and remains due to him.(4)
Includes a monthly expense
 allowance of $1,800 totaling $21,600 annually. Of such amount, $1,800 was
 paid to Mr. Birshtein and the balance was accrued and remains due to him.
 Such amount also includes $42,000 for auto lease and insurance premiums paid
 on behalf of Mr. Birshtein.(5)
Of such amount, $99,216
 was paid to Mr. Benenson in year 2007 and $5,000 was paid in January 2008, in
 arrears.(6)
Of such amount $25,116 was
 paid to Mr. Braverman and $69,300 was accrued and remains unpaid.- 33 -

(7)
Such amount represents
 auto lease and insurance premiums paid on behalf of Mr. Braverman.Options/SAR Grants in Last Fiscal Year to
Officers and Directors

In
2007 there were no options granted pursuant to the 2001 Omnibus Plan, as
amended and no outstanding options were exercised during 2007.

Compensation of Directors

All
of our outside Directors are entitled to receive an attendance fee of $2,000
for each meeting of the Board of Directors attended up to a maximum of $8,000
for any 12-month period. During the fiscal years ended December 31, 2007 and
2006, there were no such payments made to any outside Director.

Mr.
Birshtein has served as our Chairman of the Board since January 1998 and since
March 2004, has served in such capacity pursuant to a letter agreement between
he and us which provides for, among other things, a monthly consulting fee of
$23,047 and a monthly expense allowance of $1,800. Additionally, we paid
certain auto lease and insurance expenses on Mr. Birshteins behalf, as
detailed in the table above.

Mr.
Benenson has served a member of the Board of Directors and our Chief Executive
Office since May 2003. In connection with his service as our CEO in 2007, Mr.
Benenson was paid $104,000, but was not entitled to nor compensated for his
service as a member of our Board of Directors.

Mr.
Braverman has served as a member of the Board of Directors and our Chief
Financial Officer since January 2004. In connection with his service as our CFO
in 2007, Mr. Braverman was entitled to receive $94,416, but was not entitled to
nor compensated for his service as a member of our Board of Directors. Of such
amount, Mr. Braverman was paid $25,166 and the balance was accrued and remains
due to him. Additionally, we paid certain auto lease and insurance expenses on
Mr. Bravermans behalf, as detailed in the table above.

Employment Agreements

The
employment agreement with Boris Birshtein, our Chairman of the Board of
Directors, expired on December 31, 2003 and was not renewed. Thereafter, pursuant
to a letter agreement dated March 10, 2004 between he and us, Mr. Birshtein
agreed to continue to serve as our Chairman of the Board of Directors on a
month-to-month basis on substantially the same terms as were provided for in
his prior employment agreement including, among other things, a monthly
consulting fee of $23,047 and a monthly expense allowance of $1,800.

2001 Omnibus Plan, As Amended

In
January 2001, our Board of Directors adopted the 2001 Omnibus Plan, which
became effective in February 2001 after stockholder approval. In June 2001, our
Board

- 34 -

of Directors
approved a resolution to increase the maximum aggregate number of shares that
may be issued under the 2001 Omnibus Plan. Thereafter, the stockholders
approved the increase of the authorized number of shares issuable pursuant to
the 2001 Omnibus Plan from 4,000,000 shares to 10,000,000 shares. This
amendment became effective in August 2001.

Summary
of 2001 Omnibus Plan, as amended

Qualified
directors, officers, employees, consultants and advisors of ours and our
subsidiaries are eligible to receive (a) stock options (Options), which may
be designated as nonqualified stock options (NQSOs) or incentive stock
options (ISOs), (b) stock appreciation rights (SARs), (c) restricted stock
awards (Restricted Stock), (d) performance awards (Performance Awards) or
(e) other forms of stock-based incentive awards (collectively, the Awards). A
director, officer, employee, consultant or advisor who has been granted an
Option is referred to herein as an Optionee and a director, officer,
employee, consultant or advisor who has been granted any other type of Award is
referred to herein as a Participant.

The Omnibus Committee
administers the 2001 Omnibus Plan, as amended, and has full discretion and
exclusive power to (a) select the directors, officers, employees, consultants
and advisors who will participate in the 2001 Omnibus Plan, as amended, and
grant Awards to such directors, officers, employees, consultants and advisors,
(b) determine the time at which such Awards shall be granted and the terms and
conditions with respect to such Awards to the extent not inconsistent with the
provisions of the 2001 Omnibus Plan, as amended, and (c) resolve all questions
relating to the administration of the 2001 Omnibus Plan, as amended. Members of
the Omnibus Committee receive no compensation for their services in connection
with the administration of the 2001 Omnibus Plan, as amended.

The
Omnibus Committee may grant NQSOs or ISOs that are evidenced by stock option
agreements. A NQSO is a right to purchase a specific number of shares of common
stock during such time as the Omnibus Committee may determine, not to exceed
ten years, at a price determined by the Omnibus Committee that, unless deemed
otherwise by the Omnibus Committee, is not less than the fair market value of
the common stock on the date the NQSO is granted. An ISO is an Option that
meets the requirements of Section 422 of the Internal Revenue Code of 1986, as
amended (the Code). No ISOs may be granted under the 2001 Omnibus Plan, as
amended, to an employee who owns more than 10% of our outstanding voting stock
(Ten Percent Stockholder) unless the option price is at least 110% of the
fair market value of the common stock on the date of grant and the ISO is not
exercisable more than five years after it is granted. In the case of an
employee who is not a Ten Percent Stockholder, no ISO may be exercisable more
than ten years after the date the ISO is granted and the exercise price of the
ISO shall not be less than the fair market value of the common stock on the
date the ISO is granted. Further, no employee may be granted ISOs that first
become exercisable during a calendar year for the purchase of common stock with
an aggregate fair market value (determined on the date of grant of each ISO) in
excess of $100,000. An ISO (or any installment thereof) counts against the
annual limitation

- 35 -

only in the
year it first becomes exercisable.

The
exercise price of the common stock subject to a NQSO or ISO may be paid in cash
or, at the discretion of the Omnibus Committee, by a promissory note or by the
tender of common stock owned by the Option holder or through a combination
thereof. The Omnibus Committee may provide for the exercise of Options in
installments and upon such terms, conditions and restrictions as it may
determine.

An
SAR is a right granted to a Participant to receive, upon surrender of the
right, but without payment, an amount payable in cash. The amount payable with
respect to each SAR shall be based on the excess, if any, of the fair market
value of a share of common stock on the exercise date over the exercise price
of the SAR, which will not be less than the fair market value of the common
stock on the date the SAR is granted. In the case of an SAR granted in tandem
with an ISO to an employee who is a Ten Percent Stockholder, the exercise price
shall not be less than 110% of the fair market value of a share of common stock
on the date the SAR is granted.

Restricted
Stock is common stock that is issued to a Participant at a price determined by
the Omnibus Committee, which price per share may not be less than the par value
of the common stock, and is subject to restrictions on transfer and/or such
other restrictions on incidents of ownership as the Omnibus Committee may
determine.

A
Performance Award granted under the 2001 Omnibus Plan, as amended (a) may be
denominated or payable to the Participant in cash, common stock (including,
without limitation, Restricted Stock), other securities or other Awards and (b)
shall confer on the Participant the right to receive payments, in whole or in
part, upon the achievement of such performance goals during such performance
periods as the Omnibus Committee shall establish. Subject to the terms of the
2001 Omnibus Plan, as amended, and any applicable Award agreement, the
performance goals to be achieved during any performance period, the length of
any performance period, the amount of any Performance Award granted and the
amount of any payment or transfer to be made pursuant to any Performance Award
shall be determined by the Omnibus Committee.

The
Omnibus Committee may grant Awards under the 2001 Omnibus Plan, as amended,
that provide the Participants with the right to purchase common stock or that
are valued by reference to the fair market value of the common stock
(including, but not limited to, phantom securities or dividend equivalents).
Such Awards shall be in a form determined by the Omnibus Committee (and may
include terms contingent upon a change of control of the Company); provided
that such Awards shall not be inconsistent with the terms and purposes of the
2001 Omnibus Plan, as amended.

The
Omnibus Committee determines the price of each such Award and may accept any
lawful consideration.

The
Omnibus Committee may at any time, amend, suspend or terminate the 2001 Omnibus
Plan, as amended; provided, however, that (a) no change in any Awards
previously granted may be made without the consent of the holder thereof and
(b) no amendment (other than an amendment authorized to reflect any merger,
consolidation,

- 36 -

reorganization
or the like to which we are a party or any reclassification, stock split,
combination of shares or the like) may be made increasing the aggregate number
of shares of the common stock with respect to which Awards may be granted or
changing the class of persons eligible to receive Awards, without the approval
of the holders of a majority of our outstanding voting shares.

In
the event a Change in Control (as defined in the 2001 Omnibus Plan, as amended)
occurs, then, notwithstanding any provision of the 2001 Omnibus Plan, as amended,
or of any provisions of any Award agreements entered into between any Optionee
or Participant and us to the contrary, all Awards that have not expired and
which are then held by any Optionee or Participant (or the person or persons to
whom any deceased Optionees or Participants rights have been transferred)
shall, as of the date of such Change of Control, become fully and immediately
vested and exercisable and may be exercised for the remaining term of such
Awards.

If
we became a party to any merger, consolidation, reorganization or the like, the
Omnibus Committee has the power to substitute new Awards or have the Awards be
assumed by another corporation. In the event of a reclassification, stock
split, combination of shares or the like, the Omnibus Committee shall
conclusively determine the appropriate adjustments.

No
Award granted under the 2001 Omnibus Plan, as amended, may be sold, pledged,
assigned or transferred other than by will or the laws of descent and
distribution, and except in the case of the death or disability of an Optionee
or a Participant, Awards shall be exercisable during the lifetime of the
Optionee or Participant only by that individual.

No
Awards may be granted under the 2001 Omnibus Plan, as amended, on or after
January 2, 2011, but Awards granted prior to such date may be exercised in
accordance with their terms.

As
of December 31, 2007, of the 10,000,000 shares of our common stock reserved for
issuance under the 2001 Omnibus Plan, as amended, options to acquire 3,870,000
shares of our common stock were outstanding.

ITEM 11.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS ANDMANAGEMENT AND RELATED STOCKHOLDER MATTERSThe
following table sets forth information concerning the beneficial ownership of
shares of our common stock with respect to stockholders who were known by us to
be the beneficial owners of more than 5% of our common stock as of December 31,
2007, and our officers and directors, individually and as a group. Unless
otherwise indicated, the beneficial owner has sole voting and investment power
with respect to such shares of common stock.

Beneficial
ownership is determined in accordance with the rules of the Securities and
Exchange Commission and generally includes voting or investment power with
respect to securities. In accordance with the Securities and Exchange
Commission

- 37 -

rules, shares
of our common stock which may be acquired upon exercise of stock options or
warrants which are currently exercisable or which become exercisable within 60
days of the date of the table are deemed beneficially owned by the holders of
such securities. Subject to community property laws, where applicable, the
persons or entities named in the table below have sole voting and investment
power with respect to all shares of our common stock indicated as beneficially
owned by them.

As of December
31, 2007 (1)NAME OF BENEFICIAL OWNER

AMOUNT AND
 NATURE OF 
 BENEFICIAL OWNER

PERCENT OF
 CLASSBoris
 Birshtein 
 1285 Avenue of the Americas, 35th Floor
 New York, New York, 10019

84,922,000
(2)(3)

79.2
%Aluminum-Power
 Inc.
 87 Scollard Street
 Toronto, Ontario M5R 1G4

75,275,000
(2)

70.2
%Yuri
 Benenson
 1285 Avenue of the Americas, 35th Floor
 New York, NY10019




Jack
 Braverman
 1285 Avenue of the Americas, 35th Floor
 New York, NY 10019

500,000
(4)

.466
%Walter J.
 Perchal 
 1285 Avenue of the Americas, 35th Floor
 New York, New York, 10019

75,275
(5)

.070
%P.L.T.
 International, Inc
 87 Scollard Street
 Toronto, Ontario M5R 1G4

8,225,000


7.66
%All
 Executive Officers and
 Directors as a Group (4 persons) (6)

83,922,000


79.736
%(1)
Based on a total of
 107,342,328 shares of common stock, which includes: (i) 100,472,328 shares of
 common stock issued and outstanding as of December 31, 2007; (ii) options to
 purchase 3,870,000 shares of our common stock granted pursuant to the 2001
 Omnibus Plan, as amended; and, (iii) options to purchase 3,000,000 shares of
 our common stock granted outside of the 2001 Omnibus Plan, as amended.(2)
Mr. Birshtein is an
 indirect owner of Aluminum-Power Inc., our majority shareholder, which owns
 75,275,000 shares of our common stock. Aluminum-Power Inc.s majority
 shareholder is Eontech Group Inc. of which Birshtein Holdings, Ltd. is the
 majority owner. Mr. Birshtein directly controls Birshtein Holdings, Ltd.(3)
Represents 5,737,000
 shares of our common stock owned directly by Mr. Birshtein; 3,910,000 shares
 of our common stock owned by Magnum Associates, Inc., of which Mr. Birshtein
 is the sole shareholder; and, 75,275,000 shares of our common stock owned by- 38 -

Aluminum-Power Inc.(4)
Represents an option
 granted on November 2, 2004, under our 2001 Omnibus Plan, as amended, to
 purchase up to 500,000 shares of our common stock. Such option has a term of
 five years and an exercise price of $0.01 per share.(5)
Represents ownership of
 approximately 1% of Aluminum-Power Inc., the owner of 75,275,000 shares of
 our common stock.(6)
Includes Messrs.
 Birshtein, Benenson, Braverman and Perchal.ITEM 12.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONSDuring
2007, we accrued $276,000 in compensation and $21,600 in expenses due to Mr.
Boris Birshtein related to his performance as the Chairman of the Board. In
year 2006 we paid Mr. Birshtein $23,000 and accrued $253,000 in compensation
due to him and paid $44,000 and accrued $20,000 in expenses related to his
performance as the Chairman of the Board.

During
2005 we engaged Royal HTM Group, Inc., a Canadian company beneficially owned
and controlled by our Chairman of the Board, to render certain business
development services to us. During 2007 we accrued $120,000 for such services.
In 2006 we paid $99,000 to Royal HTM Group for such services and $312,000 was
accrued and unpaid, of which $21,000 was consulting fees and $291,000 was
reimbursement of business expenses.

During
2007 Royal HTM Group lent us $106,000 to cover our operating expense for the
year and advanced $591,000 on our behalf for certain services and expenses we
incurred, which included, among other things, approximately $99,000 in
compensation paid to our CEO and $25,000 paid to our CFO on our behalf, and
$193,000 to fund on-going legal fees related to our legal action in Moldova. In
2006 Royal HTM Group lent us $178,000 to cover our operating expenses for the
year and advanced $260,000 on our behalf for certain services and expenses we
incurred. Such amounts are non-interest bearing and are due on demand.

ITEM 13.
EXHIBITS AND REPORTS ON FORM 8-KThe exhibits
listed below are filed as part of this Annual Report.

Exhibit

Document3(i)

Articles of
 Incorporation (incorporated by reference to the Registration Statement on
 Form 10-SB filed with the Securities and Exchange Commission under File No.
 000-28144).3(ii)

By-laws
 (incorporated by reference to the Registration Statement on Form 10-SB filed
 with the Securities and Exchange Commission under File No. 28144).- 39 -

4

January 24,
 2001 Definitive Information Statement filed with the Securities and Exchange
 Commission (incorporated herein by reference).4(i)

July 19,
 2001 Information Statement filed with the Securities and Exchange Commission
 (incorporated herein by reference).10(i)

January 11,
 2001 Technology Acquisition Agreement between Trimol Group, Inc. and
 Aluminum-Power Inc. (incorporated herein by reference to the Definitive
 Information Statement filed with the Securities and Exchange Commission).10(ii)

January 11,
 2001 License Agreement between Trimol Group, Inc. and Aluminum-Power Inc.
 (incorporated herein by reference to the Definitive Information Statement
 filed with the Securities and Exchange Commission).10(v)

July 1, 2001
 Research & Development Agreement between Aluminum-Power Inc. and Trimol
 Group, Inc. (incorporated herein by reference to Form 10-KSB filed with the
 Securities and Exchange Commission for the year ended December 31, 2001).10 (vi)

March 24,
 2005 Termination Agreement between Intercomsoft Limited and Supercom Limited
 (incorporated herein by reference to Form 8-K filed with the Securities and
 Exchange Commission on March 28, 2005).21

Subsidiary of the Registrant.23

Consent of Paritz & Company, P.A.31.1

Chief Executive Officer Certification31.2

Chief Financial Officer
Certification.32.1

Chief Executive Officer Certification pursuant to
18 U.S.C. Section
 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2

Chief Financial Officer Certification pursuant to
18 U.S.C. Section
 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.- 40 -

SIGNATURES

Pursuant
to the requirements of Section 13 or 15(d) 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, this 14th day of April,
2008.

TRIMOL GROUP, INC.By:
/s/ Yuri
 BenensonName:
Yuri
 BenensonTitle:
Chief
 Executive Officer and DirectorBy:
/s/ Jack
 BravermanName:
Jack
 BravermanTitle:
Chief
 Financial Officer and DirectorIn
accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By:
/s/ Boris
 Birshtein
Date: April 14, 2008Name:
Boris
 BirshteinTitle:
Chairman of
 the Board and DirectorBy:
/s/ Yuri
 Benenson
Date: April 14, 2008Name:
Yuri
 BenensonTitle:
Chief
 Executive Officer and DirectorBy:
/s/ Jack
 Braverman
Date: April 14, 2008Name:
Jack
 BravermanTitle:
Chief
 Financial Officer and DirectorBy:
/s/ Walter
 Perchal
Date: April 14, 2008Name:
Walter
 PerchalTitle:
Director- 41 -