U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB


     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

                        Commission file number: 000-26971

                  For the quarterly period ended March 31, 2001

                               TRIMOL GROUP, INC.
             (Exact Name of Registrant as it appears in its charter)


                  DELAWARE                            13-3859706
      (State or other Jurisdiction of     (IRS Employer Identification No.)
               Incorporation)

                           1285 Avenue of the Americas
                                   35th Floor
                            New York, New York, 10019
                         (Address of principal offices)

                                 (212) 554-4394
               Registrant's Telephone Number, including area code:

Securities to be registered under Section 12(b) of the Exchange Act:
Securities to be registered under Section 12(g) of the Exchange Act:

--------------------------------------------------------------------------------
          Title of Each Class              Name of each Exchange on which listed
--------------------------------------------------------------------------------
Common Stock, par value $0.01 per share        NASD, Inc. 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. [X] Yes [_] No

As of the quarter  ending  March 31,  2001,  there were  100,039,000  issued and
outstanding shares of the Registrant's common stock.

<PAGE>


                                TABLE OF CONTENTS

                          PART I: FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS...................................................1

ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
        CONDITION AND RESULTS OF OPERATION.....................................8

                           PART II: OTHER INFORMATION

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS...................12

ITEM 5. OTHER INFORMATION.....................................................12

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K......................................12

SIGNATURES....................................................................14

<PAGE>


                                     PART I

ITEM 1. FINANCIAL STATEMENTS





INDEPENDENT ACCOUNTANTS' REVIEW REPORT

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



We have reviewed the  accompanying  consolidated  balance sheet of Trimol Group,
Inc.  (the  "Company")  as of  March  31,  2001  and  the  related  consolidated
statements of operations  and cash flows for the three month periods ended March
31, 2001 and 2000.  These  financial  statements are the  responsibility  of the
Company's management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and making  inquiries of persons  responsible  for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is to express
an opinion regarding the financial statements taken as a whole. Accordingly,  we
do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the consolidated  financial  statements referred to above for them to
be in conformity with generally accepted accounting principles.


                                        Paritz & Company, P.A.
                                        Hackensack, New Jersey
                                        Date:  May 9, 2001


                                       1
<PAGE>


                               TRIMOL GROUP, INC.

                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
                                                                   March 31, 2001 December 31, 2000
                                                                     (Unaudited)     (Audited)
---------------------------------------------------------------------------------------------------
                                                                    (In Thousands of US Dollars)

<S>                                                                    <C>            <C>
ASSETS

Cash                                                                       19            107
Accounts receivable                                                       245            136
Net assets from discontinued operations                                    --          3,981
                                                                       ------         ------
TOTAL ASSETS                                                              264          4,224
                                                                       ======         ======

LIABILITIES

Current liabilities:
Accounts payable                                                          473            465
Accrued expenses                                                          570            622
Loan payable - related party                                              154             --
Provision for loss of discontinued operations                              --          3,981
                                                                       ------         ------
TOTAL LIABILITIES                                                       1,197          5,068
                                                                       ------         ------

SHAREHOLDERS' DEFICIENCY:
Preferred Stock:  10,000 shares authorized of US$1.00 par value
  No shares issued and outstanding                                         --             --
Common Stock: 130,000,000 shares authorized of US$0.01 par
  value, 100,039,000 shares issued and outstanding at
  March 31, 2001                                                        1,000            120
Additional paid-in capital                                              5,298          6,178
Accumulated deficit                                                    (7,231)        (7,142)
                                                                       ------         ------
TOTAL SHAREHOLDERS' DEFICIENCY                                           (933)          (844)
                                                                       ------         ------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY                            264          4,224
                                                                       ======         ======
===================================================================================================
</TABLE>


The accompanying notes are an integral part of the financial statements


                                       2
<PAGE>


                               TRIMOL GROUP, INC.

                      CONSOLIDATED STATEMENT OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                                                        Three Months Ended March 31,

-------------------------------------------------------------------------------------
                                                        (In Thousands of US Dollars,
                                                            except per share data)

<S>                                                     <C>               <C>
REVENUES                                                       785               683
                                                       ===========       ===========

OPERATING EXPENSES
Cost of revenues                                               246               239
Marketing and promotion                                         28                --
Research and development                                        40                --
Other operating expenses                                       560               617
Interest expense, net of interest income                        --                (4)
                                                       -----------       -----------
TOTAL OPERATING EXPENSES                                       874               852
                                                       ===========       ===========

LOSS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES                                            (89)             (169)

Income from discontinued operations, net of taxes               --               207
                                                       -----------       -----------

NET INCOME (LOSS)                                              (89)               38
                                                       ===========       ===========

Net income (loss) per share (basic and diluted)             (.0016)             .003
                                                       ===========       ===========

WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING                                      54,083,444        12,039,000
                                                       ===========       ===========
=====================================================================================
</TABLE>


The accompanying notes are an integral part of the financial statements


                                       3
<PAGE>


                               TRIMOL GROUP, INC.

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (UNAUDITED)
--------------------------------------------------------------------------------
                                                    Three Months Ended March 31,
                                                             2001         2000
--------------------------------------------------------------------------------
                                                    (In Thousands of US Dollars)

CASH FLOWS FROM OPERATING ACTIVITIES:
Loss from continuing operations                                (89)        (169)
Income from discontinued operations                             --          207
                                                            ------       ------
NET INCOME (LOSS)                                              (89)          38

ADJUSTMENTS TO RECONCILE NET INCOME
(LOSS) TO NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
Stock based compensation                                        --           27

CHANGES IN ASSETS AND LIABILITIES:
Accounts receivable                                           (109)         (44)
Accounts payable                                                 8          (14)
Accrued expenses                                                82          148
Net assets from discontinued operations                         --         (135)
                                                            ------       ------

NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES                                          (108)          20
                                                            ======       ======

CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds of loan from related party                             20           --
                                                            ------       ------

NET CASH PROVIDED BY FINANCING ACTIVITIES                       20           --
                                                            ======       ======

INCREASE (DECREASE) IN CASH                                    (88)          20

CASH - BEGINNING OF PERIOD                                     107        1,449
                                                            ------       ------

CASH - END OF PERIOD                                            19        1,469
                                                            ======       ======

Supplemental disclosures of cash flow information:
Interest paid                                                   --           --
                                                            ======       ======
Income taxes paid                                               --           --
                                                            ======       ======
================================================================================


The accompanying notes are an integral part of the financial statements


                                       4
<PAGE>


                               TRIMOL GROUP, INC.

                 Notes to the consolidated financial statements


Note 1 - BASIS OF PRESENTATION

     The unaudited  consolidated financial statements of Trimol Group, Inc. (the
"Company")  as of March 31, 2001 and for the three month periods ended March 31,
2001 and 2000  included  herein have been prepared on the same basis as those of
the Annual  Report on Form 10-KSB for the year ended  December 31, 2000.  In the
opinion of  management,  all  adjustments  (consisting  only of those  which are
normal and recurring) necessary for a fair presentation have been included.

     The  results  of  operations  for  interim   periods  are  not  necessarily
indicative of the results to be expected for a full fiscal year.

     Certain financial information that is normally included in annual financial
statements prepared in accordance with generally accepted accounting principles,
but is not  required  for interim  reporting  purposes,  has been  condensed  or
omitted.

     The accompanying unaudited consolidated financial statements should be read
in conjunction with the audited  consolidated  financial  statements and related
notes included in the Company's  Annual Report on Form 10-KSB for the year ended
December 31, 2000.

     The  consolidated  statements  of the Company  include the  accounts of the
Company and its operating subsidiaries and their holding companies.

     Inter-company balances have been eliminated in consolidation.

NOTE 2 - OPERATIONS

The Company owns all of the shares of Intercomsoft Limited, a non resident Irish
company.  Intercomsoft  supplies equipment and auxiliary  materials intended for
production of computerized documents (passports, drivers' licenses, car licenses
and ID cards),  and the  software  that is necessary  for the  operation of this
equipment, and provides it to the Moldovan Ministry of Economics.

     Prior to the  transactions  referred to in Note 3, the Company owned all of
the capital stock of an insurance  company,  Exim Asint S.A.  ("Exim"),  a bank,
Banca Comerciala pe Actiuni "Export-Import" ("Banca") and 65% of the shares of a
hotel, Jolly Alon Limited (the "Hotel").

NOTE 3 - ACQUISITION AND DISCONTINUED OPERATIONS

     In  December,  2000 as a result  of  selling  interests  in two  previously
wholly-owned  subsidiaries  to a company  owned and  controlled by the principal
shareholder  of the  Company,  Trimol  effectively  sold 75% of the  issued  and
outstanding  shares of Banca for $1,216,000  plus the forgiveness of $722,000 of
debt. This transaction resulted in a net loss of $1,298,000.

     In  December  2000,  the  Board  of  Directors  of the  Company  authorized
management  to enter into a transaction  with a company owned and  controlled by
the  principal  shareholder  of the Company,  pursuant to which it would sell or
transfer  its (i) 100% of the  issued  and  outstanding  shares  of  Exim,  (ii)
indirect 65% ownership in the Hotel,  (iii) remaining 25% indirect  ownership of
Banca,  and (iv)  88,000,000  shares of previously  unissued common stock of the
Company in exchange for an exclusive  worldwide  license to make, use and sell a
mechanically  rechargeable  metal-air  battery  solely  for  use  with  consumer
portable electronic devices, all rights and title to certain technology relating
to metal-air  batteries  and fuel cells,  and the design and


                                       5
<PAGE>


know-how to a DC/DC  Converter  designed and  developed  by the related  company
referred to above. This transaction closed on February 16, 2001. The acquisition
has been accounted for as a reverse acquisition.

     The  operating  results of Banca,  Exim and the Hotel have been  segregated
from  continuing  operations  and  reported  as a  separate  line  item  on  the
Consolidated  Statement of Operations  for the three months ended March 31, 2001
under the caption "loss from discontinued operations".  Accordingly, the Company
has restated its prior financial  statements to present the operating results of
these companies as a discontinued operation.

Note 4 - RISKS AND UNCERTAINTIES

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

     (a) The Moldovan Ministry of Economics  ("Ministry") is Intercomsoft's only
customer.  In November  1999,  the Company  learned that the Ministry of Economy
Affairs and Reform of the Republic of Moldova was  soliciting  bids to select an
audit company to review the contract between  Intercomsoft and the Government of
the Republic of Moldova ("GRM"),  pursuant to which  Intercomsoft is granted the
right to act as the  exclusive  supplier of the  technology  required to produce
secure  essential  documents to GRM. The Company  believes  that the review will
involve the assessment of such contract  comparing it with  international  norms
for prices charged for the services performed.  No assurances can be given when,
if ever,  such a review  shall  begin or the  results  therefrom.  A loss,  or a
substantial change in the terms of such contract could, however, have a material
adverse effect on Intercomsoft and the Company

     Intercomsoft  operates in Moldova,  a former  Republic of the Soviet Union.
Accordingly,  the current political and economic situation in Moldova, which has
historically   been   unstable,   could  have  a  material   adverse  effect  on
Intercomsoft.  Political  uncertainty and instability in Moldova may also play a
roll in the future revenue and income of Intercomsoft.

     (b) As a result  of the  transactions  referred  to in Note 3,  Trimol  has
exchanged a substantial part of its assets for certain technology.  As such, the
Company's  success will be largely  dependent upon the success of the technology
acquired.  There are no  assurances  that the United States Patent and Trademark
Office  will  afford  such  technology  patent  protection  and  there can be no
assurances  that  such  technology   will  be  marketable   and/or   profitable.
Additionally,  the Company believes that in order to support its plan to develop
and market this  technology,  it will be necessary to seek  additional  capital.
There  can be no  assurance  that  additional  financing  will be  available  on
commercially  reasonable terms or at all. If adequate funds are not available or
are not  available on acceptable  terms,  the Company may not be able to further
develop and market the  technology,  as well as fund the operation and expansion
of the business. Such inability to obtain additional financing when needed would
have a negative effect on the business of the Company.  If additional  funds are
raised  through  the  issuance of equity or  convertible  debt  securities,  the
percentage  ownership of the  existing  shareholders  will be reduced,  and such
securities may have rights,  preferences  and privileges  senior to those of the
existing shares of Common Stock.

NOTE 5 - SHAREHOLDERS' EQUITY

     (a) The Company has an employment  agreement with its Chairman of the Board
("Chairman")  which  expires  January  1,  2004 and  provides  for  base  annual
compensation  of $120,000  subject to increase to $250,000 in the event that the
Company  consummates  an  acquisition  of a  business  with  pre-tax  profits of
$3,000,000 or more in such year. In addition,  the Employment Agreement provides
that for every  $1,000,000  of the  Company's  excess net  pre-tax  profits,  as
defined,  generated by the Company in the  determining  year,  the Chairman will
receive incentive  warrants  ("Incentive  Warrants") to purchase an aggregate of
100,000  shares of the  Company's  common  stock  (the  "Common  Stock") up to a
maximum of 1,000,000  shares of Common Stock per year at an exercise price equal
to the closing price of Common Stock on the issue date. As of March 31, 2001, no
Incentive Warrants were outstanding.


                                       6
<PAGE>


     b) On February 28, 2000 the Company issued  warrants to purchase  1,400,000
shares of its Common Stock ("the Warrants") to three employees. The Warrants may
be exercised for a period of five years at an exercise price of $.50 per share.

     During  1999,  the  Company  granted  five year  warrants to purchase up to
60,000 shares of the Company's Common Stock,  30,000 of which are at an exercise
price of $11.50 per share and 30,000 of which are at an  exercise  price of $.75
per share,  to certain  members of the firmer Audit  Committee of the  Company's
Board of Directors.

     c) On February 14, 2001, the Company amended its Articles of  Incorporation
to  increase  its  authorized   shares  of  Common  Stock  from  thirty  million
(30,000,000) to one hundred thirty million (130,000,000) shares.

     d) The Board of  Directors  and the holders of a majority of the  Company's
Common Stock have  authorized  the adoption of the 2001 Omnibus Plan in order to
attract and retain qualified  directors,  officers,  employees,  consultants and
advisors (the  "eligible  persons").  Eligible  persons 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 plan  shall not  exceed  4,000,000  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.

     As of March 31, 2001, 1,500,000 options were granted under the 2001 Omnibus
Plan.

Note 6 - RELATED PARTY TRANSACTIONS

     See  Note  3  regarding   significant   transactions   with  the  Company's
controlling shareholder.

     The Company's  discontinued  operations  transacted  business at times with
related parties while conducting its commercial activities. The Company believes
such transactions are on substantially the same terms as those prevailing at the
time for comparable transactions with unrelated parties.

     Pursuant to a resolution of the  Company's  Board of Directors on March 31,
2000,  the Company  approved  payment of a liability  to a company  owned by the
majority  stockholder  of  $1,162,000  plus interest of $202,000 from January 6,
1998 to the date of  payment  (April 5,  2000).  Prior to this  resolution,  the
liability had been deemed non-interest bearing.


                                       7
<PAGE>


ITEM 2  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

     The following  management's  discussion and analysis of financial condition
and  results of  operations  should be read in  conjunction  with our  unaudited
consolidated  financial statements and notes thereto contained elsewhere in this
report.

Cautionary Note on Forward Looking Statements

     This Quarterly  Report on Form 10-QSB contains  forward looking  statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act, as amended, which are intended to be
covered by the safe harbors  created  thereby.  Investors are cautioned that all
forward-looking  statements  involve risks and  uncertainty,  including  without
limitation,  the ability of the Company to continue its expansion  strategy into
the area of aluminum-air fuel cell technology,  changes in costs associated with
research and development, as well as general market conditions,  competition and
pricing.  Although the Registrant  believes that the assumptions  underlying the
forward looking statements are reasonable,  any assumptions could be inaccurate,
and therefore,  there can be no assurance that these statements will prove to be
accurate.   In  light  of  these   uncertainties   inherent  in  forward-looking
statements,  the  inclusion  of such  information  should not be  regarded  as a
representation by the Registrant,  or anyone affiliated to the Registrant,  that
the objectives and plans of the Registrant will be achieved.

PLAN OF OPERATION

General

     Intercomsoft  is a wholly  owned  subsidiary  of the  Company and holds the
world-wide   rights  to  a  proprietary   technology   used  to  produce  secure
identification  documents,  such as drivers'  licenses and  passports.  Although
Intercomsoft's  current  operations are based solely in the Republic of Moldova,
it is  actively  seeking to expand its base of  operations  and offer its unique
services to other areas and regions in the European marketplace.

     In the three  months  ended March 31, 2001,  the Company  acquired  certain
rights,  as more  fully  defined  below,  to a  metal-air  (aluminum)  fuel cell
technology for use in portable consumer  electronics such as cellular telephones
and lap top  computers.  The  Company  believes  that such fuel cell  technology
represents a significant  advance in power  generation  and in the period ending
March 31, 2001 began  extensive  research,  development  and  marketing  efforts
toward the  development  of such  technology  including  Beta testing of certain
product   prototypes.   In  addition  to   development   work,  the  Company  is
simultaneously and actively seeking strategic business partners to commercialize
the technology.

Asset Acquisition and Discontinued Operations

     Pursuant to the Asset Acquisition Agreement dated January 11, 2001, between
the  Company  and  Aluminum-Power,   Inc.,   ("Aluminum-Power")   a  corporation
controlled  by the  Company's  Chairman of the Board of  Directors,  the Company
acquired:


                                       8
<PAGE>


     (a)  An exclusive  worldwide  license to make,  use and sell a mechanically
          rechargeable  metal-air  battery solely for use with consumer portable
          electronic  devices,  evidenced by United  States Patent and Trademark
          Office Patent Application Number: 09/522,930, filed on March 10, 2000,
          titled,   "Ecologically  Clean  Mechanically   Rechargeable  Air-Metal
          Current Source," and Canadian Patent  Application  Number:  2,301,470,
          filed on  December  7,  2000,  that will  allow  for an  instantaneous
          mechanical rechargeable battery requiring no external power source for
          recharging;

     (b)  All rights  and title to  certain  technology  relating  to  metal-air
          batteries  and fuel  cells,  evidenced  by United  States  Patent  and
          Trademark     Office     Patent     Application      Reference     No.
          PNK/M275689/IAROCHENKO,  filed on  December  19,  2000,  and  Internal
          Reference   Patent   Application   #1167   filed  with  the   Canadian
          Intellectual  Property  Office on  February 7, 2000,  and  titled,  "A
          Metal-Air Battery Having In-Situ  Generatable  Electrolyte,"  suitable
          for consumer portable  electronic  devices,  including two-way radios,
          wireless telephones,  portable audio and video players,  video cameras
          and personal computers.  The objective of this technology is to create
          a battery with a virtually  unlimited  shelf life prior to activation;
          and,

     (c)  The design and know-how to a DC/DC Converter designed and developed by
          Aluminum-Power  to be used as part of a full  battery  assembly  which
          will  enable  the   conversion   of  cell  voltage  of  virtually  any
          aluminum-metal-air-cathode   battery  to  the   voltage   required  by
          different consumer portable electronic devices.

     In exchange for the above noted assets,  on February 16, 2001,  the Company
transferred to  Aluminum-Power  88,000,000  shares of the Company's common stock
together with its interests in three operating  subsidiaries,  Banca Commerciala
pe  Actiuni  "Export-Import",  a  corporation  organized  under  the laws of the
Republic of Moldova  ("Banca"),  Exim Asint S.A., a corporation  organized under
the laws of the  Republic  of  Moldova  ("Exim"),  and the Jolly  LLC, a limited
liability company organized under the laws of Wyoming which indirectly owned and
operated a Hotel in the Republic of Moldova. (the "Exchanged Assets").

     The Company  elected to  discontinue  operations  for the three above noted
operating subsidiaries for accounting purposes as of December 31, 2000.

RESULTS OF OPERATIONS

General

     During the three month period ended March 31, 2001,  the  Company's  assets
consisted of a metal-air fuel cell  technology,  as more fully described  above,
and  Intercomsoft,  a wholly owned  subsidiary  which currently  operates in and
derives  its  revenues  from  services  performed  in the  Republic  of Moldova.
Although  Intercomsoft  is  actively  seeking  to expand its  services  to areas
outside of the Republic of Moldova, the current (and future) economic situation,
and the political  uncertainty  and instability in the Republic of Moldova could
have a material adverse effect on the


                                       9
<PAGE>


Company.

     The Company will rely upon the revenues  generated by  Intercomsoft,  which
derives  its  revenues  from  being  the  exclusive   supplier  of   proprietary
technology,  equipment  and  consumables  required to produce  secure  essential
government  documents  (e.g.  passports,   drivers'  licenses,   etc.),  to  the
Government of the Republic of Moldova  pursuant to a Supply  Agreement  with the
Republic of Moldova.

     During the three  month  period  ended  March 31,  2001,  the  Company  had
revenues of  approximately  $785,000 as compared to $683,000 for the same period
in 2000. During the three month period ended March 31, 2001, Intercomsoft's cost
of revenues  was  approximately  $246,000  or 31% as  compared to  approximately
$239,000 or 35% for the same period in 2000.  This resulted in gross profits for
Intercomsoft of  approximately  $539,000 and $444,000 for the three month period
ended March 31, 2001 and 2000 respectively.

     Operating  expenses  for the three  month  period  ended March 31, 2001 was
approximately $560,000 as compared to approximately $617,000 for the same period
in 2000.  The  Company  had no  interest  income or expense  for the three month
period  ended March 31,  2001 as  compared to interest  income of $4,000 for the
same period in 2000.

     During the three month period ended March 31, 2001,  the Company  began its
research and development  program of the metal-air full cell technology acquired
in such period.  Research and development costs for such period were $40,000 and
the  marketing  costs  related to such  technology  were $28,000 for the period.
There were no comparative costs for the three month period ended March 31, 2000.

     The  sale  of  Banca,  Exim  and  the  Hotel  have  been  accounted  for as
discontinued operations and, accordingly, their operations are segregated in the
statement of operations  included elsewhere in the Quarterly Report.  There were
no revenues  or expenses  from the  discontinued  operations  in the three month
period March 31, 2001.

     The Company had a net loss from operations of approximately $89,000 for the
three  month  period  ended  March  31,  2001  as  compared  to a  net  loss  of
approximately $169,000 for the same period in 2000.

     The Company  currently  derives all of its revenues and income  pursuant to
Intercomsoft's  Supply Contract.  The Company does not anticipate  revenues from
its aluminum-air  fuel cell technology until the fiscal year ending December 31,
2002. If for any reason (or for no reason) the Supply Contract were  terminated,
the terms were materially or adversely amended, or business reduced,  such event
would have a material adverse effect on Intercomsoft as well as the Company.

     The Company believes that the economic  slowdown in the Republic of Moldova
resulted in less disposable income to the Moldovan population and had an adverse
impact  on the  revenues  and  income of  Intercomsoft  and,  therefore,  of the
Company.  Such slowdown may continue to have such adverse  impact.  In addition,
the  Moldovan  Leu,  the  currency of the  Republic of  Moldova,  has  undergone
significant devaluation,  which has also had a significant and adverse impact on
the


                                       10
<PAGE>


revenue and income of the Company.  Additional  devaluation  of the currency may
continue  to have an  adverse  impact on  Intercomsoft  and,  therefore,  on the
Company.

Liquidity & Capital Resources

     The Company believes that following its disposition of Banca,  Exim and the
Hotel, which were discontinued for accounting  purposes as of December 31, 2000,
its existing source of liquidity and its current revenues and cash flow, will be
adequate to sustain its current  operations  and to satisfy its current  working
capital and capital expenditure requirements for the next twelve (12) months.

     As a result of the  disposition  of the  subsidiaries,  the Company will no
longer derive revenues or incur expenses from the operations of Banca,  Exim and
the Hotel.

     Although no assurances can be made, the Company  believes that its expenses
will increase  during the fiscal year ending December 31, 2001, due to its plans
to continue to develop,  market, and produce the metal-air fuel cell technology.
The Company further believes that such technology will begin generating revenues
during the fiscal year ending December 31, 2002.


                                       11
<PAGE>


                                     PART II


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     All  information  required by this Item is incorporated by reference to the
Registrant's Definitive Information Statement filed with the Securities Exchange
Commission on January 25, 2001.

ITEM 5. OTHER INFORMATION

     On April 3, 2001,  Aluminum Power, Inc., a company organized under the laws
of Ontario,  Canada  ("Aluminum-Power"),  assigned to the  Registrant all of its
rights and  obligations  created  under a  Cooperation  Agreement  ("Agreement")
between  Aluminum-Power  and  SAGEM SA, a  company  organized  under the laws of
France ("Sagem").

     Pursuant to the terms of the assigned  Agreement the  Registrant  and Sagem
have  agreed to  develop a fuel  cell that will be  incorporated  into a battery
pack, which would  constitute a power source for Sagem's  cellular  phones.  The
Agreement is  non-exclusive  and allows  either party to work with others in the
area of fuel cell or battery technology.

     In  the  event  that  the  efforts  of the  Registrant  are  successful  in
developing an aluminum-air fuel cell as a power source for Sagem's applications,
the Parties are free to negotiate any further agreement  concerning the purchase
or licensing of the rights by Sagem from the Registrant.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a)  The exhibits listed below are filed as part of this Quarterly Report.

--------------------------------------------------------------------------------
       Exhibit No.                               Document
--------------------------------------------------------------------------------
          3(i)      Articles of  Incorporation  (incorporated  by reference from
                    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  from the  Registration
                    Statement  on Form  10-SB  filed  with  the  Securities  and
                    Exchange Commission under File No. 28144)
--------------------------------------------------------------------------------
          10(i)     Technology  Asset  Acquisition  Agreement  Dated January 11,
                    2001 by and between the  Company  and  Aluminum-Power,  Inc.
                    (incorporated  by reference from the Definitive  Information
                    Statement filed with the Securities and Exchange  Commission
                    under File No. 000-28144)
--------------------------------------------------------------------------------


                                       12
<PAGE>


--------------------------------------------------------------------------------
         10(ii)     License  Agreement Dated January 11, 2001 by the between the
                    Company and Aluminum-Power,  Inc. (incorporated by reference
                    from the  Definitive  Information  Statement  filed with the
                    Securities and Exchange Commission under File No. 000-28144)
--------------------------------------------------------------------------------
         10(iii)    Assignment  Agreement dated April 3, 2001 by and between the
                    Company and Aluminum Power, Inc.
--------------------------------------------------------------------------------
         10(iv)     Cooperation  Agreement dated December 8, 2000 by and between
                    Aluminum  Power,  Inc.  and Sagem SA,  which was assigned by
                    Aluminum  Power,   Inc.  to  the  Company  pursuant  to  the
                    Assignment Agreement dated April 3, 2001.
--------------------------------------------------------------------------------
         10(v)      Letter  of  Consent  to the  Assignment  of the  Cooperation
                    Agreement dated March 22, 2001 whereby Sagem SA consented to
                    the  assignment of the  Cooperation  Agreement from Aluminum
                    Power, Inc. to the Company.
--------------------------------------------------------------------------------
         15         Letter on Unaudited Interim Financial Information
--------------------------------------------------------------------------------
         22         Definitive  Information  Statement  Dated  January  25, 2001
                    (incorporated  by reference from the Definitive  Information
                    Statement filed with the Securities and Exchange  Commission
                    under File No. 000-28144)
--------------------------------------------------------------------------------

     (b)  Reports on Form 8-K filed  during the  quarter  ending  March 31, 2001
          covered by this report are the following:

          1.   Amended  Current  Report on Form 8-K/A  filed on January 19, 2001
               amending  the  Company's  Current  Report  on Form  8-K  filed on
               December 12, 2000.

          2.   Current Report on Form 8-K filed on March 1, 2001  announcing the
               acquisition of the battery technology.

          3.   Amended  Current  Report  on  Form  8-K/A  filed  on May 1,  2001
               amending the Company's  Current Report on Form 8-K filed on March
               1, 2001.


                                       13
<PAGE>


                                   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 15th day of May,
2001.


                                        TRIMOL GROUP, INC.


                                        By:  /s/  Alexander Gordin
                                             ---------------------------------
                                        Name:   Alexander Gordin
                                        Titles: Chief Executive Officer,
                                                President, and Director


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