U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
               EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED

                               SEPTEMBER 30, 2005

                        Commission file number: 000-26971

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

                                    DELAWARE
         (State or other Jurisdiction of Incorporation or Organization)

                                   13-3859706
                      (I.R.S. Employer Identification No.)

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

                                 (212) 554-4394
                           (Issuer's Telephone Number)

As of September 30, 2005, there were 100,472,328  issued and outstanding  shares
of the Company's common stock.

Transitional Small Business Disclosure Format (Check one): |_| Yes |X| No

Accelerated  filer as defined in Rule 12b-2 of the  Securities  Act of 1934.
|_| Yes |X| No

<PAGE>

                               TRIMOL GROUP, INC.

                          FORM 10-QSB QUARTERLY REPORT

                     For the period ended September 30, 2005

                                TABLE OF CONTENTS

                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS                                                  3

         INDEPENDENT ACCOUNTANTS' REVIEW REPORT                                4

         CONSOLIDATED BALANCE SHEET                                            5

         CONSOLIDATED STATEMENT OF OPERATIONS                                  6

         CONSOLIDATED STATEMENT OF CASH FLOWS                                  7

         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS                        8

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPEERATIONS                                 11

ITEM 3.  CONTROLS AND PROCEDURES                                              15

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS                                                    16

ITEM 2.  CHANGES IN SECURITIES                                                16

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                                      16

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                  16

ITEM 5.  OTHER INFORMATION                                                    16

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                     17

SIGNATURES                                                                    18


                                       2
<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

      CONSOLIDATED FINANCIAL STATEMENTS
      AS OF SEPTEMBER 30, 2005


                                       3
<PAGE>

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  September  30, 2005 and the related  consolidated
statements  of  operations  and cash flows for the nine and three month  periods
ended  September  30,  2005  and  2004.  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: November 14, 2005


                                       4
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                    September 30, 2005   December 31, 2004
                                                       (Unaudited)           (Audited)
------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>
ASSETS

Current assets:
Cash                                                    $  16,000           $    35,000
Accounts receivable                                       616,000               662,000
                                                        ---------           -----------

     TOTAL CURRENT ASSETS                                 632,000               697,000

Property and equipment, net                                81,000               106,000
                                                        ---------           -----------

TOTAL ASSETS                                            $ 713,000           $   803,000
                                                        =========           ===========

LIABILITIES

Current liabilities:
Trade accounts payable                                  $ 313,000           $   195,000
Accrued expenses                                          524,000               561,000
Current portion of payables to related parties                 --               582,000
                                                        ---------           -----------

     TOTAL  CURRENT LIABILITIES                           837,000             1,338,000
                                                        ---------           -----------

SHAREHOLDERS' DEFICIENCY                                 (124,000)             (535,000)
                                                        ---------           -----------

TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY          $ 713,000           $   803,000
                                                        =========           ===========
</TABLE>

--------------------------------------------------------------------------------

The accompanying notes are an integral part of the financial statements


                                       5
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                       NINE MONTHS ENDED                         THREE MONTHS ENDED
                                              SEPTEMBER 30,        SEPTEMBER 30,         SEPTEMBER 30,        SEPTEMBER 30,
                                                   2005                 2004                  2005                 2004
---------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>                  <C>                   <C>                  <C>
REVENUES                                      $   6,506,000        $   3,398,000         $   2,272,000        $   1,224,000
                                              -------------        -------------         -------------        -------------

OPERATING EXPENSES:
Cost of revenues                                  2,041,000            1,042,000               758,000              382,000
Marketing and promotion                           2,312,000              939,000               800,000              354,000
Other operating expenses                          1,742,000            1,489,000               568,000              483,000
                                              -------------        -------------         -------------        -------------

TOTAL OPERATING EXPENSES                          6,095,000            3,470,000             2,126,000            1,219,000
                                              -------------        -------------         -------------        -------------

NET INCOME (LOSS)                             $     411,000        $     (72,000)        $     146,000        $       5,000
                                              =============        =============         =============        =============

Net income (loss) per share (basic and
diluted)                                               .004               (.0007)                .0015                .0005
                                              =============        =============         =============        =============

WEIGHTED AVERGE NUMBER OF
SHARES OUTSTANDING                              100,472,328          100,472,328           100,472,328          100,472,328
                                              =============        =============         =============        =============
</TABLE>

--------------------------------------------------------------------------------

The accompanying notes are an integral part of the financial statements


                                       6
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
--------------------------------------------------------------------------------
                                                           Nine Months Ended
                                                             September 30,
                                                         2005            2004
--------------------------------------------------------------------------------

CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)                                     $ 411,000       $ (72,000)

ADJUSTMENTS TO RECONCILE NET INCOME
TO NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES:

Depreciation of property and equipment                   25,000          36,000

CHANGES IN ASSETS AND LIABILITIES:
Accounts receivable                                      46,000         (15,000)
Prepaid expenses                                             --          32,000
Accounts payable                                        118,000           8,000
Accrued expenses                                        (37,000)        326,000
                                                      ---------       ---------

NET CASH PROVIDED BY OPERATING ACTIVITIES               563,000         315,000
                                                      =========       =========

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment                        --         (84,000)
                                                      ---------       ---------

NET CASH USED IN INVESTING ACTIVITIES                        --         (84,000)
                                                      ---------       ---------

CASH FLOW FROM FINANCING ACTIVITIES:
Net repayment of loans to related parties              (582,000)       (224,000)
                                                      ---------       ---------

NET CASH USED IN FINANCING ACTIVITIES                  (582,000)       (224,000)
                                                      =========       =========

INCREASE (DECREASE) IN CASH                             (19,000)          7,000

CASH - BEGINNING OF PERIOD                               35,000          20,000
                                                      ---------       ---------

CASH - END OF PERIOD                                  $  16,000       $  27,000
                                                      =========       =========

Supplemental disclosures of cash flow information:
Interest paid                                         $      --       $      --
                                                      =========       =========
Income taxes paid                                     $   1,000       $   1,000
                                                      =========       =========

--------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements


                                       7
<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  September  30, 2005 and for the nine and three month  periods
ended September 30, 2005 and 2004 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, 2004. 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, 2004.

NOTE 2 - OPERATIONS

The  Company  owns  all  of  the  outstanding  shares  of  Intercomsoft  Limited
("Intercomsoft")  a 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,  driver's licenses,  national identification documents and other such
forms of essential personal identification.

Intercomsoft  utilizes a  technology  provided by Supercom,  Ltd.  ("Supercom"),
pursuant to a Sales  Agreement  dated August 25, 1995, as amended.  On March 24,
2005 Intercomsoft and Supercom entered into a Termination  Agreement terminating
the  Sales  Agreement.   Notwithstanding  such  termination,   pursuant  to  the
Termination Agreement,  Supercom, in consideration of certan payments to be made
to it, agreed to continue to supply such  equipment,  consumables,  software and
technology  required by  Intercomsoft  during the  remaining  term of the Supply
Agreement, as hereinafter defined.

Intercomsoft's  only customer at present,  and since 1996, is the  Government of
the Republic of Moldova, pursuant to a ten (10) year Supply Agreement awarded to
it in April 1996 by the Ministry of Economics, Republic of Moldova, to provide a
National Register of Population and a National Passport System.  Under the terms
of the Supply Agreement, Intercomsoft supplies all of the equipment, technology,
software,   materials  and  consumables  utilized  by  the  Government  for  the
production  of all  national  passports,  drivers'  licenses,  vehicle  permits,
identification cards and other government authorized identification documents in
the Republic of Moldova.

The Company also has an exclusive worldwide license to an aluminum-air fuel cell
technology solely for use with consumer portable 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.
At this time, the Company is not pursuing the development of such technology.

As of the third  quarter 2005,  Intercomsoft  is the  Company's  only  operating
entity.


                                       8
<PAGE>

NOTE 3 - RISKS AND UNCERTAINTIES

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

(a)   Intercomsoft's  only  customer  is  the  Government  of  the  Republic  of
      Moldova's  Ministry  of  Economics  pursuant  to a ten  (10)  year  Supply
      Agreement  awarded  to it in  April  1996 by the  Ministry  of  Economics,
      Republic of Moldova,  to provide a National  Register of Population  and a
      National Passport System, as more defined in Note 2 above.

      Moldova is a former  Republic of the Soviet  Union and the  political  and
      economic situation of such Republic has historically been unstable. Should
      the  Government of the Republic of Moldova  default under the agreement or
      discontinue the use of Intercomsoft's  services under such agreement,  the
      Company would likely have limited  recourse.  If for any reason (or for no
      reason)  the  agreement  was  terminated,  the terms  were  materially  or
      adversely amended,  or business reduced,  such event would have a material
      adverse  effect on  Intercomsoft.  The Supply  Agreement  expires in April
      2006, and is subject to renewal.

(b)   Through a joint venture with  Aluminum-Power,  Inc. ("API"), the Company's
      majority shareholder,  the Company pursued research and development of its
      aluminum-air  fuel  cell  technology  for two  years.  Such  research  and
      development  was suspended in the second  quarter of 2003 until such time,
      if any, as the Company is able to obtain  financing  to proceed  with such
      efforts as additional capital will be required in order to further develop
      this technology before it can be commercially  exploited.  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 the technology. Such inability to obtain additional financing when
      needed would have a negative  impact on 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
      the holders of such securities may have rights, preferences and privileges
      senior to those of the holders of shares of the Company's common stock.

      Although the United States Patent and Trademark  Office has issued several
      patents on the technology,  there can be no assurances that any additional
      patents  will issue or to what extent,  if any,  such patents will provide
      protection from  competitors or others and there can be no assurances that
      such technology will be marketable and/or profitable.

      The  Company  believes  that  there  may be  potential  viability  for its
      aluminum-air fuel cell technology  however,  management has concluded that
      due to the  extraordinary  time and  enormous  costs  involved,  continued
      research and development efforts are not justified at this time.

NOTE 4 - RELATED PARTY TRANSACTIONS AND BALANCES

During the nine months ended  September 30, 2005 the Company paid a bonus to its
Chairman of the Board of $178,500 in partial  compensation  for certain services
rendered by him to the Company.

During the nine months ended September 30, 2005 the Company agreed to enter into
an agreement with Royal HTM Group,  a Canadian  company  beneficially  owned and
controlled  by its  Chairman  of the Board,  for  certain  business  development
services  and expenses to be rendered to the Company and during such period paid
$518,000  was paid to Royal  HTM Group in  connection  with  such  services  and
expenses.

NOTE 5-COMMITMENTS AND GENERAL COMMENTS

Intercomsoft  was party to a Sales Agreement dated August 25, 1995 with Supercom
Ltd.  pursuant to


                                       9
<PAGE>

which it  purchased  from  Supercom  the  equipment,  software  and  consumables
utilized by it for the  production of  computerized  documents  under the Supply
Agreement  as  defined  in  Note  2  above.   Such  Sales  Agreement   obligated
Intercomsoft  to pay  25% of its  profits  to  Supercom,  as  more  specifically
provided for under the agreement.  However,  on March 24, 2005  Intercomsoft and
Supercom entered into a Termination  Agreement  terminating the Sales Agreement.
Notwithstanding  such  termination,   pursuant  to  the  Termination  Agreement,
Supercom  agreed,  in  consideration  of  certain  payment  to be made to it, to
continue to supply such equipment, consumables, software and technology required
by Intercomsoft during the remaining term of the Supply Agreement, as defined in
Note 2 above.

During the three months ended  September 20, 2005, the Company did not issue any
options to purchase its common stock,  however  100,000  options to purchase its
common stock expired and were  cancelled.  As of September  30, 2005,  the total
options outstanding were 10,720,000,  of which 5,470,000 were issued pursuant to
the 2001 Omnibus Plan, as amended.

NOTE 6-SEGMENT INFORMATION

The  Company's  operations  are  classified  into two  reportable  segments plus
corporate and  administrative  functions.  The segments consist of Intercomsoft,
which produces secure essential government  identification  documents,  research
and development of an aluminum-air fuel cell technology  acquired from a related
party, and general and administrative expenses incurred for corporate purposes.

<TABLE>
<CAPTION>
                                                            Research and    Corporate and
                                           Intercomsoft     Development     Administrative        Total
                                           ------------     ------------    --------------     -----------
<S>                                        <C>              <C>              <C>               <C>
NINE MONTHS ENDED SEPTEMBER 30, 2005

Net sales                                  $ 6,506,000      $        --      $        --       $ 6,506,000

Operating expenses                           4,461,000               --        1,634,000         6,095,000
                                           -----------      -----------      -----------       -----------

Net income (loss)                          $ 2,045,000      $        --      $(1,634,000)      $   411,000
                                           ===========      ===========      ===========       ===========

NINE MONTHS ENDED SEPTEMBER 30, 2004

Net sales                                  $ 3,398,000      $        --      $        --       $ 3,398,000

Operating expenses                           2,090,000               --        1,380,000         3,470,000
                                           -----------      -----------      -----------       -----------

Net income (loss)                          $ 1,308,000      $        --      $(1,380,000)      $   (72,000)
                                           ===========      ===========      ===========       ===========

THREE MONTHS ENDED SEPTEMBER 30, 2005

Net sales                                  $ 2,272,000      $        --      $        --       $ 2,272,000

Operating expenses                           1,590,000               --          536,000         2,126,000
                                           -----------      -----------      -----------       -----------

Net income (loss)                          $   682,000      $        --      $  (536,000)      $   146,000
                                           ===========      ===========      ===========       ===========

THREE MONTHS ENDED SEPTEMBER 30, 2004

Net sales                                  $ 1,224,000      $        --      $        --       $ 1,224,000

Operating expenses                             774,000               --          445,000         1,219,000
                                           -----------      -----------      -----------       -----------

Net income (loss)                          $   450,000      $        --      $  (445,000)      $     5,000
                                           ===========      ===========      ===========       ===========
</TABLE>


                                       10
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
        CONDITION AND RESULTS OF OPERATION

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

PLAN OF OPERATION

General

      We operate Intercomsoft, Ltd. ("Intercomsoft"),  a wholly owned subsidiary
acquired   by  us  in  the   second   quarter   of  1998.   Intercomsoft   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,  driver's licenses,  national identification documents and other such
forms of essential personal identification.

      Although   it   is   interested   in   developing   other   opportunities,
Intercomsoft's  only customer at present,  and since 1996, is the  Government of
the Republic of Moldova, pursuant to a ten (10) year Supply Agreement awarded to
it in April 1996 by the Ministry of Economics, Republic of Moldova, to provide a
National Register of Population and a National Passport System.  Under the terms
of the Supply Agreement, Intercomsoft supplies all of the equipment, technology,
software,   materials  and  consumables  utilized  by  the  Government  for  the
production  of all  national  passports,  drivers'  licenses,  vehicle  permits,
identification cards and other government authorized identification documents in
the Republic of Moldova.

      To support  its  efforts in the  Republic  of  Moldova,  Intercomsoft  has
utilized a  proprietary  technology  provided  by  Supercom,  Ltd.  ("Supercom")
pursuant to a Sales Agreement  between it and Supercom dated August 25, 1995, as
amended.  On March 24, 2005 Intercomsoft and Supercom entered into a Termination
Agreement  terminating the Sales Agreement.  Notwithstanding  such  termination,
pursuant to the Termination  Agreement,  Supercom,  in  consideration of certain
payments to be made to it, agreed to continue to supply directly to Moldova such
equipment,  consumables, software and technology required by Intercomsoft during
the remaining term of the Supply Agreement. 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.

      We  currently   derive  all  of  our  revenues  and  income   pursuant  to
Intercomsoft's  Supply Agreement with the Government of the Republic of Moldova.
The Republic of Moldova has historically been unstable and we would have limited
recourse should the Government default under the agreement or discontinue use of
Intercomsoft's  services provided for under the agreement. If for any reason (or
for no reason) such agreement was terminated, the terms were materially amended,
or business  reduced,  or the agreement was not renewed at its expiration,


                                       11
<PAGE>

such event would have a material  adverse effect on us. Further,  as the revenue
generated by  Intercomsoft  is our only current  revenue,  any material  adverse
impact on Intercomsoft  would have a material  adverse impact on us.  Currently,
the  Government  has the right to terminate the agreement in less than one year.
In the event that the Supply  Agreement is not renewed,  such  non-renewal  will
have a material  adverse effect on us as we are dependent upon revenues and cash
flow from such agreement to sustain our business activities.  If renewed,  there
can be no assurance as to the terms thereof.

      If and to the extent  that  other  such  opportunities  are  presented  to
Intercomsoft  in the  future  outside of the  Republic  of  Moldova,  we will be
required to obtain  substantial  capital and  technology  in order to pursue any
such  opportunities.  There can be no assurances that such capital,  if and when
needed,  will be available to us, or that  Intercomsoft  will be able to acquire
any technology required to implement any such opportunity.

      In addition to  Intercomsoft,  in the first  quarter of 2001,  we acquired
certain  rights  from  Aluminum-Power,  Inc.  ("Aluminum-Power"),  our  majority
shareholder,  to an  aluminum-air  fuel  cell  technology  for  use in  portable
consumer  electronic products and devices such as cellular telephones and laptop
computers. However, we discontinued development of such technology in the second
quarter of 2003.

RESULTS OF OPERATIONS

General

      During the three month period ended  September  30, 2005,  our  operations
consisted solely of the activities of Intercomsoft.

      As more fully  described  above,  Intercomsoft  currently  operates in and
derives its revenues  solely from services  performed for the  Government of the
Republic of Moldova  pursuant to a Supply  Agreement with such Government  which
expires in less than one year. The uncertain  economy and political  instability
in the  Republic  of Moldova  could  result in the  termination  or loss of such
agreement, thereby having a material adverse effect on us.

Comparison  of Three  Months  Ended  September  30, 2005 to Three  Months  Ended
September 30, 2004

      During  the  three  months  ended  September  30,  2005,  we had  revenues
resulting solely from Intercomsoft's  production of government  documents in the
Republic of Moldova of  approximately  $2,272,000 as compared to $1,224,000  for
the same period in 2004, an increase of approximately 85%.

      The increase in revenue of $1,048,000 in the three months ended  September
30,  2005 as  compared  to the same period in 2004 was the result of a number of
factors.  Similar to the passport controls instituted by and between Romania and
Moldova in 2001, as of January 1, 2005 a protocol  enacted by the Russian as the
Ukraine governments in November 2004 became effective  requiring  individuals to
produce a valid  passport for travel across the Russian and Ukraine  borders and
at border  control  points.  Prior to January 1, 2005  passports from the former


                                       12
<PAGE>

Soviet Union were  accepted as valid  identification,  as well as other  various
forms of identification.  However, as of January 1, 2005 a valid passport issued
by the country of citizenry became required.  This necessitated that hundreds of
thousands of Moldovan  citizens working in Russia and the Ukraine secure a valid
passport from Moldova which in turn led to a significant  increase in the number
of passports issued during this three month period.

      In  addition,  our  ongoing  program of public  awareness  encourages  the
renewal of various forms of government  licenses and registrations  resulting in
an increase in the  issuance of such  replacement  documents.  Direct  marketing
efforts by us and cross marketing to individuals during passport renewals and/or
issuances  has  also led to a  continuing  increase  in the  sale of  collateral
documentation  including drivers' licenses and other government issued documents
that Intercomsoft produces.

      During the three months ended  September  30, 2005,  Intercomsoft's  costs
associated with generating  these revenues were $758,000 or 33% of revenues,  as
compared to  $382,000,  or 31% of  revenues,  for the same  period in 2004.  The
increase of costs  associated  with  generating  such  revenue was the result of
certain  equipment  financing  payments made in the three months ended September
20, 2004.

      General and  administrative  expenses for the three months ended September
30,  2005,  were   approximately   $568,000,   which  consisted  of  $34,000  of
Intercomsoft  expenses  and  $534,000 of general  corporate  and  administrative
expenses.  For the same  period in 2004,  general  and  administrative  expenses
aggregated  approximately  $483,000,  which consisted of $38,000 of Intercomsoft
expenses and $445,000 of general corporate and administrative expenses. Although
overall our expenses  decreased in 2005,  the increase of general  corporate and
administrative  expenses of $85,000,  or 17%, resulted,  in part, to $249,550 in
fees and expenses paid to Royal HTM Group, a company  beneficially  owned by our
Chairman of the Board, in connection with certain business  development services
rendered to us during such period.

      Public relations,  marketing and advertising expenses for the three months
ended September 30, 2005 were $800,000,  compared to $354,000 in the same period
in 2004, an increase of $446,000,  or 126%. All of such expenses were related to
efforts to expand the use of  Intercomsoft's  services.  The  increase in public
relations,  marketing and advertising expenses of Intercomsoft  resulted from an
increase in  marketing  efforts as well as an increase in  commissions  and fees
paid  pursuant  to  various  marketing  agreements,  which are based on  revenue
generated in the period.

      We had net income from operations of approximately  $146,000 for the three
month  period  ended   September   30,  2005,  as  compared  to  net  income  of
approximately $5,000 for the same period in 2004, an increase of $141,000, which
resulted from all of the reasons set forth above.

Comparison  of Nine  Months  Ended  September  30,  2005 to  Nine  Months  Ended
September 30, 2004

      During the nine months ended September 30, 2005, we had revenues resulting
solely from Intercomsoft's production of government documents in the Republic of
Moldova of


                                       13
<PAGE>

approximately  $6,506,000 as compared to $3,398,000 for the same period in 2004,
an increase of approximately 91%.

      The increase in revenue of $3,108,000  in the nine months ended  September
30,  2005 as  compared  to the same period in 2004 was the result of a number of
factors.  Similar to the passport controls instituted by and between Moldova and
Romania in 2001, as of January 1, 2005 a protocol  enacted by the Russian as the
Ukraine governments in November 2004 became effective  requiring  individuals to
produce a valid  passport for travel across the Russian and Ukraine  borders and
at border  control  points.  Prior to January 1, 2005  passports from the former
Soviet Union were  accepted as valid  identification,  as well as other  various
forms of identification.  However, as of January 1, 2005 a valid passport issued
by the country of citizenry became required.  This necessitated that hundreds of
thousands of Moldovan  citizens working in Russia and the Ukraine secure a valid
passport from Moldova which in turn led to a significant  increase in the number
of passports issued during this six month period.

      In  addition,  our  ongoing  program of public  awareness  encourages  the
renewal of various forms of government license and registrations resulting in an
increase in the issuance of such replacement documents. Direct marketing efforts
by us and  cross  marketing  to  individuals  during  passport  renewals  and/or
issuances  has  also led to a  continuing  increase  in the  sale of  collateral
documentation  including drivers' licenses and other government issued documents
that Intercomsoft produces.

      During the nine months  ended  September  30, 2005,  Intercomsoft's  costs
associated with generating these revenues were  $2,041,000,  or 31% of revenues,
as compared to $1,042,000,  or 31% of revenues, for the same period in 2004. The
91%  increase  in  revenues   resulted  in  gross  profit  for  Intercomsoft  of
approximately  $4,465,000 for the nine month period ended September 30, 2005, as
compared to $2,356,000 for the same period in 2004, an increase of approximately
90%.

      General and  administrative  expenses for the nine months ended  September
30,  2005,  were  approximately  $1,742,000,  which  consisted  of  $109,000  of
Intercomsoft  expenses and  $1,633,000 of general  corporate and  administrative
expenses.  For the same  period in 2004,  general  and  administrative  expenses
aggregated approximately $1,489,000, which consisted of $109,000 of Intercomsoft
expenses  and  $1,380,000  of general  corporate  and  administrative  expenses.
Although  overall our  general and  administrative  expenses  decreased  in this
period,  the  increase  of general  corporate  and  administrative  expenses  of
$253,000,  or 17%,  resulted,  in part, from a bonus paid to our Chairman of the
Board of $178,500 as well as  $518,000  in fees and  expenses  paid to Royal HTM
Group, a company  beneficially owned by our Chairman of the Board, in connection
with certain business development services rendered to us, during the nine month
period ended September 30, 2005.

      Public relations,  marketing and advertising  expenses for the nine months
ended  September  30,  2005 were  $2,312,000,  compared  to $939,000 in the same
period in 2004, an increase of  $1,373,000,  or 146%.  All of such expenses were
related to efforts to expand the use of Intercomsoft's services. The increase in
public relations,  marketing and advertising  expenses of Intercomsoft  resulted
from an increase in marketing  efforts as well as an increase in


                                       14
<PAGE>

commissions and fees paid pursuant to various  marketing  agreements,  which are
based on revenue generated in the period.

      We had net income from operations of  approximately  $411,000 for the nine
month  period  ended   September  30,  2005,  as  compared  to  a  net  loss  of
approximately  $72,000 for the same period in 2004,  an increase of $483,000 for
the same period in 2004, which resulted from all of the reasons set forth above.

Liquidity & Capital Resources

      We believe we have  adequate  capital to fund our current  operations  for
fiscal year 2005. However, we will need to obtain additional working capital for
future  periods  if we are to pursue any  additional  research  and  development
efforts in connection with our  aluminum-air  fuel cell technology or expand the
services of Intercomsoft.

      We may seek  additional  funding  in an effort to  subsidize  such  future
research and  development  expenses as well as to fund our efforts to expand the
services  of  Intercomsoft.  Such  additional  funding  may be  obtained by bank
borrowings,  public  offerings,  or  private  placements  of our  equity or debt
securities, loans from shareholders, or a combination of the foregoing. However,
there can be no assurances  that  additional  financing will be available or, if
available, that it will be available on terms that are acceptable to us.

CAUTIONARY STATEMENT RELATING TO 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 risk and  uncertainty.  Although we believe
that the assumptions  underlying all 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 us, or anyone  affiliated with us, that
our objectives and plans will be achieved.

ITEM 3. CONTROLS AND PROCEDURES

      Our Chief Executive  Officer and Chief Financial Officer have participated
in and supervised  the evaluation of our disclosure  controls and procedures (as
defined in Rules 13(a)-15(e) and 15(d)-15(e)  under the Securities  Exchange Act
of 1934,  as amended  (the  "Exchange  Act") that are  designed  to ensure  that
information  required  to be  disclosed  by us in the  reports  that  we file is
recorded,  processed,  summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms. Disclosure controls
and procedures include, without limitation,  controls and procedures designed to
ensure that the  information  required to be disclosed by us in the reports that
we file or submit under the Exchange Act is accumulated and  communicated to our
management,  including our Chief Executive Officer and


                                       15
<PAGE>

Chief  Financial   Officer,   to  allow  timely  decisions   regarding  required
disclosure.  Our Chief Executive Officer and Chief Financial Officer  determined
that,  as of the end of the period  covered by this report,  these  controls and
procedures  are adequate and  effective in alerting  them in a timely  manner to
material information required to be included in our periodic SEC filings.

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

      None.

ITEM 2. CHANGES IN SECURITIES

      There were no options issued during the three month period ended September
30, 2005, however there were 100,000 options cancelled during such period. As of
September 30, 2005,  the total number of shares of our common stock reserved for
issuance under options outstanding was 10,720,000,  of which options to purchase
5,470,000 shares were issued pursuant to our 2001 Omnibus Plan, as amended.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

      None.

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

      None.

ITEM 5. OTHER INFORMATION

      On March 24, 2005,  Intercomsoft  and Supercom  entered into a Termination
Agreement.  Pursuant to the Termination  Agreement,  the Sales Agreement between
such  parties  was  terminated  at the  request  of  Supercom.  Under  the Sales
Agreement, certain equipment,  technology,  supplies and other consumables which
Intercomsoft is obligated to supply to the Government of the Republic of Moldova
pursuant its Supply  Agreement dated April 29, 1996, was supplied by Supercom on
behalf of  Intercomsoft  pursuant to the Sales  Agreement.  Notwithstanding  the
termination  of the  Sales  Agreement  pursuant  to the  Termination  Agreement,
Supercom  agreed,  in  consideration  of certain  payments  to be made to it, to
continue to supply directly to Moldova such equipment, consumables, software and
technology  required by  Intercomsoft  during the  remaining  term of the Supply
Agreement. Pursuant to the Termination Agreement,  Intercomsoft agreed to pay to
Supercom,  in nine equal monthly installments


                                       16
<PAGE>

commencing in April 2005,  the sum of $184,912  representing  the balance of the
amount due to Supercom for certain  equipment  supplied by Supercom  pursuant to
the Sales  Agreement.  In  addition,  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.

      However,   notwithstanding  such  Termination  Agreement,  in  April  2005
Supercom  requested  that we remit to it, on a monthly  basis as of March  2005,
payments  equal to the profit sharing  provisions of the Sales  Agreement and we
complied with such request

      During  the nine month  period  ended  September,  2005 we paid a bonus to
Boris Birshtein, our Chairman of the Board, in the amount of $178,500 in partial
compensation to him for certain services rendered by him to us.

      During the nine month period ended September 30, 2005 we engaged Royal HTM
Group, a Canadian company  beneficially  owned and controlled by our Chairman of
the Board, to render certain  business  development  services to us. In the nine
month period ended  September 30, 2005,  $518,000 in fees and expenses were paid
to Royal HTM Group in connection with such services  rendered by it to us during
such period.  We intend to enter into a definitive  written agreement with Royal
HTM Group for such services.  There can be no assurance as to the final terms of
any such agreement if and when it is entered into by the parties thereto.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

      The exhibits  listed below are filed as part of this Quarterly  Report for
the period ended September 30, 2005.

Exhibit No.       Document

      31.1        Chief Executive  Officer  Certification  pursuant  to18.U.S.C.
                  Section  1350  as  adopted  pursuant  to  Section  906  of the
                  Sarbanes-Oxley Act of 2002.

      31.2        Chief Financial  Officer  Certification  pursuant  to18.U.S.C.
                  Section  1350  as  adopted  pursuant  to  Section  906  of the
                  Sarbanes-Oxley Act of 2002.

      32.1        Chief Executive Officer Certification

      32.2        Chief Financial Officer Certification

      There were no Reports on Form 8-K filed in the three  month  period  ended
      September 30, 2005.


                                       17
<PAGE>

SIGNATURES

      In accordance  with the  requirements  of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                        TRIMOL GROUP, INC.


Date: November 21, 2005                 By: /s/ Yuri Benenson
                                        ----------------------
                                        Name:   Yuri Benenson
                                        Title:  Chief Executive Officer


                                        By: /s/ Jack Braverman
                                        ----------------------
                                        Name:   Jack Braverman
                                        Title:  Chief Financial Officer


                                       18