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
      For the quarterly period ended March 31, 2003

|_|   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
      For the transition period from ___ to ___

      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 May 15, 2003, there were 101,139,000 issued and outstanding shares of the
Company's common stock.

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

<PAGE>

                                TABLE OF CONTENTS

                         PART I - FINANCIAL INFORMATION

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

         INDEPENDENT ACCOUNTANT'S REVIEW REPORT .............................F-1

         CONSOLIDATED BALANCE SHEET .........................................F-2

         CONSOLIDATED STATEMENT OF OPERATION ................................F-3

         CONSOLIDATED STATEMENT OF CASH FLOWS ...............................F-4

         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ...............F-5 - F-8

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION .........2

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS ..................................................6

ITEM 2.  CHANGES IN SECURITIES ..............................................6

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES ....................................6

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ................6

ITEM 5.  OTHER INFORMATION ..................................................7

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K ...................................9

SIGNATURES ..................................................................10

<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

      TRIMOL GROUP, INC.

      CONSOLIDATED FINANCIAL STATEMENTS
      AS OF MARCH 31, 2003

<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 March 31, 2003 and the related consolidated
statements of operations and cash flows for the three month periods ended March
31, 2003 and 2002. 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 8, 2003


                                      F-1
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                    March 31, 2003   December 31, 2002
                                                     (Unaudited)        (Audited)
                                                    --------------   -----------------
<S>                                                   <C>                <C>
ASSETS

Current assets:
Cash                                                  $  46,000          $  49,000
Accounts receivable                                     327,000            302,000
Prepaid expenses                                         17,000             17,000
                                                      ---------          ---------
      TOTAL CURRENT ASSETS                              390,000            268,000

Property and equipment, net                              90,000             95,000
                                                      ---------          ---------

TOTAL ASSETS                                          $ 480,000          $ 463,000
                                                      =========          =========

LIABILITIES

Current liabilities:
Trade accounts payable                                $ 100,000          $ 106,000
Accrued expenses                                        173,000            201,000
Current portion of payables to related parties          290,000            341,000
                                                      ---------          ---------

     TOTAL  CURRENT LIABILITIES                         563,000            648,000

PAYABLES TO RELATED PARTIES                             379,000            379,000

SHAREHOLDERS' DEFICIENCY                               (462,000)          (564,000)
                                                      ---------          ---------

TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY        $ 480,000          $ 463,000
                                                      =========          =========
</TABLE>

The accompanying notes are an integral part of the financial statements


                                       F-2
<PAGE>

TRIMOL GROUP, INC.

Consolidated statement of operations
(UNAUDITED)

--------------------------------------------------------------------------------
                                                Three Months Ended March 31,
                                                    2003           2002
--------------------------------------------------------------------------------

REVENUES                                        $    923,000   $  1,243,000
                                                ------------   ------------

OPERATING EXPENSES
Cost of revenues                                     276,000        397,000
Marketing and promotion                              209,000        365,000
Research and development                              10,000        115,000
Other operating expenses                             345,000        357,000
                                                ------------   ------------

TOTAL OPERATING EXPENSES                             840,000      1,234,000
                                                ------------   ------------

NET INCOME                                      $     83,000   $      9,000
                                                ============   ============

Net income per share (basic and diluted)                .001          .0001
                                                ============   ============

WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING                               101,139,000    100,039,000
                                                ============   ============

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

The accompanying notes are an integral part of the financial statements


                                       F-3
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)

                                                           Three Months Ended
                                                                 March 31,
                                                            2003         2002
                                                          --------    ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME                                                $ 83,000    $  9,000

ADJUSTMENTS TO RECONCILE NET INCOME
TO NET CASH PROVIDED BY OPERATING ACTIVITIES:

Depreciation of property and equipment                       5,000          --
Stock based compensation                                    19,000          --

CHANGES IN ASSETS AND LIABILITIES:
Accounts receivable                                        (25,000)     45,000
Accounts payable                                            (6,000)      9,000
Accrued expenses                                           (28,000)    (49,000)
                                                          --------    --------

NET CASH PROVIDED BY OPERATING ACTIVITIES                   48,000      14,000
                                                          ========    ========

CASH FLOW FROM FINANCING ACTIVITIES:
Net advances (repayments) from related parties             (51,000)     27,000
                                                          --------    --------

NET CASH PROVIDED BY (USED IN)FINANCING ACTIVITIES         (51,000)     27,000
                                                          ========    ========

INCREASE (DECREASE) IN CASH                                 (3,000)     41,000

CASH - BEGINNING OF PERIOD                                  49,000      44,000
                                                          --------    --------

CASH - END OF PERIOD                                      $ 46,000    $ 85,000
                                                          ========    ========

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


The accompanying notes are an integral part of the financial statements


                                       F-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, 2003 and for the three month periods ended March 31,
2003 and 2002 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, 2002. 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, 2002.

The consolidated statements of the Company include the accounts of the Company
and its operating subsidiary.

Inter-company balances have been eliminated in consolidation.

NOTE 2 - OPERATIONS

The Company owns all of the outstanding shares of Intercomsoft Limited
("Intercomsoft") a non- resident Irish company, which provides proprietary
technology, equipment and auxiliary materials used in the production of secure
essential government documents such as passports, drivers' licenses and ID cards
pursuant to agreements for such proprietary technology. Currently Intercomsoft's
only customer is the Government of the Republic of Moldova.

The Company has an exclusive worldwide license to make, use and sell a
mechanically rechargeable metal-air (aluminum) fuel cell solely for use with
consumer portable electronic devices, all rights and title to certain technology
relating to metal-air (aluminum) fuel cells, and the design and know-how to a
DC/DC Converter, all designed, developed and licensed by a related company.
Substantially all of the research and development costs related to this
technology are allocated from the majority shareholder of the Company (see Note
4).

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 Republic of Moldova's Ministry of
Economics. Moldova is a former Republic of the Soviet Union. The political and
economic situation in Moldova has historically been


                                       F-5
<PAGE>

unstable and subject to significant change. Should the Government of the
Republic of Moldova default on the agreements referred to in Note 2 or
discontinue the use of Intercomsoft's services under the agreement,the Company
would likely have limited recourse and its operations and financial condition
would be materially adversely affected. 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 the
Company. There can be no assurance as to how long or to what extent the Company
will derive revenues from the agreement with the Government of Moldova.

(b) Through a joint venture with Aluminum-Power, Inc. ("API"), the majority
shareholders of the Company, the beneficial owner of which is the Company's
Chairman of the Board, the Company has pursued research and development of the
aluminum-air fuel cell technology for the past two years.

      Although the United States Patent and Trademark Office has issued several
patents on the technology, there can be no assurances that such office will
afford such technology additional 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 further develop and market
this technology, it will be necessary to seek a substantial amount of 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. Such inability to obtain additional financing
when needed would have a negative impact on the Company.

      API advised the Company in a letter dated March 31, 2003, that although it
has aggressively pursued licensing opportunities and sought venture partners,
private financing and investment capital in an effort to support its ongoing
research and development of the aluminum-air fuel cell technology, it has been
unable to secure financing for such research and development efforts, other than
through shareholder loans. Further, API indicated that over the past two years
it has found the development time line and cost for research and development to
be significantly in excess of what it had originally anticipated. In fact, API
cited in its letter that a recent report by the Department of Energy concluded
that there are significant and heretofore unforeseen barriers to the development
of various fuel cell technologies, most specifically the onerous cost of
development and commercialization.

      API concluded that in light of the above, as well as other considerations,
it has elected to suspend any further research and development efforts of the
aluminum-air fuel cell at this time, advising that it does not believe that it
would be prudent to expend any additional research and development funds on the
technology until it can evaluate the prospects and feasibility of further
development and access marketing opportunities.

      Accordingly, during the first quarter of 2003, research and development
efforts were suspended until such time as API resumes its research and
development efforts or the Company is able to obtain financing to proceed with
such efforts.

      The Company continues to believe in the viability of the technology and
has not changed its opinion as to the benefits the technology could make in the
field of alternative power. 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.


                                       F-6
<PAGE>

NOTE 4-RELATED PARTY TRANSACTIONS AND BALANCES

At March 31, 2003 amounts payable to related parties consists of the following:

      Cash advances from the Chairman of the
      Board of the Company ("Chairman"), and a
      company owned by the Chairman (1)                                 $139,000

      Accrued compensation due to the Chairman. (See Note 5) (2)         411,000
      Due to API. (3)                                                    119,000
                                                                        --------
                                                                         669,000
      Less current portion                                               290,000
                                                                        --------
                                                                        $379,000
                                                                        ========

      (1)   These amounts are non-interest bearing and due on demand.

      (2)   Of this amount $260,000 is due June 1, 2004 and $151,000 is due on
            demand.

      (3)   This amount bears interest at 2% per annum and is due July 1, 2006.

Research and development expenses allocated from API for the three months ended
March 31, 2003 and 2002 aggregated $0 and $69,153, respectively.

NOTE 5-COMMITMENTS AND GENERAL COMMENTS

(a) Intercomsoft has entered into an agreement for the purchase of equipment,
software and consumables for the production of computerized documents. As part
of this agreement, Intercomsoft is provided with guidance and support required
for installation and operation of the equipment, as well as the materials
required for its maintenance. In addition to the cost of the merchandise under
the above noted agreement, Intercomsoft is obligated to pay 25% of its profits
to the supplier of the equipment, software and consummables, as specified in the
agreement.

      The Company has an employment agreement with its Chairman of the Board
("Chairman") which expires December 31, 2003 and provides for an annual base
salary of $250,000. If the Employment Agreement is not renewed, the Company will
be required to pay the Chairman the sum of $375,000. In addition, the Employment
Agreement provides that for every $1,000,000 of the Company's excess net pre-tax
profits, as defined thereunder, 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 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, 2003, no
Incentive Warrants were outstanding.

      On September 5, 2002 the Company, pursuant to an agreement between it and
two of its officers, issued 1,000,000 shares of its common stock to such
officers for services to be rendered from September 1, 2002 to August 31, 2003.
The shares were issued to such officers pursuant to an agreement which provided
for 41,666 of such shares to vest on a monthly basis for the period September
2002 through August 2003. These shares were valued at $78,000, the fair market
value of the Company's common stock on the date of issuance, which is being
amortized over the life of the agreement. The unamortized portion is shown as
deferred compensation as a reduction of shareholders' equity on the accompanying
balance sheet at March 31, 2003. As noted elsewhere in


                                       F-7
<PAGE>

this Report, the Company has offered to modify the terms of such agreement as
part of the compensation package to such individuals in connection with their
recent resignations as officers of the Company to provide that all of the
unvested shares will vest immediately. Such modification has not yet been agreed
upon between the Company and such officers.

      On May 30, 2002 the Company issued 100,000 shares of its common stock to
an outside consultant, which were valued at $20,000, for services rendered in
connection with the Company's research and development.

      During the three months ended March 31, 2003, the Company canceled
2,500,000 options to purchase its common stock, which had previously been issued
under its 2001 Omnibus Plan, as amended. There were no options issued during the
same period. As of March 31, 2003, the total options outstanding were 8,170,000,
of which 5,620,000 were issued pursuant to the 2001 Omnibus Plan, as amended.

(b) In February 2000 the Company issued warrants to purchase 1,400,000 shares of
its common stock (the "Warrants") to three officers, 400,000 of which were
canceled on January 28, 2003. The remaining Warrants may be exercised for a
period of five years at an exercise price of $.50 per share and contain an
anti-dilution provision.

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 computerized identification documents, research and development
of the 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>
THREE MONTHS ENDED MARCH 31, 2003
Net sales                                       $  923,000          $       --          $       --          $  923,000
Operating expenses                                 519,000              10,000             311,000             840,000
                                                ----------          ----------          ----------          ----------
Net income (loss)                               $  404,000          $   10,000          $  311,000          $   83,000
                                                ==========          ==========          ==========          ==========

                                                                    Research and      Corporate and
                                               Intercomsoft         Development       Administrative          Total
                                               ------------         -----------       --------------        ----------
THREE MONTHS ENDED MARCH 31, 2002
Net sales                                       $1,243,000          $       --          $       --          $1,243,000
Operating expenses                                 782,000             115,000             337,000           1,234,000
                                                ----------          ----------          ----------          ----------
Net income (loss)                               $  461,000          $  115,000          $  337,000          $    9,000
                                                ==========          ==========          ==========          ==========
</TABLE>


                                       F-8
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN 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 development and operation of a
computerized photo identification and database management system utilized in the
production of a variety of secure identification documents such as passports,
drivers licenses, national identification documents and other such forms of
essential personal identification. Other potential applications of the
technology include police and military use, access control, high security
identification and government and corporate identification products, among many
others. In addition, the technology has potential applications for national
population database management, border control and vehicle tracking, immigration
management and smart card applications for both business and government such as
retirement benefit plans and health, welfare, insurance and social security
programs.

      Intercomsoft utilizes a technology that it acquired from Supercom, Ltd.,
an Israeli corporation, pursuant to a Sales Agreement dated August 25, 1995 with
an initial term of ten years with an automatic ten-year extension, unless either
party submits a written notification of termination prior to the expiration of
the initial ten-year term.

      Although it is actively seeking other opportunities, Intercomsoft's only
customer at present, and since 1996, is the Republic of Moldova, pursuant to a
ten-year contract awarded 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 this agreement, Intercomsoft supplies all of
the equipment, technology, software, materials and consumables necessary to
produce all national passports, drivers' licenses, vehicle permits,
identification cards and other government authorized identification documents in
the Republic of Moldova.

      In addition, in the first quarter of 2001, we acquired certain rights from
Aluminum-Power, Inc. ("Aluminum-Power"), our majority shareholder, to a
mechanically rechargeable aluminum-air fuel cell technology for use in portable
consumer electronics such as cellular telephones and laptop computers. Since the
acquisition of such rights, we have continued to expend funds in connection with
research, development and marketing efforts for such technology as well as
patent prosecution. However, as set forth in greater detail in Note 3 to the
Consolidated Financial Statements as well as Part II Item 5 of this Report, as
of the second quarter of 2003, after our expenditure of approximately $900,000
on


                                       2
<PAGE>

research an development during the course of the two years since our acquisition
of the technology, we suspended research and development efforts as management
concluded that due to the enormous costs involved in this effort, continued
research and development was not justified at this time.

RESULTS OF OPERATIONS

General

      During the period ending March 31, 2003, our operations consisted of the
activities of Intercomsoft, a wholly owned subsidiary, and the development of an
aluminum-air fuel cell technology, as more fully described above.

      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 an agreement with such Government. Although
Intercomsoft is actively seeking to expand its services to areas outside of the
Republic of Moldova, the uncertain economy and political instability in the
Republic of Moldova could result in the termination or lose of such agreement,
thereby having a material adverse effect on us.

Comparison of Three Months Ending March 31, 2003 to Three Months Ending March
31, 2002.

      During the three months ending March 31, 2003, we had revenues resulting
solely from Intercomsoft's production of government documents in the Republic of
Moldova of approximately $923,000 as compared to $1,243,000 for the same period
in 2002, a decrease of approximately 25%. The decrease in revenue was due to a
number of factors. In 2001 Romania and Moldova introduced passport control
between their two countries which led to an increase in passport issuances to
the residents of Moldova in 2001 and 2002. In addition, beginning in 2001 and
continuing to date, a program of public awareness was launched by us encouraging
the renewal of various forms of government licenses and registrations and
reminding individuals to renew expiring documents, resulting in an increase in
the issuance of such replacement documents. Increased marketing efforts by us
and cross marketing to individuals during passport renewals and/or issuances
also led to an increase in the sale of collateral documentation including
drivers' licenses and other government issued identification documents. However,
in spite of our efforts, we believe that the decrease in the first quarter of
2003 is due to a leveling off and stabilizing of the production of government
documents, which rose dramatically in the latter part of 2001 and during the
year 2002.

      During the three months ending March 31, 2003, Intercomsoft's costs
associated with generating these revenues were $276,000 or 30% of revenues as
compared to $397,000 or 32% of revenues for the same period in 2002. The
percentage of costs associated with generating revenues remained relatively
stable due, in part, to the purchase of new equipment in 2001 which decreased
ongoing maintenance costs, providing higher performance and production and
increased efficiency. This resulted in gross profit for Intercomsoft of $647,000
for the three month period ending March 31, 2003 as compared to $846,000 for the
same period in 2002, a decrease of approximately 23%.


                                       3
<PAGE>

      General and administrative expenses for the three months ending March 31,
2003, were approximately $345,000, which consisted of $34,000 of Intercomsoft
expenses and $311,000 of general corporate and administrative expenses. For the
same period in 2002, general and administrative expenses aggregated
approximately $357,000, which consisted of $22,000 of Intercomsoft expenses and
$335,000 of general corporate and administrative expenses. The decrease of
$24,000 in general corporate and administrative expenses resulted from a
reduction of corporate overhead.

         Public relations, marketing and advertising expenses for the three
months ending March 31, 2003 were $209,000, all of which were related to efforts
to expand the use of Intercomsoft's services. For the same period in 2002, such
expenses aggregated approximately $365,000, which consisted of $363,000 of
Intercomsoft expenses and $2,000 of on-going public awareness program expenses
with respect to our aluminum-air fuel cell technology. The decrease of $154,000
in public relations, marketing and advertising expenses of Intercomsoft resulted
from the reduction in commissions paid pursuant to various marketing agreements,
which are based on revenues generated in the period.

         Beginning in the first quarter of 2001, we began our research and
development program in connection with the aluminum-air fuel cell technology
acquired in such period, together with our majority shareholder Aluminum-Power
Inc. As of the second quarter 2003, together with Aluminum-Power Inc., we
suspended research and development efforts. Our research and development costs
for the three month period ending March 31, 2003 were $10,000 as compared to
$115,000 for the same period in 2002. The decrease in research and development
costs resulted from a gearing down of research and development in the first
quarter 2003 and a discontinuance of such research and development activities in
the second quarter.

         We had a net profit from operations of approximately $83,000 for the
three month period ending March 31, 2003 as compared to a net profit of $9,000
for the same period in 2002 which resulted from all of the reasons set forth
above.

         We currently derive all of our revenues and income pursuant to
Intercomsoft's agreement with the Government of the Republic of Moldova. The
Government of 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, such event would have a material
adverse effect on us.

Liquidity & Capital Resources

         Our joint venture with Aluminum-Power to fund research and development
of the aluminum-air fuel cell technology beginning in 2001 has added additional
costs and expenses. As of March 31, 2003, we had expended $890,000 toward
research and development since our acquisition of the technology in January 2001
and we owed Aluminum-Power approximately $119,000 in accrued research and
development costs, payable on July 1, 2006, bearing interest at a rate of 2% per
annum.

         At March 31, 2003, there were unpaid cash advances totaling
approximately $139,000 that


                                       4
<PAGE>

were made to us by Boris Birshtein, the Chairman of the Board and the of record
and beneficial owner of a majority of our outstanding shares of common stock. Of
such amount, Mr. Birshtein personally advanced approximately $83,000 and
entities effectively owned and controlled by Mr. Birshtein advanced
approximately $56,000. All such cash advances are non-interest bearing and are
due on or before June 1, 2004.

         Although we believe we have adequate capital to fund current operations
for fiscal year 2003, we may seek additional funding through public or private
financing or other arrangements. Such additional funding may be financed by bank
borrowings, public offerings, or private placements of equity or debt
securities, loans from shareholders, or a combination of the foregoing.

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 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 us,
or anyone affiliated with us, that our objectives and plans will be achieved.


                                       5
<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

      None.

ITEM 2. CHANGES IN SECURITIES

      On February 28, 2000 we issued warrants to purchase 400,000 shares of our
common stock to Robert L. Blessey, a former officer. On January 28, 2003 Mr.
Blessey agreed to the cancellation of such warrants and surrendered same to us.

      During the three months ended March 31, 2003, we cancelled 2,500,000
options to purchase our common stock, which were previously issued under our
2001 Omnibus Plan, as amended. There were no options issued during the same
period. As of March 31, 2003, the total options outstanding were 8,170,000, of
which 5,620,000 were issued pursuant to the 2001 Omnibus Plan, as amended.

      On September 5, 2002 we issued 500,000 shares of our common stock to each
of Alexander M. Gordin and Gary Shokin in partial compensation for services to
be rendered by them from such date through August 2003. Pursuant to a letter
agreement entered into with each of Mr. Gordin and Mr. Shokin, such shares are
earned by each of them over the course of the twelve month period of the
agreement, based on their continued employment through such period. During the
period ending March 31, 2003, 124,998 of such shares vested to each of Mr.
Gordin and Mr. Shokin.

      On May 1, 2003, both Mr. Gordin and Mr. Shokin resigned from their
positions with us. As part of their exit compensation plan, we offered to
accelerate the vesting of the remaining portion of the unvested shares effective
as of May 1, 2003. As of the date of this Report, Messrs. Gordin and Shokin are
undecided about accepting such compensation.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

      None.

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

      None.


                                       6
<PAGE>

ITEM 5. OTHER INFORMATION

      On January 15, 2003 Vijay Sharma resigned as a member of our Board of
Directors.

      On January 31, 2003 the consulting agreements for each of Donald W. Kirk,
our Chief Scientific Officer, Rafi Ferry, our Marketing Director, and Vijay
Sharma expired. None of the agreements were renewed.

      On July 24, 2001, Eontech R&D, Inc. ("Eontech R&D") was incorporated under
the laws of the State of Delaware for the purpose of conducting research and
development of emerging technologies.

      On August 28, 2001, we entered into an agreement with Eontech R&D,
Aluminum-Power Inc., AGGI Limited and Eontech Group Inc. whereby Eontech R&D was
to conduct research on our and Aluminum-Power Inc.'s aluminum-power fuel cell
technology. Additionally, under the Agreement, we agreed to issue AGGI a stock
option to purchase 2,000,000 shares of our common stock, with an exercise price
of $0.50 per share, expiring August 23, 2003.

      On February 12, 2003 we entered into a Termination Agreement with Eontech
R&D, Aluminum-Power Inc, AGGI Limited and Eontech Group, Inc. terminating each
of the above noted agreement, options and the obligations of all parties
thereto.

      On March 12, 2003 Eontech R&D Inc. filed a Certificate of Dissolution with
the State of Delaware dissolving the corporation.

      Since our acquisition of the aluminum-air fuel cell for use in portable
consumer electronic devices, together with our majority shareholder
Aluminum-Power Inc., we have continued to advance research and development with
the goal of commercial exploitation of such technology. Aluminum-Power Inc.
advised us by letter dated March 31, 2003 that to date it has spent in excess of
$3,000,000 on research and development related to our aluminum-air fuel cell
technology and aggressively pursued licensing opportunities and sought possible
joint venture partners, private financing and investment capital in an effort to
support its on-going research and development efforts. It further advised us
that it has been unable to secure additional funding for the continuation of
such efforts, other than shareholder loans which have provided the funds noted
above.

      In addition, Aluminum-Power Inc. indicated that over the past two years it
has found the development time line and cost for research and development to be
significantly in excess of what it had originally anticipated and advised us
that it has elected to suspend any further research and development efforts in
connection with the aluminum-air fuel cell at this time because it does not


                                       7
<PAGE>

believe that it would be prudent for either it or us to expend any additional
research and development funds on the technology until it can evaluate the
prospects and feasibility of further development and marketing opportunities.

      Accordingly, our research and developments efforts were suspended in the
second quarter of 2003 and will remain so until such time, if any, that
Aluminum-Power Inc. resumes its research and development efforts on our behalf,
or we are able to obtain financing to proceed with such efforts on our own.

      Although research and development efforts have been suspended, we still
continue to believe in the viability of our technology and have not changed our
opinion as to the potential benefits our technology could make in the field of
alternative power. However, management has concluded that due to the
extraordinary time and enormous costs involved, continued research and
development efforts at this time are not justified.

      On April 30, 2003 our one year sublease expired for our offices at 25
Broad Street, New York, New York. We did not renew such sublease.

      On May 1, 2003, Rafi Ferry, our Marketing Director, resigned from his
position to pursue other opportunities.

      On May 1, 2003 Alexander M. Gordin a director and our President and Chief
Executive Officer and Gary Shokin, our Vice President and Secretary, resigned
from their positions with us to pursue other business interests. On May 1, 2003
Yuri Benenson agreed to serve as our Chief Executive Officer, replacing Mr.
Gordin. On May 6, 2003 Michael Jay Solomon resigned as a member of our Board of
Directors.

      On May 12, 2003, the Board of Directors appointed Yuri Benenson, our Chief
Executive Officer, and Shmuel Gurfinkel, our Chief Financial Officer, to our
Board of Directors. Accordingly, as of May 12, 2003 our Board of Directors was
comprised of Boris Birshtein, Chairman, Yuri Benenson, Shmuel Gurfinkel and
Walter Perchal.


                                       8
<PAGE>

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)   The exhibits listed below are filed as part of this Quarterly Report for
      the period ending March 31, 2003.

         Exhibit No.   Document

            99.1       Certification Pursuant to18.U.S.C. Section 1350 as
                       Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                       Act of 2002.
                       CEO Certification

            99.2       Certification Pursuant to18.U.S.C. Section 1350 as
                       Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
                       of 2002.
                       CFO Certification.

            99.3       Chief Executive Officer Certification

            99.4       Chief Financial Officer Certification

(b)   There were no Reports on Form 8-K filed during the quarter ending March
      31, 2003


                                       9
<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: May 15, 2003                   By:  /s/ Yuri Benenson
                                          -----------------
                                          Name: Yuri Benenson
                                          Title: Chief Executive Officer


                                     By:  /s/ Shmuel Gurfinkel
                                          --------------------
                                          Name: Shmuel Gurfinkel
                                          Title: Chief Financial Officer


                                       10