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 quarter and six month period ended June 30, 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 six month period ending June 30, 2001, there were  100,039,000  issued
and outstanding shares of the Company'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.............................................2

                           PART II: OTHER INFORMATION

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

ITEM 5.  OTHER INFORMATION....................................................6

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

SIGNATURES....................................................................8


<PAGE>

                                     PART I

ITEM 1. FINANCIAL STATEMENTS





                               TRIMOL GROUP, INC.
                        CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2001






                                       1
<PAGE>

TRIMOL GROUP, INC

CONTENTS                                                           Page Numbers

Independent Accountants' Review Report                                  F-1

Consolidated Balance Sheet                                              F-2

Consolidated Statement of Operations                                    F-3

Consolidated Statement of Cash Flows                                    F-4

Notes to the Consolidated Financial Statements                          F-5

<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 June 30, 2001 and the related consolidated statements
of operations  and cash flows for the six and three month periods ended June 30,
2001. These  consolidated  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: August 9, 2001


                                      F-1
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
                                                                      June 30, 2001   December 31, 2000
                                                                       (Unaudited)        (Audited)
-------------------------------------------------------------------------------------------------------
                                                                         (In Thousands of US Dollars)
<S>                                                                          <C>            <C>
ASSETS:

Cash                                                                              2            107
Accounts receivable                                                             358            136
Net assets from discontinued operations                                          --          3,981
                                                                         ----------     ----------

TOTAL ASSETS                                                                    360          4,224
                                                                         ==========     ==========


LIABILITIES:

Current liabilities:
Accounts payable                                                                492            465
Accrued expenses                                                                710            622
Loan payable - related party                                                    204             --
Provision for loss of discontinued operations                                    --          3,981
                                                                         ----------     ----------

TOTAL LIABILITIES                                                             1,406          5,068
                                                                         ----------     ----------


SHAREHOLDERS' DEFICIENCY:

Preferred Stock:  10,000 shares authorized of US$1.00 par value
     No shares issued and outstanding                                            --             --
Common Stock:  Par value $0.01. Authorized: 130,000,000 shares;
issued and outstanding--100,039,000 shares at June 30, 2001 and
12,039,000 shares at December 31, 2000                                        1,000            120
Additional paid-in capital                                                    5,298          6,178
Accumulated deficit                                                          (7,344)        (7,142)
                                                                         ----------     ----------

TOTAL SHAREHOLDERS' DEFICIENCY                                               (1,046)          (844)
                                                                         ----------     ----------

TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY                                  360          4,224
                                                                         ==========     ==========

-------------------------------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of the financial statements


                                      F-2
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
                                                                 SIX MONTHS ENDED                 THREE MONTHS ENDED
                                                        JUNE 30, 2001       JUNE 30, 2000    JUNE 30, 2001    JUNE 30, 2000
---------------------------------------------------------------------------------------------------------------------------
                                                           (In Thousands of US Dollars, except share and per share data)
<S>                                                      <C>               <C>              <C>                <C>
REVENUES                                                      1,613             1,380               828               697
                                                         ----------------------------------------------------------------

OPERATING EXPENSES
  Cost of revenues                                              510               472               264               233
  Marketing and promotion                                        63                --                35                --
  Research and development                                      295                --               255                --
  Other operating expenses                                      947             1,206               387               589
  Interest expense, net of interest income                       --                16                --                20
                                                         ----------------------------------------------------------------

TOTAL OPERATING EXPENSES                                      1,815             1,694               941               842
                                                         ----------------------------------------------------------------

LOSS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES                                            (202)             (314)             (113)             (145)

Income from discontinued operations, net of taxes                --               447                --               240
                                                         ----------------------------------------------------------------

NET INCOME                                                     (202)              133              (113)               95
                                                         ----------------------------------------------------------------

Net income per share (basic and diluted)                       .003              0.01              .001             0.008

                                                         ----------------------------------------------------------------
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING                                       77,188,171        12,039,000       100,039,000        12,039,000

---------------------------------------------------------------------------------------------------------------------------
</TABLE>

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


                                      F-3
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
                                                                  Six Months Ended June 30,
                                                                    2001             2000
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
                                                                (In Thousands of US Dollars)
<S>                                                                 <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Loss from continuing operations                                     (202)            (314)
Income from discontinued operations                                   --              447
                                                               ---------        ---------
NET INCOME (LOSS)                                                   (202)             133

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

CHANGES IN ASSETS AND LIABILITIES:
Accounts receivable                                                 (222)            (116)
Accounts payable                                                      27               (9)
Accrued expenses                                                      88              102
Net assets from discontinued operations                               --              (96)
                                                               ---------        ---------

NET CASH USED IN OPERATING ACTIVITIES                               (309)            (252)
                                                               ---------        ---------

CASH FLOW FROM FINANCING ACTIVITIES:
Repayment of loan to related party                                    --           (1,162)
Proceeds of loan from related party                                  204               --
                                                               ---------        ---------

NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES                                                 204           (1,162)
                                                               ---------        ---------

DECREASE IN CASH                                                    (105)          (1,414)

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

CASH - END OF PERIOD                                                   2               35
                                                               ---------        ---------

Supplemental disclosures of cash flow information:
Interest paid                                                         --              207
                                                               ---------        ---------
Income taxes paid                                                     --               --
                                                               ---------        ---------

--------------------------------------------------------------------------------------------
</TABLE>

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"  or  "Trimol")  as of June 30,  2001 and for the  three  and six month
periods ended June 30, 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

     In connection with the  acquisition  referred to in Note 3, the Company has
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 know-how to a DC/DC Converter  designed and developed
by a related company.

     The Company owns all of the shares of  Intercomsoft  a non  resident  Irish
company,   which  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.  (the  "Insurance
Company"), a bank, Banca Comerciala Pe Actiuni  "Export-Import" (the "Bank") 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 the Bank 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 the  Insurance
Company,  (ii) indirect 65% ownership in the Hotel, (iii) remaining 25% indirect
ownership of the Bank, and (iv) 88,000,000


                                      F-5
<PAGE>

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 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 the Bank, the Insurance Company and the Hotel have
been segregated from continuing  operations and reported as a separate line item
on the  Consolidated  Statement of Operations for the six and three months ended
June  30,  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 $250,000.  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


                                      F-6
<PAGE>

("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 June 30, 2001, no Incentive  Warrants were
outstanding.

     (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 former 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 Amended 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  10,000,000  shares of Common  Stock;
provided,  however,  that such  number  of  shares  of Common  Stock may also be
subject to  adjustment,  from time to time,  at the  discretion  of the Board of
Directors of the Company.

     As of June 30, 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.

     In connection with the  acquisition  referred to in Note 3, the Company has
agreed to  reimburse  its  majority  stockholder  for its  portion  of  expenses
incurred relating to the research and development of the technology owned by the
Company.  The Company has recorded expenses of $190,000 for the six months ended
June 30,  2001  payable to the  majority  stockholder  which is included in loan
payable - related party on the accompanying  consolidated  balance sheet at June
30, 2001.

     The  Company  has  agreed to pay  $5,000  per month to a Company  owned and
controlled  by a member  of the  Company's  Board of  Directors  for  consulting
services  relating to  government  relations  services and  strategic  political
advice.

     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.


                                      F-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.

PLAN OF OPERATION

General

     In the beginning of the year, 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 has begun extensive  research,  development and
marketing efforts toward the development of such technology.  In addition to the
development work, the Company is  simultaneously  and actively seeking strategic
business partners to commercialize the technology.

     On June 1, 2001, the Company, in a joint effort with Aluminum-Power,  Inc.,
("Aluminum-Power")  a corporation  controlled  by the Company's  Chairman of the
Board of Directors,  opened an International  Research and Development Center in
Toronto,  Ontario,  Canada  (the "R&D  Center").  The R&D Center is located in a
6,000 square foot facility that  Aluminum-Power  leased on March 31, 2001, for a
five year term. The Company has agreed to reimburse  Aluminum-Power a percentage
of its costs (as such costs  relate to work  specifically  performed  for and on
behalf of the  Company.)  The R&D  Center  houses a  prototype  development  and
assembly  facility  and a  laboratory  with a full  complement  of research  and
development staff including mechanical engineers, design engineers, research and
development scientists and support staff.

     In   addition   to   the   fuel   cell   technology,   Intercomsoft,   Ltd.
("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.

Asset Acquisition and Discontinued Operations

     Pursuant to the Asset Acquisition Agreement dated January 11, 2001, between
the Company and Aluminum-Power, the Company acquired:

     (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


                                       2
<PAGE>

          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 quarter and six month period ended June 30, 2001,  the Company's
assets consisted of a metal-air  (aluminum) 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 for the Government
of the Republic of Moldova  pursuant to a Supply 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 have a material  adverse effect on
the Company.


                                       3
<PAGE>

Comparison  of Three Months Ending June 30, 2001 to Three Months Ending June 30,
2000

     During the three months  ending June 30, 2001,  the Company had revenues of
approximately  $828,000 as  compared  to  $697,000  for the same period in 2000.
During the three months ending June 30, 2001,  Intercomsoft's  costs  associated
with  generating  revenues  was  approximately  $264,000  or 32% as  compared to
approximately  $233,000  or 33% for the same  period in 2000.  This  resulted in
gross profit for  Intercomsoft  of  approximately  $564,000 and $464,000 for the
three months ending June 30, 2001 and 2000 respectively.

     Operating  expenses  for  the  three  months  ending  June  30,  2001,  was
approximately $387,000 as compared to approximately $589,000 for the same period
in 2000.  The  Company had no  interest  income or expense for the three  months
ending June 30,  2001 as  compared  to interest  expense of $20,000 for the same
period in 2000.

     Beginning in the first quarter of 2001,  the Company began its research and
development program of the metal-air (aluminum) fuel cell technology acquired in
such period. Research and development costs for the three months ending June 30,
2001 were  $255,000  and the  marketing  costs  related to such  technology  was
$35,000  for the  period.  There were no  comparative  costs for the same period
ending June 30, 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 ending June 30, 2001.

     The Company had a net loss from  operations of  approximately  $113,000 for
the three months ending June 30, 2001 as compared to a net loss of approximately
$145,000 for the same period in 2000.

Comparison of Six Months Ending June 30, 2001 to Six Months Ending June 30, 2000

     During the six months  ending June 30,  2001,  the Company had  revenues of
approximately  $1,613,000 as compared to $1,380,000 for the same period in 2000.
During the six months ending June 30, 2001, Intercomsoft's costs associated with
generating   revenues  was   approximately   $510,000  or  32%  as  compared  to
approximately  $472,000  or 34% for the same  period in 2000.  This  resulted in
gross profit for Intercomsoft of  approximately  $1,103,000 and $908,000 for the
six months ending June 30, 2001 and 2000 respectively.

     Operating   expenses  for  the  six  months  ending  June  30,  2001,   was
approximately  $947,000  as compared to  approximately  $1,206,000  for the same
period in 2000. The Company had no interest income or expense for the six months
ending June 30,  2001 as  compared  to interest  expense of $16,000 for the same
period in 2000.

     Beginning in the first quarter of 2001,  the Company began its research and
development program of the metal-air (aluminum) fuel cell technology acquired in
such period.  Research and


                                       4
<PAGE>

development  costs for the six months ending June 30, 2001 were $295,000 and the
marketing  costs related to such  technology  was $63,000 for the period.  There
were no comparative costs for the same period ending June 30, 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 six months
ending June 30, 2001.

     The Company had a net loss from  operations of  approximately  $202,000 for
the six months  ending June 30, 2001 as compared to a net loss of  approximately
$314,000 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.

Liquidity & Capital Resources

     The Company's recent joint venture with  Aluminum-Power  to operate the R&D
Center,  has added  additional  costs  associated  with running  such  facility.
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 aluminum-air fuel cell technology.

     While  the  Company  believes  it has  adequate  capital  to  fund  current
operations  for  fiscal  year  2001,  it  believes  that it may  need to  obtain
additional  working  capital  for  future  periods  in order to carry  its costs
associated with the Company's plans concerning the technology.

     The Company 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 with 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,  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


                                       5
<PAGE>

well as general market conditions, competition and pricing. Although the Company
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 Company, or anyone
affiliated to the Company,  that the objectives and plans of the Company will be
achieved.

                                     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
Company's Definitive  Information  Statements filed with the Securities Exchange
Commission on January 25, 2001, and July 19, 2001.

ITEM 5. OTHER INFORMATION

     Beginning  February 1, 2001,  the Company  agreed to pay Partners  Group I,
Inc.  ("Partners")  a  monthly  consulting  fee of  $5,000  (on a month to month
basis),  together with  reasonable and customary  expenses,  in connection  with
Partners  providing the Company with certain  government  relations services and
strategic political advice pertaining to federal and state governments and their
respective  agencies.  Partners is effectively owned and controlled by Mr. Kerry
Moody, who has served as a Director of the Company since February 2001.

     On April 3, 2001 the Company  completed  the  assignment  of a  Cooperation
Agreement (from Aluminum Power, Inc.) with SAGEM SA, a European  manufacturer of
sophisticated   electronic   systems  and  equipment,   to  jointly  develop  an
aluminum-air  fuel cell application for SAGEM portable  electronics  focusing on
commercial as well as military applications.  The agreement is non-exclusive and
allows  either  party to work with  others  in the area of fuel cell or  battery
technology.

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)
            ----------------------------------------------------------


                                       6
<PAGE>


            ----------------------------------------------------------
               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)
            ----------------------------------------------------------
               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(i)          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)
            ----------------------------------------------------------
               22(ii)         Definitive  Information  Statement Dated
                              July 19, 2001 (incorporated by reference
                              from    the    Definitive    Information
                              Statement  filed with the Securities and
                              Exchange   Commission   under  File  No.
                              000-28144)
            ----------------------------------------------------------


                                       7
<PAGE>

     (b) There were no Reports on Form 8-K filed during the quarter  ending June
30, 2001.

                                   SIGNATURES

     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange  Act of 1934,  the  Company has duly caused this report to be signed on
its  behalf by the  undersigned,  thereunto  duly  authorized,  this 17th day of
August, 2001.


                              TRIMOL GROUP, INC.


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


                                       8