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 September 30, 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 November 13, 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

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

<PAGE>

                                TABLE OF CONTENTS

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS .......................................   F-1 - F-9

        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 - F-8

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

ITEM 3. CONTROLS AND PROCEDURES ....................................           5

                          PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS ..........................................           7

ITEM 2. CHANGES IN SECURITIES ......................................           7

ITEM 3. DEFAULTS UPON SENIOR SECURITIES ............................           7

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ........           7

ITEM 5. OTHER INFORMATION ..........................................           8

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 SEPTEMBER 30, 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 September 30, 2003 and the related consolidated
statements of operations and cash flows for the nine and three month periods
ended September 30, 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: November 5, 2003


                                      F-1
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
                                                    September 30, 2003     December 31, 2002
                                                        (Unaudited)             (Audited)
--------------------------------------------------------------------------------------------
<S>                                                       <C>                  <C>
ASSETS

Current assets:
Cash                                                      $  21,000            $  49,000
Accounts receivable                                         355,000              302,000
Prepaid expenses                                              9,000               17,000
                                                          ---------            ---------

      TOTAL CURRENT ASSETS                                  385,000              268,000

Property and equipment, net                                  79,000               95,000
                                                          ---------            ---------

TOTAL ASSETS                                              $ 464,000            $ 463,000
                                                          =========            =========

LIABILITIES

Current liabilities:
Trade accounts payable                                    $ 113,000            $ 106,000
Accrued expenses                                            125,000              201,000
Current portion of payables to related parties              411,000              341,000
                                                          ---------            ---------

     TOTAL  CURRENT LIABILITIES                             649,000              648,000
                                                          ---------            ---------

PAYABLES TO RELATED PARTIES                                 289,000              379,000

SHAREHOLDERS' DEFICIENCY                                   (474,000)            (564,000)
                                                          ---------            ---------

TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY            $ 464,000            $ 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)

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
                                                         NINE MONTHS ENDED                THREE MONTHS ENDED
                                                    SEPTEMBER 30,    SEPTEMBER 30,    SEPTEMBER 30,    SEPTEMBER 30,
                                                        2003             2002             2003             2002
--------------------------------------------------------------------------------------------------------------------
<S>                                                 <C>              <C>              <C>              <C>
REVENUES                                            $  3,108,000     $  4,110,000     $  1,192,000     $  1,338,000

OPERATING EXPENSES:
Cost of revenues                                         962,000        1,341,000          378,000          467,000
Marketing and promotion                                  802,000        1,266,000          342,000          408,000
Research and development                                 170,000          260,000               --           62,000
Other operating expenses                               1,136,000        1,038,000          462,000          380,000
                                                    ------------     ------------     ------------     ------------

TOTAL OPERATING EXPENSES                               3,070,000        3,905,000        1,182,000        1,317,000
                                                    ------------     ------------     ------------     ------------


NET INCOME                                          $     38,000     $    205,000     $     10,000     $     21,000
                                                    ============     ============     ============     ============


Net income (loss) per share (basic and diluted)            .0004            .0002            .0001            .0002
                                                    ============     ============     ============     ============

WEIGHTED AVERGE NUMBER OF
SHARES OUTSTANDING                                   101,139,000      100,180,026      101,139,000      100,421,609
                                                    ============     ============     ============     ============
--------------------------------------------------------------------------------------------------------------------
</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>
-----------------------------------------------------------------------------------
                                                    Nine Months Ended September 30,
                                                          2003           2002
-----------------------------------------------------------------------------------
<S>                                                    <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

NET INCOME                                             $  38,000      $ 205,000

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

Depreciation of property and equipment                    16,000          1,000
Stock based compensation                                  52,000         31,000

CHANGES IN ASSETS AND LIABILITIES:
Accounts receivable                                      (53,000)       172,000
Prepaid expenses                                           8,000             --
Accounts payable                                           7,000        (23,000)
Accrued expenses                                         (76,000)      (142,000)
                                                       ---------      ---------

NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES                                      (8,000)       244,000
                                                       ---------      ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment                         --        (18,000)
                                                       ---------      ---------

NET CASH USED IN INVESTING ACTIVITIES                         --        (18,000)
                                                       ---------      ---------

CASH FLOW FROM FINANCING ACTIVITIES:
Net repayment of loans to related parties                (20,000)      (185,000)
                                                       ---------      ---------

NET CASH USED IN FINANCING ACTIVITIES                    (20,000)      (185,000)
                                                       ---------      ---------

INCREASE (DECREASE) IN CASH                              (28,000)        41,000

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

CASH - END OF PERIOD                                   $  21,000      $  85,000
                                                       =========      =========

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

-----------------------------------------------------------------------------------
</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") as of September 30, 2003 and for the nine and three month periods
ended September 30, 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.

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, driver's licenses and ID cards
pursuant to an agreement for such proprietary technology which expires in less
than three years. As of the third quarter 2003, Intercomsoft is the Company's
only operating entity.

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
converter designed and developed 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). All research and development
efforts were suspended in the second quarter 2003.

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. 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 referred to in Note 2 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 agreement expires in less than
three years.


                                      F-5
<PAGE>

(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 continues to believe in the potential 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.

NOTE 4-RELATED PARTY TRANSACTIONS AND BALANCES

At September 30, 2003, amounts payable to related parties consist of the
following:

      Cash advances from a company owned by the Chairman of the Board
      ("Chairman") of the Company. (1)                                  $ 80,000

      Accrued compensation due to the Chairman (See Note 5) (2)          331,000

      Due to API (3)                                                     289,000
                                                                        --------
                                                                         700,000
      Less current portion                                               411,000
                                                                        --------
                                                                        $289,000
                                                                        ========

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

      (2)   Of this amount $260,000 is due June 1, 2004 and $71,000 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
September 30, 2003 and 2002, were approximately $0 and $49,000, respectively,
and for the nine months ended September 30, 2003 and 2002 aggregated $170,000
and $161,000, respectively.


                                      F-6
<PAGE>

NOTE 5-COMMITMENTS AND GENERAL COMMENTS

Intercomsoft is party to 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 the
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 consumables, as provided under the
agreement.

The Company has an employment agreement with its Chairman which expires December
31, 2003 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 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 the Company's common stock on the
issue date. As of September 30, 2003, no Incentive Warrants were outstanding.

In February 2000, the Company issued warrants to purchase 1,400,000 shares of
its common stock to three employees, 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.

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.

On September 5, 2002 the Company issued 1,000,000 shares of its common stock to
two employees for services to be rendered from September 1, 2002 to August 31,
2003 pursuant to a letter agreement entered into with each of such employees.
These shares were valued at $78,000, the fair market value of the Company's
common stock on the date of issuance, and amortized over the life of the
agreement. These employees resigned from the Company in May 2003, therefore, the
unamortized amount was expensed during the second quarter of 2003.

During the three and nine months ended September 30, 2003, the Company canceled
500,000 and 3,800,000 options to purchase its common stock, respectively,
previously issued under its 2001 Omnibus Plan, as amended. There were no options
issued during the same period. As of September 30, 2003, the total options
outstanding were 6,870,000, of which 4,320,000 were issued pursuant to the 2001
Omnibus Plan, as amended.


                                      F-7
<PAGE>

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, 2003

Net sales                                 $ 3,108,000     $        --      $        --      $ 3,108,000
Operating expenses                          1,856,000         170,000        1,044,000        3,070,000
                                          -----------     -----------      -----------      -----------
Net income (loss)                         $ 1,252,000     $  (170,000)     $(1,044,000)     $    38,000
                                          ===========     ===========      ===========      ===========

NINE MONTHS ENDED SEPTEMBER 30, 2002

Net sales                                 $ 4,110,000     $        --      $        --      $ 4,110,000
Operating expenses                          2,647,000         260,000          998,000        3,905,000
                                          -----------     -----------      -----------      -----------
Net income (loss)                         $ 1,463,000     $  (260,000)     $  (998,000)     $   205,000
                                          ===========     ===========      ===========      ===========

THREE MONTHS ENDED SEPTEMBER 30, 2003

Net sales                                 $ 1,192,000     $        --      $        --      $ 1,192,000
Operating expenses                            748,000              --          434,000        1,182,000
                                          -----------     -----------      -----------      -----------
Net income (loss)                         $   444,000     $        --      $  (434,000)     $    10,000
                                          ===========     ===========      ===========      ===========

THREE MONTHS ENDED SEPTEMBER 30, 2002

Net sales                                 $ 1,338,000     $        --      $        --      $ 1,338,000
Operating expenses                            888,000          62,000          367,000        1,317,000
                                          -----------     -----------      -----------      -----------
Net income (loss)                         $   450,000     $   (62,000)     $  (367,000)     $    21,000
                                          ===========     ===========      ===========      ===========
</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 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. 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, the rights to which 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 provides written notification to the other of
termination prior to the expiration of the initial ten-year term.

      Although it is seeking other opportunities, Intercomsoft's only customer
at present, and since 1996, is the Government of the Republic of Moldova,
pursuant to a ten-year 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 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. If and to the extent that other such opportunities are
presented to us in the future, we will be required to obtain substantial capital
in order to pursue any such opportunities. There can be no assurances that such
capital, if and when needed, will be available to us.

      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


                                       2
<PAGE>

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. Currently, the Government has the
right to terminate the agreement in less than three years.

      In addition, 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. 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, in the second quarter of 2003, after the
expenditure of in excess of $1,000,000 on research and development 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 ended September 30, 2003, 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 an agreement with such Government. Although
Intercomsoft is 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 loss of such agreement, thereby
having a material adverse effect on us.

Comparison of Three Months Ended September 30, 2003 to Three Months Ended
September 30, 2002.

      During the three months ended September 30, 2003, we had revenues
resulting solely from Intercomsoft's production of government documents in the
Republic of Moldova of approximately $1,192,000 as compared to 1,338,000 for the
same period in 2002, a decrease of approximately 11%. The continuing decrease in
revenue was due to a number of factors. In 2001 Romania and Moldova introduced
passport requirements 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


                                       3
<PAGE>

continuing decrease in revenue throughout the first three quarters 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 2002.

      During the three months ended September 30, 2003, Intercomsoft's costs
associated with generating these revenues were $378,000 or 32% of revenues as
compared to $467,000 or 35% of revenues for the same period in 2002. This
resulted in gross profit for Intercomsoft of $814,000 for the three month period
ended September 30, 2003 as compared to $871,000 for the same period in 2002, a
decrease of approximately 7%.

      General and administrative expenses for the three months ended September
30, 2003, were approximately $462,000, which consisted of $29,000 of
Intercomsoft expenses and $433,000 of general corporate and administrative
expenses. For the same period in 2002, general and administrative expenses
aggregated approximately $380,000, which consisted of $15,000 of Intercomsoft
expenses and $365,000 of general corporate and administrative expenses. The
increase of 22% was due to an increase in travel expenses related to the
exploration of business opportunities for Intercomsoft.

      Public relations, marketing and advertising expenses for the three months
ended September 30, 2003 were $342,000, 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 $408,000, which consisted of $406,000 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 $64,000
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.
In the second quarter of 2003, together with Aluminum-Power, we suspended
research and development efforts. There were no research and development costs
for the three month period ended September 30, 2003, as compared to $62,000 for
the same period in 2002. The decrease in research and development costs are the
result of the discontinuance of research and development efforts in the 2nd
quarter of 2003.

      We had a net profit from operations of approximately $10,000 for the three
month period ended September 30, 2003 as compared to a net profit of $21,000 for
the same period in 2002 which resulted from all of the reasons set forth above.

Comparison of Nine Months Ended September 30, 2003 to Nine Months Ended
September 30, 2002.

      During the nine months ended September 30, 2003, we had revenues resulting
solely from Intercomsoft's production of government documents in the Republic of
Moldova of approximately $3,108,000 as compared to $4,110,000 for the same
period in 2002, a decrease of approximately 24%. The decrease in revenue was due
to a number of factors. In 2001 Romania and Moldova introduced passport
requirements between their two countries which led to an increase in passport


                                       4
<PAGE>

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 revenue throughout the first three quarters of 2003 is due to the
stabilization of the production of documents, which rose dramatically in the
latter part of 2001 and during 2002.

      During the nine months ended September 30, 2003, Intercomsoft's costs
associated with generating these revenues were $962,000 or 32% of revenues as
compared to $1,341,000 or 33% of revenues for the same period in 2002. This
resulted in gross profit for Intercomsoft of $2,146,000 for the nine month
period ended September 30, 2003 as compared to $2,769,000 for the same period
in 2002, a decrease of approximately 22%.

      General and administrative expenses for the nine months ended September
30, 2003, were approximately $1,136,000, which consisted of $93,000 of
Intercomsoft expenses and $1,043,000 of general corporate and administrative
expenses. For the same period in 2002, general and administrative expenses
aggregated approximately $1,038,000, which consisted of $46,000 of Intercomsoft
expenses and $992,000 of general corporate and administrative expenses, an
increase of $98,000, or 9%, which resulted from an increase in travel expenses
related to the exploration of business opportunities for Intercomsoft.

      Public relations, marketing and advertising expenses for the nine months
ended September 30, 2003, were $802,000, 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 $1,266,000, which consisted of $1,260,000 of
Intercomsoft expenses and $6,000 of on-going public awareness program expenses
with respect to our aluminum-air fuel cell technology. The decrease of $458,000
in public relations, marketing and advertising expenses of Intercomsoft is a
direct result of 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.
In the second quarter of 2003, together with Aluminum-Power, we suspended
research and development efforts. Our research and development costs for the
nine month period ended September 30, 2003 were $170,000 as compared to $260,000
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 of
2003, termination of the operations of the R&D Center in Toronto, Ontario,
Canada and a discontinuance of such research and development activities in the
second quarter of 2003.

      We had a net profit from operations of approximately $38,000 for the nine
month period ended September 30, 2003, as compared to a net profit of $205,000
for the same period in 2002 which resulted from all of the reasons set forth
above.


                                       5
<PAGE>

Liquidity & Capital Resources

      Our joint venture with Aluminum-Power to fund research and development of
an aluminum-air fuel cell technology has added additional costs and expenses.
As of September 30, 2003, we had expended in excess of $1,000,000 toward
research and development since our acquisition of the technology in January 2001
and we owed Aluminum-Power approximately $289,000 in accrued research and
development costs, payable on July 1, 2006 and bearing interest at a rate of
2% per annum.

      At September 30, 2003, we owed Boris Birshtein, the Chairman of the Board,
$331,000 in unpaid compensation due to him pursuant to his employment agreement
with us. Of this amount, $260,000 is due June 1, 2004 pursuant to a promissory
note and $71,000 is due on demand.

      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 obtained by bank
borrowings, public offerings, or private placements of equity or debt
securities, loans from shareholders, or a combination of the foregoing. There is
no assurance that if we seek such funding, it will be available 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 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.

ITEM 3. CONTROLS AND PROCEDURES

      Based upon their evaluation of our internal controls, disclosure controls
and procedures within 90 days of the filing of this report, our Chief Executive
Officer and Chief Financial Officer have concluded that the effectiveness of
such controls and procedures is satisfactory. Further, there were no significant
changes in our internal controls or in any other factors that could
significantly affect those controls subsequent to the date of their evaluation.


                                       6
<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.

      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 an agreement
entered into with each of Mr. Gordin and Mr. Shokin, such shares were to be
earned by each of them over the course of the twelve month period of the
agreement, based on their continued employment by us through such period.

      On May 1, 2003, both Mr. Gordin and Mr. Shokin resigned from their
positions with us. As part of their exit compensation plan, we accelerated the
vesting of the remaining portion of the unvested shares effective as of May 1,
2003.

      During the three months ended September 30, 2003, we cancelled 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 September 30, 2003, the total options outstanding were 6,870,000,
of which 4,320,000 were issued pursuant to the 2001 Omnibus Plan, as amended.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

      None.

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

      None.


                                       7
<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. Mr. Ferry continued to work
for us on a month to month basis subsequent to the expiration of his consulting
agreement in January. Mr. Ferry resigned on May 1, 2003, to pursue other
business activities.

      On February 12, 2003, we entered into a Termination Agreement with Eontech
R&D, Aluminum-Power Inc, AGGI Limited and Eontech Group, Inc. terminating an
agreement for research and development efforts between the parties originally
entered into in August 2001 in connection with research and development efforts
on our aluminum-air fuel cell technology, and cancelled options to purchase
shares of our common stock issued in connection with same. 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 technology for use in
portable consumer electronic devices, together with our majority shareholder
Aluminum-Power, we have continued to advance research and development with the
goal of commercial exploitation of such technology. Aluminum-Power advised us by
letter dated March 31, 2003 that to date it 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 indicated that it 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 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 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 continue
to believe in the potential for 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.


                                       8
<PAGE>

      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, 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. In connection
with such resignations, we entered into an agreement with each of Messrs. Gordin
and Shokin which provided for releases and indemnification and the vesting of
certain shares of our common stock to which such individuals were entitled under
a prior agreement with us.

      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.

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 ended September 30, 2003.

            Exhibit No.     Document
            -----------     --------

            31.1            Certification Pursuant to 18 U.S.C. Section 1350 as
                            Adopted Pursuant to Section 906 of the
                            Sarbanes-Oxley Act of 2002. CEO Certification

            31.2            Certification Pursuant to 18 U.S.C. Section 1350 as
                            Adopted Pursuant to Section 906 of the
                            Sarbanes-Oxley Act of 2002. CFO Certification.

            32.1            Chief Executive Officer Certification

            32.2            Chief Financial Officer Certification

(b)   There were no Reports on Form 8-K filed during the quarter ended September
      30, 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: November 13, 2003                         By:    /s/ Yuri Benenson
                                                --------------------------------
                                                Name:  Yuri Benenson
                                                Title: Chief Executive Officer


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


                                       10