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 nine month period ended September 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
                 Incorporation)                  Identification No.)

                           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 nine month period ending  September 30, 2001,  there were  100,239,000
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 SEPTEMBER 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 to F-7

<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, 2001 and the related  consolidated
statements  of  operations  and cash flows for the nine and three month  periods
ended  September  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:  November 12, 2001



                                      F-1
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED BALANCE SHEET

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

Cash                                                                             47                 107
Accounts receivable                                                             339                 136
Net assets from discontinued operations                                          --               3,981
                                                                             ------              ------

TOTAL ASSETS                                                                    386               4,224
                                                                             ======              ======


LIABILITIES:

Current liabilities:
Accounts payable                                                                498                 465
Accrued expenses                                                                706                 622
Loan payable - related party                                                    254                  --
Provision for loss of discontinued operations                                    --               3,981
                                                                             ------              ------

TOTAL LIABILITIES                                                             1,458               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 September 30, 2001
and 12,039,000 shares at December 31, 2000                                    1,000                 120
Additional paid-in capital                                                    5,298               6,178
Accumulated deficit                                                          (7,370)             (7,142)
                                                                             ------              ------

TOTAL SHAREHOLDERS' DEFICIENCY                                               (1,072)               (844)
                                                                             ------              ------

TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY                                  386               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>
-----------------------------------------------------------------------------------------------------------------------------------
                                                                        NINE MONTHS ENDED                    THREE MONTHS ENDED
                                                                   September 30,   September 30,       September 30,   September 30,
                                                                        2001           2000                2001            2000
-----------------------------------------------------------------------------------------------------------------------------------
                                                                     (In Thousands of US Dollars, except share and per share data)

<S>                                                                <C>               <C>              <C>                <C>
REVENUES                                                                2,719             2,165             1,106               785
                                                                   ================================================================

OPERATING EXPENSES
  Cost of revenues                                                        846               733               336               261
  Marketing and promotion                                                  80                --                17                --
  Research and development                                                429                --               134                --
  Other operating expenses                                              1,592             1,806               645               600
  Interest expense, net of interest income                                 --                16                --                --
                                                                   ----------------------------------------------------------------

TOTAL OPERATING EXPENSES                                                2,947             2,555             1,132               861
                                                                   ================================================================

LOSS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES                                                      (228)             (390)              (26)              (76)

Income from discontinued operations, net of taxes                          --               503                --                56
                                                                   ----------------------------------------------------------------

NET INCOME (LOSS)                                                        (228)              113               (26)              (20)
                                                                   ================================================================

Net income (loss) per share (basic and diluted)                         (.003)             0.01            (.0003)           (0.008)

                                                                   ----------------------------------------------------------------
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING                                                 84,833,118        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>
-----------------------------------------------------------------------------------------------
                                                                Nine Months Ended September 30,
                                                                      2001            2000
-----------------------------------------------------------------------------------------------
                                                                 (In Thousands of US Dollars)

<S>                                                                   <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Loss from continuing operations                                       (228)            (390)
Income from discontinued operations                                     --              503
                                                                    ------           ------
NET INCOME (LOSS)                                                     (228)             113

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


CHANGES IN ASSETS AND LIABILITIES:
Accounts receivable                                                   (203)             103
Accounts payable                                                        33               27
Accrued expenses                                                        84               58
Net assets from discontinued operations                                 --             (520)
                                                                    ------           ------

NET CASH USED IN OPERATING ACTIVITIES                                 (314)            (219)
                                                                    ======           ======

CASH FLOW FROM FINANCING ACTIVITIES:
Repayment of loan to related party                                      --           (1,162)
Proceeds of loan from related party                                    254               --
                                                                    ------           ------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES                                                   254           (1,162)
                                                                    ======           ======

DECREASE IN CASH                                                       (60)          (1,381)

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

CASH - END OF PERIOD                                                    47               68
                                                                    ======           ======

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 September 30, 2001 and for the nine and three month
periods ended  September 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.


                                      F-5
<PAGE>

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 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 nine and three months ended
September  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) Intercomsoft  operates in Moldova, a former Republic of the Soviet Union and
the Moldovan Ministry of Economics ("Ministry") is Intercomsoft's only customer.
The current political and economic situation in Moldova,  which has historically
been unstable, could have a material adverse effect on 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  ("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 September  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.


                                      F-6
<PAGE>

     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 September  30, 2001,  5,770,000  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
entered  into an  agreement  with its  majority  stockholder  to  reimburse  the
stockholder for Trimol's portion of expenses  incurred  relating to the research
and development of the technology owned by the Company. The Company has recorded
expenses of $295,000 for the nine months ended September 30, 2001 payable to the
majority  stockholder  which is included in loan payable - related  party on the
accompanying consolidated balance sheet at September 30, 2001.

Beginning  in February  2001,  the  Company  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. This agreement was terminated on October 31, 2001.

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.  Pursuant  to  a  Research  &  Development   Agreement  between
Aluminum-Power  and  us,  dated  July  1,  2001,  we have  agreed  to  reimburse
Aluminum-Power,  a  percentage  of its  costs  (as  such  costs  relate  to work
specifically  performed  for and on  behalf  of us).  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.

     The Research & Development  Agreement provides us with unlimited use of the
R&D Center,  unlimited  use of all  equipment and unlimited use of all employees
located at the R&D  Center,  for a period of five years,  provided  that we pay,
proportionately,  all  costs  and  expenses  associated  with the use of the R&D
Center. Under the Research & Development Agreement,  for a period of five years,
we are  not  obligated  to pay  any  amount  owed to  Aluminum-Power,  with  the
exception of a monthly fee equal to three percent (3%) of Aluminum-Power's fixed
monthly  expenses  associated  with the R&D Center.  The accrued  balance of the
total amount owed to Aluminum-Power shall be payable on the fifth anniversary of
the Research & Development  Agreement,  and shall bear interest at a rate of two
percent (2%) per annum.

     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.


                                       2
<PAGE>

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 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.


                                       3
<PAGE>

RESULTS OF OPERATIONS

General

     During the quarter ended September 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.

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

     During the three months ending September 30, 2001, the Company had revenues
of approximately $1,106,000 as compared to $785,000 for the same period in 2000.
During  the  three  months  ending  September  30,  2001,  Intercomsoft's  costs
associated  with  generating  revenues  was  approximately  $336,000  or  30% as
compared to  approximately  $261,000  or 33% for the same  period in 2000.  This
resulted in gross profit for Intercomsoft of approximately $770,000 and $524,000
for the three months ending September 30, 2001 and 2000 respectively.

     Operating  expenses for the three months  ending  September  30, 2001,  was
approximately $645,000 as compared to approximately $600,000 for the same period
in 2000.  The  Company had no  interest  income or expense for the three  months
ending September 30, 2001 and 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
September  30,  2001 were  $134,000  and the  marketing  costs  related  to such
technology was $17,000 for the period.  There were no comparative  costs for the
same period ending September 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 September 30, 2001.

     The Company had a net loss from operations of approximately $26,000 for the
three  months  ending   September  30,  2001  as  compared  to  a  net  loss  of
approximately $20,000 for the same period in 2000.


                                       4
<PAGE>

Comparison  of Nine Months  Ending  September  30,  2001 to Nine  Months  Ending
September 30, 2000

     During the nine months ending  September 30, 2001, the Company had revenues
of  approximately  $2,719,000 as compared to  $2,165,000  for the same period in
2000.  During the nine months ending  September 30, 2001,  Intercomsoft's  costs
associated  with  generating  revenues  was  approximately  $846,000  or  31% as
compared to  approximately  $733,000  or 34% for the same  period in 2000.  This
resulted  in gross  profit for  Intercomsoft  of  approximately  $1,873,000  and
$1,432,000 for the nine months ending September 30, 2001 and 2000 respectively.

     Operating  expenses for the nine months  ending  September  30,  2001,  was
approximately  $1,529,000 as compared to  approximately  $1,806,000 for the same
period in 2000.  The  Company  had no  interest  income or expense  for the nine
months ending  September 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 development costs for the nine months ending September
30, 2001 were $429,000 and the marketing  costs related to such  technology  was
$80,000  for the  period.  There were no  comparative  costs for the same period
ending September 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 nine months
ending September 30, 2001.

     The Company had a net loss from  operations of  approximately  $228,000 for
the  nine  months  ending  September  30,  2001  as  compared  to a net  loss of
approximately $390,000 for the same period in 2000.

     The Company  currently  derives all of its revenues and income  pursuant to
Intercomsoft's  Supply  Contract from the Government of the Republic of Moldova.
In the past the  Government  of the  Republic of Moldova has  historically  been
unstable  and the Company  would have  limited  recourse  should the  Government
default on the Supply  Contract or discontinue  use of  Intercomsoft's  services
provided under the 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 and expenses  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.


                                       5
<PAGE>

     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 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

     On October 31, 2001 the Company  and  Partners  Group I, Inc.  ("Partners")
mutually  agreed to terminate  the Agreement  which the parties  entered into on
February  1, 2001  ("Partners  Agreement").  Partners is  effectively  owned and
controlled by Mr. Kerry Moody, who has served as a Director of the Company since
February  2001.  In  connection  with the  mutual  termination  of the  Partners
Agreement,  Mr.  Kerry  Moody  resigned  from his  position  as a member  of the
Company's Board of Directors on October 31, 2001.


                                       6
<PAGE>

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

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

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


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

                                       7
<PAGE>

                                   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 14th day of
November 2001.


                                            TRIMOL GROUP, INC.


                                            By:     /s/ Alexander Gordin
                                                -------------------------------
                                            Name:   Alexander Gordin
                                            Titles: President




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