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

                                   FORM 10-QSB

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2004.

                        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 June 30, 2004, there were 100,472,328 issued and outstanding shares of the
Company's common stock.

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

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

<PAGE>

                               TRIMOL GROUP, INC.

                          FORM 10-QSB QUARTERLY REPORT
                       For the period ended June 30, 2004

                                TABLE OF CONTENTS

                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS..................................................3

         INDEPENDENT ACCOUNTANTS' REVIEW REPORT................................4

         CONSOLIDATED BALANCE SHEET............................................5

         CONSOLIDATED STATEMENT OF OPERATIONS..................................6

         CONSOLIDATED STATEMENT OF CASH FLOWS..................................7

         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS........................8

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

ITEM 3.  CONTROLS AND PROCEDURES..............................................15

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS....................................................16

ITEM 2.  CHANGES IN SECURITIES...................................... ........ 16

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES............................ ........ 16

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

ITEM 5.  OTHER INFORMATION....................................................16

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

SIGNATURES....................................................................18


                                       2
<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

        TRIMOL GROUP, INC.

        CONSOLIDATED FINANCIAL STATEMENTS
        AS OF JUNE 30, 2004


                                       3
<PAGE>

INDEPENDENT ACCOUNTANTS' REVIEW REPORT

To the Board of Directors and Shareholders of
Trimol Group, Inc.

We have reviewed the accompanying consolidated balance sheet of Trimol Group,
Inc. (the "Company") as of June 30, 2004 and the related consolidated statements
of operations and cash flows for the six and three month periods ended June 30,
2004 and 2003. 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: August 2, 2004


                                       4
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
                                                   June 30, 2004   December 31, 2003
                                                    (Unaudited)        (Audited)
------------------------------------------------------------------------------------
<S>                                                 <C>               <C>
ASSETS

Current assets:
Cash                                                $    26,000       $    20,000
Accounts receivable                                     423,000           380,000
Prepaid expenses                                             --            32,000
                                                    -----------       -----------

      TOTAL CURRENT ASSETS                              449,000           432,000

Property and equipment, net                             208,000           151,000
                                                    -----------       -----------

TOTAL ASSETS                                        $   657,000       $   583,000
                                                    ===========       ===========

LIABILITIES

Current liabilities:
Trade accounts payable                              $   159,000       $   113,000
Accrued expenses                                        552,000           198,000
Current portion of payables to related parties          784,000           737,000
                                                    -----------       -----------

      TOTAL  CURRENT LIABILITIES                      1,495,000         1,048,000

PAYABLES TO RELATED PARTIES                                  --           295,000

SHAREHOLDERS' DEFICIENCY                               (838,000)         (760,000)
                                                    -----------       -----------

TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY      $   657,000       $   583,000
                                                    ===========       ===========

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

The accompanying notes are an integral part of the financial statements


                                       5
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
                                                 SIX MONTHS ENDED                        THREE MONTHS ENDED
                                            June 30, 2004       June 30, 2003      June 30, 2004       June 30, 2003
--------------------------------------------------------------------------------------------------------------------
<S>                                         <C>                 <C>                <C>                 <C>
REVENUES                                    $   2,174,000       $   1,916,000      $   1,082,000       $     993,000
                                            -------------       -------------      -------------       -------------

OPERATING EXPENSES:
Cost of revenues                                  660,000             584,000            328,000             308,000
Marketing and promotion                           585,000             460,000            290,000             251,000
Research and development                               --             170,000                 --             160,000
Other operating expenses                        1,007,000             674,000            661,000             329,000
                                            -------------       -------------      -------------       -------------

TOTAL OPERATING EXPENSES                        2,252,000           1,888,000          1,279,000           1,048,000
                                            -------------       -------------      -------------       -------------

NET INCOME (LOSS)                           $     (78,000)      $      28,000      $    (197,000)      $     (55,000)
                                            =============       =============      =============       =============

Net income (loss) per share (basic and
diluted)                                           (.0007)              .0003             (.0002)             (.0005)
                                            =============       =============      =============       =============

WEIGHTED AVERGE NUMBER OF
SHARES OUTSTANDING                            100,472,328         101,139,000        100,472,328         101,139,000
                                            =============       =============      =============       =============

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

The accompanying notes are an integral part of the financial statements


                                       6
<PAGE>

TRIMOL GROUP, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
                                                            Six Months Ended June 30,
                                                              2004               2003
---------------------------------------------------------------------------------------
<S>                                                        <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)                                          $ (78,000)         $  28,000

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

Depreciation of property and equipment                        17,000             10,000
Stock based compensation                                          --             52,000
Abandonment of property and equipment                         10,000                 --

CHANGES IN ASSETS AND LIABILITIES:
Accounts receivable                                          (43,000)           (63,000)
Prepaid expenses                                              32,000                 --
Accounts payable                                              46,000              6,000
Accrued expenses                                             354,000            (61,000)
                                                           ---------          ---------

NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES                                         338,000            (28,000)
                                                           ---------          ---------

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

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

CASH FLOW FROM FINANCING ACTIVITIES:
Net repayment of loans to related parties                   (248,000)            (3,000)
                                                           ---------          ---------

NET CASH USED IN FINANCING ACTIVITIES                       (248,000)            (3,000)
                                                           ---------          ---------

INCREASE (DECREASE) IN CASH                                    6,000            (31,000)

CASH - BEGINNING OF PERIOD                                    20,000             49,000
                                                           ---------          ---------

CASH - END OF PERIOD                                       $  26,000          $  18,000
                                                           =========          =========

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


                                       7
<PAGE>

TRIMOL GROUP, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Basis of presentation

The unaudited consolidated financial statements of Trimol Group, Inc. (the
"Company") as of June 30, 2004 and for the six and three month periods ended
June 30, 2004 and 2003 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, 2003.
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, 2003.

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 two years. As of the second quarter 2004, Intercomsoft is the Company's
only operating entity.

The Company has an exclusive worldwide license to make, use and sell a
mechanically rechargeable aluminum-air fuel cell solely for use with consumer
portable electronic devices, all rights and title to certain technology relating
to aluminum-air fuel cells, and the design and know-how to a converter designed
and developed by a related company. Substantially all of the research and
development costs related to this technology are allocated from the majority
shareholder of the Company (see Note 3(b)). 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
two years.


                                       8
<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 will 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 that there may be potential viability for
its aluminum-air fuel cell technology, however, management has concluded that
due to the extraordinary time and enormous costs involved, continued research
and development efforts are not justified at this time.

NOTE 4 - RELATED PARTY TRANSACTIONS AND BALANCES

At June 30, 2004, amounts payable to related parties consist of accrued
compensation due to the Company's Chairman. Of this amount $369,000 is due on
demand and $415,000 is due April 1, 2005 (or earlier upon the occurrence of
certain agreed upon specific events).

NOTE 5-COMMITMENTS AND GENERAL COMMENTS

Intercomsoft is party to a Supply Agreement with the government of the Republic
of Moldova, pursuant to which it purchases from a third party supplier
equipment, software and consumables utilized by it for the production of
computerized documents under the Supply Agreement. As part of this Supply
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 payment for the equipment, software and
consumables purchased under such Supply Agreement, Intercomsoft is obligated to
pay 25% of its profits to such supplier, as more specifically provided for under
the Supply Agreement.

In February 2000, the Company issued warrants to purchase 1,400,000 shares of
its common stock to three officers. One of such warrants entitling the holder to
purchase up to 400,000 shares was canceled on January 28, 2003. The remaining
warrants may be exercised for a period expiring February 27, 2005, at an
exercise price of $.50 per share and contain anti-dilution provisions.

On September 5, 2002 the Company issued 1,000,000 shares of its common stock to
two of its officers for services to be rendered from September 1, 2002 to August
31, 2003 pursuant to a letter agreement entered into with each of such officers.
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
agreements. These officers resigned from the Company in May 2003, therefore, the
unamortized amount was expensed during the second quarter of 2003. As of
December 31, 2003, 666,672 of such shares were returned and canceled.


                                       9
<PAGE>

There were no options issued or canceled during the three and six months ended
June 30, 2004. As of June 30, 2004, the total options outstanding were
5,020,000, of which 2,470,000 were issued pursuant to the Company's 2001 Omnibus
Plan, as amended.

NOTE 6-SEGMENT INFORMATION

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

<TABLE>
<CAPTION>
                                                          Research and     Corporate and
                                         Intercomsoft     Development     Administrative         Total
                                         ------------     -----------     --------------         -----
<S>                                      <C>              <C>               <C>               <C>
SIX MONTHS ENDED JUNE 30, 2004

Net sales                                $ 2,174,000      $        --       $        --       $ 2,174,000

Operating expenses                         1,316,000               --           936,000         2,252,000
                                         -----------      -----------       -----------       -----------

Net income (loss)                        $   858,000      $        --       $  (936,000)      $   (78,000)
                                         ===========      ===========       ===========       ===========

SIX MONTHS ENDED JUNE 30, 2003

Net sales                                $ 1,916,000      $        --       $        --       $ 1,916,000

Operating expenses                         1,108,000          170,000           610,000         1,888,000
                                         -----------      -----------       -----------       -----------

Net income (loss)                        $   808,000      $  (170,000)      $  (610,000)      $    28,000
                                         ===========      ===========       ===========       ===========

THREE MONTHS ENDED JUNE 30, 2004

Net sales                                $ 1,082,000      $        --       $        --       $ 1,082,000

Operating expenses                           655,000               --           624,000         1,279,000
                                         -----------      -----------       -----------       -----------

Net income (loss)                        $   427,000      $        --       $  (624,000)      $  (197,000)
                                         ===========      ===========       ===========       ===========


THREE MONTHS ENDED JUNE 30, 2003

Net sales                                $   993,000      $        --       $        --       $   993,000

Operating expenses                           589,000          160,000           299,000         1,048,000
                                         -----------      -----------       -----------       -----------

Net income (loss)                        $   404,000      $  (160,000)      $  (299,000)      $   (55,000)
                                         ===========      ===========       ===========       ===========
</TABLE>


                                       10
<PAGE>

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

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

PLAN OF OPERATION

General

      We operate Intercomsoft, Ltd. ("Intercomsoft"), a wholly owned subsidiary
acquired by us in the second quarter of 1998. Intercomsoft is a
technology-intensive company engaged in the operation of a computerized photo
identification and database management system utilized in the production of a
variety of secure essential government identification documents such as
passports, driver's licenses, national identification documents and other such
forms of essential personal identification. 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, as amended, with an initial term of ten (10) years with an
automatic ten (10) year extension, unless either party submits a written
notification of termination prior to the expiration of the initial ten (10) year
term.

      Although it is interested in developing other opportunities,
Intercomsoft's only customer at present, and since 1996, is the Government of
the Republic of Moldova, pursuant to a ten (10) year 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 utilized by the Government for the
production of all national passports, drivers' licenses, vehicle permits,
identification cards and other government authorized identification documents in
the Republic of Moldova. 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
Republic of Moldova has historically been unstable and we would have limited
recourse should the Government default under the


                                       11
<PAGE>

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 two 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 and through the second quarter of 2003, we funded
research, development and marketing efforts for such technology as well as
patent prosecution. In the second quarter of 2003, after the expenditure of in
excess of $1,000,000 on research and development, we suspended such 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 three and six month periods ended June 30, 2004, 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. 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 June 30, 2004 to Three Months Ended June 30,
2003

      During the three months ended June 30, 2004, we had revenues resulting
solely from Intercomsoft's production of government documents in the Republic of
Moldova of approximately $1,082,000 as compared to $993,000 for the same period
in 2003, an increase of approximately 9%.

      During the three months ended June 30, 2004, Intercomsoft's costs
associated with generating these revenues were $328,000, or 30% of revenues, as
compared to $308,000, or 31% of revenues, for the same period in 2003. This
resulted in gross profit for Intercomsoft of $754,000 for the three month period
ended June 30, 2004 as compared to $685,000 for the same period in 2003, an
increase of approximately 10%, which corresponds to the 9% increase in revenues
in the three month period ended June 30, 2004 from the comparative period in
2003.

      General and administrative expenses for the three months ended June 30,
2004, were approximately $661,000, which consisted of $36,000 of Intercomsoft
expenses and $625,000 of general corporate and administrative expenses. For the
same period in 2003, general and administrative expenses aggregated
approximately $329,000, which consisted of $29,000 of


                                       12
<PAGE>

Intercomsoft expenses and $300,000 of general corporate and administrative
expenses. Although certain cost cutting measures implemented by us resulted in a
significant reduction of general corporate and administrative expenses, travel
expenses in the three months ended June 30, 2004 relating to potential corporate
development, generated the significant increase from the comparative period in
2003.

      Public relations, marketing and advertising expenses for the three months
ended June 30, 2004 were $290,000, all of which were related to efforts to
expand the use of Intercomsoft's services, compared to $251,000 in the same
period in 2003, an increase of $39,000, or 15%. The increase in public
relations, marketing and advertising expenses of Intercomsoft resulted from an
increase in commissions and fees paid pursuant to various marketing agreements,
which are based on revenue 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
expenses for the three month period ended June 30, 2004, as compared to $160,000
for the same period in 2003. The decrease in research and development expenses
are the result of the discontinuance of research and development efforts in the
2nd quarter of 2003.

      We had a net loss from operations of approximately $197,000 for the three
month period ended June 30, 2004, as compared to a net loss of approximately
$55,000 for the same period in 2003, which resulted from all of the reasons set
forth above.

      Comparison of Six Months Ended June 30, 2004 to Six Months Ended June 30,
2003

      During the six months ended June 30, 2004, we had revenues resulting
solely from Intercomsoft's production of government documents in the Republic of
Moldova of approximately $2,174,000 as compared to $1,916,000 for the same
period in 2003, an increase of approximately 13%.

      During the six months ended June 30, 2004, Intercomsoft's costs associated
with generating these revenues were $660,000, or 30% of revenues, as compared to
$584,000, or 30% of revenues, for the same period in 2003. This resulted in
gross profit for Intercomsoft of $1,514,000 for the six month period ended June
30, 2004 as compared to $1,332,000 for the same period in 2003, an increase of
approximately 13%, which amount corresponds directly to the 13% increase in
revenues in the six month period ended June 30, 2004 from the comparative period
in 2003.

      General and administrative expenses for the six months ended June 30,
2004, were approximately $1,007,000, which consisted of $71,000 of Intercomsoft
expenses and $936,000 of general corporate and administrative expenses. For the
same period in 2003, general and administrative expenses aggregated
approximately $674,000, which consisted of $64,000 of Intercomsoft expenses and
$610,000 of general corporate and administrative expenses. Although certain cost
cutting measures implemented by us resulted in a significant reduction in
general and administrative expenses, travel expenses in the six month period
ended June 30,


                                       13
<PAGE>

2004 relating to potential corporate development, accounted for the significant
increase from the comparative period in 2003.

      Public relations, marketing and advertising expenses for the six months
ended June 30, 2004 were $585,000, all of which were related to efforts to
expand the use of Intercomsoft's services, compared to $460,000 in the same
period in 2003, an increase of $125,000, or 27%. The increase in public
relations, marketing and advertising expenses of Intercomsoft resulted from an
increase in commissions and fees paid pursuant to various marketing agreements,
which are based on revenue 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
expenses for the six month period ended June 30, 2004, as compared to $170,000
for the same period in 2003. The decrease in research and development expenses
are the result of the discontinuance of research and development efforts in the
2nd quarter of 2003.

      We had a net loss from operations of approximately $78,000 for the six
month period ended June 30, 2004, as compared to net income of approximately
$28,000 for the same period in 2003 which resulted from all of the reasons set
forth above.

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 June 30, 2004, we had expended in excess of approximately $1,000,000 toward
such research and development since our acquisition of the technology in January
2001. During the three month period ended June 30, 2004 we paid Aluminum-Power
the balance due of approximately $150,905 in accrued research and development
costs.

      At June 30, 2004, we owed Boris Birshtein, our Chairman of the Board,
$784,000 in unpaid compensation due to him pursuant to his employment agreement
with us. Of this amount, $369,000 is due on demand, and $415,000 is due April 1,
2005 (or earlier upon the occurrence of certain agreed upon specific events).

      Although we believe we have adequate capital to fund current operations
for fiscal year 2004, we will need to obtain additional working capital for
future periods if we are to pursue any additional research and development
efforts in connection with our aluminum-air fuel cell technology or expand the
services of Intercomsoft.

      We believe that our operating expenses will not decrease during the fiscal
year ending December 31, 2004, notwithstanding the suspension of research and
development efforts, due to the anticipated payment of a portion of our accrued
operating expenses.

      We may seek additional funding in an effort to subsidize future research
and development expenses as well as our efforts to expand the services of
Intercomsoft. Such additional funding may be obtained by bank borrowings, public
offerings, or private placements


                                       14
<PAGE>

of equity or debt securities, loans from shareholders, or a combination of the
foregoing. However, there can be no assurances that additional financing will be
available or, if available, that it will be available on terms that are
acceptable to us

CAUTIONARY STATEMENT RELATING TO FORWARD LOOKING STATEMENTS

      This Quarterly Report on Form 10-QSB contains forward looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risk and uncertainty. Although we believe
that the assumptions underlying all forward looking statements are reasonable,
any assumptions could be inaccurate, and therefore, there can be no assurance
that these statements will prove to be accurate. In light of these uncertainties
inherent in forward-looking statements, the inclusion of such information should
not be regarded as a representation by us, or anyone affiliated with us, that
our objectives and plans will be achieved.

ITEM 3. CONTROLS AND PROCEDURES

      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.


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<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

      None.

ITEM 2. CHANGES IN SECURITIES

      None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

      None.

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

      None.

ITEM 5. OTHER INFORMATION

      The employment agreement between us and Boris Birshtein, our Chairman of
the Board of Directors, expired on December 31, 2003 and was not renewed.
Pursuant to a letter agreement dated March 10, 2004 between us and Mr.
Birshtein, Mr. Birshtein agreed to continue to serve as our Chairman of the
Board of Directors on a month-to-month basis on substantially the same terms as
were provided for in his prior employment agreement. Such letter agreement
provides Mr. Birshtein with, among other things, a base annual salary of
$276,450.

      On January 21, 2004, we accepted the resignation of Shmuel Gurfinkel as
our Chief Financial Officer and a member of our Board of Directors and appointed
Jack Braverman to fill the vacancy on the Board of Directors caused by Mr.
Gurfinkel's resignation and also appointed Mr. Braverman to serve as our Chief
Financial Officer.

      Our By-Laws provide for not less than three and not more than fifteen
directors. As of June 30, 2004, our Board of Directors was comprised of Boris
Birshtein, Chairman, Yuri Benenson, Jack Braverman and Walter Perchal.


                                       16
<PAGE>

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

      (a) The exhibits listed below are filed as part of this Quarterly Report
for the period ended June 30, 2004.

Exhibit No. Document

      31.1        Chief Executive Officer Certification pursuant to 18.U.S.C.
                  Section 1350 as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.

      31.2        Chief Financial Officer Certification pursuant to 18.U.S.C.
                  Section 1350 as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.

      32.1        Chief Executive Officer Certification

      32.2        Chief Financial Officer Certification

      (b) There were no Reports on Form 8-K filed during the three month period
ended June 30, 2004.


                                       17
<PAGE>

                                   SIGNATURES

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

                                        TRIMOL GROUP, INC.


Date: August 13, 2004                   By:  /s/ Yuri Benenson
                                            ----------------------------
                                        Name:    Yuri Benenson
                                        Title:   Chief Executive Officer


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


                                       18