<PAGE>
 
               UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549
                              FORM 10-QSB/A No. 1

(X)       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934
          For the quarterly period ended January 31, 1999
          OR
( )       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934
          For the transition period from _________ to ___________.

COMMISSION FILE NUMBER:  0-15859
                         -------


                                RICH COAST INC.
                        -------------------------------
       (Exact name of small business issuer as specified in its charter)


            Nevada                                    91-1835978
    ----------------------------------------      ------------------
(State or other jurisdiction of                   (I.R.S. Employer
incorporation or organization)                    Identification No.)


                     10200 Ford Road, Dearborn,  MI  48126
                     -------------------------------------
                    (Address of principal executive offices)

                                (313) 582-8866
                       --------------------------------
                          (Issuer's telephone number)

(Former name, former address and former fiscal year, if changed since last
report)

Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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.
YES  X    NO       
    ---      ------

The number of shares outstanding of the issuer's classes of common equity, as of
January 31, 1999 is 6,036,318 shares of Common Stock.

Transitional Small Business Disclosure Format (check one):     YES       NO  X
                                                                   ----     ---
<PAGE>
 
                         PART I - FINANCIAL INFORMATION

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

RICH COAST, INC.

Interim Consolidated Financial Statements
January 31, 1999
(Unaudited)

                                       2
<PAGE>
 
RICH COAST, INC
Consolidated Balance Sheets
(Unaudited)
(U.S. Dollars)

<TABLE>
<CAPTION>
 
--------------------------------------------------------------------------------------------------------------
                                                                               January 31,           April 30,
                                                                                  1999                 1998
--------------------------------------------------------------------------------------------------------------
 
Assets
 
Current
<S>                                                                    <C>                  <C>
  Cash                                                                       $     13,745         $     53,043
  Accounts receivable                                                             583,418              460,558
  Insurance claim receivable                                                            0              435,290
  Shares subscription receivable                                                        0               25,000
  Inventory                                                                        37,576              108,265
--------------------------------------------------------------------------------------------------------------
 
                                                                                  634,739            1,082,156
Distillation Unit                                                               2,024,706            2,024,706
Property and Equipment, at cost (net)                                           3,510,469            2,990,373
Deferred Finance Charges and Other Assets                                         302,049              146,413
--------------------------------------------------------------------------------------------------------------

                                                                             $  6,471,963         $  6,243,648
--------------------------------------------------------------------------------------------------------------
 
Liabilities
 
Current
  Accounts payable and accrued liabilities                                   $    869,131         $    838,966
  Accrued oil and waste treatment costs                                           184,589              450,444
  Current portion of long-term debt                                                52,218              595,309
--------------------------------------------------------------------------------------------------------------
 
                                                                                1,105,938            1,884,719
Long-Term Debt                                                                  3,531,724            2,016,510
--------------------------------------------------------------------------------------------------------------
 
                                                                                4,637,662            3,901,229
--------------------------------------------------------------------------------------------------------------
 
 
 
Stockholders' Equity
 
    Common stock, $0.001 par value;
    100,000,000 shares authorized, 6,036,366 and 4,718,942 (post                   20,802               18,901
    reverse split) shares issued and outstanding at January 31,
    1999 and April 30, 1998, respectively
 
 
  Additional paid-in capital                                                   24,007,492           22,566,414
  Accumulated deficit                                                         (22,193,993)         (20,242,896)
--------------------------------------------------------------------------------------------------------------
 
                                                                                1,834,301            2,342,419
--------------------------------------------------------------------------------------------------------------
 
                                                                             $  6,471,963         $  6,243,648
--------------------------------------------------------------------------------------------------------------
</TABLE>

        See notes to financial statements.

                                       3
<PAGE>
 
RICH COAST, INC.
Consolidated Statements of Operations
(Unaudited)
(U.S. Dollars)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------

 
                                                      Three Months                         Nine Months
                                                    Ended January 31,                    Ended January 31,
------------------------------------------------------------------------------------------------------------------
                                                 1999               1998               1999              1998
<S>                                        <C>               <C>                 <C>               <C>
 
Sales                                           $  565,188          $  813,761       $ 1,705,216        $2,018,459
 
Cost of Sales (exclusive of
  depreciation)                                    415,779             416,939         1,043,700           917,086
 
Gross Profit                                       149,409             396,822           661,516         1,101,373
 
Expenses
  Interest - beneficial conversion
    feature                                        109,457              32,054           764,764           130,514
  Salaries and wages                               295,603             180,186           766,854           672,658
  Consulting and finance fees                       17,589               3,242           181,817           148,852
  Interest                                          86,449              72,874           279,753           211,437
  Insurance                                         22,059              24,029            70,722            84,906
  Utilities                                         33,454              36,823            71,123            89,376
  Audit, accounting and legal                       66,349              61,191           180,872           104,966
  Travel                                            10,111              13,902           101,648            51,275
  Office and general                                40,395              53,362            96,053           132,997
  Property taxes                                    20,105              19,421            81,205            71,959
  Telephone and facsimile                           20,494               9,257            49,221            24,395
  Advertising and shareholder relations             26,281               2,000           123,428             4,006
  Bad debts                                              0                 564                 0             2,787
  Depreciation                                      82,619              65,076           220,084           196,867
------------------------------------------------------------------------------------------------------------------
 
                                                   830,965             573,981         2,987,544         1,926,995
------------------------------------------------------------------------------------------------------------------
 
Loss Before Other Items                           (681,556)           (177,159)       (2,326,028)         (825,622)
------------------------------------------------------------------------------------------------------------------
 
Other Items
  Gain on fire insurance claim                           0             237,500            89,343           237,500
  Accrued oil and waste treatment cost
    reversal                                             0                   0           285,588                 0
------------------------------------------------------------------------------------------------------------------
 
                                                         0             237,500           374,931           237,500
------------------------------------------------------------------------------------------------------------------
 
Income (Loss) for Period                        $ (681,556)         $   60,341       $(1,951,097)       $ (588,122)
------------------------------------------------------------------------------------------------------------------
 
Loss Per Share Before Other Items                   $(0.14)             $(0.04)           $(0.48)           $(0.20)
------------------------------------------------------------------------------------------------------------------
 
Gain Per Share on Other Items                        $0.00               $0.05             $0.08             $0.06
------------------------------------------------------------------------------------------------------------------
 
Income (Loss) Per Share                             $(0.14)              $0.01            $(0.40)           $(0.14)
------------------------------------------------------------------------------------------------------------------
 
Weighted Average Number of Shares
  Outstanding (Post Reverse Split)               4,960,062           4,395,145         4,848,094         4,224,930
------------------------------------------------------------------------------------------------------------------
</TABLE>

        See notes to financial statements.

                                       4
<PAGE>
 
RICH COAST, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(U.S. Dollars)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------- 
                                                                                        Nine Months
                                                                                      Ended January 31,
----------------------------------------------------------------------------------------------------------------
                                                                                   1999               1998
 
<S>                                                                          <C>                <C>
 
Net Cash Used in Operating Activities                                              $ (700,575)         $(465,058)
----------------------------------------------------------------------------------------------------------------
 
Investment Activity
  Capital asset additions                                                            (748,468)          (117,300)
----------------------------------------------------------------------------------------------------------------
 
Financing Activities
  Collection subscriptions receivable                                                  25,000                  0
  Issue of capital stock for cash                                                     187,955            138,700
  Proceeds from convertible debenture                                               1,500,000            526,950
  Repayment of long-term debt                                                         (95,642)           (31,085)
  Deferred finance charge                                                            (207,568)           (44,828)
----------------------------------------------------------------------------------------------------------------
 
                                                                                    1,409,745            589,737
----------------------------------------------------------------------------------------------------------------
 
Increase (Decease) in Cash                                                            (39,298)             7,379
Cash, Beginning of Period                                                              53,043             12,919
----------------------------------------------------------------------------------------------------------------
 
Cash, End of Period                                                                $   13,745          $  20,298
----------------------------------------------------------------------------------------------------------------
 
Supplemental information
  Interest paid                                                                    $  198,296          $ 111,437
----------------------------------------------------------------------------------------------------------------
</TABLE>

        See notes to financial statements.

                                       5

<PAGE>
 
RICH COAST, INC.
Notes to Consolidated Financial Statements
January 31, 1999 and April 30, 1998
(Unaudited)
(U.S. Dollars)
--------------------------------------------------------------------------------

1.   BASIS OF PRESENTATION

     These unaudited consolidated financial statements have been prepared in
     accordance with generally accepted accounting principles in the United
     States for interim financial information. These financial statements are
     condensed and do not include all disclosures required for annual financial
     statements.  The organization and business of the Company, accounting
     policies followed by the Company and other information are contained in the
     notes to the Company's audited consolidated financial statements filed as
     part of the Company's April 30, 1998 Form 10-KSB.

     In the opinion of the Company's management, these financial statements
     reflect all adjustments necessary to present fairly the Company's
     consolidated financial position at January 31, 1999 and 1998 and the
     consolidated results of operations and the consolidated statement of cash
     flows for the nine months then ended.  The results of operations for the
     nine months ended January 31, 1999 are not necessarily indicative of the
     results to be expected for the entire fiscal year.

2.    CAPITAL STOCK

     (a) Authorized  100,000,000 common shares of $0.001 par value
 
     (b) Issued during the period:
        
<TABLE>
<CAPTION>
 
         ----------------------------------------------------------------------------------------------------------
                                                                   Number            Price Per
                                                                  of Shares          Share ($)          Amount
         ----------------------------------------------------------------------------------------------------------
                                                                (post reverse
                                                                   split)
         <S>                                                  <C>                <C>                <C>
         Nine Months Ended January 31, 1998
         Shares issued

 
           For cash, options and warrants                              155,432              $0.88          $138,700
           For services                                                103,653              $1.36           141,874
           Financing fees                                               12,512              $1.00            12,500
           Forbearance of interest                                      25,025              $0.01            25,000
           Settlement of debt                                          130,430              $0.77            99,709

                                                                       427,052                             $417,783
         ----------------------------------------------------------------------------------------------------------
 
         Nine Months Ended January 31, 1999
         Shares issued
           For cash - options                                          229,626              $0.83          $187,955
           Interest on notes                                            47,499              $1.22            58,024
           Settlement of debt                                        1,040,299              $0.67           697,000
         
                                                                     1,317,424                             $942,979
         ----------------------------------------------------------------------------------------------------------
</TABLE>

          (c)  Effective June 19, 1998 there was a one for four reverse split of
               the authorized common stock.

                                       6
<PAGE>
 
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          ---------------------------------------------------------------
          RESULTS OF OPERATIONS
          ---------------------

The following information should be read in conjunction with the unaudited
consolidated financial statements included herein which are prepared in
accordance with generally accepted accounting principles ("GAAP") in the United
States for interim financial information.

Results of Operations
---------------------

Revenues for Rich Coast's third quarter are $565,188, up 4.6% from the previous
quarter, but disappointing and unacceptable to Rich Coast management.  The
Company experienced a loss of $681,556 for the quarter, compared to a loss of
$177,159 for the same period in the prior year.  Interviews with customers and
analysis of conditions show that consolidations in the industry have resulted in
larger but lower profit margin contracts between generators and the largest
waste disposal companies in the Detroit, Michigan area.  For the most part waste
generators are manufacturers involved in the automotive industry where the trend
has been and continues to be toward doing business with highly integrated Tier I
companies, i.e., well financed companies that handle both hazardous and non-
hazardous wastes and have both landfills and truck fleets.  Rich Coast's
financing is far too expensive to allow the company to compete in such a low
profit margin business.  This situation has not evolved overnight and Rich
Coast's management has been exploring various technologies that could provide a
higher profit margin as well as some business exclusivity. That technology has
been identified and demonstrated successfully at a slaughterhouse, a paper pulp
company and at a trap grease processing company.  All three demonstrations went
exceedingly well and have resulted in several requests for quotations for
systems incorporating Rich Coast's proprietary process which is a chemical air
sparged system (CASS) that separates liquids and solids to reduce, dramatically,
total fats, oils and greases (FOG); biological oxygen demand (BOD); and chemical
oxygen demand (COD).  Rich Coast will sell, lease or provide and operate
systems.  Funding requirements for manufacturing the cash systems are minimal as
a result of Rich Coast's utilization of manufacturing facilities at a local
company experienced in fabricating similar equipment.

The closing for the sale of the Company's Ford Road facility is scheduled for
March 30, 1999.  Rich Coast will receive $215,000 at closing to pay off its
principal balance of $79,747 due on the property and utilize remaining funds for
consolidation at the Company's Wyoming Avenue terminal. Rich Coast will also
hold a five year land contract for the $235,000 balance due which will produce
monthly payments to Rich Coast of $4,765.  The combination of additional
consolidated savings and revenues from an agreement with Murco, Inc., a
slaughterhouse operation in Plainwell, Michigan, should take Rich Coast to
essentially breakeven.  Thereafter, rapid expansion of CASS system installations
is expected as a result of successful demonstrations, thus generating
profitability early in the fiscal year starting May 1, 1999.

Changes in Financial Condition
------------------------------

The Company's net tangible assets have improved to $1,834,301 from $1,634,168
last quarter, mostly as a result of converting $697,000 of promissory notes into
1,040,299 Rich Coast common

                                       7
<PAGE>
 
shares and offset by $681,556 of net loss for the quarter. The Company still
intends to hold a shareholder's meeting, now tentatively scheduled for April 30,
1999, to vote on approval of issuance of preferred shares. Management has been
assured that the holders of $1,500,000 in convertible debentures intend to
convert to preferred stock, thus improving the Company's net tangible assets by
that amount. The Company found it necessary to postpone its meeting previously
scheduled for January 1999.

In February 1999, the Company's shares were de-listed from Nasdaq.  The Company
is appealing the Nasdaq decision to de-list its shares.

Forward-Looking Statements
--------------------------

The following cautionary statements are made pursuant to the Private Securities
Litigation Reform Act of 1995 in order for Rich Coast to avail itself of the
"safe harbor" provisions of that Act. Discussions and information in this
document which are not historical facts should be considered forward-looking
statements.  With regard to forward-looking statements, including those
regarding the potential revenues from the commercialization of the CASS
treatment system, the expected installations at slaughterhouses, the expected
increase in revenues, and the business prospects or any other aspect of Rich
Coast, be advised that actual results and business performance may differ
materially from that projected or estimated in such forward-looking statements.
Rich Coast has attempted to identify in this document certain of the factors
that it currently believes may cause actual future experience and results to
differ from its current expectations.  In addition to the risks cited above
specific to the CASS treatment system, differences may be caused by a variety of
factors, including but not limited to, adverse economic conditions, entry of new
and stronger competitors, inadequate capital and the inability to obtain funding
from third parties, the rejection of the Company's insurance claim relating to
the fire, unexpected costs, and failure to capitalize upon access to new
clientele.

                                       8
<PAGE>
 
                          PART II - OTHER INFORMATION

ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS
          -----------------------------------------

(c)  In December 1999 the Company issued an aggregate of 1,087,798 shares for
     accrued interest and conversion of principle on the Company's outstanding
     10% 18-Month Convertible Promissory Notes.  The shares were issued in
     reliance on Section 4(2) of the Securities Act since the shares were issued
     in connection with the private placement of the 10% Notes relying on the
     same exemption and the investment decision to take shares in lieu of cash
     payments was made at the time the 10% Notes were purchased.

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

(a)  Exhibit 3(i) - Articles of Incorporation. (1)

     Exhibit 3(ii) - Bylaws. (1)

     Exhibit 27.1 - Financial Data Schedule.  Filed previously.
----------
(1) Incorporated by reference from Registration Statement on Form S-3, File No.
    333-63289, filed with the SEC on September 11, 1998.


(b) Reports on Form 8-K: During the quarter ended January 31, 1999, the Company
    filed no reports on Form 8-K.

                                       9
<PAGE>
 
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Form 10-QSB/A No. 1 for 1/31/99 to be signed on
its behalf by the undersigned thereunto duly authorized.

                                   RICH COAST INC.



Date: March 25, 1999              by: /s/ James P. Fagan
                                  --------------------------------------------
                                  James P. Fagan, President



Date: March 25, 1999              by: /s/ Michael M. Grujicich
                                  --------------------------------------------
                                  Michael M. Grujicich, Chief Financial
                                       and Accounting Officer

                                       10