<PAGE>

                    U.S. 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, 2000

     OR

[_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
     EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ 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, MICHIGAN 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
July 13, 2000 is 11,039,889 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, 2000
(UNAUDITED-PREPARED BY MANAGEMENT)




          INDEX

          CONSOLIDATED FINANCIAL STATEMENTS

          Consolidated Balance Sheets                                1

          Consolidated Statements of Operations                      2

          Consolidated Statements of Cash Flows                      3

          Notes to Consolidated Financial Statements                 4
<PAGE>

Rich Coast Inc.
Consolidated Balance Sheets
(Unaudited - Prepared by Management)
(United States Dollars)

<TABLE>
<CAPTION>
---------------------------------------------------------------------------
                                                 January 31      April 30
                                                     2000           1999
---------------------------------------------------------------------------
<S>                                             <C>            <C>
Assets

Current:
Cash                                            $     75,043   $          0
Accounts receivable, net                             608,272        491,418
Prepaid expenses                                      16,200              0
---------------------------------------------------------------------------

                                                     699,515        491,418
Distillation unit, net (note 3)                      800,000      2,024,706
Property and equipment, net                        2,904,092      3,354,493
Patent and technology, net                            19,089         21,914
Deferred finance charges and deposits                168,542        226,320
---------------------------------------------------------------------------

                                                $  4,591,238   $  6,118,851
---------------------------------------------------------------------------
Liabilities

Current:
Bank overdraft                                  $          0   $      5,682
Accounts payable and accrued liabilities             998,064        849,960
Accrued oil and waste treatment costs                225,255        257,635
Current portion of long-term debt                    371,836        100,733
---------------------------------------------------------------------------

                                                   1,595,155      1,214,010
Long-Term Debt                                     3,282,288      3,670,339
---------------------------------------------------------------------------

                                                   4,877,443      4,884,349

Stockholders' Equity
Preferred stock, $0.001 par value;
10,000,000 shares authorized, 0 outstanding;
Common stock, $0.001 par value;
100,000,000 shares authorized,
9,914,889 and 6,066,318 shares issued
and outstanding at January 31, 2000
and April 30, 1999, respectively                       9,915          6,066

Additional paid-in capital                        24,804,621     24,053,905
Accumulated deficit                              (25,100,741)   (22,825,469)
---------------------------------------------------------------------------
                                                    (286,205)     1,234,502
---------------------------------------------------------------------------

                                                $  4,591,238   $  6,118,851
---------------------------------------------------------------------------
</TABLE>

See notes to consolidated financial statements
<PAGE>

RICH COAST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED - PREPARED BY MANAGEMENT)
(UNITED STATES DOLLARS)


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
                                       Three Months              Nine Months
                                     Ended January 31,         Ended January 31,
                                    2000         1999         2000          1999
-----------------------------------------------------------------------------------
<S>                            <C>           <C>          <C>           <C>
Sales                          $   776,674   $  565,188   $ 2,095,694   $ 1,705,216
-----------------------------------------------------------------------------------

Expenses:
Cost of sales                      340,418      415,779       944,309     1,043,700
Interest-beneficial
conversion feature                       0      109,457             0       764,764
Salaries and wages                 224,113      295,603       750,700       766,854
Interest                            68,905       86,449       205,494       279,753
Lawsuit Settlement                       0            0       150,000             0
Office and General                  21,969       40,395        53,380        96,053
Consulting and
financing fee                       55,091       17,589        90,504       181,817
Audit, accounting
and legal                           39,812       66,349       104,543       180,872
Travel                              17,597       10,111        50,536       101,648
Pipeline Staking fee                     0            0        16,905             0
Property Taxes                      37,203       20,105       132,880        81,205
Insurance                           19,111       22,059        47,929        70,722
Utilities                           32,017       33,454        78,131        71,123
Telephone and
facsimile                           10,960       20,494        30,967        49,221
Advertising and
shareholder relations                    0       26,281         1,538       123,428
Impairment loss
on equipment                     1,224,706            0     1,224,706             0
Impairment loss on building              0            0       169,739             0
Bad debts                             (180)           0         9,761             0
Depreciation                        95,789       82,619       308,944       220,084
-----------------------------------------------------------------------------------
                                 2,187,511    1,246,744     4,370,966     4,031,244
-----------------------------------------------------------------------------------
Loss Before
Other Items                     (1,410,837)    (681,556)   (2,275,272)   (2,326,028)
 Gain on fire                            0            0             0        89,343
Accrued oil and
 waste treatment cost
 reversal                                0            0             0       285,588
-----------------------------------------------------------------------------------
                                         0            0             0       374,931
-----------------------------------------------------------------------------------
Loss for Period                $(1,410,837)  $ (681,556)  $(2,275,272)  $(1,951,097)
===================================================================================
Loss Per Share                 $     (0.15)  $    (0.14)  $     (0.31)  $     (0.40)
===================================================================================
Weighted Average
Number of Shares
Outstanding                      9,144,780    4,960,062     7,273,248     4,848,094
===================================================================================
</TABLE>

   See notes to consolidated financial statements
<PAGE>

RICH COAST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED - PREPARED BY MANAGEMENT)
(UNITED STATES DOLLARS)


------------------------------------------------------------------------
                                                        Nine Months
                                                     Ended January 31,
                                                    2000           1999
------------------------------------------------------------------------

Net Cash (used in)
Operating Activities                              $(423,819)  $ (700,575)

Investing Activities:
 Capital asset additions                            (25,456)    (748,468)
 Deferred finance charge                                  0     (207,568)
------------------------------------------------------------------------
                                                    (25,456)    (956,036)

Financing Activities:
 Decrease in bank overdraft                          (5,682)           0
 Collection subscriptions receivables                     0       25,000
 Issue of Capital stock for cash                    600,000      187,955
 Proceeds from convertible
 debenture                                                0    1,500,000
 Repayment of long-term debt                        (70,000)     (95,642)
------------------------------------------------------------------------
                                                    524,318    1,617,313
------------------------------------------------------------------------
Increase (Decrease) in Cash                          75,043      (39,298)
Cash,
Beginning of Period                                       0       53,043
------------------------------------------------------------------------
Cash, End of Period                               $  75,043   $   13,745
========================================================================

Supplemental disclosure of non cash investing
and financing activities:

250,000 shares of common stock
issued upon settlement of lawsuit                 $  50,000
                                                  =========

298,571 shares of common stock
issued in exchange of principle &
interest due on convertible
debentures                                        $  59,565
                                                  =========
300,000 shares of common stock
issued for consulting services                    $  45,000
                                                  =========

47,499 shares of common stock
issued in exchange of accrued
interest                                                      $   58,024
                                                              ==========
1,040,299 shares of common stock
issued in exchange of principal due
on convertible debt                                           $  697,000
                                                              ==========

See notes to consolidated financial statements
<PAGE>

RICH COAST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2000 AND APRIL 30, 1999
(UNAUDITED - PREPARED BY MANAGEMENT)
(UNITED STATES 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, 1999 Form 10-KSB.

     In the opinion of the Company's management, these financial statements
     reflect all adjustments, including normal recurring adjustments, considered
     necessary to present fairly the Company's consolidated financial position
     at January 31, 2000 and the consolidated results of operations and the
     consolidated statement of cash flows for the three and nine months ended
     January 31, 2000 and January 31, 1999.

2.   CAPITAL STOCK

     (a)  Authorized 100,000,000 common shares of $0.001 par value and
          10,000,000 preferred shares of $0.001 par value.

     (b)  Issued during the period:



     ---------------------------------------------------------------------
                                           NUMBER    PRICE PER
                                          OF SHARES   SHARE($)   AMOUNT
     ---------------------------------------------------------------------


     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 (principal)       1,040,299  $  0.67    697,000
     -------------------------------------------------------------------
                                           1,317,424           $ 942,979
     ===================================================================
     Nine months ended January 31, 2000
     Shares issued
       Lawsuit settlement                    250,000  $  0.20  $  50,000
       Convertible Debenture                 298,571  $0.1995     59,565
       (principal and
       accrued interest)
       For cash                            3,000,000  $  0.20    600,000
       Consulting services                   300,000  $  0.15     45,000
     -------------------------------------------------------------------
                                           3,848,571           $ 754,565
     ===================================================================
<PAGE>


3.   DISTILLATION UNIT

     During the current quarter ended January 31, 2000, Rich Coast Inc.
     recognized an impairment loss in the distillation unit of $1,224,706. The
     impairment loss results from a written appraisal completed in January 2000,
     which estimates the fair market value of the equipment at $800,000.

Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OPERATIONS

The following information should be read in conjunction with 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 Operation

Revenues increased $390,478 or 22.9% from $1,705,216 to $2,095,694 for the nine
months ended January 31, 1999 and 2000, respectively. The revenue increase
resulted from price increases, new customers and retention of a majority of the
business that was diverted from City Environmental, a major competitor in
Detroit, Michigan, when that company was temporarily shut down during the months
of October, November and December 1999. City Environmental operations resumed in
January 2000 without any significant impact on Rich Coast's business. Rich Coast
retained about 75% of the diverted business through January, and expects this
percentage to drop to 50% during the current quarter. Rich Coast's lower prices
and the opportunity for Rich Coast to demonstrate its service capabilities
should help retain this business. A loss of the entire amount of diverted
business over six months would cause a revenue loss of 12%. Worst case scenario
would be a revenue loss of 6%, or $68,400, over six months. Prices on the
diverted business were kept competitive so impact on net income for the six
months is estimated at less than $10,000. Net loss for this latest quarter ended
January 31, 2000 was $1,410,837 compared to the previous quarterly net loss of
$681,556. Included in the $1,410,837 loss was depreciation of $95,789, and an
impairment loss on equipment of $1,224,706.

The Rich Coast owned equipment which was demonstrated last October at a Cattle
slaughterhouse in Michigan, and proved effective in grease recovery, was
temporarily shut down until plans to increase production and return rendering
operations are implemented. This implementation is planned for mid 2000;
however, more critical operating problems exist at another plant owned by the
Company's customer because of excessive sludge accumulations that limit
production, incurred due to excessive levels of both dissolved and suspended
solids. Rich Coast engineers and equipment have been utilized to recognize the
Company's customer's operations as top priority. The customer operations with
the problems also promise to be more profitable for Rich Coast, so to minimize
delays, engineering and process plans are being developed concurrently with
development of a mutually beneficial contract. A five-year contract with this
customer for its first installation was signed on April 10, 2000. That contract
is expected to be the model for future contracts.

A successful demonstration at a pulp-paper plant in Michigan is expected to
result in a contract; however, environmental issues are still being discussed
with regulatory authorities and until they are resolved Rich Coast cannot
develop a meaningful proposal for a production installation.

The sale of Rich Coast's Ford Road facility to De Monte Fabricators, Ltd. closed
on August 11, 2000. Operations by Rich Coast at its Ford Road facility have been
consolidated at Rich Coast's Wyoming Avenue terminal facility. Rich Coast
recognized an impairment loss of $169,739 in its second quarter ended October
31, 1999 due to the asset value of the Ford Rd. property being higher than its
$450,000 sales price. A positive cash flow of $300,000 is expected at sale
closing.

<PAGE>

No major capital expenditures were made by Rich Coast during the third quarter.
There were no outstanding commitments for capital expenditures at January 31,
2000.


Interest expense consists of the amortization of beneficial conversion features
of convertible debt instruments and other interest. The beneficial conversion
features related to the 10% convertible promissory notes (converted to common
stock during the year ended April 30, 1999) and the 8% convertible debentures
($1,375,500 outstanding principal at January 31, 2000) and were fully amortized
to interest expense during the year ended April 30, 1999. Therefore, the amount
of interest expense-beneficial conversion feature decreased from $764,764 for
the nine month period ended January 31, 1999 to $0 for the nine month period
ended January 31, 2000. Other interest expense decreased $74,259 or 27% from
$279,753 in 1999 to $205,494 in 2000. This decrease was due to interest paid on
convertible debt ($697,000 principal outstanding) during the nine month period
ended January 31, 1999. These debentures converted to common stock in December
1998, so no similar interest expense was necessary during the nine months ended
January 31, 2000.

During the nine months ended January 31, 2000, the Company incurred $150,000 of
expense from the settlement of separate lawsuits involving Mobil Oil Corp. and
Comer Holdings, Ltd.

Consulting and financing fees decreased from $91,313 or 50%, from $181,817
during the nine months ended January 31, 1999 to $90,504 during the nine months
ended January 31, 2000.  This decrease was due to replacement of consultants
with salaried employees.

Audit, accounting and legal expenses decreased $76,329, or 42%, from $180,872
during the nine months ended January 31, 1999 to $104,543 during the nine months
ended January 31, 2000.  This decrease was due to reduced legal expenses.

Travel expenses decreased $51,112, or 50%, from $101,648 during the nine months
ended January 31, 1999 to $50,536 during the nine months ended January 31, 2000.
This decrease was due to a stringent cost reduction program.

During the nine months ended January 31, 2000, the Company incurred $16,905 of
pipeline relocation cost due to pipeline's interference with a county project.

Property taxes increased $51,675, or 64%, from $81,205 during the nine months
ended January 31, 1999 to $132,880 during the nine months ended January 31,
2000.  This increase was due to recognition of property tax penalties and
interest charges.

Advertising and shareholder relations expenses decreased $121,890, or 99%, from
$123,428 during the nine months ended January 31, 1999 to $1,538 during the nine
months ended January 31, 2000.  This decrease was due to termination of
contracts with new business developments and a corresponding decrease in warrant
expenses.

During the nine months ended January 31, 2000, the Company recognized an
impairment loss in the distillation unit of $1,224,706.  The impairment loss is
supported by a written appraisal completed in January 2000.  The appraisal
estimates a fair market value of $800,000.

Depreciation expense increased $88,860, or 40%, from $220,084 during the nine
months ended January 31, 1999 to $308,944 during the nine months ended January
31, 2000.  This increase was due to purchase and installation of a new aeration
waste treatment system at the Company's Wyoming Avenue terminal facility.

During the nine months ended January 31, 1999, the Company recognized a gain of
$89,343 related to the final insurance settlement of the Company's December 15,
1997 fire damage and a gain of $285,588 of accrued oil waste treatment cost
reversal related to savings from an improved waste oil treatment process.

Net loss for the nine months ended January 31, 2000 was $2,275,272 compared to a
net loss of $1,951,097 for the nine months ended January 31, 1999, an increase
of $224,175, or 11.5%.  Net loss per share decreased $0.09, or 23%, from $0.40
per share for the nine month period ended January 31, 1999 to $0.31 per share
for the same period in 2000.  Loss per share was also impacted by an increase in
the weighted average number of shares of 2,425,154.
<PAGE>

Changes in Financial Condition

Rich Coast obtained $600,000 of equity financing during its third quarter ending
January 31, 2000 through the sale of 3,000,000 shares of common stock for $.20
per share.  Net losses for the nine months ended January 31, 2000 totaled
$2,275,272 and included depreciation of $308,944 and total impairment losses of
$1,394,445.  The Company expects to continue increasing its revenues in future
quarters as traditional business continues to improve and revenues are realized
from anticipated contracts from installation of waste treatment systems at waste
generator's sites.  With cash of $75,043 as of January 31, 2000 plus an
anticipated $300,000 of positive cash flow from the close of sale of the Ford
Road property by May 9, 2000, future fund raising will only be necessary if the
favorable outlook changed or if additional funds allow an economically
attractive improvement in the Company's growth.

Part II.  Other Information

Item 1.   Legal Proceedings

No unresolved legal proceedings exist as of January 31, 2000.

Item 2.   Changes in Securities

(a) On January 5, 2000 the Company's Articles of Incorporation were amended to
add 10,000,000 shares of Preferred Stock, par value $0.001 per share.  This
amendment was authorized by the Company's shareholders at a meeting of the
shareholders held May 26, 1999.  The amendment allows the Company's Board of
Directors to issue from time to time, without shareholder authorization, in one
or more designated series, any or all of the authorized but unissued shares of
Preferred Stock with such dividend, redemption, conversion and exchange
provisions as may be provided by the Board of Directors with regard to such
particular series.  Any series of Preferred Stock may possess voting, dividend,
liquidation and redemption rights superior to those of the Common Stock.  The
rights of the holders of Common Stock will be subject to and may be adversely
affected by the rights of the holders of any Preferred Stock that may be issued
in the future.  Issuance of a new series of Preferred Stock, or providing
desirable flexibility in connection with possible acquisitions and other
corporate purposes, could make it more difficult for a third party to acquire,
or discourage a third party from acquiring the outstanding shares of Common
Stock of the Company and make removal of the Board of Directors more difficult.
No shares of Preferred Stock are currently issued and outstanding, and the
Company has no present plans to issue any shares of Preferred Stock.

(c) Rich Coast completed a private placement on November 8, 1999 for aggregate
gross proceeds of $350,000 to Frippoma, S.A., a Swiss entity and an accredited
investor, in a transaction exempt under Regulation S and Rule 506 of Regulation
D of the Securities Act of 1933.  Frippoma, S.A. received 1,750,000 shares of
the Company's common stock at $0.20 per share.  No commissions were paid on the
transaction.

A second private placement by Rich Coast was completed on December 20, 1999 for
aggregate gross proceeds of $250,000 with Frippoma, S.A. and Strauss Holding
Ltd. each being a Swiss entity and an accredited investor, in a transaction
exempt under Regulation S and Rule 506 of Regulation D of the Securities Act of
1933. Frippoma S.A. received 800,000 shares and Strauss Holding Ltd. Received
450,000 shares of Rich Coast common stock at $0.20 per share. No commissions
were paid on the transaction.

Forward-Looking Statements

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 Rich Coast proprietary systems, the expected installations
at slaughterhouses, the expected increase in revenue, 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.
Differences may be caused by a variety of factors, including but not limited to,
adverse economic conditions, entry

<PAGE>


of new and stronger competitors, inadequate capital and the inability to obtain
funding from third parties.

                           PART II-OTHER INFORMATION


ITEM 6         EXHIBITS

(a)       Exhibit 3(i)- Articles of Incorporation. 1
          Exhibit 3(ii)-Bylaws. 1
          Exhibit 27.1-Financial Data Schedule. Filed herewith.

(b)       No reports on Form 8-K were filed during the quarter ended 1/31/2000.
-------
1    Incorporated by reference from Registration Statement on Form S-3 and as
     amended on Form SB-2, File No. 333-63289.
<PAGE>

                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                            RICH COAST INC.

Date:  August 25, 2000             by: /s/ Robert W. Truxell
                                       -------------------------------
                                       Robert W. Truxell, Chairman

Date:  August 25, 2000             by: /s/ Michael M. Grujicich
                                       -------------------------------
                                       Michael M. Grujicich,
                                       Chief Financial and Accounting
                                       Officer