<PAGE>

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

                              FORM 10-QSB/A No. 2


[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         FOR THE QUARTERLY PERIOD ENDED October 31, 1999

         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
October 31, 1999 is 6,614,889 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
October 31, 1999

(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>
--------------------------------------------------------------------------------
                                                    October 31        April 30
                                                       1999             1999
--------------------------------------------------------------------------------
<S>                                               <C>              <C>
Assets

Current
Cash                                              $     28,538     $          0
Accounts Receivable, net                               662,753          491,418
Prepaid expenses                                         1,200                0
--------------------------------------------------------------------------------

                                                       692,491          491,418
Distillation Unit                                    2,024,706        2,024,706
Property and Equipment, net                          2,996,140        3,354,493
Patent and Technology, net                              20,031           21,914
Deferred Finance Charges and Deposits                  185,089          226,320
--------------------------------------------------------------------------------

                                                  $  5,918,457     $  6,118,851
================================================================================
Liabilities

Current
Bank Overdraft                                    $          0     $      5,682
Accounts payable and accrued liabilities             1,470,936          849,960
Accrued oil and waste treatment costs                  246,031          257,635
Current portion of long-term debt                      150,585          100,733
--------------------------------------------------------------------------------

                                                     1,867,552        1,214,010
Long-Term Debt                                       3,571,273        3,670,339
--------------------------------------------------------------------------------

                                                     5,438,825        4,884,349

Stockholders' Equity

Common stock, $0.001 par value;
100,000,000 shares authorized,
6,614,889 and 6,066,318 shares
issued and outstanding at
October 31, 1999 and April 30, 1999,
respectively                                            17,414           16,865

Additional paid-in capital                          24,152,122       24,043,106
Accumulated deficit                                (23,689,904)     (22,825,469)
--------------------------------------------------------------------------------
                                                       479,632        1,234,502
--------------------------------------------------------------------------------

                                                  $  5,918,457     $  6,118,851
================================================================================
</TABLE>

See notes to consolidated financial statements

                                                                               1
<PAGE>

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

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                Three Months                  Six Months
                              Ended October 31,            Ended October 31,
                             1999           1998          1999          1998
-------------------------------------------------------------------------------
<S>                     <C>            <C>            <C>           <C>
Sales                   $   715,371    $   534,537    $ 1,319,020   $ 1,140,028
Cost of Sales
(exclusive of
depreciation)               335,931        315,341        603,891       627,921
-------------------------------------------------------------------------------
Gross Profit                379,440        219,196        715,129       512,107

Expenses
Interest-beneficial
conversion feature                0         77,654              0       655,307
Salaries and wages          245,699        234,236        526,587       471,251
Interest                     81,899         88,612        136,589       193,304
Lawsuit Settlement          100,000              0        150,000             0
Office and General           31,278         20,957         31,411        55,658
Consulting and
financing fee                20,380         20,258         35,413       164,228
Audit, accounting
and legal                    21,264         63,829         64,731       114,523
Travel                       12,077         39,319         32,939        91,537
Pipeline Staking fee              0              0         16,905             0
Property Taxes               26,250         19,137         95,677        61,100
Insurance                    15,826         18,035         28,818        48,663
Utilities                    19,374         19,026         46,114        37,669
Telephone and
facsimile                     7,961         18,979         20,007        28,727
Advertising and
shareholder relations         1,538         92,378          1,538        97,147
Impairment loss on building 169,739              0        169,739             0
Bad Debts                     8,756              0          9,941             0
Depreciation                113,834         68,487        213,155       137,465
-------------------------------------------------------------------------------
                            875,875        780,907      1,579,564     2,156,579
-------------------------------------------------------------------------------
Loss Before
Other Items                (496,435)      (561,711)      (864,435)   (1,644,472)
 Gain on fire                     0         89,343              0        89,343
Accrued oil and
 waste treatment cost
 reversal                         0        285,588              0       285,588
-------------------------------------------------------------------------------
                                  0        374,931               0      374,931
-------------------------------------------------------------------------------
Loss for Period         $  (496,435)   $  (186,780)   $  (864,435)  $(1,269,541)
===============================================================================
Loss Per Share          $     (0.08)   $     (0.04)   $     (0.14)  $     (0.27)
===============================================================================
Weighted Average
Number of Shares
Outstanding               6,442,886      4,891,791      6,337,482     4,792,112
===============================================================================
</TABLE>
See notes to consolidated financial statements

                                                                               2
<PAGE>

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

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                                         Six Months
                                                      Ended October 31,
                                                 1999                     1998
--------------------------------------------------------------------------------
<S>                                         <C>                     <C>
Net Cash Provided by (used in)
Operating Activities                        $    56,876             $  (396,705)

Investing Activities
 Capital asset additions                        (22,656)               (744,324)
 Deferred finance charge                              0                (184,629)
--------------------------------------------------------------------------------
                                                (22,656)               (928,953)

Financing Activities
 Decrease in bank overdraft                      (5,682)                      0
 Issue of Capital stock for cash                      0                 156,729
 Proceeds from Convertible
 Debenture                                            0               1,500,000
 Repayment of long-term debt                          0                 (83,332)
--------------------------------------------------------------------------------
                                                 (5,682)              1,573,397
--------------------------------------------------------------------------------
Increase (Decrease) in Cash                      28,538                 247,739
Cash, (Bank Overdraft)
Beginning of Period                                   0                  53,043
--------------------------------------------------------------------------------
Cash, End of Period                         $    28,538             $   300,782
================================================================================

Supplemental disclosure of noncash 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 principal and interest
 due on convertible debentures              $    59,565
================================================================================
33,349 shares of common
 stock issued in exchange
 of accrued interest                                                $    42,176
================================================================================
</TABLE>

See notes to consolidated financial statements

                                                                               3
<PAGE>

RICH COAST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
October 31, 1999 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 all normal recurring adjustments,
         considered necessary to present fairly the Company's consolidated
         financial position at October 31, 1999 and the consolidated results of
         operations and the consolidated statement of cash flows for the three
         and six months ended October 31, 1999 and October 31, 1998.

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
          ----------------------------------------------------------------------
          <S>                       <C>         <C>           <C>
          Six months ended OCTOBER 31, 1998
          Shares issued
            For cash - options        167,750   $      0.86   $144,755
            Interest on notes          33,349   $      1.27     42,176
          ----------------------------------------------------------------------
                                      201,099                 $186,931
          ======================================================================
          Six months ended October 31,1999
          Shares issued
            Lawsuit settlement        250,000   $      0.20   $ 50,000
            Convertible Debenture     298,571   $    0.1995     59,565
            (principal and
            accrued interest)
          ----------------------------------------------------------------------
                                      548,571                  109,565
          ======================================================================
</TABLE>


3.       IMPAIRMENT

             On September 9, 1999, the Company entered into a contract to sell
             its Ford Road facility for $450,000. The Company has written down
             the value of the facility to the contract amount less anticipated
             closing costs, and has recorded an impairment loss of $169,739
             during the quarter ended October 31, 1999.

                                                                               4
<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF 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 for the six month period ended October 31, 1999 increased $178,992, or
16%, from $1,319,020 to $1,140,028 for the six month period ended October 31,
1998. The increase resulted from slightly increased prices and diversion of
business from the area's largest waste disposal company which was shut down in
October 1999 for violation of environmental regulations. That shut down was
still in effect as of December 1, 1999. Rich Coast expects to retain a
substantial portion of the diverted business. Rich Coast's owned and operated
waste treatment system installed at Murco, Inc., a slaughterhouse operation in
Plainwell, Michigan that is owned by Packerland Packing, operated successfully
when placed in the production process in early October 1999. This Rich Coast
system was temporarily shut down later in the month to improve its efficiency by
modifying some upstream waste treatment systems owned by Murco. Modifications
will be paid for by Murco and are expected to be completed to allow the Rich
Coast system to resume operation by Spring 2000. Rich Coast continues to refocus
its business on installation of proprietary Rich Cost waste treatment systems at
slaughterhouse and pulp-paper company locations and away from processing at Rich
Coast facilities.

A pulp-paper demonstration has also been completed successfully with the result
that an engineering contract for a production system has been received and
fulfilled. Rich Coast is still negotiating a production contract for the pulp-
paper plant.

On September 9, 1999 Rich Coast entered into a new contract with DeMonte
Fabricators, Ltd. for the purchase of its Ford Road facility. The contract
states a purchase price of $450,000 and is contingent on the purchaser obtaining
a Baseline Environmental Assessment by March 5, 2000. The Ford Road operations
will continue at its current pace until closing on the property, at which time
all operations will be transferred to the Wyoming Road facility. The Company
recognized an impairment loss of $169,739 during the six months ended October
31, 1999 in connection with this sales contract. The impairment loss adjusts the
carrying value of the Ford Road facility to the sales proceeds anticipated to be
received.

Cost of sales decreased $24,030, or 4%, from $627,921 during the six month
period ended October 31, 1998 to $603,891 for the six month period ended October
31, 1999. This decrease is due to reduced landfill and transportation costs. The
changes in sales and cost of sales resulted in an increase in gross profit of
$203,022, or 40%, from $512,107 for the six months ended October 31, 1998 to
$715,129 for the corresponding period in 1999. Gross profit as a percent of
sales increased from 45% in 1998 to 54% in 1999.

Interest expense consists of the amortization of beneficial conversion features
of convertible debt instruments and other interest. The beneficial conversion
features relate to the 10% convertible promissory notes (converted to common
stock during the year ended April 30, 1999) and the 8% convertible debentures
($1,445,500 outstanding principal at October 31, 1999) 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 $655,307 for
the six month period ended October 31, 1998 to $0 for the six month period ended
October 31, 1999. Other interest expense decreased $56,715, or 30%, from
$193,304 in 1998 to $136,589 in 1999. This decrease was due to interest paid on
convertible debt ($697,000 principal outstanding) during the six month period
ended October 31, 1998. These debentures converted to common stock in December
1998, so no similar interest expense was necessary in 1999.
<PAGE>

Salaries and wages increased $55,336, or 12%, from $471,251 during the six
months ended October 31, 1998 to $526,587 during the six months ended October
31, 1999. This increase was due to a larger number of employees.

During the six months ended October 31, 1999, 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 $128,815, or 78%, from $164,228
during the six months ended October 31, 1998 to $35,413 during the six months
ended October 31, 1999. This decrease was due to replacement of consultants with
salaried employees.

Audit, accounting and legal expenses decreased $49,792, or 43%, from $114,523
during the six months ended October 31, 1998 to $64,731 during the six months
ended October 31, 1999. This decrease was due to reduced legal expenses.

Travel expenses decreased $58,598, or 64%, from $91,537 during the six months
ended October 31, 1998 to $32,939 during the six months ended October 31, 1999.
This decrease was due to a stringent cost reduction production.

During the six months ended October 31, 1999, the Company incurred $16,905 of
pipeline relocation cost due to the pipeline's interference with a county
project.

Property taxes increased $34,577, or 57%, from $61,100 during the six months
ended October 31, 1998 to $95,677 during the six months ended October 31, 1999.
This increase was due to a one time settlement of property tax penalty and
interest charges.

Advertising and shareholder relations expenses decreased $95,609, or 98%, from
$97,147 during the six months ended October 31, 1998 to $1,538 during the six
months ended October 31, 1999. This decrease was due to termination of contracts
with new business developments and a corresponding decrease in warrant expenses.

Depreciation expense increased $75,690, or 55%, from $137,465 during the six
months ended October 31, 1998 to $213,155 during the six months ended October
31, 1999. 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 six months ended October 31, 1998, 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 and waste treatment cost
reversal related to savings from an improved waste oil treatment process.

Net loss for the six months ended October 31, 1999 was $864,435 compared to a
net loss of $1,269,541 for the six months ended October 31, 1998, a decrease of
$405,106, or 32%. Loss per share decreased $0.13, or 48%, from $0.27 per share
for the six month period ended October 31, 1998 to $0.14 per share for the same
period in 1999. Loss per share was also impacted by an increase in the weighted
average number of shares of 1,545,370 shares arising from 250,000 shares issued
in the settlement of a lawsuit and 298,571 shares issued upon conversion of debt
to equity.

Changes in Financial Condition

The Company's business focus continues its shift toward waste treatment
operations at the waste generator's plant. The company believes this transition
will occur over the next two years. The increased revenues from traditional
operations continue to increase due to market demand. Also, the Company's cost
of sales for the six month period totaled $603,891, compared to $627,921 for the
same six month period last year. This represents a 4% decrease in cost of sales,
while revenues for the comparable periods increased 15%.

Until the Company's transition in business is complete, it expects to continue
to incur net losses and to require financing of operating cash needs from equity
investments. In addition, the Company's sale of its Ford Road facility will
generate $300,000 positive cash flow after clean up and repairs required as part
of
<PAGE>

the sales agreement. This amount, along with additional equity investment, is
expected to offset losses until profitability is attained.

Part II    Other Information

Item 1.  Legal proceedings

On or about December 29, 1997 the Company was served with a complaint filed
against it in U.S. District Court for the Eastern District of Michigan by Mobil
Oil Corporation. The complaint alleges breach of contract by the Company in
connection with a Terminaling Agreement dated May 18, 1995 relating to through-
put fees at Mobil's Woodhaven, Michigan facility. The dispute under the
Terminalling Agreement will not affect the Company's purchase of the Mobil
terminal, which occurred January 15, 1996, and should not be confused with the
Mobil terminal. The complaint was settled on October 1, 1999, and Rich Coast
paid Mobil Oil Corporation $100,000 on November 9, 1999 as part of the
settlement.

On December 30, 1997 an unrelated complaint was filed against the Company and
two of its directors personally in US District Court for the Eastern District of
Michigan by Comer Holdings Ltd., an Irish corporation ("Comer"), in which Comer
claims, among other things, breach of contract relating to alleged loan made to
the Company in 1994. The Company settled the suit by granting Comer 250,000
shares of common stock and committing to a $3,125 payment on December 1, 1999
with five additional payments of $9,375 at three month intervals commencing
March 1, 2000.

Item 2. Changes in Securities

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.

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

                           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 10/31/99.
-------
1     Incorporated by reference from Registrant Statement on Form S-3, File No.
      333-63289, filed with the SEC on September 11, 1998.
<PAGE>

                                  SIGNATURES

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

                                     RICH COAST INC.

Date:  August 25, 2000                   by: /s/ James P. Fagan
                                         -------------------------------
                                         James P. Fagan, President

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