SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 Form 10-QSB/A-1

(Mark One)

[x]    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
       OF 1934

                  For the quarterly period ended March 31, 2001
                                                 --------------

[ ]    TRANSITION  REPORT  UNDER  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
       ACT OF 1934

           For the transition period from              to
                                          ------------    ------------

                        Commission file number 001-13559
                                               ---------


                      Restaurant Teams International, Inc.
                      ------------------------------------
                 (Name of small business issuer in its charter)

                Texas                                 75-2337102
   (State of other jurisdiction of       (I.R.S. Employer Identification No.)
    incorporation or organization

     P.O. Box 5310, Longview, Texas                      75608
(Address of principal executive offices)               (Zip Code)

                    Issuer's telephone number (903) 295-6800


Check  whether the issuer (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[ ]


Number of shares outstanding of each of the issuer's classes of common stock, as
of August 17, 2001: 49,574,663 shares of common stock, par value $.01.

<PAGE>

                      RESTAURANT TEAMS INTERNATIONAL, INC.


                                                                        Page No.
                                                                        --------

PART I         FINANCIAL INFORMATION..................................      2

Item 1.        Financial Statements...................................      2
               --------------------

               Table of Contents to Financial Information.............      3

               Condensed Balance Sheets for the Periods
               Ended March 31, 2001 and December 31, 2000.............      4

               Condensed Statements of Continuing Operations For the
               Three-Month Periods  Ended March 31, 2000 and
               March 31, 2001.........................................      6

               Condensed Statements of Cash Flows for the Three-Month
               Periods Ended March 31, 2000 and March 31, 2001........      7

               Notes to interim financial statements..................      8

Item 2.        Management's Discussion and Analysis of
               ---------------------------------------
               Financial Condition and Results of Operations..........      9
               ---------------------------------------------


PART II        OTHER INFORMATION......................................     10

Item 2.        Changes in Securities..................................     10
               ---------------------

Item 4.        Submission of Matters to a Vote of Security Holders....     10
               ---------------------------------------------------

Item 6.        Exhibits and Reports on Form 8-K.......................     10
               --------------------------------

Signatures     .......................................................     11

Exhibit Index  .......................................................     12



                                                                               1
<PAGE>

Item  1.  FINANCIAL STATEMENTS






                      Restaurant Teams International, Inc.
                              Financial Statements
                              As of March 31, 2001




                                                                               2
<PAGE>


                      Restaurant Teams International, Inc.

                              Financial Statements


                              As of March 31, 2001


                                    Contents
Financial Statements

Balance Sheet .................................................................4
Statements of Operations ......................................................6
Statements of Cash Flow........................................................7
Notes..........................................................................8









                                                                               3
<PAGE>


                      Restaurant Teams International, Inc.
                            Condensed Balance Sheets

                                                  Dec. 31, 2000   March 31, 2001

ASSETS

CURRENT ASSETS
  Cash                                               $   59,133       $   32,640
  Inventories                                             6,225            6,743
  Marketable Securities                                  24,140                0
                          Total Current Assets           89,498           39,383

PROPERTY AND EQUIPMENT, net                           2,680,238        2,657,738

OTHER ASSETS
  Assets Held for Sale, net                             257,000          257,000

Assets of discontinued operations, net                   84,607                0

TOTAL ASSETS                                          3,111,343        2,954,121






                                                                               4
<PAGE>
<TABLE>
<CAPTION>

<S>                                                                       <C>            <C>
LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES
  Amounts due related parties, net                                             47,500              0
  Accounts Payable                                                            446,869        421,027
  Accrued Expenses and Other Liabilities                                      831,232        501,906
  Income Tax Payable                                                           10,000         10,000
  Current Portion of Long Term Debt                                         1,764,819      1,764,819
                                              Total current liabilities     3,100,420      2,697,758

CONVERTIBLE DEBENTURES                                                      1,996,301              0

DEFERRED LIABILITIES                                                           32,638         32,638

SHAREHOLDERS EQUITY
  Preferred Stock Series A                                                          0      1,999,920
  Preferred Stock Series B                                                          0        143,803
  Common Stock                                                                365,814        388,897
  Additional Paid In Capital                                               12,265,653     12,737,003
  Treasury Stock                                                             (773,456)      (773,456)
  Accumulated Deficit                                                     (13,876,027)   (13,876,027)
  Current Earnings                                                                  0       (396,409)
                                                                          -----------    -----------
                                              Total Stockholders Equity    (2,018,016)       223,731

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY                                   3,111,343      2,954,121

</TABLE>

                                                                               5
<PAGE>
<TABLE>
<CAPTION>

                      Restaurant Teams International, Inc.
                  Condensed Statement of Continuing Operations

                                                                        March 31, 2001    March 31, 2000
<S>                                                                     <C>               <C>
REVENUES
  Restaurant Sales                                                             180,664           187,611
  Rental Income                                                                 60,978            78,662
                                                                              --------          --------
                                 Total Revenues                                241,642           266,273

OPERATING COSTS AND EXPENSES
  Cost of sales                                                                 62,622            65,664
  Labor and benefits                                                            71,968            57,221
  Other operating expenses                                                      34,409           142,224
  General & Administrative Expenses                                            176,995           218,095
  Depreciation & Amortization Expenses                                          22,500            22,500
                                                                              --------          --------
                                 Total Operating Costs & Expenses              368,494           505,704

                                 Operating Income (Loss)                      (126,852)         (239,431)

NON-OPERATING (INCOME) EXPENSE
  Interest Expense                                                              53,544           253,870
  Loss (Gain) on discontinued operations                                       216,012           (58,214)
  Other income                                                                       0                 0

                                 Total Non-Operating (Income) Expense          269,556           195,656

LOSS BEFORE INCOME TAXES                                                      (396,408)         (435,087)

INCOME TAX BENEFIT                                                                   0                 0

NET INCOME (LOSS)                                                             (396,408)         (435,087)

NET LOSS PER COMMON SHARE, basic & diluted                                       (0.01)            (0.03)

</TABLE>


                                                                               6
<PAGE>
<TABLE>
<CAPTION>

                      Restaurant Teams International, Inc.
                       Condensed Statements of Cash Flows

                                                                            Three Months Ended
                                                                            ------------------
                                                                     March 31, 2001    March 31, 2000
                                                                     --------------    --------------
<S>                                                                  <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
         Net loss                                                       $  (396,408)      $  (435,087)
         Adjustments to reconcile net loss to
              net cash provided by operating activities:
                  Depreciation and amortization                              22,500           116,975
                           Amortization of discount and issuance
                      costs of convertible debentures                             0            26,540
                  Loss (gain) on sale of assets                                   0           (28,140)
                  Net change in operating assets and liabilities:
                  Increase in accounts receivable                                 0          (498,070)
                  Increase in inventories                                      (519)          (30,604)
                  Increase in other current assets                           24,140                 0
                  Increase (decrease) in accounts payable
                      and accrued expenses                                 (355,168)       (1,045,621)
                  Increase (decrease) in notes due related parties          (47,500)                0
                                                                        -----------       -----------

                  Net cash provided by operating activities                (752,955)          328,423

CASH FLOWS FROM INVESTING ACTIVITIES:
         Purchases of property and equipment                                      0          (180,116)
         Proceeds from sale of property and equipment                             0            70,000
         Payments in connection with Fatburger Acquisition (Pending)              0           (45,000)
         Payments in connection with current acquisitions                         0          (350,000)
         Change is assets of discontinued operations                         84,607                 0
         Cash acquired in current acquisitions                                 --              20,000
                                                                        -----------       -----------
                  Net cash used in investing activities                      84,607          (485,116)

CASH FLOWS FROM FINANCING ACTIVITIES:
         Change in Convertible Debentures                                (1,996,301)                0
         Change in Common Stock                                              23,803                 0
         Change in Contributed Capital                                      471,350                 0
         Change in Series A Preferred Stock                               1,999,920                 0
         Change in Series B Preferred Stock                                 143,803                 0
         Principal payments of long-term debt                                     0           (24,264)
         Proceeds from issuance of note payable and debentures                    0           275,000
                                                                        -----------       -----------
                  Net cash provided by (used in) financing activities       641,855           250,736

NET INCREASE  (DECREASE) IN CASH                                            (26,493)           94,043

CASH AT BEGINNING OF PERIOD                                                  59,133             2,521
                                                                        -----------       -----------

CASH AT END OF PERIOD                                                   $    32,640       $    96,564
                                                                        ===========       ===========

</TABLE>

                                                                               7
Note 1.   Basis of Presentation

          The condensed financial  statements of Restaurant Teams International,
          Inc. (the "Company") as of March 31, 2000 and March 31, 2001 have been
          prepared by the Company,  pursuant to the rules and regulations of the
          Securities  and  Exchange   Commission.   The  Company   operates  one
          restaurants  under  the name  Street  Talk Cafe and owns  three  other
          facilities which it leases to other operators.

          The information furnished herein reflects all adjustments  (consisting
          of normal  recurring  accruals  and  adjustments),  which are,  in the
          opinion of management, necessary to fairly state the operating results
          for the respective periods.  However,  these operating results are not
          necessarily  indicative  of the results  expected  for the full fiscal
          year. Certain information and footnote  disclosures  normally included
          in annual financial  statements  prepared in accordance with generally
          accepted  accounting  principals  have been  omitted  pursuant to such
          rules and regulations. The notes to the condensed financial statements
          should  be  read  in  conjunction  with  the  notes  to the  financial
          statements  contained in the Form 10-KSB A-1 for the fiscal year ended
          December 31, 2000.  Company  management  believes that the disclosures
          are sufficient for interim financial reporting purposes.






                                                                               8
<PAGE>

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS ON PLAN OF OPERATION

Forward-Looking Statements

         This  Quarterly  Report  on  Form  10-QSB  includes   "forward-looking"
statements  within the meaning of Section 27A of the  Securities Act of 1933, as
amended (the Securities Act), and Section 21E of the Securities  Exchange Act of
1934,  as amended (the  Exchange  Act),  which can be  identified  by the use of
forward-looking  terminology  such as,  "may",  "believe",  "expect",  "intend",
"anticipate",  "estimate"  or  "continue"  or  the  negative  thereof  or  other
variations  thereon  or  comparable  terminology.   All  statements  other  than
statements of historical fact included in this Form 10-QSB, are  forward-looking
statements.  Although the Company  believes that the  expectations  reflected in
such  forward-looking  statements are reasonable,  it can give no assurance that
such  expectations  will  prove to have been  correct.  Important  factors  with
respect to any such  forward-looking  statements,  including  certain  risks and
uncertainties  that could cause  actual  results to differ  materially  from the
Company's  expectations  ("Cautionary  Statements")  are  disclosed in this Form
10-QSB,  including,  without limitation, in conjunction with the forward-looking
statements  included in this Form 10-QSB,  and in the Company's Annual Report on
Form 10-KSB A-1 for the year ended  December  31, 2000.  Important  factors that
could   cause   actual   results  to  differ   materially   from  those  in  the
forward-looking  statements herein include,  but are not limited to, the newness
of the Company,  the need for additional capital and additional  financing,  the
Company's limited restaurant base, lack of geographic diversification, the risks
associated with expansion, a lack of marketing experience and activities,  risks
of franchising,  seasonability,  the choice of site  locations,  development and
construction delays, need for additional  personnel,  increases in operating and
food costs and  availability  of  supplies,  significant  industry  competition,
government  regulation,  insurance claims and the ability of the Company to meet
its stated  business  goals.  All  subsequent  written and oral  forward-looking
statements  attributable  to the  Company  or  persons  acting on its behalf are
expressly qualified in their entirety by the Cautionary Statements.


         The following  discussion  of the results of  operations  and financial
condition should be the Financial  Statements and related Notes thereto included
herein.


Overview

The Company was  organized in June 1990 as Bosko's,  Inc.  under the laws of the
State of  Delaware.  In November  1992 the  Company  changed its name to Fresh'n
Lite,  Inc.,  and in November 1995 the Company  merged into a Texas  corporation
also  bearing the name  Fresh'n  Lite,  Inc. On  September  15, 1998 the Company
changed its name to  Restaurant  Teams  International,  Inc. to more  accurately
reflect the  direction  management  is taking with  respect to  positioning  the
Company as a  multi-concept  holding  company.  The Company  currently  owns and
operates one Street Talk Cafe restaurant in The Colony, Texas.

                                                                               9
<PAGE>

Results of Operations

Comparison of Periods Ended March 31, 2000 and March 31, 2001.

         Revenues. Continuing operating revenues for period ended March 31, 2000
were $266,273, with an operating loss of $239,431.

         Continuing  operating  revenues  for period  ended  March 31, 2001 were
$241,642,  a 9% decrease from 2000,  with an operating loss of $126,852.  The 9%
decrease  in  revenues  from 2001 is  attributed  to the decline in sales at the
Company's  Colony  location due to the opening of several new restaurants in the
area.

         Costs and  Expenses.  Costs and expenses for the period ended March 31,
2001  decreased  by $137,210 or 17% to $368,494 as compared to $505,704  for the
corresponding period ended March 31,2000.  This was primarily due to the sale of
the Tanner's  restaurants and the lack of operating expenses associated with the
Regulatory  Solutions  division.   General  and  Administrative  Costs  in  2001
decreased by 19% to $176,995 as compared to $218,095 in 2000.  This decrease was
primarily  due  to  the  previous  years   development  of   infrastructure   in
anticipation  of the future growth and  acquisitions.  Interest  expense in 2001
decreased by $200,326 to $53,544 from $253,870 in 2000.

         Net Income.  The Company had a net loss for the period  ended March 31,
2001 of $396,408 compared to net loss of $435,087 for the period ended March 31,
2000, representing a loss of ($.01) and ($.03) per share, respectively.


Liquidity and Capital Resources

         Historically,  the Company has required  capital to fund the operations
and capital expenditure requirements of its Company-owned restaurants.

         The Company is  currently  operating  out of cash flow from  operations
however, management has determined that an immediate infusion of capital will be
required for the Company to maintain it's  operations and to be in a position to
make the acquisitions which have been targeted.

         The  Company's  principal  capital  requirements  are  the  funding  of
acquisitions.

PART II -  OTHER INFORMATION

Item 2.  CHANGES IN SECURITIES

On March 15, 2001,  the Board of Directors of the Company  approved the issuance
of 1,000,000  shares of Series B  Convertible  Preferred  stock  ("Series B") in
exchange  for  1,000,000  shares of common  stock owned by Curtis A. Swanson and
Stanley L.  Swanson and  $143,803 in  relinquishment  of accrued  salaries.  The
Series B stock has no par  value,  has full  voting  power  with  respect to all
actions  taken by  shareholders,  carries a 50 to 1 voting  right as compared to
common shares with  anti-dilution  rights,  is convertible into shares of Common
Stock on a 1 for 1 basis and is non transferable prior to conversion into Common
Stock.


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

         None


                                                                              10
<PAGE>

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Hereafter  set  forth  as an  exhibit  to the Form  10-QSB  of
                  Restaurant Teams International, Inc. is the following exhibit:

                  No.               Description of Exhibit
                  ---               ----------------------

                  27                Financial Data Schedule

         (b)      Current Reports on Form 8-K:

                  8-K  reporting  the change in auditors from Hein & Associates,
                  LP to Killman  Murrell & Company filed with the Securities and
                  Exchange Commission on July 31, 2001.






                                                                              11
<PAGE>

                                   SIGNATURES

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

                                 Restaurant Teams International,Inc.
                                 (Registrant)


Date:  September 6, 2001         By: /s/ Stanley L. Swanson
                                     ----------------------
                                     Stanley L. Swanson, Chief Executive Officer
                                     (Duly Authorized Signatory)


Date:  September 6, 2001         By: /s/ Curtis A. Swanson
                                     ---------------------
                                     Curtis A. Swanson, Chief Financial Officer
                                     and Executive Vice President
                                     (Duly Authorized Signatory)




                                                                              12
<PAGE>

                                  EXHIBIT INDEX


No.               Description of Exhibit
---               ----------------------

27                Financial Data Schedule









                                                                              13
<PAGE>

                                Exhibit to 10-QSB

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

        Date of Report (Date of Earliest event reported): April 30, 2001

                      Restaurant Teams International, Inc.
             (Exact name of registrant as specified in its charter)


     State of Texas                     001-13559                 75-2337102
(State of incorporation)          (Commission File No.)     (IRS Employer
                                                             Identification No.)



                                 P.O. Box 5310
                              Longview, Texas 75608
               (Address of principal executive offices) (Zip code)

                          911 N.W. Loop 281, Suite 111
                              Longview, Texas 75604
             (Former name of address, if changed since last report).

Item 4.  CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT.

At a meeting  held on July 27,  2001,  the  Board of  Directors  of the  Company
approved the engagement of Killman,  Murrell,  & Company,  P.C., a regional firm
which  specializes in SEC work, as its independent  auditors for the fiscal year
ending  December  31, 2000 to replace the firm of Hein &  Associates,  LLP.  The
audit committee of the Board of Directors approved the change in auditors on the
same date.

The change was made due to the desire of management to reduce costs in an effort
to return the company to profitability.

                                                                              14
<PAGE>

The report of Hein & Associates  LLP on the Company's  financial  statements for
the past  fiscal  year did not  contain an adverse  opinion or a  disclaimer  of
opinion and was not  qualified or modified as to  uncertainty,  audit scope,  or
accounting principles.

In  connection  with the audit of the  Company's  financial  statements  for the
fiscal year ended December 31, 1999, and in the subsequent interim period, there
were no  disagreements  with Hein & Assoicates  LLP on any matters of accounting
principles or practices,  financial statement disclosure,  or auditing scope and
procedures  which, if not resolved to the  satisfaction of Hein & Associates LLP
would have caused Hein & Associates LLP to make reference to the matter in their
report.

The Company has requested Hein & Associates LLP to furnish it a letter addressed
to the Commission stating whether it agrees with the above statements. A copy of
that  letter,  dated July 27,  2001 is filed as  Exhibit 1 to this Form 8-K,  as
required by Item 304 (a) (3) of Regulation S-K.


ITEM 7.  FINANCIAL STATEMENT, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

         (a)      Financial Statements of Businesses Acquired.

                  None

         (b)      Pro Forma Financial Information

                  None

         (c)      Exhibits

                  16.1 Letter re change in Certifying Accountant.

                                                                      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 hereunto duly authorized.

                                           Restaurant Teams International, Inc.


Date: July 30, 2001                        By: /s/ Stanley L. Swanson
                                              -----------------------
                                           Stanley L. Swanson
                                           Chief Executive Officer
                                           (Signature)

Date: July 30, 2001                        By: /s/ Curtis A. Swanson
                                              ----------------------
                                           Curtis A. Swanson
                                           Chief Financial Officer
                                           (Signature)

                                                                              15
<PAGE>

                                INDEX TO EXHIBITS

         Exhibit No.                       Description
         -----------                       -----------

            16.1              Letter re change in Certifying Accountant