SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)

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

                For the quarterly period ended September 30, 2000
                                               ------------------

[ ]  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

911 N.W. Loop 281, Suite 111, Longview, Texas              75604
  (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 [ ] No[X]

Number of shares outstanding of each of the issuer's classes of common stock, as
of October 20, 2000: 19,899,011 shares of common stock, par value $.01.


<PAGE>



                      RESTAURANT TEAMS INTERNATIONAL, INC.

                                                                       Page  No.

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

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

               Condensed Balance Sheets as of

               September 30, 2000 and December 31, 1999.......................2

               Condensed Statements of Operations For the Three and Nine Month
               Periods Ended September 30, 1999 and September 30, 2000
               (Unaudited)....................................................4

               Condensed Statements of Cash Flows for the Nine Month

               Periods Ended September 30, 1999 and September 30, 2000
               (Unaudited)....................................................5

               Notes to Interim Condensed Financial Statements (Unaudited)....7

Item 2.        Management's Discussion and Analysis of

               Financial Condition and Results of Operations..................8
               ---------------------------------------------


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



<PAGE>

                          PART 1 - FINANCIAL STATEMENTS

Item 1:  FINANCIAL STATEMENTS

                      Restaurant Teams International, Inc.
                            Condensed Balance Sheets

                                        Dec. 31, 1999  September 30, 2000
                                          (Audited)       (Unaudited)
                                         ----------       ----------
ASSETS

CURRENT ASSETS
         Cash                            $    2,521       $      726
         Accounts receivable                   --              9,091
         Inventories                         13,690           38,425
         Prepaid Expenses                    18,657             --
         Marketable securities                 --             33,659
         Federal Income Tax Receivable       38,030           38,030
                                         ----------       ----------
                  Total Current Assets       72,898          119,931

PROPERTY AND EQUIPMENT, net               3,608,114        4,088,481

GOODWILL, net                                  --            145,617

OTHER ASSETS
         Assets Held for Sale, net        1,844,586        1,844,586
         Acquisition costs of
            Fatburger (pending)           3,861,632             --
Debenture issuance costs, net                62,150           24,970
                                         ----------       ----------


                  TOTAL ASSETS           $9,449,380       $6,223,585
                                         ==========       ==========




<PAGE>

<TABLE>

<CAPTION>

                      Restaurant Teams International, Inc.
                            Condensed Balance Sheets

                                                           Dec. 31, 1999  September 30, 2000
                                                              (Audited)      (Unaudited)
                                                            ------------    ------------
<S>                                                         <C>             <C>
LIABILITIES AND SHAREHOLDERS' EQUITY

         CURRENT LIABILITIES
                  Accounts payable                                76,324         297,562
                  Accrued expenses and other liabilities         430,997         926,530
                  Income taxes payable                            10,000            --
                  Current portion of long-term debt              719,380       2,389,169
                                                            ------------    ------------
                           Total current liabilities           1,236,701       3,613,261

         LONG-TERM DEBT, net of current portion                1,328,276       1,266,638

         DEFERRED LIABILITIES                                     24,819          24,819

         CONVERTIBLE DEBENTURES, less discount                 2,227,846         690,000

         STOCKHOLDERS' EQUITY
              Preferred stock, $.01 par value                       --              --
              Preferred stock - Series A, $.10 par value,           --              --
              Common stock, $.01 Par Value,                      149,416         201,834
              Additional paid-in capital                       8,921,335      11,353,128
              Treasury stock                                    (761,150)       (761,150)
              Dividend distribution                                 --          (966,341)
              Accumulated deficit                             (3,311,120)     (9,198,604)

              Notes receivable - related parties                (366,743)           --
                                                            ------------    ------------

         Total Stockholders' equity                            4,631,738         628,867

                      TOTAL LIABILITIES AND

                      STOCKHOLDERS' EQUITY                  $  9,449,380    $  6,223,585
                                                            ============    ============


</TABLE>

<PAGE>

<TABLE>

<CAPTION>

                      Restaurant Teams International, Inc.
                       Condensed Statements of Operations

                                                      Three Months Ended              Nine Months Ended
                                                         September 30                    September 30
                                                     2000            1999            2000           1999
                                                         (Unaudited)                     (Unaudited)
                                               -----------------------------    ----------------------------
<S>                                            <C>              <C>             <C>             <C>
REVENUES

     Restaurant sales                              1,065,053    $    238,230    $  4,010,032    $  2,176,684
     Regulatory services                                --              --           629,246            --
     Rental income                                    78,778          45,798         236,102         113,274
                                                ------------    ------------    ------------    ------------


         Total revenues                            1,143,831         284,028       4,875,380       2,289,958

OPERATING COSTS AND EXPENSES

     Cost of sales                                   401,852          51,781       1,332,620         557,990
     Labor and benefits                              594,284          97,687       1,711,434         738,541
     Other operating expenses                        165,084          43,106         726,665         334,039
     General and administrative expenses              23,554         270,453         239,972         346,803
     Bad debt expense                                   --              --           498,070            --
     Depreciation expense                             98,535          79,000         295,605         224,000
     Amortization expense                              5,815            --            61,127            --
     Acquisition costs                             4,156,632            --         4,156,632         188,288
     Inventory write-down  - RSI                        --              --            80,000            --
     Goodwill impairment - RSI                       258,496            --           743,256            --
     Write-off cash advanced - RSI                    29,349            --           198,392            --
                                                ------------    ------------    ------------    ------------

         Total operating costs and expenses        5,733,601         542,027      10,043,773       2,389,661

         Operating loss                           (4,589,770)       (257,999)     (5,168,393)        (99,703)


NON-OPERATING EXPENSE

     Interest expense                                (90,909)       (136,536)       (635,776)       (689,091)
     Loss on sale of assets                         (107,000)           --           (78,861)           --
     Other                                               (91)           --            (4,454)           --
                                                ------------    ------------    ------------    ------------
                  Total non-operating expense       (197,818)       (136,536)       (719,091)       (689,091)

NET LOSS                                        $ (4,787,588)   $   (394,535)   $ (5,887,484)   $   (788,795)
                                                ============    ============    ============    ============

NET LOSS PER COMMON SHARE -

   basic and diluted                            $       (.37)   $       (.05)   $       (.52)   $       (.11)
                                                ============    ============    ============    ============



WEIGHTED AVERAGE SHARES

   OUTSTANDING                                    12,771,155       8,610,500      11,394,316       7,729,150
                                                ============    ============    ============    ============

</TABLE>

<PAGE>

<TABLE>

<CAPTION>

                      Restaurant Teams International, Inc.
                       Condensed Statements of Cash Flows

                                                                       Sept. 30, 2000  Sept. 30 , 1999
                                                                         (Unaudited)     (Unaudited)
                                                                         -----------    -----------
<S>                                                                      <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
         Net loss                                                        $(5,887,484)      (788,795)

         Adjustments to reconcile net loss to
              net cash provided by (used in) operating activities:
                  Depreciation and amortization                              326,732        196,000
                  Amortization of discount and issuance
                       costs of convertible debenture                        279,800        553,875

                  Stock compensation                                            --           80,000

                  Write down and impairment of RSI assets                    823,256           --
                  Write off of Fatburger acquisition                       4,156,632           --
                  Loss on sale of assets                                      78,861           --
                  Net change in operating assets and liabilities:

                           Increase in accounts receivable                    (9,091)          --
                           Increase in inventories                           (24,735)        25,502

                           Increase in other current assets                  (15,002)          --
                           Increase (decrease) accounts payable
                              and other liabilities                          706,771       (103,658)

                           Other                                             (19,743)       105,290
                                                                         -----------    -----------
                   Net cash provided by (used in) operating activities       415,997       (142,366)

CASH FLOWS FROM INVESTING ACTIVITIES:

         Purchases of property and equipment                                (982,972)      (537,134)
         Proceeds from sale of property and equipment                        100,000           --
         Payments in connection with acquisition of Fatburger                   --       (2,130,862)
         Payments in connection with current acquisitions                   (225,000)          --
         Decrease in notes receivable from related parties, net                 --          827,000
                                                                         -----------    -----------


                           Net cash used in investing activities          (1,107,792)    (1,840,996)

CASH FLOWS FROM FINANCING ACTIVITIES:

         Sale of common stock / debenture                                       --        1,014,889
         Principal payments of long-term debt                                   --       (1,046,492)
         Proceeds from issuance of note payable                              690,000        500,000
                                                                         -----------    -----------
         Net cash provided (used in) financing activities                    690,000        468,397

NET INCREASE  (DECREASE) IN CASH                                              (1,795)    (1,514,965)

CASH AT BEGINNING OF PERIOD                                                    2,521      1,606,245
                                                                         -----------    -----------


CASH AT END OF PERIOD                                                    $       726    $    91,280
                                                                         ===========    ===========

</TABLE>

<PAGE>
                      Restaurant Teams International, Inc.
                 Notes To Interim Condensed Financial Statements

                         For the Nine Month Period Ended
                               September 30, 2000

                                   (Unaudited)

Note 1.    Basis of Presentation

           The condensed financial statements of Restaurant Teams International,
           Inc. (the  "Company") as of September 30, 1999 and September 30, 2000
           have  been  prepared  by  the  Company,  pursuant  to the  rules  and
           regulations   of  the  Securities   and  Exchange   Commission.   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 filed on April 15,
           2000. Company management believes that the disclosures are sufficient
           for interim financial reporting purposes.

Note 2.    Pro-Forma disclosure regarding acquisitions

           In February and March of 2000 the Company made two acquisitions.  The
           first  acquisition was an asset purchase of substantially  all of the
           assets of the  bankrupt  subsidiaries  of Hartan,  Inc.  dba Tanner's
           Restaurants  whereby the Company  paid  $325,000 in cash and incurred
           $220,882 in  acquisitions  cost. The second  acquisition  was a stock
           purchase whereby the Company obtained 100% of the stock of Regulatory
           Solutions,  Inc.  ("RSI") in exchange for $100,000 cash , one million
           shares of the Company's common stock at closing, and $1,000,000 worth
           of the  Company's  common  stock  on each  of the  first  and  second
           anniversary of the acquisition.

           During the second  quarter of fiscal year 2000,  the former owners of
           RSI filed a motion  with the court to rescind  the  acquisition.  The
           motion was denied,  however,  the  Company  does not  currently  have
           operational  control of RSI.  Therefore,  the Company has written off
           the RSI assets and  impaired  the  goodwill to the value of the stock
           that would be returned if the transaction  were rescinded.  The total
           charges to operations for these items are $287,845 and $1,519,718 for
           the three and nine months ended September 30, 2000.

           The  following  pro forma  information  has been  prepared  as if the
           acquisition  of Tanner's had occurred at the beginning of 1999.  Such
           information is not necessarily  reflective of the actual results that
           would have occurred had the acquisitions occurred on that date:

                      Restaurant Teams International, Inc.
                         Pro-forma Financial Statements

                                                  Nine Months Ended
                                                  September 30, 1999
                                                    (Unaudited)

           Revenues                                    $   9,409,000
           Net loss                                    $  (2,086,000)
           Net loss per share                          $        (.27)


<PAGE>

<TABLE>

<CAPTION>

Note 3.    Segment Information

           The Company applies Statement of Financial  Accounting  Standards No.
           131,  "Disclosures  about  Segments  on  an  Enterprise  and  Related
           Information",  which establishes  standards for reporting information
           about  operating  segments in  financial  statements.  The  Company's
           business  segments  for  the  periods  covered  are  comprised  of  a
           Restaurant Division,  Regulatory Division,  Real Estate Division, and
           Corporate Division.

           Summarized  segment  information as of September 30, 2000 and for the
           three and nine month periods ended September 30, 2000 is as follows:

                                                  September 30, 2000
                                                  ------------------

Assets

           Restaurant Division                       $    656,370
           Regulatory Services                            145,617
           Real Estate                                  4,492,323
           Corporate                                      929,275
                                                     ------------
                  Total Assets                          6,223,585

Sales                                              Nine Months Ended         Three Months Ended
                                                   September 30, 2000        September 30, 2000
                                                   ------------------        ------------------
<S>                                                <C>                       <C>
           Restaurant Division                       $ 4,010,032               $ 1,065,053
           Regulatory Division                           629,246                       --
           Real Estate                                   236,102                    78,778
                                                     -----------               -----------
                           Total Sales                 4,875,380                 1,143,831

Operating Income (Loss)

           Restaurant Division                           416,837                   (71,206)
           Regulatory Division                        (1,512,226)                 (287,845)
           Real Estate                                    78,947                    26,393
           Corporate                                  (4,151,951)               (4,257,112)
                                                     ------------               -----------
                  Total operating income (loss)       (5,168,393)               (4,589,770)

</TABLE>

           Information  for the nine month period ended  September  30, 1999 has
           not been provided since the Company principally  operated in a single
           reportable segment during that period.

Note 4.    Prior Period Adjustments and Restatements

           Certain   errors,   resulting   in  both   the   understatement   and
           overstatement of previously reported assets, liabilities,  income and
           expenses as of  September  30,  1999,  and for the nine month  period
           ended,  September 30, 1999 resulted in the following changes to total
           assets,  total  liabilities,  beginning  accumulated  deficit and net
           income:


<PAGE>

<TABLE>

<CAPTION>

                                                                                                               Net
                                                       Total             Total           Accumulated          Income
                                                       Assets          Liabilities         Deficit            (Loss)
                                                       ------          -----------          -------            ------
<S>                                                <C>                <C>                 <C>                 <C>
      As previously reported                       $  9,318,569       $  4,189,578        $  911,334          $  154,582

      Incorrect recognition of a gain on
        the sale of assets                                   -             193,502           193,502            (193,502)

      Understatement of
        amortization in connection
        with debenture issuance
        costs and discounts
                                                        (99,489)            93,861           193,350            (193,350)
      Understatement of accrued
        interest expense                                     -             104,625           104,625            (104,625)

      Beneficial conversion feature
        to loans                                             -                  -            255,900            (255,900)

      Stock compensation                                     -                  -             80,000             (80,000)

      Understatement of
        depreciation expense                           (116,000)                             116,000            (116,000)
                                               ----------------   ----------------  ----------------    ----------------


      As restated                                  $  9,103,080  $      4,581,566  $       1,854,711  $        (788,795)
                                               ================  ================  =================  ==================

</TABLE>

     Earnings  per share  results  previously  reported  for the nine month
     period  ended  September,  1999 have been  restated as a result of the
     items identified above as follows:

                                                           Nine Month
                                                          Period Ended
                                                       September 30, 1999

     Net income per share as previously reported       $        0.02
     Effect of corrections of errors                           (0.13)
                                                       -------------

     Net loss per share as restated                    $       (0.11)
                                                       =============



<PAGE>

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

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 for the year ended December 31, 1999.  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 read in  conjunction  with 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  theTanner's  Corner  Grills  in  Atlanta,  GA,  one  Street  Talk Cafe
restaurants in The Colony, Texas, and Regulatory Solutions,  Inc. of Richardson,
Texas.

Results of Operations

Comparison of nine month period ended September 30, 1999 and September 30, 2000.

         Revenues.  Operating revenues for the nine month period ended September
30, 1999 were $2,289,958 with an operating loss of $99,703.

         Operating  revenues for the nine month period ended  September 30, 2000
were $  4,875,380,  a 112%  increase  from  1999,  with  an  operating  loss  of
$5,168,393.  The 112%  increase  in  revenues  over  1999 is  attributed  to the
acquisition of the Tanner's restaurants in Atlanta, GA.

<PAGE>

         Costs and Expenses.  Costs and expenses for the nine month period ended
September30,  2000 increased by $7,654,112or  320% to $10,043,773as  compared to
$2,389,661  for the  corresponding  period ended  September  30, 1999.  This was
primarily due to the expenses  associated with the impairments to the Regulatory
Solutions   transaction   and  to  the  costs  of  the   Fatburger   acquisition
($4,156,632),  which was  abandoned  in the third  quarter of 1999.  General and
Administrative Costs for the same period in 2000 decreased by 31% to $239,972 as
compared to $346,803 in 1999.  This decrease was primarily due to a reduction in
professional fees.

         Net Loss.  The Company had a net loss for the nine month  period  ended
September 30, 2000 of  $5,887,484  compared to net loss of $788,795 for the same
period in 1999, representing ($.52) and ($.11) per share, respectively.  The net
loss is attributed  almost  exclusively to two factors.  Number one, the company
has written off all costs, expenses, and deposits, associated with the Fatburger
acquisition in the amount of $4,156,632  and number two, the company  recognized
impairments  and write  downs to the  Regulatory  Solutions  acquisition  in the
amount of $1,519,718.

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.
The Company completed two private placements of A Debentures and B Debentures on
May 29, 1998 and June 29,  1998,  respectively,  providing  net  proceeds to the
Company of  $2,670,000.  The proceeds were used to fund the Company's  expansion
strategy of opening additional Street Talk Cafe restaurants in the Dallas market
area.

         At September  30, 2000,  the Company has  negative  working  capital of
$3,823,444,  the  majority  of which  represents  the  remaining  balance of the
aforementioned debentures,  which are due in May and June 2001. The Company will
need to convert these debentures to stock and/or raise additional  capital to be
able to realize its assets and satisfy its  liabilities  in the normal course of
business.


                           PART II - OTHER INFORMATION

Item 2.  CHANGES IN SECURITIES

         None

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

         None

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:

                  None


<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:    November 20, 2000       By: /s/ Stanley L. Swanson
                                     ----------------------
                                     Stanley L. Swanson, Chief Executive Officer
                                     (Duly Authorized Signatory)


Date:    November 20, 2000       By: /s/ Curtis A. Swanson
                                     ---------------------
                                     Curtis A. Swanson, Chief Financial Officer
                                     and Executive Vice President
                                     (Duly Authorized Signatory)


<PAGE>

                                  EXHIBIT INDEX


No.               Description of Exhibit
---               ----------------------
27                Financial Data Schedule