SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Form 10-QSB/A

(Mark One)

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

                  For the quarterly period ended June 30, 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 [ ] No[X]


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..............................................

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

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

         Condensed Balance Sheets as of December 31, 2000 and
         June 30, 2001......................................................   4

         Condensed Statements of Continuing Operations For Three Month and
         Six Month Periods Ended June 30, 2000 and June 30, 2001  ..........   6

         Condensed Statements of Cash Flows for the Six-Month
         Periods Ended June 30, 2000 and June 30, 2001 .....................   7

         Notes to Interim Condensed Financial Statements ...................   8

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


PART II  OTHER INFORMATION..................................................  11

Item 2.  Changes in Securities..............................................  11
         ---------------------

Item 4.  Submission of Matters to a Vote of Security Holders................  11
         ---------------------------------------------------

Item 6.  Exhibits and Reports on Form 8-K...................................  11
         --------------------------------

Signatures .................................................................  12

Exhibit Index ..............................................................  13














                                                                               1
<PAGE>

Item  1.  FINANCIAL STATEMENTS











                      Restaurant Teams International, Inc.
                              Financial Statements
                               As of June 30, 2001























                                                                               2
<PAGE>

                      Restaurant Teams International, Inc.

                              Financial Statements


                               As of June 30, 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    June 30, 2001

ASSETS

CURRENT ASSETS
  Cash                                           $      59,133   $        6,434
  Inventories                                            6,225            7,357
  Marketable Securities                                 24,140                0
                         Total Current Assets           89,498           13,791

PROPERTY AND EQUIPMENT, net                          2,680,238        2,635,238

OTHER ASSETS
  Assets Held for Sale, net                            257,000          257,000
 Assets of discontinued operations, net                 84,607                0

TOTAL ASSETS                                         3,111,343        2,906,029




















                                                                               4
<PAGE>

LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES
   Amounts due related parties, net                      47,500               0
  Accounts Payable                                      446,869         315,836
  Accrued Expenses and Other Liabilities                831,232         580,934
  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       2,671,589

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         393,247
  Additional Paid In Capital                         12,265,653      12,754,403
  Treasury Stock                                       (773,456)       (773,456)
  Accumulated Deficit                               (13,876,027)    (13,876,027)
  Current Earnings                                            0        (440,088)
                                                    -----------     -----------
                 Total Stockholders Equity           (2,018,016)        201,802

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY             3,111,343       2,906,029















                                                                               5
<PAGE>
<TABLE>
<CAPTION>

                      Restaurant Teams International, Inc.
                           Condensed Income Statements
                    For The Three and Six Month Periods Ended
                         June 30, 2000 and June 30, 2001

                                                     Three Months Ended              Six Months Ended
                                                           June 30                        June 30
                                                    2001            2000            2001            2000
                                                ------------------------------------------------------------
<S>                                             <C>             <C>             <C>             <C>
Revenues

     Restaurant sales                           $    276,729    $    190,312    $    705,531    $    377,923
     Rental income                                    60,978          78,662         121,951         157,324
                                                ------------    ------------    ------------    ------------
         Total revenues                              337,707         268,974         827,482         535,247

OPERATING COSTS AND EXPENSES

     Cost of sales                                   152,222          67,082         382,632         132,746
     Labor and benefits                              164,179          59,317         172,268         116,538
     Other operating expenses                         36,185         129,412          66,634         271,636
     General and administrative expenses              51,198         166,317         292,072         384,412
     Depreciation expense                             22,500          60,535          45,000          83,035

         Total operating costs and expenses          426,284         482,663         958,606         988,367

NON - OPERATING INCOME (EXPENSE)

     Interest expense                                (39,408)       (250,750)        (92,952)       (504,620)
     (Gain) Loss on Discontinued Operations             --            58,214         216,012         116,428

         Total non-operating income (expense)        (39,408)       (192,536)       (308,964)       (388,192)
                                                ------------    ------------    ------------    ------------

NET LOSS                                        $   (127,985)   $   (406,225)   $   (440,088)   $   (841,312)
                                                ============    ============    ============    ============

NET LOSS PER COMMON
   SHARE - basic and diluted                    $       (.00)   $       (.02)   $       (.01)   $       (.05)
                                                ============    ============    ============    ============

COMMON SHARES OUTSTANDING                         36,339,663       7,399,288      36,339,663       7,215,755
</TABLE>





                                                                               6
<PAGE>
<TABLE>
<CAPTION>

                      Restaurant Teams International, Inc.
                       Condensed Statements of Cash Flows

                                                                                 Six Months Ended
                                                                          ------------------------------
                                                                          June 30, 2001    June 30, 2000
                                                                          -------------    -------------
<S>                                                                       <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
         Net loss                                                         $    (440,088)   $    (841,312)
         Adjustments to reconcile net loss to
              net cash provided by operating activities:
                  Depreciation and amortization                                  45,000          252,382
                  Amortization of discount and issuance
                    costs of convertible debentures                                   0          251,823
                  Write downs and impairment of RSI assets                            0          733,803
                  Loss (gain) on sale of assets                                       0          (28,139)
         Net change in operating assets and liabilities:
                  Increase in inventories                                        (1,133)         (35,056)
                  (Increase) decrease in other current assets                    24,140          (15,002)
                   Increase (decrease) in accounts payable
                    and accrued expenses                                       (381,340)         580,391
                  Increase (decrease) in notes due to related parties           (47,500)               0
                                                                          -------------    -------------
                  Net cash provided by operating activities                    (800,911)         898,890

CASH FLOWS FROM INVESTING ACTIVITIES:
         Purchases of property and equipment                                          0         (982,972)
         Payments in connection with acquisition of Fatburger (pending)               0         (295,000)
         Payments in connection with current acquisitions                             0         (225,000)
         Change in assets of discontinued operations                             84,607                0
                                                                          -------------    -------------
                  Net cash used in investing activities                          84,607       (1,502,972)

CASH FLOWS FROM FINANCING ACTIVITIES:
         Change in Convertible Dentures                                      (1,996,301)               0
         Change in Common Stock                                                  27,433                0
         Change in Contributed Capital                                          488,750                0
         Change in Series A Preferred Stock                                   1,999,920                0
         Change in Series B Preferred Stock                                     143,803                0
         Proceeds from issuance of note payable and debentures                        0          690,000
                                                                          -------------    -------------
                  Net cash provided by (used in) financing activities           663,605          690,000

NET INCREASE  (DECREASE) IN CASH                                                (52,699)          85,918

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

CASH AT END OF PERIOD                                                     $       6,434    $      88,439
                                                                          =============    =============
</TABLE>

See accompanying notes to these condensed financial statements.


                                                                               7
<PAGE>

                      Restaurant Teams International, Inc.

                      Restaurant Teams International, Inc.
                 Notes To Interim Condensed Financial Statements
                         For the Six Month Period Ended
                                  June 30, 2001


Note 1. Basis of Presentation

The condensed financial statements of Restaurant Teams International,  Inc. (the
"Company")  as of June 30,  1999 and June 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  A-1.  Company  management
believes that the  disclosures  are sufficient for interim  financial  reporting
purposes.






















                                                                               8
<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,
season  ability,  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 of 1990 as Bosko's,  Inc.  under the
laws of the State of Delaware.  In November of 1992 the Company changed its name
to Fresh'n Lite,  Inc.,  and in November of 1995 the Company merged into a Texas
corporation also bearing the name Fresh'n Lite, Inc. The Company  currently owns
and  operates 1 Street  Talk Cafe  restaurant  in the  Colony,  Texas,  Tanner's
Rotisserie  Grills in Atlanta,  GA. and  Regulatory  Solutions,  Inc. of Dallas,
Texas.  In September of 1998 the Company  changed its name to  Restaurant  Teams
International,  Inc. in order to more accurately reflect  management's desire to
position the Company as a franchise holding company.

Results of Operations

         Comparison of Three Months Ended June 30, 2000 and 2001

         Revenues.  For the three months  ended June 30,  2001,  the Company has
generated  revenues from continuing  operations of $337,707 compared to revenues
in the same period of 2000 of $268,974, a 26% increase.  The increase in revenue
is due  primarily to the  acquisition  of the Tanner's  Restaurant  chain by the
company.

                                                                               9
<PAGE>

         Costs and Expenses. Costs and expenses for the three month period ended
June 30, 2001  decreased by $56,379,  or 12% to $426,284 as compared to $482,663
for the  corresponding  period of 2000.  This  decrease  was due to the previous
period's costs  associated with the increase in overhead in conjunction with the
gearing up for the Tanner's and Regulatory Solutions, Inc. ("RSI") acquisitions.

         Net Loss.  The Company had a net loss for the three  months  ended June
30, 2001 of $127,985  compared  to net loss of  $406,225  for the  corresponding
three  months of 2000,  representing  a loss of $(.00)  and  $(.02)  per  share,
respectively.

         Comparison of Six Months Ended June 30, 2000 and 2001

         Revenues.  For the six months  ended June 30,  2001,  the  Company  has
generated  revenues from continuing  operations of $827,482 compared to revenues
in the same period of 2000 of $535,247, a 65% increase.

         Costs and Expenses.  Costs and expenses for the six-month  period ended
June 30, 2001  decreased  by $29,761,  or 3% to $958,606 as compared to $988,367
for the corresponding period of 2000.

         Net Loss.  The Company had a net loss for the six months ended June 30,
2001 of  $440,088compared  to a net loss of $841,312 for the  corresponding  six
months  of  2000,   representing   a  loss  of  $(.01)  and  $(.05)  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 has  negative  working  capital of  $2,657,798  at June 30,
2001, a large portion of which represents the amount owed on it's notes payables
which have matured or will mature in 2001.  The Company is seeking to reorganize
its debt  structure  and will  attempt to  refinance  the amounts  owed on notes
payable for longer  periods.  There is no  guarantee  that the  Company  will be
successful in its attempts to refinance and may be required to raise  additional
equity in the future to retire its outstanding debt obligations.

         Management has determined that an immediate infusion of capital will be
required for the Company to maintain its  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.



                                                                              10
<PAGE>

                           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

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:

                  None

         (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

None






















                                                                              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




                                  Exhibit 16.1









July 27, 2001


Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Dear Sir or Madam:

We have read Item 4 included in the Form 8-K dated July 27,  2001 of  Restaurant
Teams International,  Inc. filed with the Securities and Exchange Commission and
are in agreement with the statements contained therein as they relate to us.

Very truly yours,



HEIN + ASSOCIATES LLP




                                                                              16