Combine first 3 ingredients in a shallow bowl, stirring well with a wire whisk.
Coat a nonstick skillet with cooking spray. Add 1 teaspoon margarine; place over medium heat until margarine melts.
Dip 1 bread slice into egg substitute mixture. Place coated bread in skillet; cook until browned and crisp on each side, turning once. Repeat procedure with remaining margarine, bread, and egg substitute mixture. Serve immediately.