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                UNITED STATES 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 MARCH 31, 1999

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE EXCHANGE ACT
         FOR THE TRANSITION PERIOD FROM _______ TO ________

         COMMISSION FILE NUMBER 0-23637

                              THE WMA CORPORATION
                 (Name of small business issuer in its charter)

           DELAWARE                                         58-2179041
(State or other jurisdiction of                            (IRS Employer
incorporation or organization)                          Identification No.)

                11315 JOHNS CREEK PARKWAY, DULUTH, GEORGIA 30097
                    (Address of principal executive offices)

Issuer's telephone number: (770) 248-3311

         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

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS

         Check whether the registrant filed all documents and reports required
to be filed by Section 12, 13, or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court. Yes No

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares outstanding of each of the Issuer's classes
of common equity, as of the latest practicable date:

         As of March 31, 1999, there were 2,495,010 shares of common stock
(.001 par value) outstanding.

         Transitional Small Business Disclosure Format (Check one): Yes No X


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                               TABLE OF CONTENTS

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                                                  PART II

ITEM 6       Exhibits and Reports on Form 8-K                                                         
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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

          No reports were required to be filed on Form 8-K.

EXHIBIT
NUMBER             DESCRIPTION OF EXHIBIT

10.6      Second  Amendment  of  Revolving  Line  of  Credit   Promissory  Note
          between  The  WMA Corporation and Money Services, Inc. dated March 31,
          1999 (To be filed herewith)

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                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this amended report to be signed on its behalf by the undersigned,
thereunto duly authorized.

(Registrant) The WMA Corporation



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By (Signature/Title)     /s/ Edward F. McKernan                  (SEAL) Date: May 21, 1999
                         ----------------------------------
                         Edward F. McKernan, Senior Vice
                         President, Chief Financial Officer,
                         Actuary, and Director

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