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                UNITED STATES 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, 1998

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT 
         For the transition period from _______ to ________
         Commission file number 33-94226-A


                               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, 1998, there were 2,495,710 shares of common stock (.001
par value) outstanding.

         Transitional Small Business Disclosure Format (Check one): 
Yes      No  X
   -----   -----
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Item 6.           Exhibits and Reports on Form 8-K.

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

<TABLE>
<CAPTION>
Exhibit
Number            Description of Exhibit
-------           ----------------------
<S>               <C>
3.1               Articles of Incorporation(1)

3.2               Amendment to Articles of Incorporation changing name of
                  Company to "The WMA Corporation". (5)

3.3               By-laws(1)

4.1               Specimen Stock Certificate(2)

4.5               Loan Agreement between WMA Agency and Offering Subscribers(3)

10.1              Loan Agreement with Money Services, Inc. and WMA Agency(3)

10.2              Modification of Loan & Security agreement between Money
                  Services, Inc. and WMA Agency (5)

10.3              Management Agreement with WMA Management(3)

10.4              Reinsurance Agreement between WMA Life Insurance Company
                  Limited and Western Reserve Life Assurance Company of Ohio
                  dated July 9, 1996 (Attached -- portions of which have been 
                  deleted from the publicly filed document and the complete 
                  document has been filed separately with the Secretary 
                  pursuant to a request for confidential treatment.)

16.1              Letter on change in Certifying Accountant(4)

27.1              Financial Data Schedule (5) (for SEC use only)
</TABLE>


                            [FOOTNOTES ON NEXT PAGE]
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                          FOOTNOTES TO PRECEDING PAGE:

(1)      Filed on June 28, 1995 as part of the Registration Statement and
         incorporated herein by reference pursuant to Rule 12b-23
(2)      Filed on September 22, 1995 as part of the Registration Statement and
         incorporated herein by reference pursuant to Rule 12b-23.
(3)      Filed on November 17, 1995 as part of the Registration Statement and
         incorporated herein by reference pursuant to Rule 12b-23.
(4)      Filed on December 21, 1995 as part of the Registration Statement and
         incorporated herein by reference pursuant to Rule 12b-23.
(5)      Previously filed with initial filing.


                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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                                   SIGNATURES


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

(Registrant) The WMA Corporation



By (Signature/Title) /s/ Edward F. McKernan         (SEAL) Date: August 5, 1998.
                    ----------------------------------
                      Edward F. McKernan,, Senior Vice
                      President, Chief Financial Officer,
                      Actuary, and Director