U.S. 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 PERIOD ENDED March 31, 1997.

          [ ]  TRANSITION  REPORT  UNDER  SECTION 13 OR 15(d) OF THE  SECURITIES
               EXCHANGE ACT OF 1934 FOR THE  TRANSITION  PERIOD FROM ________ TO
               --------- .

Commission File Number:   333-09935


                          MULTIMEDIA ACCESS CORPORATION
        (Exact Name of Small Business Issuer as Specified in its Charter)

               Delaware                                     75-2528700
    (State or other Jurisdiction of               (I.R.S. Employer Incorporation
    Incorporation or Organization)                      Identification No.)


    2665 Villa Creek Drive, Suite 200, Dallas, TX                   75234
      (Address of principal executive offices)                   (Zip Code)

                                  972/488-7200
                           (Issuer's Telephone Number)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Securities  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
   

As of May 6,  1997,  7,906,291  shares of the  Registrant's  common  stock  were
outstanding.




<PAGE>







                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
                              INDEX TO FORM 10-QSB


PART I.  FINANCIAL INFORMATION

  Item 1.  Financial Statements
    Consolidated Balance Sheets at December 31, 1996 and
       March 31, 1997
(Unaudited)....................................................................3
    Consolidated Statements of Operations for the three Months ended
       March 31, 1996 and
1997(Unaudited)................................................................4
    Consolidated Statement of Stockholders' Equity (Deficit) for the
       three months ended March 31,
1997...........................................................................5
    Consolidated Statements of Cash Flows for the three months ended
       March 31, 1996 and 1997
(Unaudited)....................................................................6
    Notes to Consolidated Financial
Statements.....................................................................7

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

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

SIGNATURES
 ..............................................................................12


                                       2

<PAGE>


                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                                  (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                   DECEMBER 31,           MARCH 31,
                                      ASSETS                                           1996                 1997
                                                                                ==================    =================
<S>                                                                                   <C>                  <C>
Current assets:
  Cash and cash equivalents                                                      $         18,539       $    3,665,196
  Accounts receivable, less allowance for  doubtful accounts of $43,000
    at December 31, 1996 and $42,000 at March 31, 1997 (unaudited)                        185,564              153,568
  Inventory                                                                               310,133              450,334
  Prepaid expenses                                                                         46,239               66,607
  Deferred charges                                                                        504,295                    0
                                                                                ------------------    -----------------
         Total current assets                                                           1,064,770            4,335,705

Property and equipment, net                                                               460,895              549,529
Software development costs, net                                                           147,321              176,403
Deposits                                                                                   18,272               23,699
                                                                                ------------------    -----------------

         Total assets                                                            $      1,691,258       $    5,085,336
                                                                                ==================    =================

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
  Accounts payable                                                               $        682,689       $      351,134
  Accrued compensation                                                                    239,707              186,460
  Deferred revenue                                                                         15,591               15,591
  Other accrued liabilities                                                               857,260              195,160
  Short-term debt, officer                                                                533,089              311,243
  Short-term debt, other                                                                1,966,202                6,246
  Current portion of long-term debt                                                     3,177,550                    0
                                                                                ------------------    -----------------
         Total current liabilities                                                      7,472,088            1,065,834


Commitments

Stockholders' equity (deficit):
  Preferred stock, $.0001 par value:
    Authorized shares - 5,000,000
    Issued shares - none                                                                        0                    0
  Common stock, $.0001 par value:
    Authorized shares - 20,000,000
    Issued and outstanding shares - 5,315,811at December 31, 1996
      and 8,167,788 at March 31, 1997 (unaudited)                                             532                  817
  Additional paid-in capital                                                            6,602,572           17,809,152
  Accumulated deficit                                                                 (12,372,028)         (13,778,561)
  Treasury stock,  261,497 shares at December 31, 1996 and
      March 31, 1997 (unaudited)                                                          (11,906)             (11,906)
                                                                                ------------------    -----------------
         Total stockholders' equity (deficit)                                          (5,780,830)           4,019,502
                                                                                ------------------    -----------------

         Total liabilities and stockholders' equity (deficit)                    $      1,691,258       $    5,085,336
                                                                                ==================    =================
</TABLE>

Note:     The balance  sheet at  December  31,  1996 has been  derived  from the
          audited financial  statements at that date but does not include all of
          the   information  and  footnotes   required  by  generally   accepted
          accounting principles for complete financial statements.


                             See accompanying notes.

                                        3



<PAGE>
                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (UNAUDITED)
<TABLE>
<CAPTION>
                                                            FOR THE THREE MONTHS ENDED
                                                                     MARCH 31,
                                                --------------------------------------------------
                                                        1996                        1997
                                                ======================      ======================
<S>                                              <C>                           <C>
NET SALES                                        $            410,454          $          259,533

Cost of goods sold                                            175,585                     116,556
                                                ----------------------      ----------------------

GROSS PROFIT                                                  234,869                     142,977

Operating expenses:
  Selling, general and administrative                         579,285                     731,971
  Research and development                                    546,399                     562,125
  Depreciation and amortization                                50,265                      59,080
                                                ----------------------      ----------------------
      Total operating expenses                              1,175,949                   1,353,176
                                                ----------------------      ----------------------

OPERATING LOSS                                               (941,080)                 (1,210,199)

Other income (expense):
  Dividend and interest income                                     49                      18,427
  Interest expense                                           (117,946)                   (216,047)
  Other                                                             0                       1,286
                                                ----------------------      ----------------------
      Total other income (expense)                           (117,897)                   (196,334)
                                                ----------------------      ----------------------

NET LOSS                                          $        (1,058,977)         $       (1,406,533)
                                                ======================      ======================

NET LOSS PER SHARE                                $             (0.18)         $            (0.21)
                                                ======================      ======================

WEIGHTED AVERAGE NUMBER OF  COMMON AND
  COMMON EQUIVALENT SHARES OUTSTANDING                      5,753,573                   6,622,790
                                                ======================      ======================
</TABLE>


                             See accompanying notes.

                                        4


<PAGE>
                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
            CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
             FOR THE THREE MONTHS ENDED MARCH 31, 1997 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                             ADDITIONAL        STOCK
                                            COMMON STOCK                      PAID-IN      SUBSCRIPTIONS
                                                 SHARES     PAR VALUE         CAPITAL        RECEIVABLE
                                            ================================================================

<S>                                            <C>             <C>        <C>                   <C>
BALANCE,  DECEMBER 31, 1996                    5,315,811       $532       $6,602,572            $0

  Sale of Common Stock and Public
    Warrants, net of expenses                  1,610,000        161        5,427,077             0

  Exchange of short-term and
    long-term debt for Common Stock
    and Public Warrants                        1,241,977        124        5,713,003             0

  Fair market value of warrants issued
    for inducement of debt                             0          0           66,500             0

  Net Loss                                             0          0                0             0


                                            ==============================================================
BALANCE,  MARCH  31, 1997                      8,167,788       $817      $17,809,152             0
                                            ==============================================================
</TABLE>
<TABLE>
<CAPTION>
                                                                                    TOTAL
                                                 ACCUMULATED       TREASURY     STOCKHOLDERS'
                                                   DEFICIT           STOCK     EQUITY (DEFICIT)
                                            =======================================================

<S>                                          <C>                <C>            <C>
BALANCE,  DECEMBER 31, 1996                  $(12,372,028)      $(11,906)      $(5,780,830)

  Sale of Common Stock and Public
    Warrants, net of expenses                           0              0         5,427,238

  Exchange of short-term and
    long-term debt for Common Stock
    and Public Warrants                                 0              0         5,713,127

  Fair market value of warrants issued
    for inducement of debt                              0              0            66,500

  Net Loss                                     (1,406,533)             0        (1,406,533)


                                            ===============================================
BALANCE,  MARCH  31, 1997                    $(13,778,561)      $(11,906)      $ 4,019,502
                                            ===============================================
</TABLE>


                             See accompanying notes.

                                        5

<PAGE>

                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                  FOR THE THREE MONTHS ENDED
                                                                            MARCH 31,
                                                              ==================================
                                                                  1996                 1997
                                                              =============       ==============
<S>                                                            <C>                 <C>
OPERATING ACTIVITIES:
  Net loss                                                     $(1,058,977)        $(1,406,533)
  Adjustments to reconcile net loss to net cash
    used in operating activities:
      Depreciation of fixed assets                                  37,563              43,729
      Amortization of software development costs                    12,702              15,351
      Non-cash charges to interest expense                               0             155,667
      Changes in operating assets and liabilities:
        Accounts receivable                                       (237,960)             31,996
        Inventory                                                 (194,597)           (140,201)
        Prepaid expenses                                            (6,793)            (20,368)
        Due from debt holder                                       315,300                   0
        Deferred charges                                           (55,499)            415,128
        Deposits                                                       (75)             (5,427)
        Accounts payable                                           418,766            (331,555)
        Accrued compensation                                       (82,038)            (53,247)
        Deferred revenue                                           (16,003)                  0
        Other accrued liabilities                                  203,083            (281,119)
                                                              -------------      --------------
               Net cash used in operating activities              (664,528)         (1,576,579)
                                                              -------------      --------------

INVESTING ACTIVITIES:
  Purchase of property and equipment                               (80,032)           (132,363)
  Software development costs                                             0             (44,433)
                                                              -------------      --------------
               Net cash used in investing activities               (80,032)           (176,796)
                                                              -------------      --------------

FINANCING ACTIVITIES:
  Net proceeds from issuance of short-term
    and long-term debt                                             735,000             210,202
  Net repayment of short-term debt-officer                               0            (235,000)
  Other                                                             (2,192)             (2,408)
  Net proceeds from sale of common stock and warrants                    0           5,427,238
                                                              -------------      --------------
               Net cash provided by financing activities           732,808           5,400,032
                                                              -------------      --------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS               (11,752)          3,646,657

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                      16,605              18,539
                                                              -------------      --------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                       $     4,853         $ 3,665,196
                                                              =============      ==============
</TABLE>



                             See accompanying notes.

                                        6
<PAGE>


                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

    The accompanying unaudited interim consolidated financial statements include
the accounts of MultiMedia Access Corporation and its wholly-owned subsidiaries,
Viewpoint  Systems,  Inc.,  VideoWare,   Inc.  and  Osprey  Technologies,   Inc.
(collectively,   the   Company).   All  material   inter-company   accounts  and
transactions have been eliminated in consolidation.

    The interim  financial  statements  have been  prepared in  accordance  with
generally  accepted  accounting  principles for interim  financial  information.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the  opinion  of  management,  all  adjustments  (consisting  only of  normal
recurring  accruals)  considered  necessary  for a fair  presentation  have been
included.  Operating  results for the three  months ended March 31, 1997 are not
necessarily  indicative  of the results that may be expected for the year ending
December 31, 1997. For further information,  refer to the consolidated financial
statements and footnotes thereto included in the Company's Annual Report on Form
10-KSB filed March 28, 1997.

2. SALE OF COMMON STOCK

    In February  1997,  the Company  completed an  underwritten  initial  public
offering of 1,400,000 shares of its Common Stock and 1,400,000 Redeemable Common
Stock Purchase  Warrants (Public  Warrants).  The shares of Common Stock and the
Public  Warrants were sold on the basis of one Public  Warrant for each share of
Common  Stock at a unit  price  to the  public  of  $4.60,  and were  separately
transferable  immediately  upon  issuance.  In March 1997 the Company  issued an
additional  210,000 shares of Common Stock and Public  Warrants upon exercise of
the underwriter's  over-allotment  option.  The Company received net proceeds of
$5,427,000  during  February and March 1997 related to this sale.  The proceeds,
net of expenses related to the offering,  are to be used primarily for marketing
activities  in  connection  with  the  Company's   products,   to  complete  the
development of additional  product and software  applications,  for repayment of
certain loans and to fund its working capital requirements (See Note 3).

3. NOTES PAYABLE

    During  January and  February of 1997,  the  Company  issued  $600,000 of 8%
unsecured notes to two principal stockholders of the Company. The notes were due
on demand 10 days  subsequent  to an initial  public  offering of the  Company's
equity securities or 180 days from date of issue.  During February of 1997 these
notes were  converted  into Common Stock and Public  Warrants in the offering as
described below.

    During February of 1997, the Company converted  $1,915,000  principal amount
of 8%  unsecured  bridge  notes and  $1,000,000  principal  amount of 8% secured
convertible  notes into 633,694  shares Common Stock and Public  Warrants of the
offering at $4.60 per share. Additionally,  during February of 1997, the Company
paid accrued interest of $76,634 to the converting debt holders.

    During February of 1997, the Company converted  $2,240,300  principal amount
of 8% convertible  debt together with accrued  interest of $367,827 into 608,283
shares of Common  Stock and Public  Warrants of the offering at $4.60 per share.
Additionally, during February 1997, the Company repaid $247,250 principal amount
of 8% convertible debt together with accrued interest of $105,229.


    During February of 1997, the Company repaid $257,548 principal amount of 15%
secured notes and $120,000  principal amount of non-interest  bearing  unsecured
notes together with total accrued interest of $14,110.


                                        7
<PAGE>

                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)


4. NET LOSS PER SHARE

    Net loss per  share is  computed  based on the  weighted  average  number of
common and common equivalent shares outstanding. The Company has computed common
and  common  equivalent  shares in  determining  the  number  of shares  used in
calculating  earnings  per share  for the  three  months  ended  March 31,  1996
pursuant to the Securities and Exchange  Commission  Staff  Accounting  Bulletin
(SAB) No. 83. SAB No. 83 requires  the Company to include all common  shares and
all common share equivalents  issued in the 12 month period preceding the filing
date of the initial public  offering in its calculation  even if  anti-dilutive.
Net loss per share for the three months  ended March 31, 1997 has been  computed
in accordance with AICPA Accounting Principles Board Opinion No. 15 and does not
include common share equivalents since their effect is anti-dilutive.

    The FASB has issued  Statement of Financial  Accounting  Standards  No. 128,
Earnings per Share,  which is effective  for financial  statements  issued after
December 15, 1997. Early adoption of the new standard is not permitted.  The new
standard  eliminates  primary and fully diluted  earnings per share and requires
presentation of basic and diluted earnings per share together with disclosure of
how the per share amounts were computed.  Because the  application of SAB No. 83
in  calculation of per share amounts under FAS 128 is presently  uncertain,  the
Company is unable to determine the effect of this standard on its historical per
share amounts.




                                       8

<PAGE>

                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS


ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

GENERAL

    MultiMedia   Access   Corporation   develops  and  markets   advanced  video
communications  products.  The  Company  delivers   high-performance,   low-cost
products and integrates  video  capabilities  into existing  desktop  computers,
applications and networks,  delivering standards-based video solutions to the PC
and workstation marketplace.

    This Form 10-QSB contains forward-looking statements which involve risks and
uncertainties.  The Company's actual results may differ  significantly  from the
results discussed in the  forward-looking  statements.  Factors that might cause
such a difference  include,  but are not limited to,  product  demand and market
acceptance  risks,  the impact of  competitive  products  and  pricing,  product
development,  commercialization  and  technological  difficulties,  capacity and
supply  constraints or difficulties,  general business and economic  conditions,
the effect of the Company's  accounting policies and other risks detailed in the
Company's  Annual Report,  Form 10-KSB and other filings with the Securities and
Exchange Commissions.

RESULTS OF OPERATIONS

Quarter Ended March 31, 1997 compared to Quarter Ended March 31, 1996.

    Net Sales.  Net sales for the  quarter  ended March 31,  1997  decreased  to
$259,533  from  $410,454  reported  for the same period last year.  In the first
quarter of 1996,  the Company had product sales to three  customers that did not
purchase  any  significant  amount of product  after the first  quarter of 1996.
Absent  these  custom  and  non-recurring  sales,  which  totaled  approximately
$261,000,  a  comparison  of period to period  sales  reflects  an  increase  of
approximately $110,000.

    Approximately 82% of sales in the first quarter of 1997 were sales of Osprey
products,  principally  for the  Osprey-1000  and  Osprey-1100 and their related
Developer  Kits.  While  sales of  Osprey  products  are  expected  to  increase
dramatically  for the balance of 1997 as new products are developed and marketed
and new  contracts are  finalized,  the  percentage of Osprey  products to total
sales are expected to decline as the Company  also expects to see a  significant
increase in VBX product revenue over the final three quarters of the year.

    Cost of Goods Sold. Cost of goods sold decreased $59,029 to $116,556 for the
quarter  ended March 31, 1997  compared to the same period last year,  primarily
due to the decline in net sales  described  above.  Gross profit  margin for the
quarter ended March 31, 1997 was 55.1%,  representing  a slight decline from the
57.2%  margin  reflected  in the same  period  last year.  The  decrease  can be
attributed  primarily to consulting and custom programming  revenue in the first
quarter of 1996 of $50,000 that was  substantially  greater than the same period
in 1997 and which has little or no associated cost of goods sold.

    Selling,   General  and  Administrative   Expense.   Selling,   general  and
administrative  expenses increased from $579,285 in the first quarter of 1996 to
$731,971 in the first quarter of 1997  primarily due to a significant  expansion
of the Company's sales and marketing efforts. By the end of the first quarter of
1997,  the Company had filled six sales  positions that did not exist during the
same period in 1996. This increase in the sales staff was anticipated in the Use
of Proceeds  discussion in the Company's Form SB-2,  effective February 4, 1997,
as filed with the SEC.

    Research  and  Development  Expense.  Research  and  development  expense of
$562,125 for the quarter ended March 31, 1997 was essentially unchanged from the
same period in 1996.


                                       9

<PAGE>



                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                     AND RESULTS OF OPERATIONS - (CONTINUED)

    Other Income (Expense).  For the quarter ended March 31, 1997, other expense
increased $78,437 to $196,334 compared to the same period in 1996. This increase
is  primarily  caused by the  write-off  of debt  issue  costs  related  to debt
converted to equity at the Company's  initial public  offering in February 1997.
This write-off was recorded as additional interest expense.

LIQUIDITY AND CAPITAL RESOURCES

    The Company successfully  completed an initial public offering of its Common
Stock and Redeemable  Common Stock Purchase  Warrants on February 7, 1997 and on
March 13, 1997 sold the over-allotment  option, raising a total of $5,427,000 of
net  proceeds.  It is  anticipated  that the  proceeds  from the initial  public
offering,  together with the cash flow generated from operations in 1997 will be
sufficient  to fund the  operations  of the Company for at least the next twelve
months.  During  1997,  with  the  proceeds  of the  offering,  the  Company  is
endeavoring to build an effective  marketing and sales  organization,  develop a
network of independent  resellers and achieve market  acceptance of its products
at  prices  and  volumes  which  will,  in  the  future,  result  in  profitable
operations. However, the Company expects operating losses to continue until such
time as gross  margins from the sales of its products  exceeds its  development,
selling,  administrative  and financing  costs.  In the event that the Company's
plans  change  or its  assumptions  change or prove to be  inaccurate  or if the
proceeds  of the  initial  public  offering  prove  to be  insufficient  to fund
operations (due to  unanticipated  expenses or  difficulties or otherwise),  the
Company may be  required  to seek  additional  financing  sooner than  currently
anticipated. 

    The Company  currently has no  committments  for additional  financing.  The
Company may seek additional  financing to provide  additional working capital in
the  future.  Such  financing  may  include  loans or lines of credit  and could
include factoring agreements.

    At March 31, 1997, the Company had working capital of $3,276,117.  Until the
completion of its initial  public  offering on February 7, 1997, the Company was
dependent  upon  loans  from  its  principal  stockholders,  as well as  private
placements  of its debt and equity  securities,  to finance its working  capital
requirements.  At  March  31,  1997,  the  Company  did not  have  any  material
commitments for capital expenditures.

                                       10

<PAGE>



                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
                                OTHER INFORMATION




PART II:  OTHER INFORMATION

         Item 1.  Legal Proceedings
                           (Not Applicable)

         Item 2.  Changes in Securities
                           (Not Applicable)

         Item 3.  Defaults Upon Senior Securities
                           (Not Applicable)

         Item 4.  Submission of Matters to a Vote of Security Holders
                           (None)

         Item 5.  Other Information
                           (None)

         Item     6.  Exhibits and Reports on Form 8-K 
                      (a)  Exhibits filed with this report:
                              Exhibit 11:  Computation of Earnings Per Share
                              Exhibit 27:  Financial Data Schedule



                                       11


<PAGE>




                                   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.

                                          MultiMedia Access Corporation
                                          -----------------------------
                                          (registrant)




                                         BY:

Date:  May 12, 1997                      /s/ WILLIAM S. LEFTWICH
       ------------                      -----------------------
                                         William S. Leftwich
                                         Chief Financial Officer
                                         Principal Financial Officer




                                       12