<PAGE>   1

                     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 quarterly period ended March 31. 1998

         [ ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
             For the transition period from _________ to ___________

                         Commission File Number: 0-29020


                          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)

                                  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 8, 1998, 8,735,958 shares of the Registrant's common stock were
outstanding.

<PAGE>   2

                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
                              INDEX TO FORM 10-QSB


PART I.  FINANCIAL INFORMATION

<TABLE>
<S>                                                                                                 <C>
  Item 1.  Financial Statements
    Consolidated Balance Sheets at December 31, 1997 and
       March 31, 1998 (Unaudited) ........................................................           3
    Consolidated Statements of Operations for the three months ended
       March 31, 1997 and 1998 (Unaudited) ...............................................           4
    Consolidated Statement of Stockholders' Equity (Deficit) for the
       three months ended March 31, 1998 (Unaudited) .....................................           5
    Consolidated Statements of Cash Flows for the three months ended
       March 31, 1997 and 1998 (Unaudited) ...............................................           6
    Notes to Consolidated Financial Statements ...........................................           7

  Item 2.  Management's Discussion and Analysis of Financial Condition
    and Results of Operations ............................................................           8

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

SIGNATURES ...............................................................................          12
</TABLE>



                                       2
<PAGE>   3

                MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                 DECEMBER 31,            MARCH 31,
                                   ASSETS                                           1997                   1998
                                                                                 ------------           ------------
                                                                                                         (UNAUDITED)
<S>                                                                              <C>                    <C>
Current assets:
  Cash and cash equivalents                                                      $  3,117,202           $  1,181,426
  Accounts receivable, less allowance for  doubtful accounts of $65,000
    at December 31, 1997 and $102,000 at March 31, 1998 (unaudited)                 1,195,230              1,639,437
  Inventory                                                                         1,762,186              1,627,067
  Prepaid expenses                                                                     75,096                224,474
  Deferred charges                                                                    191,287                196,565
                                                                                 ------------           ------------
         Total current assets                                                       6,341,001              4,868,969

Property and equipment, net                                                           877,440              1,032,961
Software development costs, net                                                       203,858                270,399
Deferred charges                                                                      752,125                720,738
Deposits                                                                               36,991                 70,803
                                                                                 ------------           ------------

         Total assets                                                            $  8,211,415           $  6,963,870
                                                                                 ============           ============

         LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
  Accounts payable                                                               $    759,319           $    774,221
  Accrued compensation                                                                313,634                369,020
  Deferred revenue                                                                     52,784                136,517
  Other accrued liabilities                                                           343,051                756,909
  Short-term debt, officer                                                            311,243                186,243
  Short-term debt, other                                                               13,120                 24,613
                                                                                 ------------           ------------
         Total current liabilities                                                  1,793,151              2,247,523

Long-term debt                                                                      5,000,000              5,000,000

Commitments

Stockholders' equity (deficit):
  Preferred stock, $.0001 par value:
    Authorized shares - 5,000,000
    Issued shares - none                                                                   --                     --
  Common stock, $.0001 par value:
    Authorized shares - 20,000,000
    Issued and outstanding shares - 8,995,455 at December 31, 1997
      and 8,997,455 at March 31, 1998 (unaudited)                                         900                    900
  Additional paid-in capital                                                       19,628,703             19,718,054
  Accumulated deficit                                                             (18,199,433)           (19,990,701)
  Treasury stock,  261,497 shares at December 31, 1997 and
      March 31, 1998 (unaudited)                                                      (11,906)               (11,906)
                                                                                 ------------           ------------
         Total stockholders' equity (deficit)                                       1,418,264               (283,653)
                                                                                 ------------           ------------

         Total liabilities and stockholders' equity (deficit)                    $  8,211,415           $  6,963,870
                                                                                 ============           ============
</TABLE>

Note:  The balance sheet at December 31, 1997 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>   4

                MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                      FOR THE THREE MONTHS ENDED
                                                              MARCH 31,
                                                  ---------------------------------
                                                      1997                  1998
                                                  -----------           -----------
<S>                                               <C>                   <C>        
NET SALES                                         $   259,533           $ 1,834,968

Cost of goods sold                                    116,556               900,802
                                                  -----------           -----------

GROSS PROFIT                                          142,977               934,166

Operating expenses:
  Selling, general and administrative                 731,971             1,715,125
  Research and development                            562,125               771,763
  Depreciation and amortization                        59,080               103,275
                                                  -----------           -----------
      Total operating expenses                      1,353,176             2,590,163
                                                  -----------           -----------

OPERATING LOSS                                     (1,210,199)           (1,655,997)

Other income (expense):
  Dividend and interest income                         18,427                26,123
  Interest expense                                   (216,047)             (161,394)
  Other                                                 1,286                    --
                                                  -----------           -----------
      Total other income (expense)                   (196,334)             (135,271)
                                                  -----------           -----------

NET LOSS                                          $(1,406,533)          $(1,791,268)
                                                  ===========           ===========

NET LOSS PER SHARE: BASIC AND DILUTED             $     (0.21)          $     (0.21)
                                                  ===========           ===========

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
   OUTSTANDING                                      6,622,790             8,735,002
                                                  ===========           ===========
</TABLE>



                             See accompanying notes.

                                       4
<PAGE>   5

                 MULTIMEDIA ACCESS CORPORATION AND SUBSIDIARIES
            CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
              FOR THE THREE MONTHS ENDED MARCH 31, 1998 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                     ADDITIONAL                                         TOTAL
                                               COMMON STOCK           PAID-IN       ACCUMULATED       TREASURY      STOCKHOLDERS'
                                           SHARES      PAR VALUE      CAPITAL         DEFICIT          STOCK       EQUITY (DEFICIT)
                                       ------------- ------------- -------------- --------------- --------------- -----------------
<S>                                    <C>           <C>           <C>            <C>             <C>             <C>         
BALANCE,  DECEMBER 31, 1997              8,995,455   $        900   $ 19,628,703   $(18,199,433)   $    (11,906)   $  1,418,264


  Exercise of options                        2,000             --          6,000             --              --           6,000

  Fair market value of options and
     warrants issued for consulting
     services                                   --             --         83,351             --              --          83,351

  Net Loss                                      --             --             --     (1,791,268)             --      (1,791,268)


                                      ------------   ------------   ------------   ------------    ------------    ------------
BALANCE,  MARCH  31, 1998                8,997,455   $        900   $ 19,718,054   $(19,990,701)   $    (11,906)   $   (283,653)
                                      ============   ============   ============   ============    ============    ============
</TABLE>



                             See accompanying notes.

                                       5
<PAGE>   6


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

<TABLE>
<CAPTION>
                                                                              FOR THE THREE MONTHS ENDED
                                                                                       MARCH 31,
                                                                           ---------------------------------
                                                                               1997                  1998
                                                                           -----------           -----------
<S>                                                                        <C>                   <C>
OPERATING ACTIVITIES:
  Net loss                                                                 $(1,406,533)          $(1,791,268)
  Adjustments to reconcile net loss to net cash
    used in operating activities:
      Depreciation of fixed assets                                              43,729                81,026
      Amortization of software development costs                                15,351                22,249
      Non-cash charges to interest expense                                     155,667                46,123
      Non-cash consulting fees exchanged for options and warrants                   --                83,351
      Changes in operating assets and liabilities:
        Accounts receivable                                                     31,996              (444,207)
        Inventory                                                             (140,201)              135,119
        Prepaid expenses                                                       (20,368)             (149,378)
        Deferred charges                                                       415,128               (20,014)
        Deposits                                                                (5,427)              (33,812)
        Accounts payable                                                      (331,555)               14,902
        Accrued compensation                                                   (53,247)               55,386
        Deferred revenue                                                            --                83,733
        Other accrued liabilities                                             (281,119)              413,858
                                                                           -----------           -----------
               Net cash used in operating activities                        (1,576,579)           (1,502,932)
                                                                           -----------           -----------
INVESTING ACTIVITIES:
  Purchase of property and equipment                                          (132,363)             (236,547)
  Software development costs                                                   (44,433)              (88,790)
                                                                           -----------           -----------
               Net cash used in investing activities                          (176,796)             (325,337)
                                                                           -----------           -----------
FINANCING ACTIVITIES:
  Net proceeds from issuance of short-term debt                                210,202                    --
  Repayment of short-term debt-officer                                        (235,000)             (125,000)
  Other                                                                         (2,408)               11,493
  Net proceeds from sale of common stock and warrants                        5,427,238                    --
  Proceeds from the exercise of options                                             --                 6,000
                                                                           -----------           -----------
               Net cash provided (used) by financing activities              5,400,032              (107,507)
                                                                           -----------           -----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                         3,646,657            (1,935,776)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                  18,539             3,117,202
                                                                           -----------           -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD                                   $ 3,665,196           $ 1,181,426
                                                                           ===========           ===========
</TABLE>



                             See accompanying notes.

                                       6
<PAGE>   7

                 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, 1998 are not
necessarily indicative of the results that may be expected for the full year
ending December 31, 1998. 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 31, 1998.

2.  INVENTORY

         Inventory consists of the following:

<TABLE>
<CAPTION>
                                       DECEMBER 31,         MARCH 31,
                                       ------------------------------
                                          1997                1998
                                       ----------          ----------
          <S>                          <C>                 <C>       
          Purchased materials          $1,035,006          $  925,485
          Finished goods                  727,180             701,582
                                       ----------          ----------
                                       $1,762,186          $1,627,067
                                       ==========          ==========
</TABLE>

3. NET LOSS PER SHARE

         The Company has adopted Statement of Financial Accounting Standards No.
128 (SFAS 128), "Earnings per Share," which has changed the method for
calculating earnings per share on the face of the income statement. 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. Basic earnings per share is calculated
by dividing net income/loss by the number of weighted average common shares
outstanding for the period. Since the Company has reported net losses for the
periods presented, the computation of diluted loss per share excludes the
effects of options, warrants and convertible debt since their effect is
anti-dilutive. Loss per share amounts for prior periods have been restated to
conform to SFAS 128 requirements.



                                       7
<PAGE>   8

                 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 Commission.

RESULTS OF OPERATIONS

Quarter Ended March 31, 1998 compared to Quarter Ended March 31, 1997.

         Net Sales. Net sales for the quarter ended March 31, 1998 increased
607% to $1,834,968 from $259,533 reported for the same period last year. The
increase can be attributed to significant growth of both video systems and video
peripheral products during the first quarter of 1998 as compared to the same
period in 1997. The Company has experienced a growing acceptance of its products
and technologies in the market place and expects its sales volumes to continue
to increase as the overall market for video communications products expands.

         During the first quarter of 1998, sales of VBX(TM) video distribution
systems increased 4,175% over the same period in 1997 and represented 57% of
1998 revenues compared to 9.4% of 1997 revenues. Sales of Osprey(R) codecs and
peripherals increased 237% in the first quarter of 1998 over the same period in
1997 and represented 39% of 1998 revenues, compared to 82% of 1997 revenues.
There were no significant revenues from the sale of ViewCast(R) web video
servers during the first quarter of 1998. Sales are expected to increase for the
balance of 1998 as new products are developed and marketed and new contracts are
finalized. The percentage of Osprey(R) products to total sales are expected to
continue to decline as the Company expects to see increases in VBX(TM) and
ViewCast(R) systems revenue over the final three quarters of the year.

         Cost of Goods Sold. Cost of goods sold increased $784,246 to $900,802
for the quarter ended March 31, 1998 compared to the same period last year,
primarily due to the increase in net sales described above. Gross profit margin
for the quarter ended March 31, 1998 was 50.1%, representing a decline from the
55.1% margin reflected in the same period last year. The decrease in gross
margin can be attributed primarily to increases in sales to distribution
partners with contractual sales discounts during 1998.



                                       8
<PAGE>   9

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



         Selling, General and Administrative Expense. Selling, general and
administrative expenses increased from $731,971 in the first quarter of 1997 to
$1,715,125 in the first quarter of 1998 primarily due to a significant expansion
of the Company's sales, marketing and customer support efforts. By the end of
the first quarter of 1998, the Company had added 12 sales and 2 customer support
positions that did not exist during the same period in 1997 and had opened three
sales offices, two in the continental U.S. and one in Europe. This growth
resulted in significant increases in labor, benefits, hiring, office rental, and
travel expenses. Also contributing to the increase were growth in legal and
professional, filing fees and investor relations expenses associated with being
a public company.

         Research and Development Expense. Research and development expense
increased from $562,125 in the first quarter of 1997 to $771,763 in the first
quarter of 1998. This increase of $209,638 can be attributed to additions to the
Company's development staff, contract consultants and manufacturing staff during
1998. The new staff and consultants were principally involved in the
development, testing, and quality control of new circuit board designs and
related software releases for both the VBX(TM) and Osprey(R) products.

         Other Income (Expense). For the quarter ended March 31, 1998, other
expense decreased $61,063 compared to the same period in 1997. This decrease was
primarily caused by the write-off of debt issue costs related to debt converted
to equity at the Company's initial public offering in the first quarter of 1997.
The write-off was recorded as additional interest expense.

LIQUIDITY AND CAPITAL RESOURCES

         The Company's primary sources of funds for conducting its business
activities come from the sale of its debt and equity securities and from
operations. The Company requires liquidity and working capital primarily to fund
increases in inventories and accounts receivable associated with sales growth,
development of its products, debt service and for capital expenditures.

         Net cash used in operating activities for the three months ended March
31, 1998 was $1,502,932 due primarily to the $1,791,268 net loss for the period
offset by $232,749 of non-cash operating expenses and changes in operating
assets and liabilities of $55,587.
 
         Investing activities utilized cash of $325,337 during the three months
ended March 31, 1998 for capital expenditures for computer equipment, test
equipment, purchased software, leasehold improvements and capitalized
development costs associated with the Company's growth and product development.
 
         Financing activities utilized cash in the amount of $107,507 primarily
due to repayment of $125,000 of short-term secured debt to the Company's Chief
Executive Officer.
 
         The Company had working capital of $2,621,446 at March 31, 1998
compared to $4,547,850 at December 31, 1997 and cash and cash equivalents of
$1,181,426 at March 31, 1998 compared to $3,117,202 at December 31, 1997. The
Company experienced significant sales growth during the first quarter of 1998.
However, it is anticipated that losses will continue during 1998 and until such
time as gross margins from the sales of its products exceed its development,
selling, administrative and financing costs. The Company anticipates that
additional financing will be needed during the second quarter of 1998 in order
to meet its working capital requirements and has had preliminary discussions
with several potential sources of financing, and may seek additional financing
to provide additional working capital in the future. Such financing may include
loans, lines of credit and/or secured capital financing through the issuance of
convertible preferred stock or other equity securities and could include
factoring agreements.



                                       9
<PAGE>   10

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



         Although the Company has no current firm arrangements with respect to
any additional financing, it is currently considering various proposals by
several potential investors relating to the issuance of convertible preferred
stock or other equity in exchange for a cash investment in the Company. The
Company is also considering obtaining a revolving line of credit, which would
rank pari passu with its convertible notes, except to the extent of the
collateral securing such debt. There can be no assurance that any such
additional financing will be available to the Company on acceptable terms, or at
all. Additional equity financing, including the issuance of convertible
preferred stock, may involve substantial dilution to the Company's then existing
stockholders and holders of the its convertible debt (assuming conversion
thereof). In the event the Company is unable to raise additional capital it may
be required to curtail its activities. However, the Company believes that it
will be able to raise sufficient capital to fund its growth at least through the
end of 1998.



                                       10
<PAGE>   11

                 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: Calculation of Net Loss Per Share
                           Exhibit 27: Financial Data Schedule



                                       11
<PAGE>   12

                                   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 8, 1998                  /s/ WILLIAM S. LEFTWICH
       -----------                  -----------------------
                                    William S. Leftwich
                                    Chief Financial Officer
                                    Principal Financial Officer



                                       12
<PAGE>   13

                               INDEX TO EXHIBITS

<TABLE>
<CAPTION>
EXHIBIT
NUMBER                   DESCRIPTION
-------                  -----------
<S>                      <C>
  11                     Statement Re: Computation of Earnings Per Share

  27                     Financial Data Schedule
</TABLE>