U.S. 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 September 30, 1996.

                                OR

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

Commission File Number: 0-18798

               IMAGING MANAGEMENT ASSOCIATES, INC.
(Exact Name of Small Business Issuer as Specified in Its Charter)

     COLORADO                                        84-1110294
(State or Other Jurisdiction of                     (I.R.S. Employer
 Incorporation or Organization)                      Identification No.)

                5143 West Woodmill Drive, Suite 23
                    Wilmington, Delaware 19808
             (Address of Principal Executive Offices)
                    Telephone: (302) 633-6900     
         (Issuer's Telephone Number, Including Area Code)

     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            No __X__

At November 15, 1996 there were 16,525,744 shares outstanding of the
Registrant's no par value Common Stock.

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








      IMAGING MANAGEMENT ASSOCIATES, INC.

                   SIGNATURES


     Pursuant to the requirements of the Securities Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.


               
                    IMAGING MANAGEMENT ASSOCIATES, INC.







Date: January 31, 1997          By:    /s/ Leonard Vernon
                                       Leonard Vernon, Chairman of the Board
                                       President and Chief Executive Officer


 
Date: January 31, 1997          By:     /s/ Joseph F. Rooney 
                                        Joseph F. Rooney,
                                        Executive Vice President,
                                        Secretary, Treasurer,
                                        Director and Principal Financial and
                                        Accounting Officer