8-K 1 sec8k0303.htm MARCH 3/31/03 FINANCIALS 8k0303

SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549



FORM 8-K



Current Report Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 15, 2003



Metawave Communications Corporation
 (Exact name of Registrant as specified in its charter)

   
Delaware0-2467391-1673152
(State or other jurisdiction of
incorporation or organization) 		(Commission File Number)(I.R.S. Employer
Identification No.)

15231 NE 95th Street
Redmond, WA 98052
 (Address of principal executive offices)(zip code)


(425) 702-5600
 (Registrant's telephone number, including area code)



















Item 5. Other Events and Regulation FD Disclosure

        Metawave Communications Corporation, a Delaware corporation (“Metawave Communications” or the"Company"), has filed its monthly operating report for the month of February 2003 (the “Monthly Report”) with the United States Bankruptcy Court for the Western District of Washington in Case No. 03-11272, portions of which are attached hereto as Exhibit 99.1. The Monthly Report was filed pursuant to Rule 2015 under the United States Bankruptcy Code, in connection with Metawave Communication’s voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.

        The Company cautions readers not to place undue reliance upon the information contained in the Monthly Report. The Monthly Report contains information that has not been audited or reviewed by independent accountants, is limited in scope, covers a limited time period and is in a format prescribed by the applicable bankruptcy laws, which does not represent financial information in accordance with generally accepted accounting principles. Opening amounts on the UST-12, Comparative Balance Sheet were established as estimated recoverable values and estimated claims payable at the time of the Company's bankruptcy filing (January 31, 2003). There can be no assurance that the Monthly Report is complete. The Monthly Report also contains information for periods different from those contained in the Company’s reports pursuant to the Securities Exchange Act of 1934, as amended. The Company undertakes no obligation to update or revise the Monthly Report.



Item 7.               Financial Statements and Exhibits

  
  (c)     Exhibits.

          99.1      Monthly Bankruptcy Report for the month of March 2003.









SIGNATURES

Pursuant to the requirements of the Securities Exchange act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.

 METAWAVE COMMUNICATIONS
CORPORATION
(Registrant)
  
Date: April 22, 2003By: /s/ Randy Scheer     
Randy Scheer
Vice President of Finance




  
 INDEX TO EXHIBITS
Exhibit
Number		Description
99.1 Monthly Bankruptcy Report for the month of March 2003.



Exhibit 99.1

Metawave Communications Corporation
UST-12, Comparative Balance Sheet
Case Number 03-11272
unaudited

         
        February 28, 2003 March 31, 2003
ASSETS     
  Current Assets  
  Cash   508,478.79730,240.19
   Accounts Receivable (net) 147,810.6319,848.66
      
   Other Current Assets  
     Inventory 427,097.00427,097.00
     Insurance Recovery Receivable 813,308.22663,308.22
     Travel Advances 183.24-
     Other Receivables 251,818.59225,601.86
     Prepaid Insurance 299,581.22188,622.64
     Prepaid Legal Expenses 55,000.0055,000.00
   Total Other Current Assets 1,846,988.271,559,629.66
  Total Current Assets  2,503,277.692,309,718.51
   Fixed Assets  
  Equipment 203,500.00203,500.00
  Patents 1,300,000.001,300,000.00
  Total Fixed Assets  1,503,500.001,503,500.00
  Other Assets   
   Rent Deposits 47,427.5038,640.50
TOTAL ASSETS    4,054,205.193,851,859.01
      
LIABILITIES EQUITY  
  Liabilities   
  Post-Petition Liabilities  
     Accounts Payable  
     Post - Accounts Payable 26,736.8812374.17
     Post - Accrued Legal Expense 1000,000.00 200,000.00
    Post - Employee Benefits 81.336,512.68
    Post - Payroll & Bonus Payable -40,260.66
    Post - Taxes Payable 21,765.741,322.10
  Total Post-Petition Liabilities 148,583.95260,469.61
      
  Pre-Petiton Liabilities  
     Unsecured Debt 1,471,494.10 1,471,494.10
     Accrued Warranty Payable 250,000.00-
    Priority Debt  
     Employee Benefits 2,667.022,667.02
     Taxes 586,471.15 586,471.15
     Wages 61,059.76 61,059.76
     Priority Debt 650,197.93650,197.93
     Secured Debt 478,237.08473,049.76
  Total Pre-Petition Liabilities 2,849,929.112,594,741.79
  Total Liabilities   2,998,513.062,855,211.40
      
  Equity  
  Preferred   20,000,073.8020,000,073.80
  Capital Stock   340,460,277.78340,460,277.78
  Opening Bal Equity    (359,366,979.45) (359,366,979.45)
  Total Equity   1,055,692.13996,647.61
TOTAL LIABILITIES EQUITY 4,054,205.193,851,859.01

Metawave Communications Corporation
UST-13, Comparative Income Statement
Case Number 03-11272
unaudited

   
 Feb 03    Mar 03   
Sales22,903.00-
Cost of Goods Sold22,903.00-
  Gross Profit--
Other Operating Expenses 
  Officers' Salaries49,230.7869,627.13
  Other Salaries30,698.6252,503.78
  Employee Benefits/Payroll Taxes46,397.819,780.49
  Insurance111,064.83110,958.58
  Rent12,800.509,057.00
  General and Administrative133,355.25126,294.15
Total Other Operating Expenses 383,547.79378,221.13
Net Operating Loss(383,547.79)(378,21.13)
Other Income19,662.7319,176.61
Gain on Change in Accounting Estimate - Accrued Waranty Payable -250,000.00
Loss on Change in Accounting Estimate - Insurance Recovery Receivable -(150,000.00)
Loss from Terminatation of Lease Agreements (2,660,000.00) (200,000.00)
Net Loss (3,023,885.06)(59,044.52)