8-K 1 sec8k040303.htm APRIL 2003 8k0403

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):  May 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”), has filed its monthly operating report for the month of April 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 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. There can be no assurance that the Monthly Report is complete. 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). The Monthly Report also contains information for periods different from those contained in the Company's reports pursuant to the SecuritiesExchange 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 April 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 23, 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 April 2003.



Exhibit 99.1

Exhibit 99.1

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

         
        March 31, 2003 April 30, 2003
ASSETS     
  Current Assets  
  Cash   730,2402,920,406
   Accounts Receivable (net) 19,84923,722
      
   Other Current Assets  
     Inventory 427,097239,174
     Insurance Recovery Receivable 663,308557,027
     Other Receivables 225,602232,884
     Prepaid Insurance 188,62377,664
     Prepaid Legal Expenses 55,00055,000
   Total Other Current Assets 1,559,6301,161,749
  Total Current Assets  2,309,7194,105,877
   Fixed Assets  
  Equipment 203,500176,425
  Patents 1,300,0001,040,000
  Total Fixed Assets  1,503,5001,216,425
  Other Assets   
   Rent Deposits 38,64116,732
TOTAL ASSETS    3,851,8595,339,033
      
LIABILITIES AND EQUITY  
  Liabilities   
  Post-Petition Liabilities  
     Accounts Payable  
     Post - Accounts Payable 12,37421,761
     Post - Accrued Legal Expense 200,000311,376
    Post - Deferred Revenue -569,395
    Post - Employee Benefits 6,51311,697
    Post - Payroll & Bonus Payable 40,261134,601
    Post - Taxes Payable 1,3229,708
  Total Post-Petition Liabilities 260,4701,058,538
      
  Pre-Petiton Liabilities  
     Unsecured Debt 1,471,494 1,471,494
     Accrued Warranty Payable   
    Priority Debt  
     Employee Benefits 2,6672,667
     Taxes 586,471 586,471
     Wages 61,060 61,060
     Priority Debt 650,198650,198
     Secured Debt 473,050472,027
  Total Pre-Petition Liabilities 2,594,7422,593,719
  Total Liabilities   2,855,2113,652,257
      
  Equity  
  Preferred   20,000,07420,000,074
  Capital Stock   340,460,278340,460,278
  Opening Bal Equity    (359,463,704) (358,773,576)
  Total Equity   996,6481,686,776
TOTAL LIABILITIES AND EQUITY 3,851,8595,339,033

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

   
    March 2003       April 2003   
Sales-1,654,395
Cost of Goods Sold   -   447,923
  Gross Profit-1,206,472
Other Operating Expenses 
  Officers' Salaries69,627126,760
  Other Salaries52,50475,269
  Employee Benefits/Payroll Taxes9,78022,314
  Insurance110,959108,348
  Rent9,05717,623
  General and Administrative126,294114,119
Total Other Operating Expenses378,221464,433
Net Operating Loss(378,221)742,039
Other Income19,17710,821
Gain on Change in Accounting Estimate - Accrued Warranty Payable 250,000   -   
Gain on Sale of Assets    -   43,549
Loss on Change in Accounting Estimate - Insurance Recovery Receivable (150,000)(106,281)
Loss from Termination of Lease Agreements 200,000    -   
Net Loss (59,045)690,128