8-K 1 sec8k060303.htm MAY 2003 8K 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):  June 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 May 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. 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 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 May 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: June 18, 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 May 2003.



Exhibit 99.1

Exhibit 99.1

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

         
          April 30, 2003      May 31, 2003  
ASSETS     
  Current Assets  
  Cash   2,920,4062,911,035
   Accounts Receivable (net) 23,72222,000
      
   Other Current Assets  
     Inventory 239,17450,000
     Insurance Recovery Receivable 557,027557,027
     Other Receivables 232,884188,425
     Prepaid Insurance 77,66420,551
     Prepaid Legal Expenses 55,00055,000
   Total Other Current Assets 1,161,749871,002
  Total Current Assets  4,105,8773,804,037
   Fixed Assets  
  Equipment 176,425108,336
  Patents 1,040,0001,040,000
  Total Fixed Assets  1,216,4251,148,336
  Other Assets   
   Rent Deposits 16,73216,732
TOTAL ASSETS    5,339,0334,969,104
      
LIABILITIES AND EQUITY  
  Liabilities   
  Post-Petition Liabilities  
     Accounts Payable  
     Post - Accounts Payable 21,76112,326
     Post - Accrued Legal Expense 311,376393,298
    Post - Deferred Revenue 569,395-
    Post - Employee Benefits 11,697439
    Post - Payroll & Bonus Payable 134,60132,379
    Post - Taxes Payable 9,7085,663
  Total Post-Petition Liabilities 1,058,538444,105
      
  Pre-Petiton Liabilities  
     Unsecured Debt 1,471,494 1,471,494
    Priority Debt  
     Employee Benefits 2,6672,667
     Taxes 586,471 586,471
     Wages 61,060 61,060
     Priority Debt 650,198650,198
     Secured Debt 472,027472,027
  Total Pre-Petition Liabilities 2,593,7192,593,719
  Total Liabilities   3,652,2573,037,824
      
  Equity  
  Preferred   20,000,07420,000,074
  Capital Stock   340,460,278340,460,278
  Opening Bal Equity    (358,773,576) (358,529,072)
  Total Equity   1,686,7761,931,280
TOTAL LIABILITIES AND EQUITY 5,339,0334,969,104

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

   
    April 2003       May 2003   
Sales1,654,395571,887
Cost of Goods Sold 447,923209,035
  Gross Profit1,206,473 362,852
Other Operating Expenses 
  Officers' Salaries126,760 65,562
  Other Salaries75,269 26,117
  Employee Benefits/Payroll Taxes22,314 13,200
  Insurance108,348 57,113
  Rent17,623 8,876
  General and Administrative114,119 90,160
Total Other Operating Expenses464,433 261,028
Net Operating Loss742,039 101,824
Other Income10,821 3,074
Gain on Change in Accounting Estimate - Accrued Warranty Payable -   -   
Gain on Sale of Assets 43,549139,606
Loss on Change in Accounting Estimate - Insurance Recovery Receivable (106,281)-
Gain/Loss from Termination of Lease Agreements-    -   
Net Income690,128244,504