8-K 1 sec8k073103.htm JULY 2003 8k073103

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):  August 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 July 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 July 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: August 26, 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 July 2003.



Exhibit 99.1

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

         
             June 30, 2003            July 31, 2003    
ASSETS     
  Current Assets  
  Cash   2,946,8962,575,017
   Accounts Receivable (net) 22,00021,700
      
   Other Current Assets  
     Inventory 50,00010,000
     Insurance Recovery Receivable 557,027557,027
     Other Receivables 185,589156,381
     Prepaid Insurance 20,55149,300
     Prepaid Legal Expenses 55,000   -   
   Total Other Current Assets 868,167772,708
  Total Current Assets  3,837,0623,369,424
   Fixed Assets  
  Equipment 40,00030,000
  Patents 1,040,0001,040,000
  Total Fixed Assets  1,080,0001,070,000
  Other Assets   
   Rent Deposits 6,8006,800
TOTAL ASSETS    4,923,8624,446,224
      
LIABILITIES AND EQUITY  
  Liabilities   
  Post-Petition Liabilities  
     Accounts Payable  
     Post - Accounts Payable 7,3436,957
     Post - Accrued Legal Expense 464,862206,426
    Post - Deferred Revenue --
    Post - Employee Benefits 2,673634
    Post - Payroll & Bonus Payable 26,83435,084
    Post - Taxes Payable 5,663   -   
  Total Post-Petition Liabilities 507,374249,101
      
  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   3,101,0932,842,820
      
  Equity  
  Preferred   20,000,07420,000,074
  Capital Stock   340,460,278340,460,278
  Opening Bal Equity   (358,637,582) (358,856,948)
  Total Equity   1,822,7691,603,404
TOTAL LIABILITIES AND EQUITY 4,923,8624,446,224

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

   
    June 2003       July 2003   
Sales--
Cost of Goods Sold    -      -   
  Gross Profit- -
Other Operating Expenses 
  Officers' Salaries54,207 59,198
  Other Salaries15,344 20,944
  Employee Benefits/Payroll Taxes88 5,414
  Insurance- -
  Rent9,001 9,011
  General and Administrative76,666 125,740
Total Other Operating Expenses155,306 220,306
Net Operating Loss(155,306) (220,306)
Other Income1,216 850
Gain on Change in Accounting Estimate - Accrued Warranty Payable -   -   
Gain on Sale of Assets 15,51090
Loss on Change in Accounting Estimate - Insurance Recovery Receivable --
Gain/Loss from Termination of Lease Agreements30,069 -
Net Income(Loss)(108,511)(219,365)