8-K 1 sec8k123103.htm 8K FOR 12/31/2003 8k113003

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):  January 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.)

12525 Willows Road NE,
Suite #130
Kirkland, WA 98034
 (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 December 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 December 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: January 15, 2004By: /s/ Randy Scheer     
Randy Scheer
Vice President of Finance




Exhibit 99.1

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

           
            November 30,
  2003    		     December 31,
  2003    		                   
ASSETS        
  Current Assets      
  Cash   3,534,7063,511,270   
   Accounts Receivable (net)    -       -       
            
   Other Current Assets      
     Inventory    -       -       
     Insurance Recovery Receivable    -       -       
     Other Receivables 28,28028,280   
     Prepaid Insurance 10,2038,843    
     Prepaid Legal Expenses    -       -       
   Total Other Current Assets 38,48337,123    
  Total Current Assets  3,573,1893,548,393   
  Other Assets   
   Rent Deposits 11,7804,980   
TOTAL ASSETS    3,584,9693,553,373   
          
LIABILITIES AND EQUITY      
  Liabilities       
  Post-Petition Liabilities      
     Accounts Payable      
     Post - Accounts Payable 6212,356    
     Post - Accrued Legal Expense 261,858352,888    
     Post - Employee Benefits (1,931)   -       
    Post - Payroll & Bonus Payable 4,3379,398    
    Post - Taxes Payable    -       -       
  Total Post-Petition Liabilities 264,884364,642    
            
  Pre-Petition Liabilities        
     Unsecured Debt 914,467 914,467    
    Priority Debt        
     Employee Benefits 2,6672,667    
     Taxes 386,471 386,471    
     Wages    44,715       44,715      
     Priority Debt 433,853433,853    
     Secured Debt    472,027      472,027      
  Total Pre-Petition Liabilities    1,820,348      1,820,348     
  Total Liabilities   2,085,2322,184,990    
      
  Equity  
  Preferred   20,000,074 20,000,074   
  Capital Stock   340,460,278 340,460,278   
  Opening Bal Equity   (358,960,614) (359,091,968)   
  Total Equity   1,499,7371,368,383    
TOTAL LIABILITIES AND EQUITY 3,584,9693,553,373    

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

   
    November 2003       December 2003   
Sales   -       -   
Cost of Goods Sold      -        -   
  Gross Profit   -       -   
Other Operating Expenses 
  Officers' Salaries19,670 23,697
  Other Salaries9,215 7,054
  Employee Benefits/Payroll Taxes5,640 7,433
  Insurance1,360 1,360
  Rent830 1,970
  General and Administrative118,024 94,405
Total Other Operating Expenses154,739 135,919
Net Operating Loss(154,739) (135,919)
Other Income1,241 1,153
Gain on Sale of Assets     16,215     3,412
Net Income(Loss)(137,284) (131,354)