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)
Delaware | 0-24673 | 91-1673152 |
(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, 2003 | By: /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 | 508,478.79 | 730,240.19 | |||||
Accounts Receivable (net) | 147,810.63 | 19,848.66 | |||||
Other Current Assets | |||||||
Inventory | 427,097.00 | 427,097.00 | |||||
Insurance Recovery Receivable | 813,308.22 | 663,308.22 | |||||
Travel Advances | 183.24 | - | |||||
Other Receivables | 251,818.59 | 225,601.86 | |||||
Prepaid Insurance | 299,581.22 | 188,622.64 | |||||
Prepaid Legal Expenses | 55,000.00 | 55,000.00 | |||||
Total Other Current Assets | 1,846,988.27 | 1,559,629.66 | |||||
Total Current Assets | 2,503,277.69 | 2,309,718.51 | |||||
Fixed Assets | |||||||
Equipment | 203,500.00 | 203,500.00 | |||||
Patents | 1,300,000.00 | 1,300,000.00 | |||||
Total Fixed Assets | 1,503,500.00 | 1,503,500.00 | |||||
Other Assets | |||||||
Rent Deposits | 47,427.50 | 38,640.50 | |||||
TOTAL ASSETS | 4,054,205.19 | 3,851,859.01 | |||||
LIABILITIES EQUITY | |||||||
Liabilities | |||||||
Post-Petition Liabilities | |||||||
Accounts Payable | |||||||
Post - Accounts Payable | 26,736.88 | 12374.17 | |||||
Post - Accrued Legal Expense | 1000,000.00 | 200,000.00 | |||||
Post - Employee Benefits | 81.33 | 6,512.68 | |||||
Post - Payroll & Bonus Payable | - | 40,260.66 | |||||
Post - Taxes Payable | 21,765.74 | 1,322.10 | |||||
Total Post-Petition Liabilities | 148,583.95 | 260,469.61 | |||||
Pre-Petiton Liabilities | |||||||
Unsecured Debt | 1,471,494.10 | 1,471,494.10 | |||||
Accrued Warranty Payable | 250,000.00 | - | |||||
Priority Debt | |||||||
Employee Benefits | 2,667.02 | 2,667.02 | |||||
Taxes | 586,471.15 | 586,471.15 | |||||
Wages | 61,059.76 | 61,059.76 | |||||
Priority Debt | 650,197.93 | 650,197.93 | |||||
Secured Debt | 478,237.08 | 473,049.76 | |||||
Total Pre-Petition Liabilities | 2,849,929.11 | 2,594,741.79 | |||||
Total Liabilities | 2,998,513.06 | 2,855,211.40 | |||||
Equity | |||||||
Preferred | 20,000,073.80 | 20,000,073.80 | |||||
Capital Stock | 340,460,277.78 | 340,460,277.78 | |||||
Opening Bal Equity | (359,366,979.45) | (359,366,979.45) | |||||
Total Equity | 1,055,692.13 | 996,647.61 | |||||
TOTAL LIABILITIES EQUITY | 4,054,205.19 | 3,851,859.01 |
Metawave Communications Corporation
UST-13, Comparative Income Statement
Case Number 03-11272
unaudited
Feb 03 | Mar 03 | |
Sales | 22,903.00 | - |
Cost of Goods Sold | 22,903.00 | - |
Gross Profit | - | - |
Other Operating Expenses | ||
Officers' Salaries | 49,230.78 | 69,627.13 |
Other Salaries | 30,698.62 | 52,503.78 |
Employee Benefits/Payroll Taxes | 46,397.81 | 9,780.49 |
Insurance | 111,064.83 | 110,958.58 |
Rent | 12,800.50 | 9,057.00 |
General and Administrative | 133,355.25 | 126,294.15 |
Total Other Operating Expenses | 383,547.79 | 378,221.13 |
Net Operating Loss | (383,547.79) | (378,21.13) |
Other Income | 19,662.73 | 19,176.61 |
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) |