SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 12B-25


                        COMMISSION FILE NUMBER 000-21749

                           NOTIFICATION OF LATE FILING

                                  (Check One):

                          [X] Form 10-K and Form 10-KSB
                                  [ ] Form 11-K
                                  [ ] Form 20-F
                          [ ] Form 10-Q and Form 10-QSB
                                 [ ] Form N-SAR

                       For Period Ended: December 31, 2002

                       [ ] Transition Report on Form 10-K
                       [ ] Transition Report on Form 10-Q
                       [ ] Transition Report on Form 20-F
                       [ ] Transition Report on Form N-SAR
                       [ ] Transition Report on Form 11-K

                   For the Transition Period Ended: _________

          Nothing in this form shall be construed to imply that the Commission
          has verified any information contained herein.

          If the notification relates to a portion of the filing checked above,
          identify the item(s) to which the notification relates:





                         PART I. REGISTRANT INFORMATION.

              Full name of registrant: MOONEY AEROSPACE GROUP, LTD.

       Former name if applicable: ADVANCED AERODYNAMICS & STRUCTURES, INC.

                      Address of principal executive office
                   (Street and number): LOUIS SCHREINER FIELD

                  City, state and zip code: KERRVILLE, TX 78028


PART II. RULE 12B-25 (b) AND (c)

If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check appropriate box.)

         [X]      (a) The reasons described in reasonable detail in Part III of
                  this form could not be eliminated without unreasonable effort
                  or expense;

         [X]      (b) The subject annual report, semi-annual report, transition
                  report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion
                  thereof will be filed on or before the 15th calendar day
                  following the prescribed due date; or the subject quarterly
                  report or transition report on Form 10-Q, or portion thereof
                  will be filed on or before the fifth calendar day following
                  the prescribed due date; and

         [ ]      (c) The accountant's statement or other exhibit required by
                  Rule 12b-25(c) has been attached if applicable.

PART III. NARRATIVE.

State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q,
N-SAR or the transition report portion thereof could not be filed within the
prescribed time period. (Attach extra sheets if needed.)

The Form 10-KSB for the year ended December 31, 2002 for Mooney Aerospace Group,
LTD could not be filed within the prescribed period because the Company was
unable to complete certain information critical to filing a timely and accurate
report on the internal financial aspects of the Company. Such inability could
not have been eliminated by the registrant without unreasonable effort or
expense.






PART IV. OTHER INFORMATION.

(1)      Name and telephone number of person to contact in regard to this
         notification:

         J. Nelson Happy               (830)               896-6000
         ----------------------------------------------------------------
            (Name)                   (Area Code)       (Telephone Number)

(2)      Have all other periodic reports required under Section 12 or 15(d) of
         the Securities Exchange Act of 1934 or Section 30 of the Investment
         Company Act of 1940 during the preceding 12 months or for such shorter
         period that the registrant was required to file such report(s) been
         filed? If the answer is no, identify report(s).

                  [X] Yes                  [ ]  No

(3)      Is it anticipated that any significant change in results of operations
         from the corresponding period for the last fiscal year will be
         reflected by the earnings statements to be included in the subject
         report or portion thereof?

                  [ ] Yes                  [X]  No

         If so, attach an explanation of the anticipated change, both
         narratively and quantitatively, and, if appropriate, state the reasons
         why a reasonable estimate of the results cannot be made.




                           MOONEY AEROSPACE GROUP, LTD
                   ------------------------------------------
                  (NAME OF REGISTRANT AS SPECIFIED IN CHARTER)


         Has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.



Dated:  March 31, 2003                         By: /s/ J. Nelson Happy
                                               -----------------------------
                                               J. Nelson Happy
                                               President and Chief
                                               Executive Officer