NextWave Wireless Inc., the San Diego holder of wireless spectrum licenses, reported a first quarter net loss of $28.5 million compared with a net loss of $61 million in the prior year’s first quarter, the company said May 10.

Traded on the Pink Sheets Exchange following a technical bond default last summer, the company’s accumulated deficit as of March 31 was $1.6 billion. Shareholders’ equity was listed at minus $706 million so it’s technically under water.

In its most recent securities filing, NextWave said if it’s unable to extend the maturity of its bonds or arrange alternative financing, the bondholders could proceed against it, which raises “substantial doubt about our ability to continue as a going concern.”

The company is also looking at a possible bankruptcy, which would be the second time that’s happened.

Traded under WAVE.PK, shares were at 19 cents May 14, and have ranged from 6 to 45 cents over the past 52 weeks.

— Mike Allen