Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information | ' |
Entity Registrant Name | 'FCCC INC |
Entity Central Index Key | '0000730669 |
Document Type | '10-Q |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--03-31 |
Is Entity a Well-known Seasoned Issuer? | 'No |
Is Entity a Voluntary Filer? | 'No |
Is Entity's Reporting Status Current? | 'Yes |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 1,561,022 |
Document Fiscal Period Focus | 'Q3 |
Document Fiscal Year Focus | '2014 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $50 | $79 |
Total current assets | 50 | 79 |
Other assets | 1 | 1 |
TOTAL ASSETS | 51 | 80 |
Current liabilities: | ' | ' |
Accounts payable and other accrued expenses | 9 | 9 |
Total current liabilities | 9 | 9 |
Commitments and contingencies | ' | ' |
TOTAL LIABILITIES | 9 | 9 |
Stockholders' equity: | ' | ' |
Common stock, no par value,authorized 22,000,000 shares, issued and outstanding 1,561,022 shares at December 31, 2013 and March 31, 2013 | 781 | 781 |
Additional paid-in capital | 8,035 | 8,035 |
Accumulated deficit | -8,774 | -8,745 |
Total stockholders' equity | 42 | 71 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $51 | $80 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Stockholders' equity: | ' | ' |
Common stock, par value | $0 | $0 |
Common stock,shares authorized; | 22,000,000 | 22,000,000 |
Common stock shares issued | 1,561,022 | 1,561,022 |
Common stock shares outstanding | 1,561,022 | 1,561,022 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income: | ' | ' | ' | ' | |||
Interest income | ' | [1] | ' | [1] | ' | [1] | $1 |
Total income | ' | ' | ' | 1 | |||
Expense: | ' | ' | ' | ' | |||
Operating and administrative expenses | 11 | 8 | 23 | 23 | |||
Legal expenses | 2 | 2 | 6 | 6 | |||
Total expense | 13 | 10 | 29 | 29 | |||
Loss before income taxes | -13 | -10 | -29 | -28 | |||
Income tax expense | ' | ' | ' | ' | |||
Net Loss | ($13) | ($10) | ($29) | ($28) | |||
Basic and Diluted loss per share | ($0.01) | ($0.01) | ($0.02) | ($0.02) | |||
Weighted average common shares outstanding: | ' | ' | ' | ' | |||
Basic and Diluted | 1,561,022 | 1,561,022 | 1,561,022 | 1,561,022 | |||
[1] | Less than $1,000. |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net Loss | ($29) | ($28) |
Changes in assets and liabilities: | ' | ' |
Accounts payable and accrued expenses | ' | -1 |
Net cash used in operating activities | -29 | -29 |
Net decrease in cash and cash equivalents | -29 | -29 |
Cash and cash equivalents, beginning of period | 79 | 117 |
Cash and cash equivalents, end of period | $50 | $88 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2013 | |
Basis Of Presentation | ' |
NOTE A - BASIS OF PRESENTATION | ' |
The accompanying unaudited condensed financial statements of FCCC, Inc. (the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X, promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. | |
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair representation have been included herein. Operating results are not necessarily indicative of the results which may be expected for the year ending March 31, 2014 or other future periods. For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
NOTE B - RELATED PARTY TRANSACTIONS | ' |
Employees and Consultants | |
The Company currently has one executive officer, who has a consulting arrangement with the Company. Specifically, on July 1, 2003, the Company and Mr. Bernard Zimmerman, currently the President, Chief Executive Officer and Principal Financial Officer of the Company, entered into a Consulting Agreement (the “Zimmerman Consulting Agreement”) which provided for monthly payments of $2,000 to Mr. Zimmerman or his affiliate plus reasonable and necessary out-of-pocket expenses. Effective August 1, 2011, Mr. Zimmerman reduced his monthly fee to $1,500 per month. Effective April 1, 2012, Mr. Zimmerman has offered and agreed to accept no continuing monthly consulting fees. Upon the completion of a transaction, the Board of Directors and others involved in such transaction will evaluate any fee payable to Mr. Zimmerman for his services. Upon the expiration of the Zimmerman Consulting Agreement on July 1, 2006, the Board of Directors authorized the extension of the Zimmerman Consulting Agreement, on a month-to-month basis. Management of the Company expects to use consultants, attorneys and accountants as necessary, and it is not expected that FCCC will have any full-time or other employees, except as may be the result of completing a transaction. |
NEW_PRONOUNCEMENTS_AND_SHARE_B
NEW PRONOUNCEMENTS AND SHARE BASED AWARDS | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
New Pronouncements And Share Based Awards | ' | ||||||||
NOTE C - NEW PRONOUNCEMENTS AND SHARE BASED AWARDS | ' | ||||||||
Recently Issued Accounting Pronouncements: | |||||||||
The FASB has issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). The amendments in this ASU state that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. | |||||||||
The FASB has issued Accounting Standards Update (ASU) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments to the FASB Accounting Standards Codification (Codification) in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. Coinciding with the release of ASU No. 2011-11, the IASB has issued Disclosures - Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7). This amendment requires disclosures about the offsetting of financial assets and financial liabilities common to those in ASU No. 2011-11. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. | |||||||||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | |||||||||
Earnings Per Common Share: | |||||||||
The Company follows FASB ASC 260 “Earnings Per Share”. Basic EPS is based on the weighted average number of common shares outstanding for the period, excluding the effects of any potentially dilutive securities. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. | |||||||||
Basic and diluted loss per common share was calculated using the following number of shares for the three months and nine months ended December 31, 2013 and December 31, 2012: | |||||||||
2013 | 2012 | ||||||||
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
NOTE D - SUBSEQUENT EVENTS | ' |
The Company has evaluated events that occurred subsequent to December 31, 2013, and determined the following: | |
On January 6, 2014 the Company filed a Form 8-K concerning a Change of Accountants. | |
On January 13, 2014 the Company filed a Form 8-K/A to correct the date of change in the Company’s Accountants. |
NEW_PRONOUNCEMENTS_AND_SHARE_B1
NEW PRONOUNCEMENTS AND SHARE BASED AWARDS (Policies) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
DisclosureNewPronouncementsAndShareBasedAwardsPoliciesAbstract | ' | ||||||||
Recently Issued Accounting Pronouncements: | ' | ||||||||
The FASB has issued Accounting Standards Update (ASU) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments to the FASB Accounting Standards Codification (Codification) in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. Coinciding with the release of ASU No. 2011-11, the IASB has issued Disclosures - Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7). This amendment requires disclosures about the offsetting of financial assets and financial liabilities common to those in ASU No. 2011-11. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. | |||||||||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | |||||||||
Earnings Per Common Share | ' | ||||||||
The Company follows FASB ASC 260 “Earnings Per Share”. Basic EPS is based on the weighted average number of common shares outstanding for the period, excluding the effects of any potentially dilutive securities. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. | |||||||||
Basic and diluted loss per common share was calculated using the following number of shares for the three months and nine months ended December 31, 2013 and December 31, 2012: | |||||||||
2013 | 2012 | ||||||||
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 |
NEW_PRONOUNCEMENTS_AND_SHARE_B2
NEW PRONOUNCEMENTS AND SHARE BASED AWARDS (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
New Pronouncements And Share Based Awards Tables | ' | ||||||||
Earning per share | ' | ||||||||
Basic and diluted loss per common share was calculated using the following number of shares for the three months and nine months ended December 31, 2013 and December 31, 2012: | |||||||||
2013 | 2012 | ||||||||
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (Zimmerman consulting agreement [Member], USD $) | Aug. 01, 2011 | Jul. 01, 2003 |
Zimmerman consulting agreement [Member] | ' | ' |
Consulting Payment | $1,500 | $2,000 |
NEW_PRONOUNCEMENTS_AND_SHARE_B3
NEW PRONOUNCEMENTS AND SHARE BASED AWARDS (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
New Pronouncements And Share Based Awards Details | ' | ' | ' | ' |
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 | 1,561,022 | 1,561,022 |