Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Jun. 25, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'FCCC INC | ' |
Entity Central Index Key | '0000730669 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Mar-14 | ' |
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 Public Float | $173,000 | ' |
Entity Common Stock, Shares Outstanding | ' | 1,561,022 |
Document Fiscal Period Focus | 'FY | ' |
Document Fiscal Year Focus | '2014 | ' |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $42 | $79 |
Total current assets | 42 | 79 |
Other assets | 1 | 1 |
TOTAL ASSETS | 43 | 80 |
Current liabilities: | ' | ' |
Accounts payable and other accrued expenses | 15 | 9 |
Total current liabilities | 15 | 9 |
TOTAL LIABILITIES | 15 | 9 |
Stockholders' equity: | ' | ' |
Common stock, no par value, authorized 22,000,000 shares, issued and outstanding 1,561,022 shares at March 31, 2014 and March 31, 2013 | 781 | 781 |
Additional paid-in capital | 8,035 | 8,035 |
Accumulated deficit | -8,788 | -8,745 |
Total stockholders' equity | 28 | 71 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $43 | $80 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | 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 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Income: | ' | ' | |
Interest income | ' | [1] | $1 |
Total income | ' | 1 | |
Expense: | ' | ' | |
Legal expenses | 13 | 8 | |
Operating and administrative expenses | 30 | 30 | |
Total expense | 43 | 38 | |
Net Loss | ($43) | ($37) | |
Basic and diluted loss per share: | ($0.02) | ($0.02) | |
Weighted average common shares outstanding: | ' | ' | |
Basic and Diluted | 1,561,022 | 1,561,022 | |
[1] | Less than $1,000. |
STATEMENTS_OF_CHANGES_IN_STOCK
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
In Thousands, except Share data | ||||
Beginning Balance, Amount at Mar. 31, 2012 | $781 | $8,035 | ($8,708) | $108 |
Beginning Balance, Shares at Mar. 31, 2012 | 1,561,022 | ' | ' | ' |
Net Loss | ' | ' | -37 | -37 |
Ending Balance, Amount at Mar. 31, 2013 | 781 | 8,035 | -8,745 | 71 |
Ending Balance, Shares at Mar. 31, 2013 | 1,561,022 | ' | ' | ' |
Net Loss | ' | ' | -43 | -43 |
Ending Balance, Amount at Mar. 31, 2014 | $781 | $8,035 | ($8,788) | $28 |
Ending Balance, Shares at Mar. 31, 2014 | 1,561,022 | ' | ' | ' |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net Loss | ($43) | ($37) |
Increase (Decrease) in liabilities: | ' | ' |
Accounts payable and accrued expenses | 6 | -1 |
Net cash used in operating activities | -37 | -38 |
Net changes in cash and cash equivalents | -37 | -38 |
Cash and cash equivalents, beginning of year | 79 | 117 |
Cash and cash equivalents, end of year | $42 | $79 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ' | ||||||||
Company Operations: | |||||||||
The accompanying financial statements of FCCC, Inc. (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). | |||||||||
The Company has limited operations and is actively seeking merger, acquisition or business combination opportunities with an operating business or other financial transaction opportunities. Until a transaction is effectuated, the Company does not expect to have significant operations. Accordingly, during such period, the Company does not expect to achieve sufficient income to offset its operating expenses, resulting in operating losses that may require the Company to use and thereby reduce its cash balance. | |||||||||
Cash and Cash Equivalents: | |||||||||
The Company has defined cash as including cash on hand and cash in interest bearing and non-interest bearing operating bank accounts. Highly liquid instruments purchased with original maturities of three months or less are considered to be cash equivalents. | |||||||||
The Company maintains cash balances at a financial institution. Accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 at such institution. At various times throughout the year, cash balances may exceed FDIC limits. At March 31, 2014 there were no uninsured amounts. | |||||||||
Estimates: | |||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |||||||||
Dividends: | |||||||||
The Company may or may not pay cash dividends or make other distributions in the future depending on a number of factors. The Company may, however, pay a cash dividend or other distribution as part of a merger, acquisition, reverse merger or business combination transaction or if the Board of Directors deems it advisable for the benefit of all shareholders at any time. | |||||||||
Income Taxes: | |||||||||
The Company utilizes the asset and liability method of accounting for deferred income taxes as prescribed by the FASB Accounting Standard Codification, (“ASC”), 740 (Income Taxes). This method requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the tax return and financial statement reporting basis of certain assets and liabilities. | |||||||||
As required by ASC 740-10, “Income Taxes”, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. Management does not believe that there are any uncertain tax positions which would have a material impact on the financial statements. The Company has elected to include interest and penalties related to uncertain tax positions as a component of income tax expense. To date, the Company has not recorded any interest or penalties related to uncertain tax positions. | |||||||||
Advertising: | |||||||||
The Company expenses advertising costs as incurred. Advertising expense included in operating expenses was $850 and $-0- for the years ended March 31, 2014 and 2013 respectively. | |||||||||
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: | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 | |||||||
Revenue and Cost Recognition: | |||||||||
The Company’s only source of revenue is interest income earned from a money market account held at a financial institution. This income is recognized at the end of each quarter. | |||||||||
Common Stock Warrants: | |||||||||
None outstanding. | |||||||||
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 operation. | |||||||||
The Financial Accounting Standards Board (“FASB”), on February 14, 2013, issued a proposed Accounting Standards Update (“ASU”) to Accounting Standards Codification (“ASC”) Subtopic 825-10 Financial Instruments-Overall - Recognition and Measurement of Financial Assets and Financial Liabilities. This proposed ASU was developed as part of the FASB’s broader project in conjunction with the International Accounting Standards Board (“IASB”) to improve and converge accounting and financial reporting for financial instruments. The FASB believes that the proposed ASU would improve financial reporting by providing a comprehensive framework for classifying and measuring financial instruments. The adoption of this guidance will not have a material impact on the Company’s financial statements. | |||||||||
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. |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS: | 12 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 2 - FINANCIAL INSTRUMENTS: | ' |
Concentrations of Credit Risk: | |
The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash on deposit with financial institutions. | |
Fair Value of Financial Instruments: | |
The Company follows FASB ASC 825 “Fair Value of Financial Instruments”, which requires disclosure of the fair value of financial instruments for which the determination of fair value is practicable. The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts of the Company’s financial instruments (cash and cash equivalents) approximate their fair value because of the short maturity of these instruments. |
STOCK_OPTIONS
STOCK OPTIONS: | 12 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 3 - STOCK OPTIONS: | ' |
The Company had one stock option plan during previous years. The 2002 Equity Incentive Plan (the 2002 Plan) was adopted in 2003. The Company has reserved 150,000 shares of stock for grants under the 2002 plan. Pursuant to the Plan, the Company’s employees, officers, consultants, and directors are eligible to receive grants of incentive and/or non-incentive stock options. The Plan provides that the maximum term for options granted under the Plans is ten years and that the exercise price for the options may not be less than the fair market value of the Company’s common stock on the date of grant. | |
During the year ended March 31, 2014, this option plan has expired. | |
Options granted pursuant to the 2002 Plan: | |
On October 3, 2003, options to purchase 45,000 shares were granted under the 2002 Plan at an exercise price of $1.05 per share. The options expire ten years from the date of grant and vest ratably over three years from the date of grant; however, the option agreement stipulates accelerated vesting provisions under certain circumstances as defined. All options subsequently were vested. No options were exercised during the years ended March 31, 2014 and 2013 and no compensation cost has been recognized for stock options awarded under the 2002 Plan. | |
Options for 15,000 shares were cancelled during the year ended March 31, 2010. The exercise price of the 2002 Plan options were reduced from $1.05 per share to $0.25 per share in conjunction with the Company’s payment of a cash distribution to stockholders of $0.80 per share in August 2009. Options for 30,000 shares were outstanding under this plan. | |
During October 2013, all remaining options expired unexercised. | |
The weighted-average remaining contractual life of the outstanding options is “None”. | |
During fiscal 2014 and 2013, no new share based payments were granted, and no compensation expense was recognized. |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES AND FINANCIAL INSTRUMENTS WITH OFF BALANCE SHEET RISK: | 12 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 4 - COMMITMENTS AND CONTINGENCIES AND FINANCIAL INSTRUMENTS WITH OFF BALANCE SHEET RISK: | ' |
On July 1, 2003, the Company entered into a one-year lease for office space located in Norwalk, Connecticut from an unaffiliated party for $500 per month. On June 30, 2004 the lease expired and the Company has continued leasing its office space on a month-to-month basis at a rate of $500 per month. Rent expense totaled $6,000 for each of the years ended March 31, 2014 and 2013, respectively. | |
The Company currently has a consulting arrangement (the “Zimmerman Consulting Agreement”) with Bernard Zimmerman & Company, Inc., whose President and controlling shareholder is Bernard Zimmerman, currently the President, Chief Executive Officer and Principal Financial Officer of the Company. The Zimmerman Consulting Agreement provided for monthly payments of $2,000 to Mr. Zimmerman or his affiliate plus reasonable and necessary out-of-pocket expenses. 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. Effective August 1, 2011, the monthly fee payable under the Zimmerman Consulting Agreement was reduced to $1,500 per month. Effective April 1, 2012, the monthly consulting fee under the Zimmerman Consulting Agreement was eliminated. | |
In connection with the Purchase Agreement, as discussed further in Note 6, and subject to a closing thereunder, the Company has agreed to enter into a new consulting agreement with Bernard Zimmerman & Company, Inc., which will be effective as of July 1, 2014 and which will supersede the Zimmerman Consulting Agreement. The new consulting agreement will have a twelve-month term and Bernard Zimmerman & Company, Inc. will provide similar services as under the Zimmerman Consulting Agreement in exchange for monthly payments of $2,000, with the right of the Company to terminate the agreement prior to the sixth month of the term for an early termination fee of $12,000 less payments made prior to termination. | |
Management of the Company expects to use consultants, attorneys and accountants as necessary, and it is not expected that FCCC, Inc. will have any full-time or other employees, except as may be the result of completing a transaction. |
INCOME_TAXES
INCOME TAXES: | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
NOTE 5 - INCOME TAXES: | ' | ||||||||
The Company’s deferred tax asset relates to net operating losses that may be carried forward to future years. At March 31, 2014, the Company has available net operating losses of $ 582,422 and $399,375 for federal and state income taxes, respectively, that expire from 2018 to 2028. For the years ended March 31, 2014 and 2013, approximately $81,000 and $497,000 in federal net operating losses have expired, respectively. No tax benefit has been reported in the financial statements, because the Company believes there is a 50% or greater chance the carry-forwards will expire unused. Accordingly, the potential tax benefits of the loss carry-forward are offset by a valuation allowance of the same amount. The net change in the valuation allowance resulted in a decrease of $10,193 and $153,772 for the years ended March 31, 2014, and 2013, respectively. Internal Revenue Code Section 382 limits the utilization of net operating loss carryforwards upon a change in control of a Company. Therefore, the amount available to offset future taxable income may be limited, should such a change in control occur. | |||||||||
The Company’s deferred tax asset and valuation allowance as of March 31, 2014 and 2013 are as follows: | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Net Operating Losses | $ | 225,980 | $ | 236,173 | |||||
Valuation Allowance | (225,980 | ) | (236,173 | ) | |||||
$ | – | $ | – | ||||||
The Company’s provision for federal and state income taxes for the years ended March 31, 2014 and 2013 consist of the following: | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Current Tax Benefit | $ | (17,478 | ) | $ | (15,302 | ) | |||
Benefit of net operating loss | 17,478 | 15,302 | |||||||
Net tax provision | $ | – | $ | – | |||||
The Company’s effective tax rate differed from the federal statutory income tax rate for the years ended March 31, 2014 and 2013 as follows: | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Federal statutory rate | 34.00% | 34.00% | |||||||
State tax, net of federal tax effect | 4.95% | 4.95% | |||||||
Valuation allowance | (38.95% | ) | (38.95% | ) | |||||
Effective tax rate | 0.00% | 0.00% | |||||||
As of March 31, 2014 and 2013, the Company does not believe that it has taken any tax positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next twelve months. The Company’s income tax returns are subject to examination by the appropriate taxing jurisdictions. As of March 31, 2014, the Company’s income tax returns generally remain open for examination for three years from the date filed with each taxing jurisdiction. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS: | 12 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 6 - SUBSEQUENT EVENTS | ' |
On June 27, 2014, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Frederick L. Farrar, LFM Investments, Inc., Chafre, LLC, Charles E. Lanham and Daniel R. Loftus (collectively, the “Purchasers”), pursuant to which the Company agreed to sell to the Purchasers an aggregate of 1,900,000 shares (the “Shares”) of Common Stock for aggregate cash consideration equal to $380,000. The Shares represent approximately 54.9% of the issued and outstanding shares of the Company’s Common Stock. A closing is expected to occur pursuant to the Purchase Agreement upon satisfaction of all of the conditions thereunder, which management anticipates will occur on or after July 7, 2014. Because the transactions contemplated by the Purchase Agreement remain subject to conditions, there can be no assurance that a closing will occur. |
RECLASSIFICATION
RECLASSIFICATION: | 12 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 7 - RECLASSIFICATION: | ' |
Certain 2013 financial statement amounts have been reclassified to conform to the 2014 presentation. These reclassifications have had no effect on total stockholders’ equity. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Policies) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary Of Significant Accounting Policies Policies | ' | ||||||||
Company Operations: | ' | ||||||||
The accompanying financial statements of FCCC, Inc. (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). | |||||||||
The Company has limited operations and is actively seeking merger, acquisition or business combination opportunities with an operating business or other financial transaction opportunities. Until a transaction is effectuated, the Company does not expect to have significant operations. Accordingly, during such period, the Company does not expect to achieve sufficient income to offset its operating expenses, resulting in operating losses that may require the Company to use and thereby reduce its cash balance. | |||||||||
Cash and Cash Equivalents: | ' | ||||||||
The Company has defined cash as including cash on hand and cash in interest bearing and non-interest bearing operating bank accounts. Highly liquid instruments purchased with original maturities of three months or less are considered to be cash equivalents. | |||||||||
The Company maintains cash balances at a financial institution. Accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 at such institution. At various times throughout the year, cash balances may exceed FDIC limits. At March 31, 2014 there were no uninsured amounts. | |||||||||
Estimates: | ' | ||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |||||||||
Dividends: | ' | ||||||||
The Company may or may not pay cash dividends or make other distributions in the future depending on a number of factors. The Company may, however, pay a cash dividend or other distribution as part of a merger, acquisition, reverse merger or business combination transaction or if the Board of Directors deems it advisable for the benefit of all shareholders at any time. | |||||||||
Income Taxes: | ' | ||||||||
The Company utilizes the asset and liability method of accounting for deferred income taxes as prescribed by the FASB Accounting Standard Codification, (“ASC”), 740 (Income Taxes). This method requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the tax return and financial statement reporting basis of certain assets and liabilities. | |||||||||
As required by ASC 740-10, “Income Taxes”, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. Management does not believe that there are any uncertain tax positions which would have a material impact on the financial statements. The Company has elected to include interest and penalties related to uncertain tax positions as a component of income tax expense. To date, the Company has not recorded any interest or penalties related to uncertain tax positions. | |||||||||
Advertising: | ' | ||||||||
The Company expenses advertising costs as incurred. Advertising expense included in operating expenses was $850 and $-0- for the years ended March 31, 2014 and 2013 respectively. | |||||||||
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: | |||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 | |||||||
Revenue and Cost Recognition: | ' | ||||||||
The Company’s only source of revenue is interest income earned from a money market account held at a financial institution. This income is recognized at the end of each quarter. | |||||||||
Common Stock Warrants: | ' | ||||||||
None outstanding. | |||||||||
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 operation. | |||||||||
The Financial Accounting Standards Board (“FASB”), on February 14, 2013, issued a proposed Accounting Standards Update (“ASU”) to Accounting Standards Codification (“ASC”) Subtopic 825-10 Financial Instruments-Overall - Recognition and Measurement of Financial Assets and Financial Liabilities. This proposed ASU was developed as part of the FASB’s broader project in conjunction with the International Accounting Standards Board (“IASB”) to improve and converge accounting and financial reporting for financial instruments. The FASB believes that the proposed ASU would improve financial reporting by providing a comprehensive framework for classifying and measuring financial instruments. The adoption of this guidance will not have a material impact on the Company’s financial statements. | |||||||||
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. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary Of Significant Accounting Policies Tables | ' | ||||||||
Earning per share | ' | ||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 |
INCOME_TAXES_Tables
INCOME TAXES: (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Deferred tax asset | ' | ||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Net Operating Losses | $ | 225,980 | $ | 236,173 | |||||
Valuation Allowance | (225,980 | ) | (236,173 | ) | |||||
$ | – | $ | – | ||||||
Provision for federal and state income taxes | ' | ||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Current Tax Benefit | $ | (17,478 | ) | $ | (15,302 | ) | |||
Benefit of net operating loss | 17,478 | 15,302 | |||||||
Net tax provision | $ | – | $ | – | |||||
Effective tax rate differed from the federal statutory income tax rate | ' | ||||||||
31-Mar | |||||||||
2014 | 2013 | ||||||||
Federal statutory rate | 34.00% | 34.00% | |||||||
State tax, net of federal tax effect | 4.95% | 4.95% | |||||||
Valuation allowance | (38.95% | ) | (38.95% | ) | |||||
Effective tax rate | 0.00% | 0.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
New Pronouncement and share based awards | ' | ' |
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Summary Of Significant Accounting Policies Details Narrative | ' | ' |
Advertising expense | $850 | $0 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES AND FINANCIAL INSTRUMENTS WITH OFF BALANCE SHEET RISK (Details Narrative) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Commitments And Contingencies And Financial Instruments With Off Balance Sheet Risk Details Narrative | ' | ' |
Rent expense | $6,000 | $6,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes Details | ' | ' |
Net Operating Losses | $225,980 | $236,173 |
Valuation Allowance | -225,980 | -236,173 |
Total | ' | ' |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes Details 1 | ' | ' |
Current Tax Benefit | ($17,478) | ($15,302) |
Benefit of net operating loss | 17,478 | 15,302 |
Net tax provision | ' | ' |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes Details 2 | ' | ' |
Federal statutory rate | 34.00% | 34.00% |
State tax, net of federal tax effect | 4.95% | 4.95% |
Valuation allowance | -38.95% | -38.95% |
Effective tax rate | 0.00% | 0.00% |
INCOME_TAXES_Details_Narrative
INCOME TAXES (Details Narrative) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net operating loss carry-forward | $582,422 | ' |
Federal and state income taxes | 399,375 | ' |
Federal net operating losses | 81,000 | 497,000 |
Valuation allowance | $10,193 | $153,772 |
Maximum [Member] | ' | ' |
Expiration Dates | '2028 | ' |
Minimum [Member] | ' | ' |
Expiration Dates | ' | '2018 |