Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jun. 30, 2014 | Aug. 13, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'FCCC INC | ' |
Entity Central Index Key | '0000730669 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-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 Common Stock, Shares Outstanding | ' | 3,461,022 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $32 | $42 |
Total current assets | 32 | 42 |
Other assets | 1 | 1 |
TOTAL ASSETS | 33 | 43 |
Current liabilities: | ' | ' |
Accounts payable and other accrued expenses | 32 | 15 |
Total current liabilities | 32 | 15 |
Commitments and Contingencies | ' | ' |
TOTAL LIABILITIES | 32 | 15 |
Stockholders' equity: | ' | ' |
Common stock, no par value, 22,000,000 shares authorized, 1,561,022 shares issued and outstanding at June 30, 2014 and March 31, 2014 | 781 | 781 |
Additional paid-in capital | 8,035 | 8,035 |
Accumulated deficit | -8,815 | -8,788 |
Total stockholders' equity | 1 | 28 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $33 | $43 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
Stockholders' equity: | ' | ' |
Common stock, par value | ' | ' |
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 | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Expense: | ' | ' |
Operating and administrative expenses | $27 | $8 |
Total expense | 27 | 8 |
Loss before income taxes | -27 | -8 |
Income tax expense | 0 | 0 |
Net Loss | ($27) | ($8) |
Basic and diluted loss per share: | ($0.02) | ($0.01) |
Weighted average common shares outstanding: | ' | ' |
Basic and Diluted | 1,561,022 | 1,561,022 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Loss from operations | ($27) | ($8) |
Net Loss | -27 | -8 |
Changes in assets and liabilities: | ' | ' |
Accounts payable and accrued expenses | 17 | 3 |
Net cash used in operating activities | -10 | -5 |
Net decrease in cash and cash equivalents | -10 | -5 |
Cash and cash equivalents, beginning of period | 42 | ' |
Cash and cash equivalents, end of period | $32 | ' |
CONDENSED_STATEMENT_OF_CHANGES
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY (Unaudited) (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
In Thousands, except Share data | ||||
Beginning Balance, Amount at Mar. 31, 2014 | $781 | ($8,035) | ($8,788) | $28 |
Beginning Balance, Shares at Mar. 31, 2014 | 1,561,022 | ' | ' | ' |
Net loss | ' | ' | -27 | -27 |
Ending Balance, Amount at Jun. 30, 2014 | $781 | ($8,035) | ($8,815) | $1 |
Ending Balance, Shares at Jun. 30, 2014 | 1,561,022 | ' | ' | ' |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
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, 2015 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, 2014. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
NOTE B - RELATED PARTY TRANSACTIONS | ' |
Employees and Consultants | |
On July 1, 2003, the Company and Mr. Bernard Zimmerman, the President, Chief Executive Officer and Principal Financial Officer of the Company, entered into a Consulting Agreement (the "2003 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 offered and agreed to accept no continuing monthly consulting fees. Upon the expiration of the 2003 Zimmerman Consulting Agreement on July 1, 2006, the Board of Directors authorized the extension of the 2003 Zimmerman Consulting Agreement, on a month-to-month basis. The 2003 Zimmerman Consulting Agreement was terminated on July 11, 2014 (See Note D). Management of the Company expects to use consultants, attorneys and accountants as necessary, and it is not expected that the Company will have any full-time or other employees, except as may be the result of completing a transaction. |
SHARE_BASED_AWARDS
SHARE BASED AWARDS | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
NOTE C - SHARE BASED AWARDS | ' | ||||||||
Earnings Per Common Share: | |||||||||
The Company follows FASB ASC 260, Earnings Per Share. Basic earnings per share (“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 ended June 30, 2014 and June 30, 2013: | |||||||||
2014 | 2013 | ||||||||
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | |
Jun. 30, 2014 | ||
Notes to Financial Statements | ' | |
NOTE D - SUBSEQUENT EVENTS | ' | |
The Company has evaluated events that occurred subsequent to June 30, 2014, and determined the following: | ||
· | On June 27, 2014, the Company entered into a Securities 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 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. The transaction closed on July 11, 2014. | |
· | On July 11, 2014, the Company entered into a consulting agreement with Bernard Zimmerman. Pursuant to the agreement, Mr. Zimmerman agreed to consult with the Company regarding the prior activities of the Company, acquisition and reverse merger or other corporate opportunities. Mr. Zimmerman will receive compensation of $2,000 per month. The agreement expires July 11, 2015 unless terminated earlier and may be terminated by either party on 30 days’ notice. If the Company terminates the agreement prior to January 11, 2015, unless terminated as a result of Mr. Zimmerman’s breach of the agreement, the Company shall pay to Mr. Zimmerman an amount equal to $12,000 reduced by any consulting fees previously paid to Mr. Zimmerman. | |
SHARE_BASED_AWARDS_Details
SHARE BASED AWARDS (Details) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Notes to Financial Statements | ' | ' |
Weighted average number of common shares outstanding | 1,561,022 | 1,561,022 |