Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Jan. 30, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | FCCC INC | |
Entity Central Index Key | 730669 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -28 | |
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 | Q3 | |
Document Fiscal Year Focus | 2015 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $345 | $42 |
Prepaid expense | 2 | |
Total current assets | 347 | 42 |
Other assets | 1 | |
Total Assets | 347 | 43 |
Current liabilities | ||
Accounts payable and other accrued expenses | 1 | 15 |
Total current liabilities | 1 | 15 |
Total Liabilities | 1 | 15 |
Stockholders' equity | ||
Common stock, no par value, 22,000,000 shares authorized, 3,461,022 issued and outstanding at December 31, 2014 and 1,561,022 issued and outstanding at March 31, 2014 | 800 | 781 |
Additional paid-in capital | 8,396 | 8,035 |
Accumulated deficit | -8,850 | -8,788 |
Total stockholders' equity | 346 | 28 |
Total Liabilities And Stockholder's Equity | $347 | $43 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Stockholders' equity: | ||
Common stock, par value | ||
Common stock, shares authorized | 22,000,000 | 22,000,000 |
Common stock, shares issued | 3,461,022 | 1,561,022 |
Common stock, shares outstanding | 3,461,022 | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income: | |||||
Interest income | [1] | ||||
Total income | |||||
Expense: | |||||
Operating and administrative expenses | 16 | 13 | 62 | 29 | |
Total expense | 16 | 13 | 62 | 29 | |
Net Loss | ($16) | ($13) | ($62) | ($29) | |
Basic and diluted loss per share | ($0.01) | ($0.01) | ($0.02) | ($0.02) | |
Weighted average common shares outstanding: | |||||
Basic and Diluted | 3,461,022 | 1,561,022 | 2,756,295 | 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, 2014 | Dec. 31, 2013 |
Cash Flows from Operating Activities: | ||
Net Loss | ($62) | ($29) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Non-cash loss item (write-off of asset) | 1 | |
Increase in prepaid expense | -2 | |
Accounts payable and accrued expenses | -14 | |
Net cash used in operating activities | -77 | -29 |
Cash Flows from Financing Activities | ||
Proceeds from issuance of common shares | 380 | |
Net cash provided by financing activities | 380 | |
Net increase (decrease) in cash | 303 | -29 |
Cash at the beginning of the period | 42 | 79 |
Cash at the end of the period | $345 | $50 |
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 | |||
Issuance Of Common Stock For Cash, Net of Share Issuance Costs Of Zero, Shares | 1,900,000 | |||
Issuance Of Common Stock For Cash, Net of Share Issuance Costs Of Zero Amount | 19 | 361 | 380 | |
Net loss | -62 | -62 | ||
Ending Balance, Amount at Dec. 31, 2014 | $800 | $8,396 | ($8,850) | $346 |
Ending Balance, Shares at Dec. 31, 2014 | 3,461,022 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 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 1001 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 | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
NOTE B - RELATED PARTY TRANSACTIONS | Employees and Consultants |
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 was entitled to receive compensation of $2,000 per month. The agreement was set to expire July 11, 2015 and was terminable by either party on 30 days’ notice. The consulting agreement provided if the Company terminated the agreement on or prior to January 11, 2015, unless terminated as a result of Mr. Zimmerman’s breach of the agreement, the Company was to pay Mr. Zimmerman an amount equal to $12,000 reduced by any consulting fees previously paid to Mr. Zimmerman. On December 10, 2014, the Company provided 30 days written notice to Mr. Zimmerman terminating the consulting agreement effective January 11, 2015. Fees paid Mr. Zimmerman for the period ended December 31, 2014 were $12,000. There were no offsets to these fees. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
NOTE C - EARNINGS PER SHARE | 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 nine months ended December 31, 2014 and December 31, 2013: | |||||||||
2014 | 2013 | ||||||||
Weighted average number of common shares outstanding | 2,756,295 | 1,561,022 |
STOCKHOLDERS_EQUITY
STOCKHOLDER'S EQUITY | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
NOTE D - STOCKHOLDER'S EQUITY | 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. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share Tables | |||||||||
Basic and diluted loss per common share | Basic and diluted loss per common share was calculated using the following number of shares for the nine months ended December 31, 2014 and December 31, 2013: | ||||||||
2014 | 2013 | ||||||||
Weighted average number of common shares outstanding | 2,756,295 | 1,561,022 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share Details | ||
Weighted average number of common shares outstanding | 2,756,295 | 1,561,022 |