Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Jun. 22, 2020 | Sep. 30, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | FCCC INC | ||
Entity Central Index Key | 0000730669 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Mar. 31, 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Common Stock Shares Outstanding | 3,461,066 | ||
Entity Public Float | $ 390,256 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets: | ||
Cash | $ 63 | $ 120 |
Prepaids | 4 | 3 |
Total current assets | 67 | 123 |
TOTAL ASSETS | 67 | 123 |
Current liabilities: | ||
Accounts payable and other accrued expenses | 6 | 8 |
Total current liabilities | 6 | 8 |
TOTAL LIABILITIES | 6 | 8 |
Stockholders' equity: | ||
Common stock, no par value, 22,000,000 shares authorized, 3,461,022 shares issued and outstanding at March 31, 2020 and March 31, 2019 | 800 | 800 |
Additional paid-in capital | 8,396 | 8,396 |
Accumulated deficit | (9,135) | (9,081) |
Total stockholders' equity | 61 | 115 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 67 | $ 123 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
Stockholders' equity | ||
Common stock, shares par value | ||
Common stock, shares authorized | 22,000,000 | 22,000,000 |
Common stock, shares issued | 3,461,022 | 3,461,022 |
Common stock, shares outstanding | 3,461,022 | 3,461,022 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income: | ||
Interest income | $ 0 | $ 0 |
Total income | 0 | 0 |
Expenses: | ||
Professional expenses | 30 | 34 |
Operating and administrative expenses | 24 | 23 |
Total expenses | 54 | 57 |
Net Loss: | $ (54) | $ (57) |
Basic and diluted loss per share: | $ (0.016) | $ (0.016) |
Weighted average common shares outstanding: | ||
Basic and diluted | 3,461,022 | 3,461,022 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Mar. 31, 2018 | 3,461,022 | |||
Balance, amount at Mar. 31, 2018 | $ 172 | $ 800 | $ 8,396 | $ (9,024) |
Net Loss | (57) | $ 0 | 0 | (57) |
Balance, shares at Mar. 31, 2019 | 3,461,022 | |||
Balance, amount at Mar. 31, 2019 | 115 | $ 800 | 8,396 | (9,081) |
Net Loss | (54) | $ 0 | 0 | (54) |
Balance, shares at Mar. 31, 2020 | 3,461,022 | |||
Balance, amount at Mar. 31, 2020 | $ 61 | $ 800 | $ 8,396 | $ (9,135) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (54) | $ (57) |
Increase (Decrease) in liabilities: | ||
Prepaids | (1) | 0 |
Accounts payable and accrued expenses | (2) | (11) |
Net cash used in operating activities | (57) | (68) |
Net decrease in cash | (57) | (68) |
Cash, beginning of year | 120 | 188 |
Cash, end of year | $ 63 | $ 120 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
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, 2020, the amount uninsured was $0. Estimates The preparation of financial statements in conformity with GAAP 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 $0 and $0 for the years ended March 31, 2020 and 2019 respectively. Earnings Per Common Share The Company follows FASB ASC 260. 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: March 31, 2020 2019 Weighted average number of common shares outstanding 3,461,022 3,461,022 Revenue and Cost Recognition Not applicable. Common Stock Warrants None outstanding. Recently Issued Accounting Pronouncements 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, 2020 | |
FINANCIAL INSTRUMENTS | |
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. |
COMMITMENTS AND CONTINGENCIES A
COMMITMENTS AND CONTINGENCIES AND FINANCIAL INSTRUMENTS WITH OFF BALANCE SHEET RISK | 12 Months Ended |
Mar. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES AND FINANCIAL INSTRUMENTS WITH OFF BALANCE SHEET RISK | |
NOTE 3. COMMITMENTS AND CONTINGENCIES AND FINANCIAL INSTRUMENTS WITH OFF BALANCE SHEET RISK | 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, 2020 | |
FINANCIAL INSTRUMENTS | |
NOTE 4. INCOME TAXES | The Company’s deferred tax asset relates to net operating losses that may be carried forward to future years. At March 31, 2020, the Company has available net operating losses of $633,252 and $747,753 for federal and state income taxes, 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 not be utilized. Accordingly, the potential tax benefits of the loss carry-forward are offset by a valuation allowance of the same amount. The Company’s increase in valuation allowance of $7,124 during the year ended March 31, 2020 was recorded to offset the deferred tax benefit of the Company’s tax loss for the year. The Company’s decrease in valuation of $(4,337) during the year ended March 31, 2019 was recorded to offset the deferred tax expense incurred during the year ended March 31, 2019 which was attributable to the change in the federal statutory rate which impacted the deferred tax asset associated with the Company’s net operating losses that can be utilized to offset future taxable income of the Company. The Company’s deferred tax asset and valuation allowance as of March 31, 2020 and 2019 were as follows: March 31 2020 2019 Net Operating Losses $ 177,287 $ 170,163 Valuation Allowance (177,287 ) (170,163 ) The Company’s provision for federal and state income taxes for the years ended March 31, 2020 and 2019 consisted of the following: March 31 2020 2019 Current Tax Expense (Benefit) $ - $ - Deferred Tax Expense (Benefit) (7,124 ) 4,337 Increase (Decrease) in Valuation Allowance 7,124 (4,337 ) Net tax provision $ 0 $ 0 The Company’s effective tax rate differed from the federal statutory income tax rate for the years ended March 31, 2020 and 2019 as follows: March 31 2020 2019 Federal statutory rate 21.0 % 21.0 % State tax, net of federal tax effect 5.93 % 5.53 % Valuation allowance (26.93 %) (26.53 %) Effective tax rate 0.0 % 0.0 % As of March 31, 2020 and 2019, 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, 2020, the Company’s income tax returns generally remain open for examination for three years from the date filed with each taxing jurisdiction. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Mar. 31, 2020 | |
FINANCIAL INSTRUMENTS | |
NOTE 5 - COMMON STOCK | The Company’s capital structure consists of 22,000,000 shares of authorized common stock with no par value and 3,461,022 shares were issued and outstanding at both March 31, 2020 and 2019. There were no changes to the Company’s capital structure during the years ended March 31, 2020 and 2019. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
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, 2020, the amount uninsured was $0. |
Estimates | The preparation of financial statements in conformity with GAAP 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 $0 and $0 for the years ended March 31, 2020 and 2019 respectively. |
Earnings Per Common Share | The Company follows FASB ASC 260. 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: March 31, 2020 2019 Weighted average number of common shares outstanding 3,461,022 3,461,022 |
Revenue and Cost Recognition | Not applicable. |
Common Stock Warrants | None outstanding. |
Recently Issued Accounting Pronouncements | 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 ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of weighted average common shares outstanding | Basic and diluted loss per common share was calculated using the following number of shares: March 31, 2020 2019 Weighted average number of common shares outstanding 3,461,022 3,461,022 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
INCOME TAXES (Tables) | |
Schedule of deferred tax assets | March 31 2020 2019 Net Operating Losses $ 177,287 $ 170,163 Valuation Allowance (177,287 ) (170,163 ) |
Schdeule of income tax expenses benefit | March 31 2020 2019 Current Tax Expense (Benefit) $ - $ - Deferred Tax Expense (Benefit) (7,124 ) 4,337 Increase (Decrease) in Valuation Allowance 7,124 (4,337 ) Net tax provision $ 0 $ 0 |
Schedule of effective tax rate | March 31 2020 2019 Federal statutory rate 21.0 % 21.0 % State tax, net of federal tax effect 5.93 % 5.53 % Valuation allowance (26.93 %) (26.53 %) Effective tax rate 0.0 % 0.0 % |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Weighted average number of common shares outstanding | 3,461,022 | 3,461,022 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
FDIC insured amount | $ 250,000 | |
Uninsured amount | 0 | |
Advertising expenses | $ 0 | $ 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
INCOME TAXES (Details) | ||
Net operating losses | $ 177,287 | $ 170,163 |
Valuation Allowance | (177,287) | (170,163) |
Deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INCOME TAXES (Details) | ||
Current Tax Expense (Benefit) | $ 0 | $ 0 |
Deferred Tax Expense (Benefit) | (7,124) | 4,337 |
Increase (Decrease) in Valuation Allowance | 7,124 | (4,337) |
Net tax provision | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INCOME TAXES (Details) | ||
Federal statutory rate | 21.00% | 21.00% |
State tax, net of federal tax effect | 5.93% | 5.53% |
Valuation allowance | (26.93%) | (26.53%) |
Effective tax rate | 0.00% | 0.00% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INCOME TAXES (Details Narrative) | ||
Operating loss carry forward, federal | $ 633,252 | |
Operating loss carry forward, state | 747,753 | |
Increase (Decrease) in Valuation Allowance | $ 7,124 | $ (4,337) |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - shares | Mar. 31, 2020 | Mar. 31, 2019 |
COMMON STOCK (Details Narrative) | ||
Common stock, shares outstanding | 3,461,022 | 3,461,022 |
Common stock, shares issued | 3,461,022 | 3,461,022 |
Common stock, shares authorized | 22,000,000 | 22,000,000 |