Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2021 | Jul. 08, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | FCCC INC | |
Entity Central Index Key | 0000730669 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 3,461,022 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-08589 | |
Entity Incorporation State Country Code | CT | |
Entity Tax Identification Number | 06-0759497 | |
Entity Address Address Line 1 | 7700 Irvine Centre Dr | |
Entity Address Address Line 2 | Suite 800 | |
Entity Address City Or Town | Irvine | |
Entity Address State Or Province | CA | |
Entity Address Postal Zip Code | 92618 | |
City Area Code | 812 | |
Local Phone Number | 933-8888 | |
Entity Interactive Data Current | Yes |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 48 | $ 66 |
Prepaid expense | 4 | 4 |
Total current assets | 52 | 70 |
TOTAL ASSETS | 52 | 70 |
Current liabilities: | ||
Accounts payable and other accrued expenses | 6 | 4 |
Other liabilities: | ||
Due to Related party - David He | 10 | |
Convertible note payable | 65 | 65 |
Accrued interest | 2 | |
TOTAL LIABILITIES | 81 | 71 |
Stockholders' equity: | ||
Common stock, no par value, 22,000,000 shares authorized, 3,461,022 issued and outstanding at June 30, 2021 and at March 31, 2021 | 800 | 800 |
Additional paid-in capital | 8,396 | 8,396 |
Accumulated deficit | (9,225) | (9,197) |
Total stockholders' equity | (29) | (1) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 52 | $ 70 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - shares | Jun. 30, 2021 | Mar. 31, 2021 |
Stockholders' equity | ||
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 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income: | ||
Interest income | $ 0 | $ 0 |
Total income | 0 | 0 |
Expenses: | ||
Operating and administrative expenses | 28,000 | 21,000 |
Interest expense | 0 | 0 |
Total expenses | 28,000 | 21,000 |
Loss before income taxes | (28,000) | (21,000) |
Income tax expense | 0 | 0 |
Net Loss | $ (28,000) | $ (21,000) |
Basic and diluted loss per share | $ (0.006) | $ (0.006) |
Weighted average common shares outstanding | ||
Basic | 3,461,022 | 3,461,022 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net loss | $ (28,000) | $ (21,000) |
Changes in assets and liabilities | ||
Increase in prepaid expenses | (9,000) | |
Decrease in accounts payable and accrued expenses | 10,000 | 5,000 |
Increase in accrued interest | (18,000) | 25,000 |
Net cash used in operating activities | (18,000) | |
Cash Flows from Financing Activities | ||
Proceeds from convertible note payable | 0 | 0 |
Net increase (decrease) in cash | (18,000) | (25,000) |
Cash at the beginning of the period | 66,000 | 63,000 |
Cash at the end of the period | $ 48,000 | $ 38,000 |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT) (UNAUDITED) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Mar. 31, 2019 | 3,461,022 | |||
Balance, amount at Mar. 31, 2019 | $ 115,000 | $ 800,000 | $ 8,396,000 | $ (9,081,000) |
Net Loss - Year Ended March 31, 2020 | (54,000) | $ 0 | 0 | (54,000) |
Balance, shares at Mar. 31, 2020 | 3,461,022 | |||
Balance, amount at Mar. 31, 2020 | 61,000 | $ 800,000 | 8,396,000 | (9,135,000) |
Net Loss - Year Ended March 31, 2020 | (62,000) | $ 0 | 0 | (62,000) |
Balance, shares at Mar. 31, 2021 | 3,461,022 | |||
Balance, amount at Mar. 31, 2021 | (1,000) | $ 800,000 | 8,396,000 | (9,197,000) |
Net Loss - Year Ended March 31, 2020 | (28,000) | $ 0 | 0 | (28,000) |
Balance, shares at Jun. 30, 2021 | 3,461,022 | |||
Balance, amount at Jun. 30, 2021 | $ (29,000) | $ 800,000 | $ 8,396,000 | $ (9,225,000) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2021 | |
BASIS OF PRESENTATION | |
NOTE 1 - BASIS OF PRESENTATION | NOTE 1 – 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 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, 2022 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, 2021. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2021 | |
RELATED PARTY TRANSACTIONS | |
NOTE 2 - RELATED PARTY TRANSACTIONS | NOTE 2 – RELATED PARTY TRANSACTIONS On September 21, 2020, the Company entered into a Note Purchase Agreement (the “Purchase Agreement”) with Frederick L. Farrar, who then served as the Company’s Chief Executive Officer and Chief Financial Officer, pursuant to which the Company issued and sold to Mr. Farrar a Convertible Promissory Note in aggregate principal amount of $65,000 bearing 5.0% interest per annum due and payable in cash on October 31, 2022 (the “Note”). The Note is unsecured and may be prepaid by the Company in whole or in part at any time without penalty or premium, at the option of the Company. Mr. Farrar has the option, on or prior to the maturity date, to convert all (but not less than all) of the principal and accrued but unpaid interest under this Note into the Company’s common stock, no par value, at a conversion price of $0.23 per share. On April 26, 2021, the Company entered into an agreement to issue and sell 695,652 shares (the “New Shares”) of the Company’s common stock, no par value, to Huijun He, the Company’s Chief Executive Officer Vice President, and a Director, for a price of $160,000 or $0.23 per share (the “Subscription Agreement”). Pursuant to the terms of the Subscription Agreement, the sale of the New Shares will take place on or before July 25, 2021, which is the 90th day after the execution of the Subscription Agreement. Since the beginning of the fiscal year ended March 31, 2021, the Company has not been a party to any other related party transactions. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Jun. 30, 2021 | |
EARNINGS PER SHARE | |
NOTE 3 - EARNINGS PER SHARE | NOTE 3 – EARNINGS PER SHARE The Company follows FASB ASC 260, Earnings Per Share Basic and diluted loss per common share was calculated using the following number of shares for the three months ended June 30, 2021 and 2020: Three Months Ended June 30: 2021 2020 Weighted average number of common shares outstanding - Basic 3,461,022 3,461,022 Weighted average number of common shares outstanding - Diluted 3,611,309 3,461,022 |
INDEBTEDNESS
INDEBTEDNESS | 3 Months Ended |
Jun. 30, 2021 | |
INDEBTEDNESS | |
NOTE 4 - INDEBTEDNESS | NOTE 4 – INDEBTEDNESS On September 21, 2020, the Company entered into a Note Purchase Agreement, pursuant to which the Company issued and sold to Frederick L. Farrar, a former executive officer, director and significant stockholder of the Company, a Convertible Promissory Note in the principal amount of $65,000 (the “Note”) in exchange for a loan of the same amount. The Note accrues interest at 5.0% per annum and is scheduled to mature and become payable on October 31, 2022. The Company’s payment obligations under the Note are unsecured and the Company can prepay the amount due in whole or in part at any time without penalty or premium. The holder of the Note has the option, on or prior to maturity, to convert all (but not less than all) of the amount due under the Note to into shares of the Company’s common stock at a conversion price of $0.23 per share. The Company intends to use the proceeds from the issuance of the Note for general corporate purposes. As of June 30, 2021, the principal and interest due under the Note totaled $67,000. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
EARNINGS PER SHARE | |
Schedule of earnings per share basic and diluted | Three Months Ended June 30: 2021 2020 Weighted average number of common shares outstanding - Basic 3,461,022 3,461,022 Weighted average number of common shares outstanding - Diluted 3,611,309 3,461,022 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | |
Sep. 21, 2020 | Apr. 26, 2021 | |
Chief Executive Officer Vice President [Member] | ||
Common stock price per share | $ 0.23 | |
Common stock value reserved for future issuance under agreement | $ 160,000 | |
Common stock shares reserved for future issuance under agreement | 695,652 | |
Mr. Farrar [Member] | ||
Promissory note principal amount | $ 65,000 | |
Interest rate | 5.00% | |
Mature date | October 31, 2022 | |
Conversion price per share | $ 0.23 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
EARNINGS PER SHARE | ||
Weighted average number of common shares outstanding - Basic | 3,461,022 | 3,461,022 |
Weighted average number of common shares outstanding - Diluted | 3,611,309 | 3,461,022 |
INDEBTEDNESS (Details Narrative
INDEBTEDNESS (Details Narrative) - USD ($) | 1 Months Ended | ||
Sep. 21, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | |
Convertible note payable | $ 65,000 | $ 65,000 | |
Mr. Farrar [Member] | |||
Promissory note principal amount | $ 65,000 | ||
Interest rate | 5.00% | ||
Mature date | October 31, 2022 | ||
Convertible note payable | $ 67,000 | ||
Conversion price per share | $ 0.23 |