FCCC (FCIC) 10-Q 13 Aug 21 2022 Q1 Quarterly report Financial data

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