Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2021 | Nov. 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 | Sep. 30, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 3,461,022 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
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 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 72,000 | $ 66,000 |
Prepaid expense | 0 | 4,000 |
Total current assets | 72,000 | 70,000 |
TOTAL ASSETS | 72,000 | 70,000 |
Current liabilities: | ||
Accounts payable and other accrued expenses | 52,000 | 4,000 |
Due to Related party - David He | 61,000 | 0 |
Convertible note payable | 65,000 | 65,000 |
Accrued interest | 2,000 | 2,000 |
Total current liabilities | 180,000 | 71,000 |
TOTAL LIABILITIES | 180,000 | 71,000 |
Stockholders' equity: | ||
Common stock, no par value, 22,000,000 shares authorized, 3,461,022 issued and outstanding at September 30, 2021 and at March 31, 2021 | 800,000 | 800,000 |
Additional paid-in capital | 8,396,000 | 8,396,000 |
Accumulated deficit | (9,304,000) | (9,197,000) |
Total stockholders' equity | (108,000) | (1,000) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 72,000 | $ 70,000 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - shares | Sep. 30, 2021 | Mar. 31, 2021 |
CONDENSED BALANCE SHEETS | ||
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 | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income: | ||||
Interest income | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Expenses: | ||||
Operating and administrative expenses | 60,000 | 13,000 | 105,000 | 34,000 |
Total operating expense | 60,000 | 13,000 | 105,000 | 34,000 |
Operating loss | (60,000) | (13,000) | (105,000) | (34,000) |
Other income (expense): | ||||
Interest expense | 1,000 | 0 | 2,000 | 0 |
Total other income (expense) | (1,000) | 0 | (2,000) | 0 |
Loss before income taxes | (61,000) | (13,000) | (107,000) | (34,000) |
Income tax expense | 0 | 0 | 0 | 0 |
Net Loss | $ (61,000) | $ (13,000) | $ (107,000) | $ (34,000) |
Basic and diluted loss per share | $ (0.02) | $ 0 | $ (0.03) | $ (0.01) |
Weighted average common shares outstanding | ||||
Basic and diluted | 3,461,022 | 3,461,022 | 3,461,022 | 3,461,022 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net loss | $ (107,000) | $ (34,000) |
Changes in assets and liabilities | ||
Decrease (Increase) in prepaid expenses | 4,000 | (6,000) |
Increase (Decrease) in accounts payable and accrued expenses | 48,000 | (4,000) |
Due to related party | 61,000 | 0 |
Net cash provided by (used in) operating activities | 6,000 | (44,000) |
Cash Flows from Financing Activities | ||
Proceeds from convertible note payable | 0 | 65,000 |
Net cash provided by financing activities | 0 | 65,000 |
Net change in cash | 6,000 | 21,000 |
Cash at the beginning of the period | 66,000 | 63,000 |
Cash at the end of the period | $ 72,000 | $ 84,000 |
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, 2020 | 3,461,022 | |||
Balance, amount at Mar. 31, 2020 | $ 61,000 | $ 800,000 | $ 8,396,000 | $ (9,135,000) |
Net Loss - 3 months Ended June 30, 2020 | (21,000) | $ 0 | 0 | (21,000) |
Balance, shares at Jun. 30, 2020 | 3,461,022 | |||
Balance, amount at Jun. 30, 2020 | 40,000 | $ 800,000 | 8,396,000 | (9,156,000) |
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 - 3 months Ended June 30, 2020 | (34,000) | |||
Balance, shares at Sep. 30, 2020 | 3,461,022 | |||
Balance, amount at Sep. 30, 2020 | 27,000 | $ 800,000 | 8,396,000 | (9,169,000) |
Balance, shares at Jun. 30, 2020 | 3,461,022 | |||
Balance, amount at Jun. 30, 2020 | 40,000 | $ 800,000 | 8,396,000 | (9,156,000) |
Net Loss - 3 months Ended June 30, 2020 | (13,000) | $ 0 | 0 | (13,000) |
Balance, shares at Sep. 30, 2020 | 3,461,022 | |||
Balance, amount at Sep. 30, 2020 | 27,000 | $ 800,000 | 8,396,000 | (9,169,000) |
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 - 3 months Ended June 30, 2020 | (46,000) | $ 0 | 0 | (46,000) |
Balance, shares at Jun. 30, 2021 | 3,461,022 | |||
Balance, amount at Jun. 30, 2021 | (47,000) | $ 800,000 | 8,396,000 | (9,243,000) |
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 - 3 months Ended June 30, 2020 | (107,000) | |||
Balance, shares at Sep. 30, 2021 | 3,461,022 | |||
Balance, amount at Sep. 30, 2021 | (108,000) | $ 800,000 | 8,396,000 | (9,304,000) |
Balance, shares at Jun. 30, 2021 | 3,461,022 | |||
Balance, amount at Jun. 30, 2021 | (47,000) | $ 800,000 | 8,396,000 | (9,243,000) |
Net Loss - 3 months Ended June 30, 2020 | (61,000) | $ 0 | 0 | (61,000) |
Balance, shares at Sep. 30, 2021 | 3,461,022 | |||
Balance, amount at Sep. 30, 2021 | $ (108,000) | $ 800,000 | $ 8,396,000 | $ (9,304,000) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 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. Going concern: The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered losses that raise substantial doubt about its ability to continue as a going concern. While the Company is attempting to attain revenue growth and profitability, the growth has not been significant enough to support the Company’s daily operations. Management may need to raise additional funds by way of a public or private offering and make strategic acquisitions. While the Company believes in the viability of its strategy to improve sales volume and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent on the Company’s ability to further implement its new business plan and generate revenue. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Use of 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. Fair value of financial instruments: Included in various investment related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for preferred stock when carried at the lower of cost or market. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The fair value of a liability is the amount at which that liability could be incurred or settled in a current transaction between willing parties, that is, other than in a forced or liquidation sale. Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality. In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used. The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SFAS No. 157, Fair Value Measurements Level 1 Level 2 Level 3 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. 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 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 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 $159,999.96, 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. Management is in negotiations for an extension with a revised price. Since the beginning of the fiscal year ended March 31, 2021, David He advanced the amount of $61,000 that was used for company’s operating expenses. The note is interest free and due upon demand. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Sep. 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 and six months ended September 30, 2021 and 2020: Three Months Ended September 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 3,461,022 3,461,022 Six Months Ended September 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 3,461,022 3,461,022 |
INDEBTEDNESS
INDEBTEDNESS | 6 Months Ended |
Sep. 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 September 30, 2021, the principal and interest due under the Note totaled $68,365. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Sep. 30, 2021 | |
CAPITAL STOCK | |
NOTE 5 - CAPITAL STOCK | NOTE 5 – CAPITAL STOCK The Company is authorized to issue 22,000,000 shares of Common stock, at no par value. At September 30, 2021 and March 31, 2021, there were 3,461,022 and 3,461,022 shares issued and outstanding, respectively. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Sep. 30, 2021 | |
BASIS OF PRESENTATION | |
Going concern | The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered losses that raise substantial doubt about its ability to continue as a going concern. While the Company is attempting to attain revenue growth and profitability, the growth has not been significant enough to support the Company’s daily operations. Management may need to raise additional funds by way of a public or private offering and make strategic acquisitions. While the Company believes in the viability of its strategy to improve sales volume and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent on the Company’s ability to further implement its new business plan and generate revenue. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Use of 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. |
Fair value of financial instruments | Included in various investment related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for preferred stock when carried at the lower of cost or market. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The fair value of a liability is the amount at which that liability could be incurred or settled in a current transaction between willing parties, that is, other than in a forced or liquidation sale. Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality. In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used. The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SFAS No. 157, Fair Value Measurements Level 1 Level 2 Level 3 |
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. |
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 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
EARNINGS PER SHARE | |
Schedule of earnings per share basic and diluted | Three Months Ended September 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 3,461,022 3,461,022 Six Months Ended September 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 3,461,022 3,461,022 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | |||
Sep. 21, 2020 | Sep. 30, 2021 | Apr. 26, 2021 | Mar. 31, 2021 | |
Convertible note payable | $ 65,000 | $ 65,000 | ||
Due to Related party | 61,000 | $ 0 | ||
Chief Executive Officer Vice President [Member] | ||||
Common stock price per share | $ 0.23 | |||
Common stock value reserved for future issuance under agreement | $ 159,999 | |||
Common stock shares reserved for future issuance under agreement | 695,652 | |||
Mr. Farrar [Member] | ||||
Convertible note payable | 65,000 | |||
Interest rate | 5.00% | |||
Mature date | October 31, 2022 | |||
Conversion price per share | $ 0.23 | |||
Mr. He [Member] | ||||
Due to Related party | $ 61,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
EARNINGS PER SHARE | ||||
Weighted average number of common shares outstanding - Basic | 3,461,022 | 3,461,022 | 3,461,022 | 3,461,022 |
Weighted average number of common shares outstanding - Diluted | 3,461,022 | 3,461,022 | 3,461,022 | 3,461,022 |
INDEBTEDNESS (Details Narrative
INDEBTEDNESS (Details Narrative) - USD ($) | 1 Months Ended | ||
Sep. 21, 2020 | Sep. 30, 2021 | Mar. 31, 2021 | |
Convertible note payable | $ 65,000 | $ 65,000 | |
Mr. Farrar [Member] | |||
Convertible note payable | 65,000 | ||
Interest rate | 5.00% | ||
Mature date | October 31, 2022 | ||
Principal and interest | $ 68,365 | ||
Conversion price per share | $ 0.23 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - shares | Sep. 30, 2021 | Mar. 31, 2021 |
CAPITAL STOCK | ||
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 |