FCCC (FCIC) 10-Q 14 Nov 22 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
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, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
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	NV
Entity Tax Identification Number	06-0759497
Entity Address Address Line 1	17800 Castleton St
Entity Address Address Line 2	#695
Entity Address City Or Town	City of Industry
Entity Address State Or Province	CA
Entity Address Postal Zip Code	91748
City Area Code	812
Local Phone Number	933-8888
Entity Interactive Data Current	Yes

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Current Assets:
Cash and cash equivalents	$ 36	$ 25
Total current assets	36	25
TOTAL ASSETS	36	25
Current liabilities:
Accounts payable and other accrued expenses	20	16
Due to Related party	173	123
Convertible note payable	65	65
Accrued interest	7	5
Total Current Liabilities	265	209
TOTAL LIABILITIES	265	209
Stockholders' equity:
Common stock, no par value, 22,000,000 shares authorized, 3,461,022 issued and outstanding at Sept. 30, 2022 and at March 31, 2022	800	800
Additional paid-in capital	8,396	8,396
Accumulated deficit	(9,425)	(9,380)
Total stockholders' deficit	(229)	(184)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 36	$ 25

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Mar. 31, 2022
Stockholders' equity
Common Stock, No Par Value	$ 0	$ 0
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 ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Expenses:
Operating and administrative expenses	$ 15	$ 60	$ 43	$ 105
Total Operating Expenses	15	60	43	105
Non-Operating Expenses:
Interest expense	1	1	2	2
Total expenses	16	61	45	107
Loss before income taxes	(16)	(61)	(45)	(107)
Income tax expense	0		0	0
Net Loss	$ (16)	$ (61)	$ (45)	$ (107)
Basic and diluted loss per share	$ 0	$ (0.02)	$ (0.01)	$ (0.03)
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 ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities
Net loss	$ (45)	$ (107)
Changes in assets and liabilities
Decrease (Increase) in prepaid expenses	0	4
Increase (Decrease) in accounts payable and accrued expenses	6	48
Net cash used in operating activities	(39)	(55)
Cash Flows from Financing Activities
Due to related party	50	61
Net increase (decrease) in cash	11	6
Cash at the beginning of the period	25	66
Cash at the end of the period	36	72
SUPPLEMENTAL DISCLOSURES:
Cash paid for income tax	0	0
Cash paid for Interest	$ 0	$ 0

CONDENSED STATEMENT OF CHANGES

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Mar. 31, 2021		3,461,022
Balance, amount at Mar. 31, 2021	$ (1)	$ 800	$ 8,396	$ (9,197)
Net Loss	(46)	$ 0	0	(46)
Balance, shares at Jun. 30, 2021		3,461,022
Balance, amount at Jun. 30, 2021	(47)	$ 800	8,396	(9,243)
Balance, shares at Mar. 31, 2021		3,461,022
Balance, amount at Mar. 31, 2021	(1)	$ 800	8,396	(9,197)
Net Loss	(107)
Balance, shares at Sep. 30, 2021		3,461,022
Balance, amount at Sep. 30, 2021	(108)	$ 800	8,396	(9,304)
Balance, shares at Jun. 30, 2021		3,461,022
Balance, amount at Jun. 30, 2021	(47)	$ 800	8,396	(9,243)
Net Loss	(61)	$ 0	0	(61)
Balance, shares at Sep. 30, 2021		3,461,022
Balance, amount at Sep. 30, 2021	(108)	$ 800	8,396	(9,304)
Balance, shares at Mar. 31, 2022		3,461,022
Balance, amount at Mar. 31, 2022	(184)	$ 800	8,396	(9,380)
Net Loss	(29)	$ 0	0	(29)
Balance, shares at Jun. 30, 2022		3,461,022
Balance, amount at Jun. 30, 2022	(213)	$ 800	8,396	(9,409)
Balance, shares at Mar. 31, 2022		3,461,022
Balance, amount at Mar. 31, 2022	(184)	$ 800	8,396	(9,380)
Net Loss	(45)
Balance, shares at Sep. 30, 2022		3,461,022
Balance, amount at Sep. 30, 2022	(229)	$ 800	8,396	(9,425)
Balance, shares at Jun. 30, 2022		3,461,022
Balance, amount at Jun. 30, 2022	(213)	$ 800	8,396	(9,409)
Net Loss	(16)	$ 0	0	(16)
Balance, shares at Sep. 30, 2022		3,461,022
Balance, amount at Sep. 30, 2022	$ (229)	$ 800	$ 8,396	$ (9,425)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Sep. 30, 2022
BASIS OF PRESENTATION
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, 2023 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, 2022. 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. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows: Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date. Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves. Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date. 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, 2022
RELATED PARTY TRANSACTIONS
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. During the six months ended September 30, 2022 and 2021, the Company had outstanding convertible note which represent 311,291 shares of commons stock. These shares of common stock were excluded from the computation of diluted earnings per share since their effect would have been antidilutive. During the three months ended September 30, 2022 and 2021, the Company had outstanding convertible notes which 311,291 shares of commons stock. These shares of common stock were excluded from the computation of diluted earnings per share since their effect would have been antidilutive. As of September 30, 2022 and March 31, 2022, the related party payable amounts to the Director David He are approximately $173,000 and $123,000, respectively, in purpose for cover certain operating expenses for the Company.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Sep. 30, 2022
EARNINGS PER SHARE
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 three months ended September 30, 2022 and 2021: Three Months Ended September 30: 2022 2021 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, 2022
INDEBTEDNESS
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, 2022, the principal and interest due under the Note totaled approximately $72,000.

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
	Sep. 30, 2022
CAPITAL STOCK
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, 2022 and March 31, 2022, there were 3,461,022 and 3,461,022 shares issued and outstanding, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company identified that the Note with Fred has a maturity date of October 31, 2022 and is currently in default due to ongoing negotiations.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Sep. 30, 2022
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. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows: Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date. Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves. Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date.
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, 2022
EARNINGS PER SHARE
Schedule of earnings per share basic and diluted	Three Months Ended September 30: 2022 2021 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	3 Months Ended		6 Months Ended
	Sep. 21, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
EARNINGS PER SHARE
Due to related party		$ 173,000		$ 173,000		$ 123,000
Outstanding convertible note		311,291	311,291	311,291	311,291
Convertible notes payable	$ 65,000
Interest rate	5%
Convertible promissory note maturity date	Oct. 31, 2022
Conversion price per share	$ 0.23

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
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	3,461,022	3,461,022

INDEBTEDNESS (Details Narrative

INDEBTEDNESS (Details Narrative) - USD ($)	1 Months Ended
	Sep. 21, 2020	Sep. 30, 2022
Convertible note payable	$ 65,000
Conversion Price Per Share	$ 0.23
Convertible promissory note maturity date	Oct. 31, 2022
Interest rate	5%
Mr. Farrar [Member]
Convertible note payable	$ 65,000
Conversion Price Per Share	$ 0.23
Convertible promissory note maturity date	Oct. 31, 2022
Interest rate	5%
Principal and interest		$ 72,000

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative) - shares	Sep. 30, 2022	Mar. 31, 2022
CAPITAL STOCK (Details Narrative)
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