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 |