10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: December 31, 2019

OR

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to ____________.

Commission file number 001-08589

FCCC, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Connecticut	06-0759497
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1650 West 106th Street Carmel, Indiana	46032
(Address of principal executive offices)	(Zip Code)

(317) 441-4563

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨

As of February 11, 2020, the registrant had 3,461,022 shares of common stock issued and outstanding.

FCCC, INC.

FORM 10-Q

Index

PART I. FINANCIAL INFORMATION		4
Item 1.	Condensed Financial Statements.	4
	CONDENSED BALANCE SHEETS	4
	CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)	5
	CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)	7
	CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY	8
	NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)	9
Item 2.	Management’s Discussion and Analysis of Financial Conditions and Results of Operations.	10
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	12
Item 4.	Controls and Procedures.	12
PART II. OTHER INFORMATION		13
Item 1.	Legal Proceedings.	13
Item 1A.	Risk Factors.	13
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	13
Item 3.	Defaults Upon Senior Securities.	13
Item 4.	Mine Safety Disclosures.	13
Item 5.	Other Information.	13
Item 6.	Exhibits.	14

2

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

This quarterly report on Form 10-Q and other publicly available documents, including the documents incorporated herein by reference, contain, and our officers and representatives may from time to time make, “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “expect,” “future,” “likely,” “may,” “plan,” “seek,” “will” and similar references to future periods actions or results. Examples of forward-looking statements include our prospects for one or more future material transactions, potential sources of financing, and expenses for future periods.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Any forward-looking statement made by us in this annual report on Form 10-Q is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Factors that could cause or contribute to such differences may include, but are not limited to, those described under the heading “Risk Factors” which may be included in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2019 as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may subsequently arise. Readers are urged to carefully review and consider the various disclosures made by the Company in this report and in the Company’s other reports filed with the Commission that advise interested parties of the risks and factors that may affect the Company’s business.

3

PART I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements.

FCCC, INC.

CONDENSED BALANCE SHEETS

(Dollars in thousands, except share data)  

	December 31,			March 31,
	2019			2019
	(Unaudited)			(Audited)
ASSETS
Current Assets:
Cash and cash equivalents	$	71		$	120
Prepaid expense		7			3
Total current assets		78			123
TOTAL ASSETS		78			123
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and other accrued expenses	$	4		$	8
Total current liabilities		4			8
TOTAL LIABILITIES		4			8
Stockholders’ equity:
Common stock, no par value, 22,000,000 shares authorized, 3,461,022 issued and outstanding at December 31, 2019 and at March 31, 2019		800			800
Additional paid-in capital		8,396			8,396
Accumulated deficit		(9,122	)		(9,081	)
Total stockholders’ equity		74			115
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	78		$	123

See notes to condensed financial statements

4

FCCC, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands, except share and per share data)

	Nine Months Ended December 31,
	2019			2018
Income:
Interest income	$	-		$	-
Total income		-			-
Expenses:
Operating and administrative expenses		41			40
Total expenses		41			40
Loss before income taxes		(41	)		(40	)
Income tax expense		-			-
Net Loss	$	(41	)	$	(40	)
Basic and diluted loss per share	$	(0.012	)	$	(0.012	)
Weighted average common shares outstanding
Basic and diluted		3,461,022			3,461,022

See notes to condensed financial statements

5

FCCC, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands, except share and per share data)

	Three Months Ended December 31,
	2019			2018
Income:
Interest income	$	-		$	-
Total income		-			-
Expenses:
Operating and administrative expenses		15			13
Total expenses		15			13
Loss before income taxes		(15	)		(13	)
Income tax expense		-			-
Net Loss	$	(15	)	$	(13	)
Basic and diluted loss per share	$	(0.004	)	$	(0.004	)
Weighted average common shares outstanding
Basic and diluted		3,461,022			3,461,022

See notes to condensed financial statements

6

FCCC, INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

	Nine Months Ended
	December 31,
	2019			2018
Cash Flows from Operating Activities
Net loss	$	(41	)	$	(40	)
Adjustments to reconcile net loss to cash used in operating activities
Changes in assets and liabilities
Increase in prepaid expenses		(4	)		(3	)
Decrease in accounts payable and accrued expenses		(4	)		(15	)
Net cash used in operating activities		(49	)		(58	)
Net decrease in cash		(49	)		(58	)
Cash at the beginning of the period		120			188
Cash at the end of the period	$	71		$	130

See notes to condensed financial statements

7

FCCC, INC.

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED DECEMBER 31, 2019 (UNAUDITED)

(Dollars in thousands)

	Common Stock				Paid-In Capital		Accumulated Deficit			Total
	Shares		Amount
Balance as of April 1, 2019		3,461,022	$	800	$	8,396	$	(9,081	)	$	115
Net loss		–		–		–		(41	)		(41	)
Balance as of December 31, 2019		3,461,022	$	800	$	8,396	$	(9,122	)	$	74

See notes to condensed financial statements

8

FCCC, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

December 31, 2019

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, 2020 or other future periods. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019.

NOTE 2 – RELATED PARTY TRANSACTIONS

None.

NOTE 3 – EARNINGS PER SHARE

The Company follows FASB ASC 260, Earnings Per Share. Basic earnings per share (“EPS”) is based on the weighted average number of common shares outstanding for the period, excluding the effects of any potentially dilutive securities. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

Basic and diluted loss per common share was calculated using the following number of shares for the nine months ended December 31, 2019 and December 31, 2018:

	2019	2018
Weighted average number of common shares outstanding (basic and diluted)	3,461,022	3,461,022

9

Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations.

FORWARD-LOOKING STATEMENTS

The following discussion may contain forward-looking statements regarding the Company, its business prospects and its results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause the Company’s actual business, prospects and results of operations to differ materially from those that may be anticipated by such forward-looking statements. The risks and uncertainties may be summarized in other documents that the Company may file with the Securities Exchange Commission, such as our Annual Report on Form 10-K for the year ended March 31, 2019. These forward-looking statements reflect our view only as of the date of this report. The Company cannot guarantee future results, levels of activity, performance, or achievement. The Company does not undertake any obligation to update or correct any forward-looking statements.

ANALYSIS OF OPERATIONS AND FINANCIAL CONDITION

The Company has limited operations and is actively seeking a merger, reverse merger, acquisition or business combination opportunities with an operating business or other financial transaction opportunities. Until a transaction is effectuated, the Company does not expect to have significant operations. Accordingly, during this period the Company does not expect to achieve sufficient income to offset the Company’s operating expenses, resulting in operating losses that may require the Company to use and thereby reduce the Company’s limited cash balance. The Company’s prepaid expenses during the nine-months ended December 31, 2019 increased by $4,000. This increase was due to the payment of the OTCBB annual listing fee in the quarter ended June 30, 2019. Until the Company completes a merger, reverse merger or other financial transaction, and unless interest rates increase dramatically, the Company expects to continue to incur losses between $12,000 to $15,000 per quarter. The Company does not have any arrangements with banks or financial institutions with respect to the availability of financing in the future.

The payment of any cash distributions is subject to the discretion of our board of directors. At this time, the Company has no plans to pay any additional cash distributions in the foreseeable future.

CURRENT BUSINESS

Since June 2003, the Company’s operations consist of a search for a merger, acquisition, reverse merger or a business transaction opportunity with an operating business or other financial transaction; however, there can be no assurance that this plan will be successfully implemented. Until a transaction is effectuated, the Company does not expect to have significant operations. At this time, the Company has no arrangements or understandings with respect to any potential merger, acquisition, reverse merger or business combination candidate pursuant to which the Company may become an operating company.

Opportunities may come to the Company’s attention from various sources, including our management, our stockholders, professional advisors, securities broker dealers, venture capitalists and private equity funds, members of the financial community and others who may present unsolicited proposals. At this time, the Company has no plans, understandings, agreements, or commitments with any individual or entity to act as a finder in regard to any business opportunities. While it is not currently anticipated that the Company will engage unaffiliated professional firms specializing in business acquisitions, reorganizations or other such transactions, such firms may be retained if such arrangements are deemed to be in the best interest of the Company. Compensation to a finder or business acquisition firm may take various forms, including one-time cash payments, payments involving issuance of securities (including those of the Company), or any combination of these or other compensation arrangements. Consequently, the Company is currently unable to predict the cost of utilizing such services.

The Company has not restricted its search to any particular business, industry, or geographical location. In evaluating a potential transaction, the Company analyzes all available factors and make a determination based on a composite of available facts, without reliance on any single factor.

It is not possible at this time to predict the nature of a transaction in which the Company may participate. Specific business opportunities would be reviewed as well as the respective needs and desires of the Company and the legal structure or method deemed by management to be suitable would be selected. In implementing a structure for a particular transaction, the Company may become a party to a merger, consolidation, reorganization, tender offer, joint venture, license, purchase and sale of assets, or purchase and sale of stock, or other arrangement the exact nature of which cannot now be predicted. Additionally, the Company may act directly or indirectly through an interest in a partnership, corporation or other form of organization. Implementing such structure may require the merger, consolidation or reorganization of the Company with other business organizations and there is no assurance that the Company would be the surviving entity. In addition, our present management and stockholders may not have control of a majority of the voting shares of the Company following reorganization or other financial transaction. As part of such a transaction, some or all of the Company’s existing directors may resign and new directors may be appointed. The Company’s operations following the consummation of a transaction will be dependent on the nature of the transaction. There may also be various risks inherent in the transaction, the nature and magnitude of which cannot be predicted.

10

The Company may also be subject to increased governmental regulation following a transaction; however, it is not possible at this time to predict the nature or magnitude of such increased regulation, if any.

The Company expects to continue to incur moderate losses each quarter until a transaction considered appropriate by management is effectuated.

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

During the quarter ended December 31, 2019, the Company had a loss from operations of $15,000. The loss is attributable to the operational, administrative, auditing, tax return preparation and legal expenses incurred during the quarter. During the quarter ended December 31, 2018, the loss from operations was $13,000. Taxes paid in the quarters ended December 31, 2019 and 2018 were $0 in both quarters.

During the nine months ended December 31, 2019, the Company had a loss from operations of $41,000. The loss is attributable to the operational, administrative, auditing, tax return preparation and legal expenses incurred during the period. During the nine months ended December 31, 2018, the loss from operations was $40,000. Taxes paid in the nine months ended December 31, 2019 and 2018 were $0 in both nine-month periods.

LIQUIDITY AND CAPITAL RESOURCES

Stockholders’ equity as of December 31, 2019, was $74,000 as compared to $115,000 at March 31, 2019. The decrease is attributable to the net loss incurred during the nine months ended December 31, 2019.

Net cash used in operating activities was $49,000 during the nine months ended December, 2019, compared to net cash used in operating activities of $58,000 in the nine months ended December 31, 2018. The $9,000 decrease in cash used in operating activities was primarily due to timing of payments for legal and other outside professionals during the nine months ended December 31, 2018.

Cash on hand at December 31, 2019 was $71,000 as compared to $120,000 at December 31, 2018. The decrease in cash on hand was primarily due to ongoing expenses related to legal, accounting and other outside professionals.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, change in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

11

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Smaller reporting companies are not required to provide the information required under this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company’s management has evaluated, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer (who are the same individual), the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Disclosure controls and procedures are designed to ensure that information required to be disclosed in the Company’s reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2019.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the quarter ended December 31, 2019 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Management does not believe that there are significant deficiencies in the design or operation of the Company’s internal controls that could adversely affect the Company’s ability to record, process, summarize and report financial data.

12

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is not currently subject to any material legal proceedings. From time to time, the Company may be named as a defendant in legal actions or otherwise be subject to claims arising from the Company’s normal business activities. Any such actions, even those that lack merit, could result in the expenditure of significant financial and managerial resources.

Item 1A. Risk Factors.

Smaller reporting companies are not required to provide the information required under this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

None.

13

Item 6. Exhibits.

Exhibit Number	Description
3.1	Composite Amended and Restated Certificate of Incorporation, as amended through January 23, 2004 (incorporated by reference to Exhibit 3.1 to annual report on Form 10-K for year ended March 31, 2015)
3.2	Composite Amended and Restated By-Laws, as amended through November 27, 2007 (incorporated by reference to Exhibit 3.2 to annual report on Form 10-K for year ended March 31, 2015)
31.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	XBRL Data Files

14

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FCCC, INC.
Date: February 13, 2020	By:	/s/ Frederick Farrar
		Frederick Farrar
		Chief Executive Officer and Chief Financial Officer
		(principal executive and financial officer)

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Frederick Farrar, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of FCCC, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c.	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d.	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.	I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: February 13, 2020	/s/ Frederick Farrar
	Frederick Farrar
	Chief Executive Officer and Chief Financial Officer
	(principal executive and financial officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

In connection with the filing of the Quarterly Report on Form 10-Q of FCCC, Inc. (the “Company”) for the period ended December 31, 2019 as filed with the Securities and Exchange Commission (the “Report”), the undersigned Chief Executive Officer and Chief Financial Officer certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(i)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
(ii)	the information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of the Company.

Date: February 13, 2020	/s/ Frederick Farrar
	Frederick Farrar
	Chief Executive Officer and Chief Financial Officer
	(principal executive and financial officer)

XML

RELATED PARTY TRANSACTIONS

9 Months Ended

Dec. 31, 2019

RELATED PARTY TRANSACTIONS

NOTE 2 - RELATED PARTY TRANSACTIONS

None.

XML

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income
Interest income
Total income
Expenses:
Operating and administrative expenses	15	13	41	40
Total expenses	15	13	41	40
Loss before income taxes	(15)	(13)	(41)	(40)
Income tax expense
Net Loss	$ (15)	$ (13)	$ (41)	$ (40)
Basic and diluted loss per share	$ (0.004)	$ (0.004)	$ (0.012)	$ (0.012)
Weighted average common shares outstanding
Basic and diluted	3,461,022	3,461,022	3,461,022	3,461,022

XML

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2019	Feb. 11, 2020
Document And Entity Information
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	Dec. 31, 2019
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding		3,461,022
EntityFileNumber	001-08589
EntityAddressAddressLine1	1650 West 106th Street
EntityAddressAddressLine2	Carmel
EntityAddressPostalZipCode	46032
EntityTaxIdentificationNumber	060759497
EntityAddressCityOrTown	Carmel
LocalPhoneNumber	441-4563
CityAreaCode	317
EntityAddressStateOrProvince	INDIANA

XML

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities
Net loss	$ (41)	$ (40)
Changes in assets and liabilities
Increase in prepaid expenses	(4)	(3)
Decrease in accounts payable and accrued expenses	(4)	(15)
Net cash used in operating activities	(49)	(58)
Net decrease in cash	(49)	(58)
Cash at the beginning of the period	120	188
Cash at the end of the period	$ 71	$ 130

XML

EARNINGS PER SHARE

9 Months Ended

Dec. 31, 2019

EARNINGS PER SHARE

NOTE 3 - EARNINGS PER SHARE

The Company follows FASB ASC 260, Earnings Per Share. Basic earnings per share (“EPS”) is based on the weighted average number of common shares outstanding for the period, excluding the effects of any potentially dilutive securities. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

Basic and diluted loss per common share was calculated using the following number of shares for the nine months ended December 31, 2019 and December 31, 2018:

	2019		2018
Weighted average number of common shares outstanding (basic and diluted)		3,461,022		3,461,022

XML

EARNINGS PER SHARE (Tables)

9 Months Ended

Dec. 31, 2019

EARNINGS PER SHARE (Tables)

Schedule of earnings per share basic and diluted

	2019		2018
Weighted average number of common shares outstanding (basic and diluted)		3,461,022		3,461,022

XML

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Mar. 31, 2019
Stockholders' equity
Common stock, shares 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

XML

BASIS OF PRESENTATION

9 Months Ended

Dec. 31, 2019

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, 2020 or other future periods. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019.

XML

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Current Assets:
Cash and cash equivalents	$ 71	$ 120
Prepaid expense	7	3
Total current assets	78	123
TOTAL ASSETS	78	123
Current liabilities:
Accounts payable and other accrued expenses	4	8
Total current liabilities	4	8
TOTAL LIABILITIES	4	8
Stockholders' equity:
Common stock, no par value, 22,000,000 shares authorized, 3,461,022 issued and outstanding at December 31, 201 9 and at March 31, 2019	800	800
Additional paid-in capital	8,396	8,396
Accumulated deficit	(9,122)	(9,081)
Total stockholders' equity	74	115
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 78	$ 123

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CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (UNAUDITED) - 9 months ended Dec. 31, 2019 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance, shares at Apr. 01, 2019		3,461,022
Balance, amount at Apr. 01, 2019	$ 115	$ 800	$ 8,396	$ (9,081)
Net Income (Loss)	$ (41)			$ (41)
Balance, shares at Dec. 31, 2019		3,461,022
Balance, amount at Dec. 31, 2019	$ 74	$ 800	$ 8,396	$ (9,122)

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EARNINGS PER SHARE (Details) - shares	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
EARNINGS PER SHARE
Weighted average number of common shares outstanding (basic and diluted)	3,461,022	3,461,022