Company Quick10K Filing
FCCC
Price-0.00 EPS-0
Shares3 P/E0
MCap-0 P/FCF0
Net Debt-0 EBIT-0
TEV-0 TEV/EBIT1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-10
10-Q 2020-09-30 Filed 2020-11-16
10-Q 2020-06-30 Filed 2020-08-13
10-K 2020-03-31 Filed 2020-06-24
10-Q 2019-12-31 Filed 2020-02-13
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-13
10-K 2019-03-31 Filed 2019-06-27
10-Q 2018-12-31 Filed 2019-02-12
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-K 2018-03-31 Filed 2018-06-13
10-Q 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-11
10-K 2017-03-31 Filed 2017-06-19
10-Q 2016-12-31 Filed 2017-02-10
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-12
10-K 2016-03-31 Filed 2016-06-17
10-Q 2015-12-31 Filed 2016-02-11
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-14
10-K 2015-03-31 Filed 2015-06-30
10-Q 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-14
10-K 2014-03-31 Filed 2014-06-27
10-Q 2013-12-31 Filed 2014-02-07
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-01
10-K 2013-03-31 Filed 2013-06-14
10-Q 2012-12-31 Filed 2013-02-08
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-03
10-K 2012-03-31 Filed 2012-06-12
10-Q 2011-12-31 Filed 2012-02-09
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-07-29
10-K 2011-03-31 Filed 2011-06-13
10-Q 2010-12-31 Filed 2011-02-07
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-06
10-K 2010-03-31 Filed 2010-06-14
10-Q 2009-12-31 Filed 2010-02-12
8-K 2020-09-21

FCCC 10Q Quarterly Report

Item 1. Recent Developments and Financial Statements.
Item 2. Management's Discussion and Analysis or Plan of Operation.
Item 3. Controls and Procedures.
EX-31.1 fccc_10q123110ex311.htm
EX-32.1 fccc_10q123110ex321.htm

FCCC Earnings 2010-12-31

Balance SheetIncome StatementCash Flow

10-Q 1 fccc_10q123110.htm 10-Q fccc_10q123110.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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, 2010
 
     
 
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: 811-0969
 
FCCC, INC.
(Exact name of small business issuer as specified in its charter)
     
Connecticut
 
06-0759497
(State or other jurisdiction
of incorporation or organization)
 
(I.R.S. Employer Identification No.)
     
 
200 Connecticut Avenue, Norwalk, Connecticut 06854
 
 
(Address of principal executive offices)
 
 
(203) 855-7700
 
 
(Issuer’s telephone number)
 
 
n/a
 
 
(Former name, former address and former fiscal year, if changed since last report)
 
 
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes [   ]   No [   ]
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.   
Yes [X]   No [   ]
 
The number of shares outstanding of the issuer’s Common Stock, as of January 28, 2011, was: 1,561,022
 
Transitional Small Business Format: Yes [   ]   No [X]
 
i

 
 
FCCC, INC.
 
FORM 10-Q
 
INDEX
 
     
Page
       
ITEM 1.
 
RECENT DEVELOPMENTS AND FINANCIAL STATEMENTS
1
   
Balance Sheets
2
   
Statements of Operations
3-4
   
Statements of Changes in Stockholders’ Equity
5
   
Statements of Cash Flows
6
   
Condensed Notes to Financial Statements
7-8
       
ITEM 2.
 
MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
9-10
       
ITEM 3.
 
CONTROLS AND PROCEDURES
10
       
   
SIGNATURES
11
       
   
EXHIBIT INDEX
12
       
   
EXHIBITS
 
 
 
 
ii

 
 
ITEM 1.  RECENT DEVELOPMENTS AND FINANCIAL STATEMENTS.
 
The Board of Directors of the Company declared a Special Cash Distribution on July 10, 2009, to all stockholders of record as of July 24, 2009, of $0.80 per share in cash, of the Company’s outstanding Common Stock.  The distribution was effectuated on or about August 7, 2009 (the “Distribution Date”).  The amount of the total distribution was approximately $1,249,000.
 
After the payment of this special distribution, FCCC, Inc. had cash funds on September 30, 2009 of approximately $284,000 and will continue to seek opportunities, including, without limitation, a merger, reverse merger, acquisition or other financial transaction with an operating business.    The cash funds of the Company at fiscal year end March 31, 2010 were $250,000 and at December 31, 2010 were $195,000.
 
 
 
 
 
 
 
 
 
 
1

 

 
FCCC, INC.
 
BALANCE SHEETS
 
(Dollars in thousands, except share data)
 
   
   
   
December 31,
2010
(Unaudited)
   
March 31,
2010
(Audited)
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
  $ 195     $ 250  
      
               
Total current assets
    195       250  
                 
Other assets
    1       1  
                 
TOTAL ASSETS
  $ 196     $ 251  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
                 
Current liabilities:
               
Accounts payable and other accrued expenses
  $ 11     $ 12  
                 
Total current liabilities
    11       12  
                 
Commitments and contingencies
    -       -  
                 
TOTAL LIABILITIES
  $ 11     $ 12  
                 
Stockholders’ equity:
               
Common stock, no par value, stated value $.50 per share,
               
authorized 22,000,000 shares, issued and outstanding
               
1,561,022 shares at December 31, 2010 and March 31, 2010
    781       781  
Additional paid-in capital
    8,035       8,035  
Accumulated deficit
    (8,631 )     (8,577 )
Total stockholders’ equity
    185       239  
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  $ 196     $ 251  
 
 
See notes to financial statements.
 

2

 
 
FCCC, INC.
 
   
STATEMENTS OF OPERATIONS
 
(Unaudited)
 
(Dollars in thousands, except share data)
 
   
   
Three Months Ended December 31,
 
       
   
2010
   
2009
 
             
Income:
           
Interest income
  $ 1     $ 1  
                 
Total income
    1       1  
                 
Expense:
               
Operating and administrative expenses
    17       16  
Legal expenses
    3       3  
                 
Total expense
    20       19  
                 
Loss before income taxes
    (19 )     (18 )
Income tax expense
    -       1  
                 
                 
Net Loss
  $ (19 )   $ (19 )
                 
                 
                 
Basic and Diluted loss per share
  $ (0.01 )   $ (0.01 )
                 
                 
                 
Weighted average common shares outstanding:
               
Basic and Diluted
    1,561,022       1,561,022  
 
 
See notes to financial statements.
 
 
3

 
 
FCCC, INC.
 
   
STATEMENTS OF OPERATIONS
 
(Unaudited)
 
(Dollars in thousands, except share data)
 
   
   
Nine Months Ended December 31,
 
       
   
2010
   
2009
 
             
Income:
           
Interest income
  $ 3     $ 9  
                 
Total income
    3       9  
                 
Expense:
               
Operating and administrative expenses
    48       47  
Legal expenses
    9       9  
                 
Total expense
    57       56  
                 
Loss before income taxes
    (54 )     (47 )
Income tax expense
    -       5  
                 
                 
Net Loss
  $ (54 )   $ (52 )
                 
                 
                 
Basic and Diluted loss per share
  $ (0.04 )   $ (0.03 )
                 
                 
                 
Weighted average common shares outstanding:
               
Basic and Diluted
    1,561,022       1,561,022  
 
 
See notes to financial statements.
 
 
4

 
 
FCCC, INC.
 
   
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
 
(Dollars in thousands, except share data)
 
                         
                         
   
Common Stock
   
Paid-in
   
Accumulated
   
Total
 
   
Shares
   
Amount
   
Capital
   
Deficit
       
                               
Balance, March 31, 2007 (audited)
    1,423,382     $ 712     $ 9,330     $ (8,441 )   $ 1,601  
                                         
Net loss - Year ended
March 31,  2008 (audited)
    -       -       -       (12 )     (12 )
                                         
Exercise of Stock Options –
September 2007
    28,000       14       9       -       23  
                                         
Balance,  March 31, 2008 (audited)
    1,451,382     $ 726     $ 9,339     $ (8,453 )   $ 1,612  
                                         
Exercise of Warrants
    109,640       55       (55 )     -       -  
                                         
Net loss – Year ended
March 31, 2009 (audited)
    -               -       (51 )     (51 )
                                         
Balance, March 31, 2009 (audited)
    1,561,022     $ 781     $ 9,284     $ (8,504 )   $ 1,561  
                                         
Net Loss – Year Ended
March 31, 2010 (audited)
    -       -       -       (73 )     (73 )
                                         
Cash Distribution – August 2009
    -       -       (1,249 )     -       (1,249 )
                                         
Balance, March 31, 2010 (audited)
    1,561,022     $ 781     $ 8,035     $ (8,577 )   $ 239  
                                         
Net loss – Nine months ended
December 31, 2010 (unaudited)
    -       -       -     $ (54 )   $ (54 )
                                         
Balance – December 31, 2010
(unaudited)
    1,561,022     $ 781     $ 8,035     $ (8,631 )   $ 185  
 
 
See notes to financial statements.
 
 
5

 
 
FCCC, INC
 
   
STATEMENTS OF CASH FLOWS
 
(Dollars in thousands)
 
(unaudited)
 
   
   
Nine Months Ended
December 31,
 
   
2010
   
2009
 
             
Cash Flows from Operating Activities:
           
             
Net Loss
  $ (54 )   $ (52 )
                 
Adjustments to reconcile net loss to cash used in operating activities:
               
Changes in assets and liabilities:
               
Accrued interest receivable
    -       2  
Accounts payable and accrued expenses
    (1 )     (6 )
                 
Net cash used in operating activities
    (55 )     (56 )  
                 
Cash Flows From Investing Activities:
    -       -  
                 
Cash Flows From Financing Activities:
               
Cash Distribution – August 2009
    -       (1,249 )
                 
                 
                 
Net changes in cash and cash equivalents
    (55 )     (1,305 )
Cash and cash equivalents, beginning of period
    250       1,572  
Cash and cash equivalents, end of period
  $ 195     $ 267  
                 
Supplemental cash flow disclosures:
               
Cash payments of interest
  $ -     $ -  
Cash payments of income taxes
  $ -     $ 5  

 
See notes to financial statements.
 

6

 
FCCC, INC.

 NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
December 31, 2010

NOTE A - 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 Article 10-01 of 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, 2011 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, 2010.


NOTE B - RELATED PARTY TRANSACTIONS

The Company currently has one executive officer, who has a consulting arrangement with the Company.  Specifically, on July 1, 2003, the Company and Mr. Bernard Zimmerman, currently the President, Chief Executive Officer and Principal Financial Officer of the Company, entered into a Consulting Agreement (the “Zimmerman Consulting Agreement”) which provided for monthly payments of $2,000 to Mr. Zimmerman or his affiliate plus reasonable and necessary out-of-pocket expenses.  Upon the expiration of the Zimmerman Consulting Agreement on July 1, 2006, the Board of Directors authorized the extension of the Zimmerman Consulting Agreement, on a month-to-month basis.   Management of the Company expects to use consultants, attorneys and accountants as necessary, and it is not expected that FCCC will have any full-time or other employees, except as may be the result of completing a transaction.
 

NOTE C – NEW PRONOUNCEMENTS AND SHARE BASED AWARDS

Recently Issued Accounting Pronouncements:

In January 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-01, Accounting for Distributions to Shareholders with Components of Stock and Cash-a consensus of the FASB Emerging Issues Task Force,(Topic 505). This Accounting Standards Update clarifies that the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected in EPS prospectively and is not a stock dividend for purposes of applying Topics 505 and 260 (Equity and Earning Per Share). The Company is currently evaluating the impact of ASU 2010-01 on the Company’s financial statements.
 
7

 
 
In June 2009, the FASB issued Accounting Standards Update (“ASU”) No. 2009-01, Topic 105 — Generally Accepted Accounting Principles — amendments based on Statement of Financial Accounting Standards No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. This ASU reflected the issuance of FASB Statement No. 168. This Accounting Standards Update amends the FASB Accounting Standards Codification for the issuance of FASB Statement No. 168, The FASB Accounting Standards Codification ™ and the Hierarchy of Generally Accepted Accounting Principles. This Accounting Standards Update includes Statement 168 in its entirety, including the accounting standards update instructions contained in Appendix B of the Statement. The Codification does not change current U.S. GAAP, but is intended to simplify user access to all authoritative U.S. GAAP by providing all the authoritative literature related to a particular topic in one place. The Codification is effective for interim and annual periods ending after September 15, 2009, and as of the effective date, all existing accounting standard documents will be superseded. The Codification is effective for the Company in the second quarter of 2009, and accordingly, our Quarterly Report on Form 10-Q for the quarter ending September 30, 2009 and all subsequent public filings will reference the Codification as the sole source of authoritative literature.
 
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 Common Share:

The Company follows FASB ASC 260 (formerly, SFAS No. 128), “Earnings Per Share”. ASC 260 simplifies the standards for computing earnings per share (EPS) and makes them comparable to international EPS standards. Basic 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:
 
   
2010
 
2009
         
 
Weighted average number of common shares outstanding
1,561,022
 
1,561,022
 
Share Based Awards:

The company adopted “Share-Based Payment” FASB ASC 718 (formerly, FAS 123(R)), ASC 718 requires expense for all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values.  Pro forma disclosure is no longer an alternative.  For the Company, this statement was effective as of April 1, 2006.  The Company adopted the modified prospective method, under which compensation cost is recognized beginning with the effective date.  The modified prospective method recognizes compensation cost based on the requirements of ASC 718 for all share-based payments granted after the effective date and, based on the requirements of ASC 718, for all awards granted to employees prior to the effective date that remain unvested on the effective date.  The Company does not expect to record any significant expenses under ASC 718 for options currently outstanding.  However, the amount of expense recorded under ASC 718 will depend upon the number of options granted in the future and their valuation.
 
8

 
 
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

FORWARD-LOOKING STATEMENTS

This quarterly report and other reports issued by the Company, including reports filed with the Securities and Exchange Commission, may contain “forward-looking” statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that deal with future results, plans or performances. In addition, the Company’s management may make such statements orally, to the media, or to securities analysts, investors or others. Accordingly, forward-looking statements deal with matters that do not relate strictly to historical facts. The Company’s future results may differ materially from historical performance and forward-looking statements about the Company’s expected financial results or other plans are subject to a number of risks and uncertainties. This section and other sections of this quarterly report may include factors that could materially and adversely impact the Company’s financial condition and results of operations. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company undertakes no obligation to revise or update any forward-looking statements after the date hereof.
 
ANALYSIS OF OPERATIONS AND FINANCIAL CONDITION

The Company has limited operations and is actively seeking 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 such period, the Company does not expect to achieve sufficient income to offset its operating expenses, resulting in operating losses requiring the Company to use and thereby reduce its cash balance.  For further information on the Company’s plan of operation and business, see Item 1, Current Business.  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 a loss of between $15,000 to $20,000 per quarter.

During the quarter ended December 31, 2010, the Company had a loss from operations of $(19,000).  The loss is attributable to the operational and administrative expenses incurred during the quarter less interest income earned. During the quarter ended December 31, 2009, the loss from operations was $(18,000).  The loss was approximately the same in both periods.

During the nine months ended December 31, 2010 the Company had a loss from operations of ($54,000) compared to a loss in the same period of 2009 of ($47,000).    The increased loss in the current quarter is primarily due to a decrease in interest income received due to lower rates on invested funds and less funds available for investment due to the cash distribution of $1,249,000 in August 2009.

Stockholder’s equity as of December 31, 2010 was $185,000 as compared to $239,000 at March 31, 2010. The decrease is attributable to the net loss incurred by the Company during the nine months ended December 31, 2010.

The Company had cash on hand at December 31, 2010 of $195,000 as compared to $250,000 at March 31, 2010.  The decrease in cash on hand is due to losses sustained by the Company in the current nine months ended December 31, 2010.  The Company used approximately $1,249,000 of cash on hand at June 30, 2009 to pay the special cash distribution on August 7, 2009 (See “Recent Developments” – Page 1).

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 distribution is subject to the discretion of the Company’s Board of Directors.  At this time the Company has no plans to pay any additional cash distributions in the foreseeable future.

SUBSEQUENT EVENTS

The Company has evaluated events that occurred subsequent to December 31, 2010, through the financial statement issue date of February 4, 2011 and determined that there were no recordable or reportable subsequent events.

9

 
PLAN OF OPERATION

As noted above, the Company has limited operations. The Company plans to continue as a public entity and continues to seek merger, acquisition and business combination opportunities with an operating business or other appropriate financial transactions. Until such an acquisition or business combination is effectuated, the Company does not expect to have significant operations. Accordingly, during such period, the Company does not expect to achieve sufficient income to offset its operating expenses, which will create operating losses requiring the Company to use and thereby reduce its cash on hand.


ITEM 3.  CONTROLS AND PROCEDURES.
 
Report of Management on Internal Controls Over Financial Reporting
 
The Company’s management is responsible for establishing and maintaining adequate internal controls over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934.  Our internal controls over financial reporting is a process designed by, or under the supervision of, the Company’s Chief Executive Officer, who is also the Company’s Chief Financial Officer, to provide reasonable assurance to the Company’s Board of Directors regarding the reliability of financial reporting and the preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Internal controls over financial reporting including those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the Company’s transactions and dispositions of the Company’s assets; (2) provide reasonable assurances that the Company’s transactions are recorded as necessary to permit preparation of the Company’s financial statements in accordance with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of the Company’s management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the Company’s financial statements.
 
The Company’s management assessed the effectiveness of the Company’s internal controls over financial reporting as of December 31, 2010 and for the fiscal year ended March 31, 2010 and concluded that such internal controls are effective.  In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission in Internal Controls – Integrated Framework.
 
This report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal controls over financial reporting pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this report.

During the Company’s third fiscal quarter ended December 31, 2010 and during the fiscal year ended March 31, 2010, there were no changes in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
 
10

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.




 
FCCC, INC.
     
  By:  graphic
   
Name: Bernard Zimmerman
   
Title: President, Chief Executive Officer and
    Principal Financial Officer
     
Dated:   February 7, 2011

11

 
EXHIBIT INDEX

   
Exhibit No.
 
Description
         
     
Certificate of the Principal Executive and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
Certificate of the Principal Executive and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


 
 
 
 
 
 
 
 
12