FCCC INC - Quarter Report: 2010 September (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 SEPTEMBER 30, 2010
	OR
[   ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _______________ to _______________

 

 

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)

 

 

 

 

 

 

 

 

						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

 

 

 

 

 

 

 

FCCC, INC.
BALANCE SHEETS
(Dollars in thousands, except share data)
		September 30, 2010 (Unaudited)				March 31, 2010 (Audited)
ASSETS
Current assets:
Cash and cash equivalents		$	212			$	250
Total current assets			212				250
Other assets			1				1
TOTAL ASSETS		$	213			$	251
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and other accrued expenses		$	9			$	12
Total current liabilities			9				12
Commitments and contingencies			-				-
TOTAL LIABILITIES		$	9			$	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 September 30, 2010 and March 31, 2010			781				781
Additional paid-in capital			8,035				8,035
Accumulated deficit			(8,612	)			(8,577	)
Total stockholders’ equity			204				239
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	213			$	251

 

 

FCCC, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except share data)
		Three Months Ended September 30,
		2010				2009
Income:
Interest income		$	1			$	3
Total income			1				3
Expense:
Operating and administrative expenses			18				18
Legal expenses			3				3
Total expense			21				21
Loss before income taxes			(20	)			(18	)
Income tax expense			-				4
Net Loss		$	(20	)		$	(22	)
Basic and Diluted loss per share		$	(0.01	)		$	(0.01	)
Weighted average common shares outstanding:
Basic and Diluted			1,561,022				1,561,022

 

 

 

FCCC, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except share data)
		Six Months Ended September 30,
		2010				2009
Income:
Interest income		$	2			$	8
Total income			2				8
Expense:
Operating and administrative expenses			31				31
Legal expenses			6				6
Total expense			37				37
Loss before income taxes			(35	)			(29	)
Income tax expense			-				4
Net Loss		$	(35	)		$	(33	)
Basic and Diluted loss per share		$	(0.02	)		$	(0.02	)
Weighted average common shares outstanding:
Basic and Diluted			1,561,022				1,561,022

 

 

 

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 – Six months ended September 30, 2010 (unaudited)			-				-				-			$	(35	)		$	(35	)
Balance – September 30, 2010 (unaudited)			1,561,022			$	781			$	8,035			$	(8,612	)		$	204

 

 

FCCC, INC
STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
		Six Months Ended September 30,
		2010				2009
Cash Flows from Operating Activities:
Net Loss		$	(35	)		$	(33	)
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			(3	)			(8	)
Net cash used in operating activities			(38	)			(39	)
Cash Flows From Investing Activities:			-				-
Cash Flows From Financing Activities:
Cash Distribution – August 20009			-				(1,249	)
Net cash used by financing activities			-				(1,249	)
Net decrease in cash and cash equivalents			(38	)			(1,288	)
Cash and cash equivalents, beginning of period			250				1,572
Cash and cash equivalents, end of period		$	212			$	284
Supplemental cash flow disclosures:
Cash payments of interest		$	-			$	-
Cash payments of income taxes		$	-			$	4

 

 

 

 

 

			2010				2009
	Weighted average number of common shares outstanding			1,561,022				1,561,022

 

 

 

 

 

 

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