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: September 30, 2018

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) 860-8213

(Registrant’s Telephone Number, Including Area Code)

_______________________________________________________________

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 xNo ¨

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	¨	Emerging growth company	¨
		Smaller reporting company	x

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 November 9, 2018, the registrant had 3,461,022 shares of common stock issued and outstanding.

FCCC, INC. FORM 10-Q

Index

PART I. FINANCIAL INFORMATION
Item 1.	Condensed Financial Statements	1
	CONDENSED BALANCE SHEETS	1
	CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED	2
	CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)	3
	CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED	4
	CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)	5
	NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)	6
Item 2.	Management’s Discussion and Analysis of Financial Conditions and Results of Operations	7
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	9
Item 4.	Controls and Procedures	9
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	10
Item 1A.	Risk Factors	10
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	10
Item 3.	Defaults Upon Senior Securities	10
Item 4.	Mine Safety Disclosures	10
Item 5.	Other Information	10
Item 6.	Exhibits	11
SIGNATURES

i

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

This quarterly report on Form 10-Q contains forward-looking statements regarding the Company, the Company’s business prospects and the Company’s 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. 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, 2018 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.

ii

PART I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements.

FCCC, INC.

CONDENSED BALANCE SHEETS

(Dollars in thousands, except share data)

	September 30,			March 31,
	2018			2018
	(Unaudited)			(Audited)
ASSETS
Current Assets:
Cash and cash equivalents	$	139		$	188
Prepaid expense		9			3
Total current assets		148			191
TOTAL ASSETS	$	148		$	191
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and other accrued expenses	$	3		$	19
Total current liabilities		3			19
TOTAL LIABILITIES		3			19
Stockholders’ equity:
Common stock, no par value, 22,000,000 shares authorized, 3,461,022 issued and outstanding at September 30, 2018 and at March 31, 2018		800			800
Additional paid-in capital		8,396			8,396
Accumulated deficit		(9,051	)		(9,024	)
Total stockholders’ equity		145			172
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	148		$	191

See notes to condensed financial statements

1

FCCC, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

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

	Three Months Ended September 30,
	2018			2017
Income:
Interest income	$	--		$	--
Total income		--			--
Expenses:
Operating and administrative expenses		11			17
Total expenses		11			17
Loss before income taxes		(11	)		(17	)
Income tax expense		---			--
Net Loss	$	(11	)	$	(17	)
Basic and diluted loss per share	$	(0.003	)	$	(0.005	)
Weighted average common shares outstanding
Basic and diluted		3,461,022			3,461,022

See notes to condensed financial statements

2

FCCC, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

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

	Six Months Ended September 30,
	2018			2017
Income:
Interest income	$	--		$	--
Total income		--			--
Expenses:
Operating and administrative expenses		27			31
Total expenses		27			31
Loss before income taxes		(27	)		(31	)
Income tax expense		---			--
Net Loss	$	(27	)	$	(31	)
Basic and diluted loss per share	$	(0.008	)	$	(0.009	)
Weighted average common shares outstanding
Basic and diluted		3,461,022			3,461,022

See notes to condensed financial statements

3

FCCC, INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

	Six Months Ended September 30,
	2018			2017
Cash Flows from Operating Activities
Net loss	$	(27	)	$	(31	)
Adjustments to reconcile net loss to cash used in operating activities
Changes in assets and liabilities
Increase in prepaid expenses		(6	)		(6	)
Accounts payable and accrued expenses		(16	)		(1	)
Net cash used in operating activities		(49	)		(38	)
Net decrease in cash		(49	)		(38	)
Cash at the beginning of the period		188			243
Cash at the end of the period	$	139		$	205

See notes to condensed financial statements

 

4

FCCC, INC.

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED)

(Dollars in thousands)

	Common Stock				Paid-In		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balance as of April 1, 2018		3,461,022	$	800	$	8,396	$	(9,024	)	$	172
Net loss		–		–		–		(27	)		(27	)
Balance as of September 30, 2018		3,461,022	$	800	$	8,396	$	(9,051	)	$	145

See notes to condensed financial statements

5

FCCC, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2018

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, 2019 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, 2018.

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 six months ended September 30, 2018 and September 30, 2017:

	2018		2017
Weighted average number of common shares outstanding (basic and diluted)		3,461,022		3,461,022

6

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, 2018. 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 six-months ended September 30, 2018 increased by $6,000. This increase was due to the payment of the OTCBB annual listing fee in the quarter ended June 30, 2018. 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.

7

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.

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 September 30, 2018, the Company had a loss from operations of $11,000. The loss is attributable to the operational, administrative, auditing, tax return preparation and legal expenses incurred during the quarter. During the quarter ended September 30, 2017, the loss from operations was $17,000. Taxes paid in the quarters ended September 30, 2018 and 2017 were $0 in both quarters.

During the six months ended September 30, 2018, the Company had a loss from operations of $27,000. The loss is attributable to the operational administrative, auditing, tax return preparation and legal expenses incurred during the quarter. During the six months ended September 30, 2017, the loss from operations was $31,000. The decrease in the loss in the current quarter is primarily due to a decrease in expenses related to legal services and the Company’s other outside professionals’ incurred during the quarter ended September 30, 2018.

LIQUIDITY AND CAPITAL RESOURCES

Stockholders’ equity as of September 30, 2018, was $145,000 as compared to $172,000 at March 30, 2018. The decrease is attributable to the net loss incurred during the six-month period ended September 30, 2018.

Net cash used in operating activities was $49,000 in the six months ended September 30, 2018, compared to net cash used in operating activities of $38,000 in the six months ended September 30, 2017. The $11,000 increase in cash used in operating activities was primarily due to an increase in expenses related to legal and other outside professionals.

Cash on hand at September 30, 2018 was $139,000 as compared to $205,000 at September 30, 2018. The decrease in cash on hand was primarily due to ongoing expenses related to legal, accounting and other outside professionals.

The Company has no material off-balance sheet arrangements. There has been no material change in any contractual obligation as summarized in the Company’s annual report on Form 10-K.

8

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 September 30, 2018.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2018 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.

9

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.

10

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

11

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: November 13, 2018	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: November 13, 2018	By:	/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 September 30, 2018 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: November 13, 2018	By:	/s/ Frederick Farrar
		Frederick Farrar
		Chief Executive Officer and Chief Financial Officer
		(principal executive and financial officer)

XML

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Nov. 09, 2018
Document And Entity Information
Entity Registrant Name	FCCC INC
Entity Central Index Key	0000730669
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		3,461,022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Ex Transition Period	false

XML

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Mar. 31, 2018
Current Assets:
Cash and cash equivalents	$ 139	$ 188
Prepaid expense	9	3
Total current assets	148	191
TOTAL ASSETS	148	191
Current liabilities:
Accounts payable and other accrued expenses	3	19
Total current liabilities	3	19
TOTAL LIABILITIES	3	19
Stockholders' equity:
Common stock, no par value, 22,000,000 shares authorized, 3,461,022 issued and outstanding at September 30, 2018 and at March 31, 2018	800	800
Additional paid-in capital	8,396	8,396
Accumulated deficit	(9,051)	(9,024)
Total stockholders' equity	145	172
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 148	$ 191

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CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Mar. 31, 2018
Stockholders' equity:
Common stock, par value	$ 0.00	$ 0.00
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

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income:
Interest income
Total income
Expenses:
Operating and administrative expenses	11	17	27	31
Total expenses	11	17	27	31
Loss before income taxes	(11)	(17)	(27)	(31)
Income tax expense
Net Loss	$ (11)	$ (17)	$ (27)	$ (31)
Basic and diluted loss per share	$ (0.003)	$ (0.005)	$ (0.008)	$ (0.009)
Weighted average common shares outstanding Basic and diluted	3,461,022	3,461,022	3,461,022	3,461,022

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CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities
Net loss	$ (11)	$ (17)	$ (27)	$ (31)
Changes in assets and liabilities
Increase in prepaid expenses			(6)	(6)
Accounts payable and accrued expenses			(16)	(1)
Net cash used in operating activities			(49)	(38)
Net decrease in cash			(49)	(38)
Cash at the beginning of the period			188	243
Cash at the end of the period	$ 139	$ 205	$ 139	$ 205

XML

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - 6 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Common Stock	Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Mar. 31, 2018	3,461,022
Beginning balance, amount at Mar. 31, 2018	$ 800	$ 8,396	$ (9,024)	$ 172
Net loss			(27)	(27)
Ending balance, shares at Sep. 30, 2018	3,461,022
Ending balance, amount at Sep. 30, 2018	$ 800	$ 8,396	$ (9,051)	$ 145

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BASIS OF PRESENTATION

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

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, 2019 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, 2018.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 2 - RELATED PARTY TRANSACTIONS

None.

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EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

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 six months ended September 30, 2018 and September 30, 2017:

	2018		2017
Weighted average number of common shares outstanding (basic and diluted)		3,461,022		3,461,022

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EARNINGS PER SHARE (Tables)

6 Months Ended

Sep. 30, 2018

Earnings Per Share

Summary of basic and diluted loss per common share

Basic and diluted loss per common share was calculated using the following number of shares for the six months ended September 30, 2018 and September 30, 2017:

	2018		2017
Weighted average number of common shares outstanding (basic and diluted)		3,461,022		3,461,022

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EARNINGS PER SHARE (Details) - shares	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share Details Abstract
Weighted average number of common shares outstanding (basic and diluted)	3,461,022	3,461,022