Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | First Capital International, Inc | |
Trading Symbol | N/A | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 34,401,924 | |
Amendment Flag | false | |
Entity Central Index Key | 0001072842 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-26271 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0582435 | |
Entity Address, Address Line One | 5829 W Sam Houston Pkwy N | |
Entity Address, Address Line Two | Suite 405 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
City Area Code | 713 | |
Local Phone Number | 629-4866 | |
Title of 12(b) Security | N/A | |
Security Exchange Name | NONE | |
Entity Interactive Data Current | Yes | |
Entity Address, Postal Zip Code | 77041 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,251 | $ 7,682 |
Total current assets | 2,251 | 7,682 |
Property and equipment, net | 0 | 0 |
Total assets | 2,251 | 7,682 |
Current liabilities: | ||
Accounts payable | 7,512 | 7,816 |
Other current liabilities: | ||
Accrued interest payable | 243 | 95 |
Preferred dividends payable to related parties | 296,125 | 283,250 |
Due to related parties | 46,711 | 41,711 |
Total current liabilities | 343,079 | 325,056 |
Total liabilities | 350,591 | 332,872 |
Stockholders’ deficit: | ||
Preferred stock, $0.001 par value; 20,000,000 shares authorized; designated 4,500,000 Series A Convertible Preferred Stock issued and outstanding | 4,500 | 4,500 |
Common stock, $0.001 par value; 200,000,000 shares authorized; 34,401,924 shares issued and outstanding | 34,402 | 34,402 |
Additional paid-in capital | 10,497,317 | 10,497,317 |
Accumulated deficit | (10,884,559) | (10,861,409) |
Total stockholders’ deficit | (348,340) | (325,190) |
Total liabilities and stockholders’ deficit | $ 2,251 | $ 7,682 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 4,500,000 | 4,500,000 |
Preferred stock, shares outstanding | 4,500,000 | 4,500,000 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 34,401,924 | 34,401,924 |
Common stock, shares outstanding | 34,401,924 | 34,401,924 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Selling, general and administrative expenses | $ 10,127 | $ 12,000 |
Loss from operations | (10,127) | (12,000) |
Interest expense | 148 | 0 |
Total other income (expense) | (148) | 0 |
Net loss | (10,275) | (12,000) |
Preferred dividends | (12,875) | (12,875) |
Net loss available to common stockholders | $ (23,150) | $ (24,875) |
Basic and diluted net loss per common share (in Dollars per share) | $ 0 | $ 0 |
Weighted average shares outstanding – basic and diluted (in Shares) | 34,401,924 | 34,401,924 |
Statements of Stockholders Defi
Statements of Stockholders Deficit - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2020 | $ 4,500 | $ 34,402 | $ 10,497,317 | $ (10,767,969) | $ (231,750) |
Balance (in Shares) at Dec. 31, 2020 | 4,500,000 | 34,401,924 | |||
Preferred dividends | (12,875) | (12,875) | |||
Net loss | (12,000) | (12,000) | |||
Balance at Mar. 31, 2021 | $ 4,500 | $ 34,402 | 10,497,317 | (10,792,844) | (256,625) |
Balance (in Shares) at Mar. 31, 2021 | 4,500,000 | 34,401,924 | |||
Balance at Dec. 31, 2021 | $ 4,500 | $ 34,402 | 10,497,317 | (10,861,409) | (325,190) |
Balance (in Shares) at Dec. 31, 2021 | 4,500,000 | 34,401,924 | |||
Preferred dividends | (12,875) | (12,875) | |||
Net loss | (10,275) | (10,275) | |||
Balance at Mar. 31, 2022 | $ 4,500 | $ 34,402 | $ 10,497,317 | $ (10,884,559) | $ (348,340) |
Balance (in Shares) at Mar. 31, 2022 | 4,500,000 | 34,401,924 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (10,275) | $ (12,000) |
Non-cash adjustments to reconcile net loss to net cash provided by operating activities: | ||
Amortization | 0 | |
Changes in operating assets and liabilities: | ||
Accounts payable | (304) | 0 |
Accrued interest payable | 148 | 0 |
Due to related parties | 5,000 | 14,000 |
Net cash provided by (used in) operating activities: | (5,431) | 2,000 |
Cash and cash equivalents, beginning of period | 7,682 | 0 |
Cash and cash equivalents, end of period | 2,251 | 2,000 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 148 | 0 |
Taxes paid | 0 | 0 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Preferred dividends payable | 12,875 | 12,875 |
Net increase in cash and cash equivalents | $ (5,431) | $ 2,000 |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 ORGANIZATION First Capital International, Inc. (the “Company”) was incorporated as a Delaware corporation on April 21, 1994 and assumed its current name in August 1998 when new management took over the Company. The Company is currently a holding company with no existing operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited financial statements included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to such rules and regulations. These unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company included in the Company's Annual Report on Form 10 for the year ended December 31, 2021. In the opinion of management, the unaudited condensed financial information included herein reflect all adjustments, consisting only of normal, recurring adjustments, which are necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the interim periods presented. The results of operations for the interim periods presented herein are not necessarily indicative of the results to be expected for a full year or any other interim period. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company currently is a holding company with no existing operations. As shown in the accompanying unaudited financial statements, the Company incurred losses of $10,275 for the three months ended March 31, 2022 and has an accumulated deficit of $10,884,559 and working capital deficit of $348,340 at March 31, 2022. These conditions raise substantial doubt as to the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Use Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. Related Party Transactions Related party transactions historically have been with companies either owned or controlled by Mr. Alex Genin, the Company CEO, Chairman of the Board of Directors and President of the Company. During the three months ended March 31, 2022, the Company received a cash advance from Alex Genin in the amount of $5,000 to pay for the Company’s invoices. Outstanding balance due to the related parties amounted to $46,711 as of March 31, 2022, Net Income/(Loss) per Common Share Basic and diluted net income per share are computed by dividing the net income/ (loss) by the weighted average number of shares of common stock and common stock equivalents outstanding during the years. Common stock equivalents consist of common stock issuable under the Company’s stock compensation plan for its employees and consultants. Common stock equivalents related to 4.5 million common shares issuable upon conversion of the Series A Convertible Preferred Stock are not included in the diluted loss per share calculations as their effect would be anti-dilutive due to the Company’s net loss. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 3 STOCKHOLDERS EQUITY During the three months ended March 31, 2022, the Company did not issue any common stock shares, preferred stock shares, warrants or options. Accrued dividends on preferred shares for the three months ended March 31, 2022 is $12,875. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 4 SUBSEQUENT EVENTS The Company evaluated events occurring after March 31, 2022, and through the date the financial statements were issued, May 16, 2022 and did not identify any events or transactions that would require disclosure in these financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The unaudited financial statements included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to such rules and regulations. These unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company included in the Company's Annual Report on Form 10 for the year ended December 31, 2021. In the opinion of management, the unaudited condensed financial information included herein reflect all adjustments, consisting only of normal, recurring adjustments, which are necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the interim periods presented. The results of operations for the interim periods presented herein are not necessarily indicative of the results to be expected for a full year or any other interim period. |
Going Concern, Policy [Policy Textblock} | Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company currently is a holding company with no existing operations. As shown in the accompanying unaudited financial statements, the Company incurred losses of $10,275 for the three months ended March 31, 2022 and has an accumulated deficit of $10,884,559 and working capital deficit of $348,340 at March 31, 2022. These conditions raise substantial doubt as to the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Use of Estimates, Policy [Policy Text Block] | Use Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. |
Related Parties, Policy [Policy Text Block] | Related Party Transactions Related party transactions historically have been with companies either owned or controlled by Mr. Alex Genin, the Company CEO, Chairman of the Board of Directors and President of the Company. During the three months ended March 31, 2022, the Company received a cash advance from Alex Genin in the amount of $5,000 to pay for the Company’s invoices. Outstanding balance due to the related parties amounted to $46,711 as of March 31, 2022, |
Earnings Per Share, Policy [Policy Text Block] | Net Income/(Loss) per Common Share Basic and diluted net income per share are computed by dividing the net income/ (loss) by the weighted average number of shares of common stock and common stock equivalents outstanding during the years. Common stock equivalents consist of common stock issuable under the Company’s stock compensation plan for its employees and consultants. Common stock equivalents related to 4.5 million common shares issuable upon conversion of the Series A Convertible Preferred Stock are not included in the diluted loss per share calculations as their effect would be anti-dilutive due to the Company’s net loss. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) shares in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Net Income (Loss) Attributable to Parent | $ (10,275) | $ (12,000) | |
Retained Earnings (Accumulated Deficit) | (10,884,559) | $ (10,861,409) | |
Working Capital (Deficit) | 348,340 | ||
Proceeds from Related Party Debt | 5,000 | ||
Due to Related Parties | $ 46,711 | ||
Convertible Preferred Stock [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 4.5 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||
Dividends, Preferred Stock | $ 12,875 | $ 12,875 |