First Capital International (FCPN) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 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	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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 ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 5,545	$ 7,682
Total current assets	5,545	7,682
Property and equipment, net	0	0
Total assets	5,545	7,682
Current liabilities:
Accounts payable	11,797	7,816
Other current liabilities:
Accrued interest payable	2,516	95
Preferred dividends payable to related parties	309,000	283,250
Due to related parties	68,711	41,711
Total current liabilities	380,227	325,056
Total liabilities	392,024	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	(10,922,698)	(10,861,409)
Total stockholders’ deficit	(386,479)	(325,190)
Total liabilities and stockholders’ deficit	$ 5,545	$ 7,682

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Selling, general and administrative expenses	$ 22,991	$ 3,348	$ 33,118	$ 15,348
Loss from operations	(22,991)	(3,348)	(33,118)	(15,348)
Other income (expense)
Interest expense	(2,273)	0	(2,421)	0
Net loss	(25,264)	(3,348)	(35,539)	(15,348)
Preferred dividends	(12,875)	(12,875)	(25,750)	(25,750)
Net loss available to common stockholders	$ (38,139)	$ (16,223)	$ (61,289)	$ (41,098)
Basic and diluted net loss per common share (in Dollars per share)	$ 0	$ 0	$ 0	$ 0
Weighted average shares outstanding – basic and diluted (in Shares)	34,401,924	34,401,924	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				(25,750)	(25,750)
Net loss				(15,348)	(15,348)
Balance at Jun. 30, 2021	$ 4,500	$ 34,402	10,497,317	(10,809,067)	(272,848)
Balance (in Shares) at Jun. 30, 2021	4,500,000	34,401,924
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
Preferred dividends				(12,875)	(12,875)
Net loss				(3,348)	(3,348)
Balance at Jun. 30, 2021	$ 4,500	$ 34,402	10,497,317	(10,809,067)	(272,848)
Balance (in Shares) at Jun. 30, 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				(25,750)	(25,750)
Net loss				(35,539)	(35,539)
Balance at Jun. 30, 2022	$ 4,500	$ 34,402	10,497,317	(10,922,698)	(386,479)
Balance (in Shares) at Jun. 30, 2022	4,500,000	34,401,924
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
Preferred dividends				(12,875)	(12,875)
Net loss				(25,264)	(25,264)
Balance at Jun. 30, 2022	$ 4,500	$ 34,402	$ 10,497,317	$ (10,922,698)	$ (386,479)
Balance (in Shares) at Jun. 30, 2022	4,500,000	34,401,924

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (25,264)	$ (3,348)	$ (35,539)	$ (15,348)
Changes in operating assets and liabilities:
Accounts payable			3,981	969
Accrued interest payable			2,421	0
Net cash provided by (used in) operating activities			(29,137)	(14,379)
Cash and cash equivalents, beginning of period			7,682	0
Cash and cash equivalents, end of period	5,545	1,332	5,545	1,332
Supplemental disclosure of cash flow information:
Interest paid			0	0
Taxes paid			0	0
Supplemental disclosure of non-cash investing and financing activities:
Preferred dividends payable	$ 12,875	$ 12,875	25,750	25,750
Due to related parties			27,000	15,711
Net increase in cash and cash equivalents			$ (2,137)	$ 1,332

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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-K 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 $35,539 for the six months ended June 30, 2022 and has an accumulated deficit of $10,922,698 and working capital deficit of $386,479 at June 30, 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 six months ended June 30, 2022, the Company received a cash advance from Alex Genin in the amount of $24,000 to fund the Company’s bank account. First National Energy Corp., a company where Alex Genin is the majority shareholder, also paid invoices on behalf of the Company amounting to approximately $27,000. Outstanding balance due to these related parties amounted to $68,711 as of June 30, 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	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 3 – STOCKHOLDERS’ EQUITY During the six months ended June 30, 2022, the Company did not issue any common stock shares, preferred stock shares, warrants or options. Accrued dividends on preferred shares for the six months ended June 30, 2022 is $25,750.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 4 – SUBSEQUENT EVENTS The Company evaluated events occurring after June 30, 2022, and through the date the financial statements were issued, August 8, 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)	6 Months Ended
	Jun. 30, 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-K 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 $35,539 for the six months ended June 30, 2022 and has an accumulated deficit of $10,922,698 and working capital deficit of $386,479 at June 30, 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 six months ended June 30, 2022, the Company received a cash advance from Alex Genin in the amount of $24,000 to fund the Company’s bank account. First National Energy Corp., a company where Alex Genin is the majority shareholder, also paid invoices on behalf of the Company amounting to approximately $27,000. Outstanding balance due to these related parties amounted to $68,711 as of June 30, 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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Net Income (Loss) Attributable to Parent	$ (25,264)	$ (3,348)	$ (35,539)	$ (15,348)
Retained Earnings (Accumulated Deficit)	(10,922,698)		(10,922,698)		$ (10,861,409)
Working Capital (Deficit)			386,479
Proceeds from Related Party Debt			24,000
Proceeds from Contributed Capital			27,000
Due to Related Parties	$ 68,711		$ 68,711
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Dividends, Preferred Stock	$ 12,875	$ 12,875	$ 25,750	$ 25,750