First Capital International (FCPN) 10-K31 Mar 232022 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2022	Mar. 29, 2023	Jun. 30, 2022
Document Information Line Items
Entity Registrant Name	First Capital International, Inc.
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		34,401,924
Entity Public Float			$ 0
Amendment Flag	false
Entity Central Index Key	0001072842
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-27407
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
Entity Address, Postal Zip Code	77041
City Area Code	713
Local Phone Number	629-4866
Title of 12(g) Security	Common Stock ($0.001 Par Value)
Entity Interactive Data Current	Yes
Auditor Firm ID	5041
Auditor Name	BF Borgers CPA PC
Auditor Location	Lakewood, CO

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,163	$ 7,682
Total current assets	1,163	7,682
Property and equipment, net	0	0
Total assets	1,163	7,682
Current liabilities:
Accounts payable	8,114	7,816
Other current liabilities:
Accrued interest payable	4,812	95
Preferred dividends payable to related parties	334,750	283,250
Due to related parties	82,079	41,711
Total current liabilities	421,641	325,056
Total liabilities	429,755	332,872
Stockholders’ deficit:
Preferred stock, .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, .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	(10,964,811)	(10,861,409)
Total stockholders’ deficit	(428,592)	(325,190)
Total liabilities and stockholders’ deficit	$ 1,163	$ 7,682

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Dec. 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 ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Selling, general and administrative expenses	$ 47,186	$ 41,845
Loss from operations	(47,186)	(41,845)
Other income (expenses):
Interest expense	(4,716)	(95)
Other income/(expenses)	(4,716)	(95)
Net loss	(51,902)	(41,940)
Preferred dividends	(51,500)	(51,500)
Net loss available to common stockholders	$ (103,402)	$ (93,440)
Basic and diluted net loss per common share (in Dollars per share)	$ 0	$ 0
Weighted average shares outstanding (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				(51,500)	(51,500)
Net loss				(41,940)	(41,940)
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				(51,500)	(51,500)
Net loss				(51,902)	(51,902)
Balance at Dec. 31, 2022	$ 4,500	$ 34,402	$ 10,497,317	$ (10,964,811)	$ (428,592)
Balance (in Shares) at Dec. 31, 2022	4,500,000	34,401,924

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (51,902)	$ (41,940)
Non-cash adjustments to reconcile net loss to net cash provided by operating activities:
Amortization	0	0
Changes in operating assets and liabilities:
Accounts payable	298	7,816
Accrued interest payable	4,716	95
Net cash provided by (used in) operating activities:	(46,888)	(34,029)
Cash flows from financing activities:
Due to related parties	40,369	41,711
Net increase in cash and cash equivalents	(6,519)	7,682
Cash and cash equivalents, beginning of period	7,682	0
Cash and cash equivalents, end of period	1,163	7,682
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	$ 51,500	$ 51,500

ORGANIZATION

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2022
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 – ORGANIZATION First Capital International, Inc. (the “Company”), formerly Ranger/USA, Inc., 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	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared using the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (GAAP). The financial statements and notes are representations of the Company’s management who is responsible for the integrity and objectivity of the financial statements. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. 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 financial statements, the Company incurred losses of $51,902 for the year ended December 31, 2022 and has an accumulated deficit of $10,964,811 and working capital deficit of $428,591 at December 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 has solely 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 year ended December 31, 2022, the Company received from Alex Genin and First National Energy Corp., a company where Alex Genin is the majority shareholder, paid invoices on behalf of the Company amounting to $40,368. Outstanding balance due to the related parties amounted to $82,079 as of December 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. Income Taxes Deferred tax assets consist of: As of December 31, 2022 As of December 31, 2021 Deferred tax assets: Net operating tax carryforwards $ 7,688,581 $ 7,636,679 Tax Rate 21 % 21 % Gross deferred tax assets 1,614,602 1,603,703 Valuation allowance (1,614,602 ) (1,603,703 ) Net deferred tax assets $ - $ - As of December 31, 2022, the Company has a net operating loss carryforward of approximately $7.7 million. Net operating loss carryforwards may now be carried forward indefinitely until the loss is fully recovered, but are limited to 80% of taxable income in any one tax period. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company has recorded a valuation allowance. Tax years 2018 to 2022 are open to examination by federal and state taxing authorities. Due to the enactment of the Tax Reform Act of 2018, the corporate tax rate for those tax years beginning with 2018 was reduced to 21%. Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a three-level valuation hierarchy for disclosures of fair value measurements, defined as follows: Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1. Prices in Level 2 are either directly or indirectly observable as of the reporting date. Level 2 valuations are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. Level 3—Valuations in this level are those with inputs for the asset or liability that are not based on observable market data. The Corporation makes its own assumptions about how market participants would price the assets and liabilities. There are no financial assets and liabilities carried at fair value on a recurring basis as of December 31, 2022 and 2021. Property and Equipment Property and equipment is recorded at cost, less accumulated depreciation. Property and equipment is amortized on a straight-line basis over its estimated life. 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	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 3 – STOCKHOLDERS’ EQUITY Preferred Stock The Company has designated 4,500,000 shares of its preferred stock as Series A Convertible Preferred Stock. Each share of the Series Convertible Preferred Stock is convertible into the Company’s common stock on a one-for-one basis and accrues dividends in an amount equal to 5% of the outstanding stated value of each share calculated as of the last day of each quarter and payable quarterly in arrears. Each share can be converted and shall have voting rights and powers equal to the voting rights and powers of the Common Stock. All the 4,500,000 outstanding Series A Convertible Preferred Stock shares of the Company is currently owned by the CEO, a related party. Accrued dividends on preferred shares for years 2022 and 2021 is $51,500 per year. The accumulated preferred dividends payable as of December 31, 2022 and December 31, 2021 is $334,750 and $283,250 respectively. During the year ended December 31, 2022, the Company did not issue any common stock shares, preferred stock shares, warrants or options.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 4 – SUBSEQUENT EVENTS The Company evaluated events occurring after December 31, 2022, and through the date the financial statements were issued, March 31, 2023 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)	12 Months Ended
Accounting Policies, by Policy (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying financial statements have been prepared using the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (GAAP). The financial statements and notes are representations of the Company’s management who is responsible for the integrity and objectivity of the financial statements. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements.
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 financial statements, the Company incurred losses of $51,902 for the year ended December 31, 2022 and has an accumulated deficit of $10,964,811 and working capital deficit of $428,591 at December 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 has solely 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 year ended December 31, 2022, the Company received from Alex Genin and First National Energy Corp., a company where Alex Genin is the majority shareholder, paid invoices on behalf of the Company amounting to $40,368. Outstanding balance due to the related parties amounted to $82,079 as of December 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.
Income Tax, Policy [Policy Text Block]	Income Taxes Deferred tax assets consist of: As of December 31, 2022 As of December 31, 2021 Deferred tax assets: Net operating tax carryforwards $ 7,688,581 $ 7,636,679 Tax Rate 21 % 21 % Gross deferred tax assets 1,614,602 1,603,703 Valuation allowance (1,614,602 ) (1,603,703 ) Net deferred tax assets $ - $ - As of December 31, 2022, the Company has a net operating loss carryforward of approximately $7.7 million. Net operating loss carryforwards may now be carried forward indefinitely until the loss is fully recovered, but are limited to 80% of taxable income in any one tax period. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company has recorded a valuation allowance. Tax years 2018 to 2022 are open to examination by federal and state taxing authorities. Due to the enactment of the Tax Reform Act of 2018, the corporate tax rate for those tax years beginning with 2018 was reduced to 21%.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a three-level valuation hierarchy for disclosures of fair value measurements, defined as follows: Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2—Pricing inputs are other than quoted prices in active markets included in Level 1. Prices in Level 2 are either directly or indirectly observable as of the reporting date. Level 2 valuations are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. Level 3—Valuations in this level are those with inputs for the asset or liability that are not based on observable market data. The Corporation makes its own assumptions about how market participants would price the assets and liabilities. There are no financial assets and liabilities carried at fair value on a recurring basis as of December 31, 2022 and 2021.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment is recorded at cost, less accumulated depreciation. Property and equipment is amortized on a straight-line basis over its estimated life.
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 (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Deferred tax assets consist of: As of December 31, 2022 As of December 31, 2021 Deferred tax assets: Net operating tax carryforwards $ 7,688,581 $ 7,636,679 Tax Rate 21 % 21 % Gross deferred tax assets 1,614,602 1,603,703 Valuation allowance (1,614,602 ) (1,603,703 ) Net deferred tax assets $ - $ -

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) shares in Millions		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Net Income (Loss) Attributable to Parent		$ (51,902)	$ (41,940)
Retained Earnings (Accumulated Deficit)		(10,964,811)	(10,861,409)
Working Capital (Deficit)		(428,591)
Proceeds from Related Party Debt		40,368
Other Liabilities, Current		82,079	$ 41,711
Operating Loss Carryforwards		$ 7,700,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%
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

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($)		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Deferred Tax Assets And Liabilities Abstract
Net operating tax carryforwards		$ 7,688,581	$ 7,636,679
Tax Rate	21%	21%	21%
Gross deferred tax assets		$ 1,614,602	$ 1,603,703
Valuation allowance		(1,614,602)	(1,603,703)
Net deferred tax assets		$ 0	$ 0

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	12 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY (Details) [Line Items]
Preferred Stock, Shares Authorized (in Shares)	20,000,000	20,000,000
Preferred Stock, Shares Outstanding (in Shares)	4,500,000	4,500,000
Dividends, Preferred Stock	$ 51,500	$ 51,500
Dividends Payable, Current	$ 334,750	$ 283,250
Series A Preferred Stock [Member]
STOCKHOLDERS' EQUITY (Details) [Line Items]
Preferred Stock, Shares Authorized (in Shares)	4,500,000
Preferred Stock, Dividend Rate, Percentage	5%
Preferred Stock, Shares Outstanding (in Shares)	4,500,000