Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 25, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Information [Line Items] | |||
Entity Registrant Name | First Capital International, Inc. | ||
Entity Central Index Key | 0001072842 | ||
Entity File Number | 000-27407 | ||
Entity Tax Identification Number | 76-0582435 | ||
Entity Incorporation, State or Country Code | DE | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | true | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 0 | ||
Entity Contact Personnel [Line Items] | |||
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 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | 713 | ||
Local Phone Number | 629-4866 | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | N/A | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NONE | ||
Entity Common Stock, Shares Outstanding | 34,401,924 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | BF Borgers CPA PC |
Auditor Firm ID | 5041 |
Auditor Location | Lakewood, CO |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,256 | $ 1,163 |
Total current assets | 1,256 | 1,163 |
Property and equipment, net | 0 | 0 |
Total assets | 1,256 | 1,163 |
Current liabilities: | ||
Accounts payable | 15,712 | 8,114 |
Other current liabilities: | ||
Accrued interest payable | 11,158 | 4,812 |
Preferred dividends payable to related parties | 386,250 | 334,750 |
Due to related parties | 123,622 | 82,079 |
Total current liabilities | 521,030 | 421,641 |
Total liabilities | 536,742 | 429,755 |
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 | (11,071,705) | (10,964,811) |
Total stockholders’ deficit | (535,486) | (428,592) |
Total liabilities and stockholders’ deficit | $ 1,256 | $ 1,163 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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 | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Selling, general and administrative expenses | $ 49,048 | $ 47,186 |
Loss from operations | (49,048) | (47,186) |
Other income (expenses): | ||
Interest expense | (6,346) | (4,716) |
Other income/(expenses) | (6,346) | (4,716) |
Net loss | (55,394) | (51,902) |
Preferred dividends | (51,500) | (51,500) |
Net loss available to common stockholders | $ (106,894) | $ (103,402) |
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' Def
Statements of Stockholders' Deficit - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 | |||
Preferred dividends | (51,500) | (51,500) | |||
Net loss | (55,394) | (55,394) | |||
Balance at Dec. 31, 2023 | $ 4,500 | $ 34,402 | $ 10,497,317 | $ (11,071,705) | $ (535,486) |
Balance (in Shares) at Dec. 31, 2023 | 4,500,000 | 34,401,924 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (55,394) | $ (51,902) |
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 | 7,598 | 298 |
Accrued interest payable | 6,346 | 4,716 |
Net cash provided by (used in) operating activities: | (41,450) | (46,888) |
Cash flows from financing activities: | ||
Due to related parties | 41,543 | 40,369 |
Net increase in cash and cash equivalents | 93 | (6,519) |
Cash and cash equivalents, beginning of period | 1,163 | 7,682 |
Cash and cash equivalents, end of period | 1,256 | 1,163 |
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 |
Dec. 31, 2023 | |
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 |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements included herein have been prepared 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. In the opinion of management, the 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 financial statements, the Company incurred losses of $55,394 for the year ended December 31, 2023 and has an accumulated deficit of $11,071,705 and working capital deficit of $535,487 at December 31, 2023. 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 President, CEO and Chairman of the Board of Directors of the Company. During the year ended December 31, 2023, the Company received cash funds from Alex Genin on behalf of the Company amounting to $34,500 and charges for official business travel expense amounting to $7,043. The outstanding balance due to Mr. Genin amounted to $122,171 as of December 31, 2023, which amount is payable on demand and bears interest at 6% per annum. 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, 2023 As of December 31, 2022 Deferred tax assets: Net operating tax carryforwards $ 7,743,975 $ 7,688,581 Tax Rate 21 % 21 % Gross deferred tax assets 1,626,235 1,614,602 Valuation allowance (1,626,235 ) (1,614,602 ) Net deferred tax assets $ - $ - As of December 31, 2023, 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 2019 to 2023 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, 2023 and 2022. 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 |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity [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 are currently owned by the CEO, Alex Genin. Accrued dividends on preferred shares for years 2023 and 2022 are $51,500 per year. The accumulated preferred dividends payable as of December 31, 2023 and December 31, 2022 are $386,250 and $334,750 respectively. During the year ended December 31, 2023, the Company did not issue any common stock shares, preferred stock shares, warrants or options. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 4 – SUBSEQUENT EVENTS The Company evaluated events occurring after December 31, 2023, and through the date the financial statements were issued, April 1, 2024, and did not identify any events or transactions that would require disclosure in these financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (55,394) | $ (51,902) |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The financial statements included herein have been prepared 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. In the opinion of management, the 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 financial statements, the Company incurred losses of $55,394 for the year ended December 31, 2023 and has an accumulated deficit of $11,071,705 and working capital deficit of $535,487 at December 31, 2023. 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 President, CEO and Chairman of the Board of Directors of the Company. During the year ended December 31, 2023, the Company received cash funds from Alex Genin on behalf of the Company amounting to $34,500 and charges for official business travel expense amounting to $7,043. The outstanding balance due to Mr. Genin amounted to $122,171 as of December 31, 2023, which amount is payable on demand and bears interest at 6% per annum. |
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, 2023 As of December 31, 2022 Deferred tax assets: Net operating tax carryforwards $ 7,743,975 $ 7,688,581 Tax Rate 21 % 21 % Gross deferred tax assets 1,626,235 1,614,602 Valuation allowance (1,626,235 ) (1,614,602 ) Net deferred tax assets $ - $ - As of December 31, 2023, 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 2019 to 2023 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, 2023 and 2022. |
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 |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets consist of: As of December 31, 2023 As of December 31, 2022 Deferred tax assets: Net operating tax carryforwards $ 7,743,975 $ 7,688,581 Tax Rate 21 % 21 % Gross deferred tax assets 1,626,235 1,614,602 Valuation allowance (1,626,235 ) (1,614,602 ) 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, 2023 | Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Net Income (Loss) Attributable to Parent | $ (55,394) | $ (51,902) | |
Retained Earnings (Accumulated Deficit) | (11,071,705) | (10,964,811) | |
Working Capital (Deficit) | 535,487 | ||
Proceeds from Related Party Debt | 34,500 | ||
Travel and Entertainment Expense | 7,043 | ||
Other Liabilities, Current | 123,622 | $ 82,079 | |
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 | ||
Chief Executive Officer [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Other Liabilities, Current | $ 122,171 | ||
Debt Instrument, Interest Rate During Period | 6% |
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, 2023 | Dec. 31, 2022 | |
Schedule Of Deferred Tax Assets And Liabilities Abstract | |||
Net operating tax carryforwards | $ 7,743,975 | $ 7,688,581 | |
Tax Rate | 21% | 21% | 21% |
Gross deferred tax assets | $ 1,626,235 | $ 1,614,602 | |
Valuation allowance | (1,626,235) | (1,614,602) | |
Net deferred tax assets | $ 0 | $ 0 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | $ 386,250 | $ 334,750 |
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 |