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First Capital International Inc. – ‘10-Q’ for 9/30/23 – ‘XML’

On:  Thursday, 11/9/23, at 4:17pm ET   ·   For:  9/30/23   ·   Accession #:  1185185-23-1160   ·   File #:  0-26271

Previous ‘10-Q’:  ‘10-Q’ on 8/14/23 for 6/30/23   ·   Latest ‘10-Q’:  This Filing   ·   2 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/09/23  First Capital International Inc.  10-Q        9/30/23   26:1.3M                                   Federal Filings, LLC/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    381K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     12K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     10K 
 9: R1          Document And Entity Information                     HTML     64K 
10: R2          Balance Sheets                                      HTML     74K 
11: R3          Balance Sheets (Parentheticals)                     HTML     30K 
12: R4          Statements of Operations                            HTML     46K 
13: R5          Statements of Stockholders' Deficit                 HTML     40K 
14: R6          Statements of Cash Flows                            HTML     53K 
15: R7          Organization                                        HTML     13K 
16: R8          Summary of Significant Accounting Policies          HTML     19K 
17: R9          Stockholders' Equity                                HTML     17K 
18: R10         Subsequent Events                                   HTML     13K 
19: R11         Accounting Policies, by Policy (Policies)           HTML     29K 
20: R12         Summary of Significant Accounting Policies          HTML     43K 
                (Details)                                                        
21: R13         Stockholders' Equity (Details)                      HTML     13K 
24: XML         IDEA XML File -- Filing Summary                      XML     36K 
22: XML         XBRL Instance -- firstcap20230930_10q_htm            XML    156K 
23: EXCEL       IDEA Workbook of Financial Report Info              XLSX     29K 
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 8: EX-101.PRE  XBRL Presentations -- fci-20230930_pre               XML    161K 
 4: EX-101.SCH  XBRL Schema -- fci-20230930                          XSD     54K 
25: JSON        XBRL Instance as JSON Data -- MetaLinks              131±   183K 
26: ZIP         XBRL Zipped Folder -- 0001185185-23-001160-xbrl      Zip     80K 


‘XML’   —   XBRL Instance — firstcap20230930_10q_htm


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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">NOTE 1 – ORGANIZATION</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Basis of Presentation </span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The unaudited condensed 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 condensed 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, 2022.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Going Concern</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 condensed financial statements, the Company incurred losses of $45,418 for the nine months ended September 30, 2023 and has an accumulated deficit of $11,048,854 and total stockholders’ deficit of $512,635 at September 30, 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Use Estimates</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Related Party Transactions</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">During the nine months ended September 30, 2023, the Company received a cash advance from Alex Genin in the amount of $29,500 to fund the Company’s bank account and charges for official business travel expense amounting to $7,043. Outstanding balance due to these related parties amounted to $118,622 as of September 30, 2023.</p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><span style="text-decoration:underline">Net Income/(Loss) per Common Share</span></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Recent Accounting Pronouncements</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Basis of Presentation </span></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The unaudited condensed 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 condensed 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, 2022.</p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Going Concern</span></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 condensed financial statements, the Company incurred losses of $45,418 for the nine months ended September 30, 2023 and has an accumulated deficit of $11,048,854 and total stockholders’ deficit of $512,635 at September 30, 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.</p>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Use Estimates</span></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Related Party Transactions</span></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">During the nine months ended September 30, 2023, the Company received a cash advance from Alex Genin in the amount of $29,500 to fund the Company’s bank account and charges for official business travel expense amounting to $7,043. Outstanding balance due to these related parties amounted to $118,622 as of September 30, 2023.</p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </p>
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<us-gaap:ProceedsFromRelatedPartyDebt contextRef="c0" decimals="0" unitRef="usd"> 29500 </us-gaap:ProceedsFromRelatedPartyDebt>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><span style="text-decoration:underline">Net Income/(Loss) per Common Share</span></b></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="c40" decimals="-5" unitRef="shares"> 4500000 </us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">Recent Accounting Pronouncements</span></p><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">NOTE 3 – STOCKHOLDERS’ EQUITY</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">During the nine months ended September 30, 2023, the Company did not issue any common stock shares, preferred stock shares, warrants or options.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Accrued dividends on preferred shares for the nine months ended September 30, 2023 is $38,625.</p>
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<us-gaap:DividendsPreferredStock contextRef="c41" decimals="0" unitRef="usd"> 38625 </us-gaap:DividendsPreferredStock>
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<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration:underline">NOTE 4 – SUBSEQUENT EVENTS</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company evaluated events occurring after September 30, 2022, and through the date the financial statements were issued, November 6, 2023 and did not identify any events or transactions that would require disclosure in these financial statements.</p>
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2 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/29/21  First Capital International Inc.  10-12G/A               2:741K                                   Federal Filings, LLC/FA
10/28/21  First Capital International Inc.  10-12G                 3:813K                                   Federal Filings, LLC/FA
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Filing Submission 0001185185-23-001160   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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