Ciao (CIAU) 10-K 15 Apr 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Apr. 14, 2014
Document And Entity Information	'	'
Entity Registrant Name	'Specialty Contractors, Inc.	'
Entity Central Index Key	'0001489039	'
Document Type	'10-K	'
Document Period End Date	31-Dec-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Public Float	'	$6,787,834
Entity Common Stock, Shares Outstanding	'	6,787,834
Document Fiscal Period Focus	'FY	'
Document Fiscal Year Focus	'2013	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current Assets	'	'
Cash	$707	$4,773
Inventory	202,000	174,151
Total Current Assets	202,707	178,924
Total Assets	202,707	178,924
Accounts payable	2,284	0
Accounts Payable, Related Party	25,840	0
Due to shareholder	2,803	3,203
Line of Credit	194,622	176,086
Total Current Liabilities	225,549	179,289
Total Liabilities	225,549	179,289
Preferred stock, $0.001 par value, 20,000,000 authorized, -0- issued and outstanding at December 31, 2013 and December 31, 2012	0	'
Common stock, $0.001 par value, 50,000,000 authorized, 6,937,834 and 6,787,834 issued and outstanding at December 31, 2013 and December 31, 2012	3,938	'
Additional paid-in-capital	149,804	23,222
Accumulated Deficit	-179,584	-30,365
Total Stockholders' Equity (Deficit)	-22,842	'
Total Liabilities and Stockholders' Equity (Deficit)	$202,707	$178,924

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	50,000,000	50,000,000
Common Stock, shares issued	6,937,834	6,787,834
Common Stock, shares outstanding	6,937,834	'
Preferred Stock, par value	$0.00	$0.00
Preferred Stock, shares authorized	20,000,000	20,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Income Statement [Abstract]	'	'
Revenue	$0	$0
Cost of revenues	0	0
Gross Profit (Loss)	0	0
Operating Expenses:	'	'
General and Administrative	30,365	132,657
Impairment Expense	0	16,564
Total Operating Expenses	30,365	149,221
Operating Loss	-30,365	-149,221
Other Expense	'	'
Interest Income	0	-2
Total Other Expense	0	-2
Net Loss	($30,365)	($149,219)
Basic and Diluted Loss Per Share	$0	($0.02)
Basic and Diluted	6,777,834	6,803,039

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Statement of Cash Flows [Abstract]	'	'
Net Loss	($30,365)	($149,219)
Adjustments to reconcile net loss to net cash used by operating activities:	'	'
Impairment Expense	0	16,564
Stock issued for Services	30,000	81,600
Changes in assets and liabilities:	'	'
Change in Inventory	-174,151	-45,057
Change in accounts payable	0	-3,236
Change in accounts payable, related parties	3,203	25,840
Change in accrued expenses	0	-400
NET CASH USED IN OPERATING ACTIVITIES	-171,313	-73,908
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Cash received from reverse merger	0	50,662
NET CASH USED BY INVESTING ACTIVITIES	0	50,662
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Borrowing on Building Line of Credit	176,086	19,180
NET CASH PROVIDED BY FINANCING ACTIVITIES	176,086	19,180
NET CHANGE IN CASH AND CASH EQUIVALENTS	4,773	-4,066
CASH AND CASH EQUIVALENTS, BEGINING OF YEAR	0	4,773
CASH AND CASH EQUIVALENTS, END OF PERIOD	4,773	707
Cash paid during the period for Interest Expense	4,522	7,284
Accounts payabel assumed through reverse merger	$0	$5,520

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (Deficit) (USD $)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Begining balance, stockholders' equity (deficit) at Feb. 22, 2012	'	'	'	'
Issuance of common stock for services, shares	6,777,834	'	'	'
Issuance of common stock for services, amount	$6,778	'	'	'
Issuance of common stock for services, APIC	'	23,222	'	'
Net income (loss)	'	'	-30,365	30,365
Stockholders' equity (deficit) at Dec. 31, 2012	'	'	-30,365	'
Accumulated Deficit at Dec. 31, 2012	'	'	-30,365	-30,365
Ending balance, APIC at Dec. 31, 2012	'	23,222	'	'
Common stock, amount at Dec. 31, 2012	6,778	'	'	'
Common stock, shares outstanding at Dec. 31, 2012	6,777,834	'	'	'
Issuance of common stock for services, shares	160,000	'	'	'
Issuance of common stock for services, amount	160	'	'	'
Issuance of common stock for services, APIC	'	81,440	'	'
Effect of Recapitalization	'	45,142	'	'
Net income (loss)	'	'	-149,219	149,219
Stockholders' equity (deficit) at Dec. 31, 2013	'	'	'	-22,842
Accumulated Deficit at Dec. 31, 2013	'	'	-179,584	-179,584
Ending balance, APIC at Dec. 31, 2013	'	149,804	'	'
Common stock, amount at Dec. 31, 2013	$6,938	'	'	$3,938
Common stock, shares outstanding at Dec. 31, 2013	6,937,834	'	'	6,937,834

NOTE_1_NATURE_OF_ACTIVITIES_AN

NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLCIES
	Specialty Contractors, Inc. (“Specialty”, the “Company”) was incorporated under the laws of the State of Nevada on November 18, 2009.  The Company operates as a home builder in the State of Texas and operates through its wholly owned subsidiary Alpha Wise Assets, LLC, formed in the State of Texas on February 23, 2012.
	On February 28, 2013, Specialty Contractors, Inc. ("Specialty"), acquired 100% of the outstanding common stock of Alpha Wise Assets, LLC (“Alpha”).  On February 28, 2013, Specialty purchased 5,970,000 shares of its common stock from its President for $30,000 and simultaneously issued it in exchange for a 100% equity interest in Alpha. Alpha received cash of $50,662 and Accounts Payable of $5,520.  As a result of the transaction, Alpha became the wholly owned subsidiary of Specialty and the shareholders of Alpha owned a majority of the voting stock of Specialty.  The transaction was accounted for as a reverse recapitalization whereby Alpha was considered to be the accounting acquirer as its shareholders controlled of Specialty after the transaction, although Specialty is the legal parent company.  The share exchange was treated as a recapitalization of Specialty.  As such, Alpha (and its historical financial statements) is the continuing entity for financial reporting purposes. The financial statements have been prepared as if Alpha had always been the reporting company and, on the share transaction date, changed its name and reorganized its capital stock.
	The Company operates on a calendar year-end.   The Company operates in only one business segment.
	Basis of Accounting and Consolidation:
	The Company prepares its financial statements on the accrual basis of accounting.  It had one subsidiary, Alpha Wise Assets, LLC, which is consolidated. All intercompany balances and transactions are eliminated.  Investments in subsidiaries are reported using the consolidation method.
	Use of Estimates:
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
	Cash and Cash Equivalents:
	Cash and cash equivalents include cash and all highly liquid financial instruments with original maturities of three months or less at the date of purchase and are stated at cost which approximates market value, which in the opinion of management, are subject to an insignificant risk of loss in value.
	Fair Value of Financial Instruments:
	In accordance with the reporting requirements of ASC 820, “Fair Value Measurements”, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this statement and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments.
	The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturities of these instruments.
	Inventory:
	Inventories are stated at the lower of cost or market. Accumulated cost includes all costs associated with land acquisition and home construction, including interest and taxes are recorded as inventory until the home is sold when those costs are expensed. The Company records these amounts as work in process.  The Company uses the specific identification method for inventory tracking and valuation.
	Revenue Recognition:
	The Company records revenues from its homes at the time of transfer of title.
	Cost of Revenue:
	The costs included in Cost of Revenue are all costs capitalized or expenses relating to a specific home.
	Advertising:
	Advertising costs are expensed when incurred. The Company’s advertising costs were $100 and $0 in 2013 and 2012, respectively.
	Income Taxes:
	Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
	Earnings per Share:
	Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered. As the Company has no potentially dilutive securities, fully diluted earnings per share is equal to earnings per share (basic).Stock Based Compensation
	Stock based compensation expense is recorded for stock and stock options awarded in return for services rendered. The expense is measured at the grant-date fair value of the award and recognized as compensation expense on a straight-line basis over the service period, which is the vesting period. The Company estimates forfeitures that it expects will occur and records expense based upon the number of awards expected to vest.
	Recent Accounting Pronouncements:
	Management does not expect the future adoption of any recently issued accounting pronouncement to have a significant impact on its financial position, results of operations, or cash flows.

NOTE_2_GOING_CONCERN

NOTE 2 GOING CONCERN	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
NOTE 2 GOING CONCERN	'
	NOTE 2 – GOING CONCERN
	The Company has an accumulated deficit through December 31, 2013 totaling $179,584 and had negative working capital of $222,842.
	The Company has experienced no loan defaults, labor stoppages, legal proceedings or any other operating interruption in 2013. Therefore, these items will not factor into whether the business continues as a going concern, and accordingly, management has not made any plans to dispose of assets or factor receivables to assist in generating working capital.
	Management believes that the efforts it has made to promote its operation will continue for the foreseeable future; however, the Company has incurred losses and has had limited revenue. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE_3_LIINE_OF_CREDIT

NOTE 3 LIINE OF CREDIT	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
NOTE 3 LIINE OF CREDIT	'
	NOTE 3 – LINE OF CREDIT
	The Company has a building line of credit (“LOC”) with GCG Ventures. The LOC has a $100,000 credit limit, and bears an interest rate of 5% per annum, due May 31, 2014. As of December 31, 2013, the amount outstanding under this line of credit was $194,622.
	The Company has pledged 100% of the inventory owned by Specialty Contractors, Inc. or its affiliates as collateral against this line of credit. The line of credit has no financial covenants.

NOTE_4_INVENTORY

NOTE 4 INVENTORY	12 Months Ended
	Dec. 31, 2013
Inventory Disclosure [Abstract]	'
NOTE 4 INVENTORY	'
	NOTE 4 – INVENTORY
	The Company held one home in inventory at December 31, 2013 which was recorded at the lower of cost or market. Subsequent to December 31, 2013 but prior to the issuance of the financial statements, the home was sold for an amount lower than the cost and impairment of $16,564 was recorded as of December 31, 2013.

NOTE_5_RELATED_PARTY

NOTE 5 RELATED PARTY	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
NOTE 5 RELATED PARTY	'
	NOTE 5 – RELATED PARTY
	As of December 31, 2013, the Company was indebted to Yorkdale Capital, LLC for the amount of $25,840. The entity is controlled by the Chief financial officer of the Company. The amount is unsecured, noninterest bearing, and due on demand.
	As of December 31, 2013, the Company was indebted to its chief financial officer for the amount of $2,803. This amount is unsecured, noninterest bearing, and due on demand.

NOTE_7_INCOME_TAXES

NOTE 7 INCOME TAXES	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
NOTE 7 INCOME TAXES	'
	NOTE 7 – INCOME TAXES
	Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carryforwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carryforward has been recognized, as it is not deemed likely to be realized.
	The provision for refundable Federal income tax consists of the following as of December 31, 2013 and 2012:
		2013	2012
	Current Operations:	$28,000	$10,324
	Less: Change in Valuation Allowance	($28,000)	($10,324)
	Net Provision	$0	$0
	The cumulative tax effect at the expected tax rate of 34% of significant items comprising the Company’s net deferred tax amounts as of December 31, 2013 and 2012 are as follows:
	Deferred Tax Asset Related to:
		2013	2012
	Net Operating Loss Carryover	$81,000	$30,365
	The net deferred tax asset generated by the loss carryforward has been fully reserved. The cumulative net operating loss carry-forward is approximately $81,000 at December 31, 2013, and will expire beginning in 2030.
	The realization of deferred tax benefits is contingent upon future earnings and is fully reserved at December 31, 2013.

NOTE_6_EQUITY_AND_RELATED_PART

NOTE 6 EQUITY AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
NOTE 6 EQUITY AND RELATED PARTY TRANSACTIONS	'
	NOTE 6 – EQUITY - RELATED PARTY TRANSACTIONS
	In March 2013, the Company issued the President 10,000 shares for services valued at $5,100.
	In November 2013, the Company issued 150,000 shares for services valued at $76,500 to an affiliate of the Chief Financial Officer.

NOTE_8_SUBSEQUENT_EVENTS

NOTE 8 SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
NOTE 8 SUBSEQUENT EVENTS	'
	NOTE 8 – SUBSEQUENT EVENTS
	In March 2014, the Company sold the home it had in inventory for $202,000. As a result of this sale, the home was written down to $202,000 from $218564 as an impairment to the value based upon its value at sale subsequent to the balance sheet date. .

NOTE_1_NATURE_OF_ACTIVITIES_AN1

NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Use of Estimates:	'
	Use of Estimates:
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Cash and Cash Equivalents:	'
	Cash and Cash Equivalents:
	Cash and cash equivalents include cash and all highly liquid financial instruments with original maturities of three months or less at the date of purchase and are stated at cost which approximates market value, which in the opinion of management, are subject to an insignificant risk of loss in value.
Fair Value of Financial Instruments:	'
	Fair Value of Financial Instruments:
	In accordance with the reporting requirements of ASC 820, “Fair Value Measurements”, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this statement and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments.
	The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturities of these instruments.
Inventory:	'
	Inventory:
	Inventories are stated at the lower of cost or market. Accumulated cost includes all costs associated with land acquisition and home construction, including interest and taxes are recorded as inventory until the home is sold when those costs are expensed. The Company records these amounts as work in process.  The Company uses the specific identification method for inventory tracking and valuation.
Revenue Recognition:	'
	Revenue Recognition:
	The Company records revenues from its homes at the time of transfer of title.
Cost of Revenue:	'
	Cost of Revenue:
	The costs included in Cost of Revenue are all costs capitalized or expenses relating to a specific home.
Advertising:	'
	Advertising:
	Advertising costs are expensed when incurred. The Company’s advertising costs were $100 and $0 in 2013 and 2012, respectively.
Income Taxes:	'
	Income Taxes:
	Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Earnings per Share:	'
	Earnings per Share:
	Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered. As the Company has no potentially dilutive securities, fully diluted earnings per share is equal to earnings per share (basic).Stock Based Compensation
	Stock based compensation expense is recorded for stock and stock options awarded in return for services rendered. The expense is measured at the grant-date fair value of the award and recognized as compensation expense on a straight-line basis over the service period, which is the vesting period. The Company estimates forfeitures that it expects will occur and records expense based upon the number of awards expected to vest.
Recent Accounting Pronouncements:	'
	Recent Accounting Pronouncements:
	Management does not expect the future adoption of any recently issued accounting pronouncement to have a significant impact on its financial position, results of operations, or cash flows.

NOTE_7_INCOME_TAXES_Tables

NOTE 7 INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Deferred Taxes	'
		2013	2012
	Current Operations:	$28,000	$10,324
	Less: Change in Valuation Allowance	($28,000)	($10,324)
	Net Provision	$0	$0

NOTE_1_NATURE_OF_ACTIVITIES_AN2

NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Accounting Policies [Abstract]	'	'
Advertising Expense	$0	$100

NOTE_2_GOING_CONCERN_Details_N

NOTE 2 GOING CONCERN (Details Narrative) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'
Accumulated Deficit	($179,584)	($30,365)

NOTE_3_LIINE_OF_CREDIT_Details

NOTE 3 LIINE OF CREDIT (Details Narrative) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]	'	'
Line of credit	$194,622	$176,086

NOTE_4_INVENTORY_Details_Narra

NOTE 4 INVENTORY (Details Narrative) (USD $)	10 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013
Inventory Disclosure [Abstract]	'	'
Impairment Expense	$0	$16,564

NOTE_5_RELATED_PARTY_Details_N

NOTE 5 RELATED PARTY (Details Narrative) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]	'	'
Accounts Payable, Related Party	$25,840	$0
Related Party, AP	$2,803	'

NOTE_7_INCOME_TAXES_NOTE_7_Def

NOTE 7 INCOME TAXES - NOTE 7 Deferred Taxes (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]	'	'
Prior Year	$28,000	$10,324
Less: Valuation Allowance	-28,000	-10,324
Net Deferred Tax Asset	$0	$0

NOTE_7_INCOME_TAXES_Details_Na

NOTE 7 INCOME TAXES (Details Narrative) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]	'	'
Net Operating loss	$81,000	$30,365

NOTE_6_EQUITY_AND_RELATED_PART1

NOTE 6 EQUITY AND RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Stock for services	$5,100
Shares for services, related party	76,500

NOTE_8_SUBSEQUENT_EVENTS_Detai

NOTE 8 SUBSEQUENT EVENTS (Details Narrative) (USD $)	Mar. 31, 2014
Subsequent Events [Abstract]	'
Inventory - houses	$202,000