10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001091818-17-000253`
Period End Date	20171031
Filing Date	20171220
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	sni-20171031.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 37 Cash Flow Statement 55 Stockholders Equity 21

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$859.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$213.00	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	-	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	-	USD	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Other Assets	`OtherAssets`	$1.00K	USD	Point-in-time
Other Assets	`OtherAssets`	$1.00K	USD	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$12.37K	USD	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$12.77K	USD	Point-in-time
Deferred Tax Asset	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Deferred Tax Asset	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$13.37K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$13.77K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$13.77K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$13.37K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.82K	USD	Point-in-time
Amount due to related party	`DueToRelatedPartiesCurrent`	$13.23K	USD	Point-in-time
Amount due to related party	`DueToRelatedPartiesCurrent`	$11.22K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$7.21K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$64.27K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.22K	USD	Point-in-time
Total Liabilities	`Liabilities`	$11.22K	USD	Point-in-time
Total Liabilities	`Liabilities`	$64.27K	USD	Point-in-time
Common stock, $0.001 par value, 75,000,000 shares authorized;5,000,000 and 5,000,000 shares issued and outstanding, as at October 31, and July 31, 2017 respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, $0.001 par value, 75,000,000 shares authorized;5,000,000 and 5,000,000 shares issued and outstanding, as at October 31, and July 31, 2017 respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$39.00K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$39.00K	USD	Point-in-time
(Accumulated deficit) during development stage	`RetainedEarningsAccumulatedDeficit`	$-94.90K	USD	Point-in-time
(Accumulated deficit) during development stage	`RetainedEarningsAccumulatedDeficit`	$-41.45K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$2.55K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	-	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$26.19K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$9.09K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$16.74K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$-50.90K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$13.37K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$13.77K	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$12.62K	USD	1 Quarter
Sales	`SalesRevenueNet`	-	USD	1 Quarter
Sales	`SalesRevenueNet`	$223.91K	USD	13 Qtrs
Cost of Goods	`CostOfGoodsSold`	-	USD	1 Quarter
Cost of Goods	`CostOfGoodsSold`	$11.27K	USD	1 Quarter
Cost of Goods	`CostOfGoodsSold`	$163.26K	USD	13 Qtrs
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	$60.65K	USD	13 Qtrs
Gross Profit	`GrossProfit`	$1.35K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$157.03K	USD	13 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$53.45K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$3.88K	USD	1 Quarter
(Loss) /Income from operations	`OperatingIncomeLoss`	$-22.90K	USD	Annual
(Loss) /Income from operations	`OperatingIncomeLoss`	$-96.38K	USD	13 Qtrs
(Loss) /Income from operations	`OperatingIncomeLoss`	$-2.52K	USD	1 Quarter
(Loss) /Income from operations	`OperatingIncomeLoss`	$-53.45K	USD	1 Quarter
(Loss) /Income from operations	`OperatingIncomeLoss`	$-9.45K	USD	Annual
(Loss) /Income from operations	`OperatingIncomeLoss`	$-14.19K	USD	Annual
(Loss) /Income from operations	`OperatingIncomeLoss`	$5.09K	USD	Point-in-time
Other income (expense):	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense):	`OtherNonoperatingIncomeExpense`	-	USD	13 Qtrs
Other income (expense):	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.52K	USD	1 Quarter
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-53.45K	USD	1 Quarter
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-96.38K	USD	13 Qtrs
Income taxes benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income taxes benefit	`IncomeTaxExpenseBenefit`	$-1.48K	USD	13 Qtrs
Income taxes benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-94.90K	USD	13 Qtrs
Net (loss) income	`NetIncomeLoss`	$-2.52K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-53.45K	USD	1 Quarter
Basic earnings (loss) per share of common stock	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic earnings (loss) per share of common stock	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted earnings (loss) per share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted earnings (loss) per share	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Weighted average shares used in calculating basic/ diluted earnings ( loss) per share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	1 Quarter
Weighted average shares used in calculating basic/ diluted earnings ( loss) per share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-94.90K	USD	13 Qtrs
Net (loss) income	`NetIncomeLoss`	$-2.52K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-53.45K	USD	1 Quarter
Depreciation Expense	`Depreciation`	$399.00	USD	1 Quarter
Depreciation Expense	`Depreciation`	$5.38K	USD	13 Qtrs
Depreciation Expense	`Depreciation`	$399.00	USD	1 Quarter
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.48K	USD	13 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$1.48K	USD	1 Quarter
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.00K	USD	13 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$56.06K	USD	13 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$43.82K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$7.21K	USD	13 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$7.21K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.02K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-28.73K	USD	13 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-646.00	USD	1 Quarter
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.75K	USD	13 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.75K	USD	13 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$44.00K	USD	13 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Amounts due from related party	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Amounts due from related party	`ProceedsFromRelatedPartyDebt`	$2.02K	USD	1 Quarter
Amounts due from related party	`ProceedsFromRelatedPartyDebt`	$2.48K	USD	13 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$46.48K	USD	13 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.02K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	13 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-646.00	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	1 Quarter
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$859.00	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$213.00	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$859.00	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$213.00	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	13 Qtrs
Interest paid	`InterestPaid`	-	USD	1 Quarter
Interest paid	`InterestPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	13 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$2.55K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$26.19K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$9.09K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$16.74K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$-50.90K	USD	Point-in-time
Stock issued for cash on July 23, 2014 @ $0.001 per share, Amount	`StockIssuedDuringPeriodValueNewIssues`	$4.00K	USD	Point-in-time
Stock issued for cash on January 29, 2015 @ $0.04 per share, Amount	`StockIssuedForCashOnJanuary2920150.04PerShareAmount`	$40.00K	USD	Annual
Net loss	`OperatingIncomeLoss`	$-22.90K	USD	Annual
Net loss	`OperatingIncomeLoss`	$-96.38K	USD	13 Qtrs
Net loss	`OperatingIncomeLoss`	$-2.52K	USD	1 Quarter
Net loss	`OperatingIncomeLoss`	$-53.45K	USD	1 Quarter
Net loss	`OperatingIncomeLoss`	$-9.45K	USD	Annual
Net loss	`OperatingIncomeLoss`	$-14.19K	USD	Annual
Net loss	`OperatingIncomeLoss`	$5.09K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$2.55K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$26.19K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$9.09K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$16.74K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$-50.90K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.