10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001091818-18-000125`
Period End Date	20180430
Filing Date	20180619
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	sni-20180430.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 65 Cash Flow Statement 60 Stockholders Equity 25

Balance Sheet 51 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`	$902.00	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`	-	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
Receivable- Escrow account	`EscrowDeposit`	-	USD	Point-in-time
Receivable- Escrow account	`EscrowDeposit`	$4.56K	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.65M	shares	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.56K	USD	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	5.65M	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`	$12.77K	USD	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$11.57K	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`	$13.77K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$12.57K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$17.13K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$13.77K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Amount due to related party	`DueToRelatedPartiesCurrent`	$58.42K	USD	Point-in-time
Amount due to related party	`DueToRelatedPartiesCurrent`	$11.22K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$16.73K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.22K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$75.15K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$75.15K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$11.22K	USD	Point-in-time
Common stock, $0.001 par value, 75,000,000 shares authorized; none issued and outstanding authorized; 5,649,999 and 5,000,000 shares issued and outstanding, as at April 30, 2018 and July 31, 2017 respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, $0.001 par value, 75,000,000 shares authorized; none issued and outstanding authorized; 5,649,999 and 5,000,000 shares issued and outstanding, as at April 30, 2018 and July 31, 2017 respectively	`CommonStockValue`	$5.65K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$39.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$57.85K	USD	Point-in-time
(Accumulated deficit) during development stage	`RetainedEarningsAccumulatedDeficit`	$-41.45K	USD	Point-in-time
(Accumulated deficit) during development stage	`RetainedEarningsAccumulatedDeficit`	$-121.53K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$26.19K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$-58.03K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	-	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$2.55K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$16.74K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$9.09K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$17.13K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$13.77K	USD	Point-in-time

Income Statement 65 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	-	USD	3 Qtrs
Sales	`SalesRevenueNet`	-	USD	1 Quarter
Sales	`SalesRevenueNet`	$8.01K	USD	1 Quarter
Sales	`SalesRevenueNet`	$28.19K	USD	3 Qtrs
Sales	`SalesRevenueNet`	$223.91K	USD	15 Qtrs
Cost of sales	`CostOfGoodsSold`	$163.26K	USD	15 Qtrs
Cost of sales	`CostOfGoodsSold`	$21.27K	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$6.35K	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	-	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	-	USD	3 Qtrs
Gross Profit	`GrossProfit`	$1.66K	USD	1 Quarter
Gross Profit	`GrossProfit`	$6.93K	USD	3 Qtrs
Gross Profit	`GrossProfit`	-	USD	3 Qtrs
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	$60.65K	USD	15 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$9.56K	USD	3 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$183.66K	USD	15 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$80.08K	USD	3 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$15.72K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$1.32K	USD	1 Quarter
(Loss) /Income from operations	`OperatingIncomeLoss`	$-2.63K	USD	3 Qtrs
(Loss) /Income from operations	`OperatingIncomeLoss`	$341.00	USD	1 Quarter
(Loss) /Income from operations	`OperatingIncomeLoss`	$-9.45K	USD	Annual
(Loss) /Income from operations	`OperatingIncomeLoss`	$-22.90K	USD	Annual
(Loss) /Income from operations	`OperatingIncomeLoss`	$-123.00K	USD	15 Qtrs
(Loss) /Income from operations	`OperatingIncomeLoss`	$-15.72K	USD	1 Quarter
(Loss) /Income from operations	`OperatingIncomeLoss`	$-14.19K	USD	Annual
(Loss) /Income from operations	`OperatingIncomeLoss`	$5.09K	USD	Point-in-time
(Loss) /Income from operations	`OperatingIncomeLoss`	$-80.08K	USD	3 Qtrs
Other income/ (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income/ (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Other income/ (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	15 Qtrs
Other income/ (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Other income/ (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-80.08K	USD	3 Qtrs
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$341.00	USD	1 Quarter
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.63K	USD	3 Qtrs
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.72K	USD	1 Quarter
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-123.00K	USD	15 Qtrs
Income taxes benefit	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income taxes benefit	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income taxes benefit	`IncomeTaxExpenseBenefit`	$-1.48K	USD	15 Qtrs
Income taxes benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income taxes benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net (Loss)/Income	`NetIncomeLoss`	$-80.08K	USD	3 Qtrs
Net (Loss)/Income	`NetIncomeLoss`	$-15.72K	USD	1 Quarter
Net (Loss)/Income	`NetIncomeLoss`	$-121.53K	USD	15 Qtrs
Net (Loss)/Income	`NetIncomeLoss`	$341.00	USD	1 Quarter
Net (Loss)/Income	`NetIncomeLoss`	$-2.63K	USD	3 Qtrs
Earnings (loss) per share of common stock - Basic	`EarningsPerShareBasic`	$-1.54	USD	3 Qtrs
Earnings (loss) per share of common stock - Basic	`EarningsPerShareBasic`	$-0.29	USD	1 Quarter
Earnings (loss) per share of common stock - Basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Earnings (loss) per share of common stock - Basic	`EarningsPerShareBasic`	$-0.05	USD	3 Qtrs
Earnings (loss) per share of common stock - Diluted	`EarningsPerShareDiluted`	$-0.29	USD	1 Quarter
Earnings (loss) per share of common stock - Diluted	`EarningsPerShareDiluted`	$-1.54	USD	3 Qtrs
Earnings (loss) per share of common stock - Diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Earnings (loss) per share of common stock - Diluted	`EarningsPerShareDiluted`	$-0.05	USD	3 Qtrs
Weighted average number of common stock - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.46M	shares	1 Quarter
Weighted average number of common stock - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.21M	shares	3 Qtrs
Weighted average number of common stock - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.00M	shares	3 Qtrs
Weighted average number of common stock - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.00M	shares	1 Quarter
Weighted average number of common stock - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.46M	shares	1 Quarter
Weighted average number of common stock - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.21M	shares	3 Qtrs
Weighted average number of common stock - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.00M	shares	3 Qtrs
Weighted average number of common stock - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.00M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-80.08K	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-15.72K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-121.53K	USD	15 Qtrs
Net (loss) income	`NetIncomeLoss`	$341.00	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.63K	USD	3 Qtrs
Depreciation Expense	`Depreciation`	$1.20K	USD	3 Qtrs
Depreciation Expense	`Depreciation`	$6.18K	USD	15 Qtrs
Depreciation Expense	`Depreciation`	$1.20K	USD	3 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$1.48K	USD	3 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.48K	USD	15 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	-	USD	3 Qtrs
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	$-4.56K	USD	3 Qtrs
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	$-4.56K	USD	15 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.00K	USD	15 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$12.24K	USD	15 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$16.73K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$16.73K	USD	15 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$43.00	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-66.70K	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-93.41K	USD	15 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-17.75K	USD	15 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.75K	USD	15 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$63.50K	USD	15 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$19.50K	USD	3 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Amounts due from related party	`ProceedsFromRelatedPartyDebt`	$47.66K	USD	15 Qtrs
Amounts due from related party	`ProceedsFromRelatedPartyDebt`	$47.20K	USD	3 Qtrs
Amounts due from related party	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$66.70K	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$111.16K	USD	15 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$43.00	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	15 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	3 Qtrs
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$902.00	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`	-	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$902.00	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`	-	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	3 Qtrs
Interest paid	`InterestPaid`	-	USD	3 Qtrs
Interest paid	`InterestPaid`	-	USD	15 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	15 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$26.19K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$-58.03K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$2.55K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$16.74K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$9.09K	USD	Point-in-time
Stock issued on July 23, 2014 @$0.001 per share, Amount	`StockIssuedDuringPeriodValueNewIssues`	$4.00K	USD	Point-in-time
Stock issued on Jan 29, 2015 @$0.04 per share, Amount	`StockIssuedForCashOnJanuary2920150.04PerShareAmount`	$40.00K	USD	Annual
Stock issued on Nov 28, 2017 @$0.001 per share, Amount	`StockIssuedOnNov2820170.001PerShareAmount`	$7.50K	USD	3 Qtrs
Stock issued on March 15, 2018 @$0.001 per share, Amount	`StockIssuedOnMarch1520180.001PerShareAmount`	$12.00K	USD	3 Qtrs
Net loss	`OperatingIncomeLoss`	$-2.63K	USD	3 Qtrs
Net loss	`OperatingIncomeLoss`	$341.00	USD	1 Quarter
Net loss	`OperatingIncomeLoss`	$-9.45K	USD	Annual
Net loss	`OperatingIncomeLoss`	$-22.90K	USD	Annual
Net loss	`OperatingIncomeLoss`	$-123.00K	USD	15 Qtrs
Net loss	`OperatingIncomeLoss`	$-15.72K	USD	1 Quarter
Net loss	`OperatingIncomeLoss`	$-14.19K	USD	Annual
Net loss	`OperatingIncomeLoss`	$5.09K	USD	Point-in-time
Net loss	`OperatingIncomeLoss`	$-80.08K	USD	3 Qtrs
Ending Balance, Amount	`StockholdersEquity`	$26.19K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$-58.03K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$2.55K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$16.74K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$9.09K	USD	Point-in-time

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