10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001091818-18-000245`
Period End Date	20181031
Filing Date	20181226
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	sni-20181031.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 36 Cash Flow Statement 64 Stockholders Equity 27

Balance Sheet 54 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`	$17.73K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.30K	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	6.10M	shares	Point-in-time
Receivable- Escrow account	`EscrowDeposit`	$4.56K	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	6.10M	shares	Point-in-time
Receivable- Escrow account	`EscrowDeposit`	$4.56K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.85K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.29K	USD	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	6.10M	shares	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	6.10M	shares	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$11.17K	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`	$11.17K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$33.46K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$9.85K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Amount due to related party	`DueToRelatedPartiesCurrent`	$21.19K	USD	Point-in-time
Amount due to related party	`DueToRelatedPartiesCurrent`	$21.19K	USD	Point-in-time
Amount due to shareholders	`AmountDueToShareholders`	$36.85K	USD	Point-in-time
Amount due to shareholders	`AmountDueToShareholders`	$256.68K	USD	Point-in-time
Loan from other parties	`LoanFromOtherPartie`	$23.17K	USD	Point-in-time
Loan from other parties	`LoanFromOtherPartie`	$23.17K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$15.01K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$9.08K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$96.22K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$310.12K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$96.22K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$310.12K	USD	Point-in-time
Common stock, $0.001 par value, 75,000,000 shares authorized; 6,104,999 and 6,104,999 shares issued and outstanding, as at October 31, 2018 and July 31, 2018	`CommonStockValue`	$6.11K	USD	Point-in-time
Common stock, $0.001 par value, 75,000,000 shares authorized; 6,104,999 and 6,104,999 shares issued and outstanding, as at October 31, 2018 and July 31, 2018	`CommonStockValue`	$6.11K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$67.40K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$67.40K	USD	Point-in-time
(Accumulated deficit) during development stage	`RetainedEarningsAccumulatedDeficit`	$-373.77K	USD	Point-in-time
(Accumulated deficit) during development stage	`RetainedEarningsAccumulatedDeficit`	$-136.27K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	-	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$-62.76K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$26.19K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$-300.26K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$2.55K	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 LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$33.46K	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$9.85K	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	-	USD	1 Quarter
Sales	`Revenues`	$223.91K	USD	17 Qtrs
Sales	`Revenues`	-	USD	1 Quarter
Cost of sales	`CostOfRevenue`	-	USD	1 Quarter
Cost of sales	`CostOfRevenue`	-	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$163.26K	USD	17 Qtrs
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	$60.65K	USD	17 Qtrs
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$237.50K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$53.45K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$435.90K	USD	17 Qtrs
(Loss) /Income from operations	`OperatingIncomeLoss`	$-237.50K	USD	1 Quarter
(Loss) /Income from operations	`OperatingIncomeLoss`	$-375.25K	USD	17 Qtrs
(Loss) /Income from operations	`OperatingIncomeLoss`	$-53.45K	USD	1 Quarter
(Loss) /Income from operations	`OperatingIncomeLoss`	$-94.82K	USD	Annual
(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`	$-22.90K	USD	Annual
(Loss) /Income from operations	`OperatingIncomeLoss`	$-9.45K	USD	Annual
Other income/ (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income/ (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income/ (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	17 Qtrs
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-53.45K	USD	1 Quarter
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-237.50K	USD	1 Quarter
(Loss) /Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-375.25K	USD	17 Qtrs
Income taxes benefit	`IncomeTaxExpenseBenefit`	$-1.50K	USD	17 Qtrs
Income taxes benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income taxes benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-237.50K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-53.45K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-373.77K	USD	17 Qtrs
Basic and diluted earnings (loss) per share of common stock	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted earnings (loss) per share of common stock	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	5.00M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	6.10M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-237.50K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-53.45K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-373.77K	USD	17 Qtrs
Depreciation	`Depreciation`	$6.58K	USD	17 Qtrs
Depreciation	`Depreciation`	-	USD	1 Quarter
Depreciation	`Depreciation`	$399.00	USD	1 Quarter
Impairment on PPE	`AssetImpairmentCharges`	$11.17K	USD	1 Quarter
Impairment on PPE	`AssetImpairmentCharges`	-	USD	1 Quarter
Impairment on PPE	`AssetImpairmentCharges`	$11.17K	USD	17 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.48K	USD	17 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	$4.56K	USD	17 Qtrs
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	-	USD	1 Quarter
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$43.82K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$12.24K	USD	17 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-5.93K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$9.08K	USD	17 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$7.21K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-232.27K	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`	$-340.74K	USD	17 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-17.75K	USD	17 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Investment in subsidiary	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	-	USD	1 Quarter
Investment in subsidiary	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	-	USD	1 Quarter
Investment in subsidiary	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	$-3.64K	USD	17 Qtrs
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.39K	USD	17 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`	$77.15K	USD	17 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Amount due to related party	`ProceedsFromRelatedPartyDebt`	-	USD	17 Qtrs
Amount due to related party	`ProceedsFromRelatedPartyDebt`	$2.02K	USD	1 Quarter
Amount due to related party	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Amount due to shareholders	`AmountDueToShareholder`	-	USD	1 Quarter
Amount due to shareholders	`AmountDueToShareholder`	$219.84K	USD	1 Quarter
Amount due to shareholders	`AmountDueToShareholder`	$290.28K	USD	17 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$219.84K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.02K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$367.43K	USD	17 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-12.43K	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.30K	USD	17 Qtrs
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.73K	USD	Point-in-time
Cash - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.30K	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`	-	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.73K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.30K	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash - end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	17 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	17 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$26.19K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$-300.26K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$2.55K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$9.09K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$16.74K	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	Annual
Stock issued on March 15, 2018 @$0.001 per share, Amount	`StockIssuedOnMarch1520180.001PerShareAmount`	$12.00K	USD	Annual
Stock issued on March 15, 2018 @$0.001 per share, Amount	`StockIssuedOnMarch1520180.001PerShareAmounts`	$13.65K	USD	Annual
Net loss	`OperatingIncomeLoss`	$-237.50K	USD	1 Quarter
Net loss	`OperatingIncomeLoss`	$-375.25K	USD	17 Qtrs
Net loss	`OperatingIncomeLoss`	$-53.45K	USD	1 Quarter
Net loss	`OperatingIncomeLoss`	$-94.82K	USD	Annual
Net loss	`OperatingIncomeLoss`	$-14.19K	USD	Annual
Net loss	`OperatingIncomeLoss`	$5.09K	USD	Point-in-time
Net loss	`OperatingIncomeLoss`	$-22.90K	USD	Annual
Net loss	`OperatingIncomeLoss`	$-9.45K	USD	Annual
Ending Balance, Amount	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$26.19K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$-300.26K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$2.55K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$9.09K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$16.74K	USD	Point-in-time

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