10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0001091818-19-000172`
Period End Date	20190430
Filing Date	20190529
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	sni-20190430.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 67 Cash Flow Statement 61 Stockholders Equity 17

Balance Sheet 42 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 & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.73K	USD	Point-in-time
Receivable - Rick Jones - Escrow account	`EscrowDeposit`	-	USD	Point-in-time
Receivable - Rick Jones - Escrow account	`EscrowDeposit`	$4.56K	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	6.10M	shares	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	6.10M	shares	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
Total Current Assets	`AssetsCurrent`	-	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$22.29K	USD	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$11.17K	USD	Point-in-time
TOTAL ASSETS	`Assets`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$33.46K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$15.01K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.85K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$21.19K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$9.08K	USD	Point-in-time
Amount due to shareholders	`AmountDueToShareholders`	$36.85K	USD	Point-in-time
Amount due to shareholders	`AmountDueToShareholders`	-	USD	Point-in-time
Loan from other parties	`LoanFromOtherPartie`	$23.17K	USD	Point-in-time
Loan from other parties	`LoanFromOtherPartie`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$12.93K	USD	Point-in-time
Total Liabilities	`Liabilities`	$96.22K	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 of April 30, 2019 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 of April 30, 2019 and July 31, 2018	`CommonStockValue`	$6.11K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$71.05K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$67.40K	USD	Point-in-time
Income/(loss) accumulated during development stage	`IncomelossAccumulatedDuringDevelopmentStage`	$136.27K	USD	Point-in-time
Income/(loss) accumulated during development stage	`IncomelossAccumulatedDuringDevelopmentStage`	$90.08K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-12.93K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$2.55K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$33.46K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	-	USD	Point-in-time

Income Statement 67 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	-	USD	1 Quarter
Sales	`Revenues`	-	USD	1 Quarter
Sales	`Revenues`	-	USD	3 Qtrs
Sales	`Revenues`	$223.91K	USD	19 Qtrs
Sales	`Revenues`	-	USD	3 Qtrs
Cost of Goods	`CostOfRevenue`	-	USD	1 Quarter
Cost of Goods	`CostOfRevenue`	$163.26K	USD	19 Qtrs
Cost of Goods	`CostOfRevenue`	-	USD	3 Qtrs
Cost of Goods	`CostOfRevenue`	-	USD	3 Qtrs
Cost of Goods	`CostOfRevenue`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	-	USD	3 Qtrs
Gross Profit	`GrossProfit`	-	USD	3 Qtrs
Gross Profit	`GrossProfit`	$60.65K	USD	19 Qtrs
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$297.49K	USD	3 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$17.49K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$15.72K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$495.89K	USD	19 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$80.08K	USD	3 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$-80.08K	USD	3 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$-297.49K	USD	3 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$-435.24K	USD	19 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$-15.72K	USD	1 Quarter
Income / (loss) from operations	`OperatingIncomeLoss`	$-17.49K	USD	1 Quarter
Loss on disposal of subsidiary	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	-	USD	1 Quarter
Loss on disposal of subsidiary	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	-	USD	3 Qtrs
Loss on disposal of subsidiary	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	$-5.09K	USD	1 Quarter
Loss on disposal of subsidiary	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	$-5.09K	USD	3 Qtrs
Loss on disposal of subsidiary	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	$-5.09K	USD	19 Qtrs
Gain on debt forgiven	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Gain on debt forgiven	`GainsLossesOnExtinguishmentOfDebt`	-	USD	3 Qtrs
Gain on debt forgiven	`GainsLossesOnExtinguishmentOfDebt`	$348.77K	USD	19 Qtrs
Gain on debt forgiven	`GainsLossesOnExtinguishmentOfDebt`	$348.77K	USD	3 Qtrs
Gain on debt forgiven	`GainsLossesOnExtinguishmentOfDebt`	$348.77K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-80.08K	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-91.56K	USD	19 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$326.19K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$46.18K	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.72K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-1.48K	USD	19 Qtrs
Net Income/ (Loss)	`NetIncomeLoss`	$-90.08K	USD	19 Qtrs
Net Income/ (Loss)	`NetIncomeLoss`	$-15.72K	USD	1 Quarter
Net Income/ (Loss)	`NetIncomeLoss`	$-80.08K	USD	3 Qtrs
Net Income/ (Loss)	`NetIncomeLoss`	$326.19K	USD	1 Quarter
Net Income/ (Loss)	`NetIncomeLoss`	$-94.82K	USD	Annual
Net Income/ (Loss)	`NetIncomeLoss`	$46.18K	USD	3 Qtrs
Basic earnings per share	`EarningsPerShareBasic`	$-0.02	USD	3 Qtrs
Basic earnings per share	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.01	USD	3 Qtrs
Basic earnings per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	3 Qtrs
Diluted earnings per share	`EarningsPerShareBasicAndDiluted`	$0.01	USD	3 Qtrs
Diluted earnings per share	`EarningsPerShareBasicAndDiluted`	$0.05	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	5.46M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	5.21M	shares	3 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	6.10M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	6.10M	shares	3 Qtrs
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.21M	shares	3 Qtrs
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.10M	shares	3 Qtrs
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.10M	shares	1 Quarter
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.46M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-90.08K	USD	19 Qtrs
Net income (loss)	`NetIncomeLoss`	$-15.72K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-80.08K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$326.19K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-94.82K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$46.18K	USD	3 Qtrs
Depreciation Expense	`Depreciation`	$6.58K	USD	19 Qtrs
Depreciation Expense	`Depreciation`	$1.20K	USD	3 Qtrs
Depreciation Expense	`Depreciation`	-	USD	3 Qtrs
Impairment on PPE	`AssetImpairmentCharges`	$11.17K	USD	19 Qtrs
Impairment on PPE	`AssetImpairmentCharges`	-	USD	3 Qtrs
Impairment on PPE	`AssetImpairmentCharges`	$11.17K	USD	3 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.48K	USD	19 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	-	USD	19 Qtrs
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	$-4.56K	USD	3 Qtrs
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	$4.56K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$16.73K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$19.73K	USD	19 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$-7.51K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-66.70K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-54.08K	USD	19 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$54.40K	USD	3 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.75K	USD	19 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Investment in subsidiary - Real Capital	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	$3.64K	USD	19 Qtrs
Investment in subsidiary - Real Capital	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	-	USD	3 Qtrs
Investment in subsidiary - Real Capital	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	-	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.39K	USD	19 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Advance from related party	`ProceedsFromRelatedPartyDebt`	$47.20K	USD	3 Qtrs
Advance from related party	`ProceedsFromRelatedPartyDebt`	$-72.13K	USD	3 Qtrs
Advance from related party	`ProceedsFromRelatedPartyDebt`	$-1.68K	USD	19 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$19.50K	USD	3 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$77.15K	USD	19 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$75.47K	USD	19 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$66.70K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-72.13K	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	19 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-17.73K	USD	3 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.73K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.73K	USD	Point-in-time
Cash paid during period for: Interest	`InterestPaidNet`	-	USD	3 Qtrs
Cash paid during period for: Interest	`InterestPaidNet`	-	USD	3 Qtrs
Cash paid during period for: Interest	`InterestPaidNet`	-	USD	19 Qtrs
Cash paid during period for: Income Taxes	`IncomeTaxesPaidNet`	-	USD	19 Qtrs
Cash paid during period for: Income Taxes	`IncomeTaxesPaidNet`	-	USD	3 Qtrs
Cash paid during period for: Income Taxes	`IncomeTaxesPaidNet`	-	USD	3 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$-12.93K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$2.55K	USD	Point-in-time
Stock issued for cash on 28-Nov-2017 @$0.03 per share, Amount	`StockIssuedDuringPeriodValueNewIssues`	$7.50K	USD	Annual
Stock issued for cash on 15-Mar-2018 @$0.03 per share, Amount	`StockIssuedForCashOn15mar20180.03PerShareAmount`	$12.00K	USD	Annual
Stock issued for cash on 24-Jul-2018 @$0.03 per share, Amount	`StockIssuedForCashOn24jul20180.03PerShareAmount`	$13.65K	USD	Annual
Loss on acquisition of Real Capital Limited	`LossOnAcquisitionOfRealCapitalLimited`	$-3.64K	USD	Annual
Net profit (loss)	`NetIncomeLoss`	$-90.08K	USD	19 Qtrs
Net profit (loss)	`NetIncomeLoss`	$-15.72K	USD	1 Quarter
Net profit (loss)	`NetIncomeLoss`	$-80.08K	USD	3 Qtrs
Net profit (loss)	`NetIncomeLoss`	$326.19K	USD	1 Quarter
Net profit (loss)	`NetIncomeLoss`	$-94.82K	USD	Annual
Net profit (loss)	`NetIncomeLoss`	$46.18K	USD	3 Qtrs
Disposal of Real Capital Limited	`DisposalOfRealCapitalLimited`	$3.64K	USD	3 Qtrs
Ending Balance, Amount	`StockholdersEquity`	$-12.93K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$2.55K	USD	Point-in-time

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