10-K Filing

SUMMIT NETWORKS INC. CIK: 1619096 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001091818-19-000318`
Period End Date	20190731
Filing Date	20191209
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	sntw-20190731.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 41 Income Statement 38 Cash Flow Statement 56 Stockholders Equity 21

Balance Sheet 41 line items

Line Item	Tag	Value	Unit	Period
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$553.00	USD	Point-in-time
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.73K	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Receivable - Rick Jones - Escrow account	`EscrowDeposit`	-	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	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`	61.05M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$553.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$22.29K	USD	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	61.05M	shares	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	6.10M	shares	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$11.17K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$33.46K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$553.00	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$15.01K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$34.25K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$52.64K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$21.19K	USD	Point-in-time
Amount due to shareholders	`DueToOfficersOrStockholdersCurrent`	-	USD	Point-in-time
Amount due to shareholders	`DueToOfficersOrStockholdersCurrent`	$36.85K	USD	Point-in-time
Loan from other parties	`LoanFromOtherParties`	-	USD	Point-in-time
Loan from other parties	`LoanFromOtherParties`	$23.17K	USD	Point-in-time
Total Liabilities	`Liabilities`	$86.89K	USD	Point-in-time
Total Liabilities	`Liabilities`	$96.22K	USD	Point-in-time
Common stock, ($0.001 par value, 500,000,000 shares authorized; 61,049,990 and 6,104,999 shares issued and outstanding as of July 31, 2019 and July 31, 2018	`CommonStockValue`	$6.11K	USD	Point-in-time
Common stock, ($0.001 par value, 500,000,000 shares authorized; 61,049,990 and 6,104,999 shares issued and outstanding as of July 31, 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
Contributed Surplus	`ContributedSurplus`	$348.77K	USD	Point-in-time
Contributed Surplus	`ContributedSurplus`	-	USD	Point-in-time
Income/(loss) accumulated during development stage	`RetainedEarningsAccumulatedDeficit`	$-136.27K	USD	Point-in-time
Income/(loss) accumulated during development stage	`RetainedEarningsAccumulatedDeficit`	$-512.26K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-86.34K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.55K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-62.76K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$33.46K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$553.00	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	-	USD	Annual
Sales	`Revenues`	$223.91K	USD	20 Qtrs
Sales	`Revenues`	-	USD	Annual
Cost of sales	`CostOfRevenue`	-	USD	Annual
Cost of sales	`CostOfRevenue`	-	USD	Annual
Cost of sales	`CostOfRevenue`	$163.26K	USD	20 Qtrs
Gross Profit	`GrossProfit`	-	USD	Annual
Gross Profit	`GrossProfit`	$60.65K	USD	20 Qtrs
Gross Profit	`GrossProfit`	-	USD	Annual
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$370.90K	USD	Annual
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$94.82K	USD	Annual
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$569.30K	USD	20 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$-94.82K	USD	Annual
Income / (loss) from operations	`OperatingIncomeLoss`	$-370.90K	USD	Annual
Income / (loss) from operations	`OperatingIncomeLoss`	$-508.64K	USD	20 Qtrs
Loss on disposal of subsidiary	`GainOrLossOnSaleOfStockInSubsidiary`	-	USD	Annual
Loss on disposal of subsidiary	`GainOrLossOnSaleOfStockInSubsidiary`	$-5.09K	USD	Annual
Loss on disposal of subsidiary	`GainOrLossOnSaleOfStockInSubsidiary`	$-5.09K	USD	20 Qtrs
Gain on debt forgiven	`DebtInstrumentDecreaseForgiveness`	-	USD	20 Qtrs
Gain on debt forgiven	`DebtInstrumentDecreaseForgiveness`	-	USD	Annual
Gain on debt forgiven	`DebtInstrumentDecreaseForgiveness`	-	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-513.74K	USD	20 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-375.99K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-94.82K	USD	Annual
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$1.48K	USD	20 Qtrs
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Income/(Loss)	`NetIncomeLoss`	$-512.26K	USD	20 Qtrs
Net Income/(Loss)	`NetIncomeLoss`	$-375.99K	USD	Annual
Net Income/(Loss)	`NetIncomeLoss`	$-94.82K	USD	Annual
Basic earnings per share	`EarningsPerShareBasic`	$-0.02	USD	Annual
Basic earnings per share	`EarningsPerShareBasic`	$-0.06	USD	Annual
Diluted earnings per share	`EarningsPerShareDiluted`	$-0.06	USD	Annual
Diluted earnings per share	`EarningsPerShareDiluted`	$-0.02	USD	Annual
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	6.10M	shares	Annual
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	5.36M	shares	Annual
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.10M	shares	Annual
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.36M	shares	Annual

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-512.26K	USD	20 Qtrs
Net income (loss)	`NetIncomeLoss`	$-375.99K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-94.82K	USD	Annual
Debt forgiven by related parties	`RevenueFromRelatedParties`	$348.77K	USD	Annual
Debt forgiven by related parties	`RevenueFromRelatedParties`	-	USD	Annual
Debt forgiven by related parties	`RevenueFromRelatedParties`	$348.77K	USD	20 Qtrs
Depreciation Expense	`Depreciation`	$6.58K	USD	20 Qtrs
Depreciation Expense	`Depreciation`	-	USD	Annual
Depreciation Expense	`Depreciation`	$1.60K	USD	Annual
Impairment on PPE	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	Annual
Impairment on PPE	`ImpairmentOfLongLivedAssetsHeldForUse`	$11.17K	USD	Annual
Impairment on PPE	`ImpairmentOfLongLivedAssetsHeldForUse`	$11.17K	USD	20 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.48K	USD	20 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	Annual
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	Annual
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	$4.56K	USD	Annual
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	$-4.56K	USD	Annual
Receivable - Escrow account	`EscrowDepositsRelatedToPropertySales`	-	USD	20 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	20 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$1.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$22.88K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$15.01K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$50.13K	USD	20 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-97.09K	USD	20 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.39K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-81.77K	USD	Annual
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-17.75K	USD	20 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Investment in subsidiary - Real Capital	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	-	USD	Annual
Investment in subsidiary - Real Capital	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	$-3.64K	USD	Annual
Investment in subsidiary - Real Capital	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	$-3.64K	USD	20 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.64K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.39K	USD	20 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	$69.99K	USD	Annual
Advances from related party	`ProceedsFromRelatedPartyDebt`	$-28.56K	USD	Annual
Advances from related party	`ProceedsFromRelatedPartyDebt`	$41.88K	USD	20 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$33.15K	USD	Annual
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$77.15K	USD	20 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-28.56K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$119.03K	USD	20 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$103.14K	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-17.18K	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$17.73K	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$553.00	USD	20 Qtrs
Cash at beginning of period	`Cash`	-	USD	Point-in-time
Cash at beginning of period	`Cash`	$553.00	USD	Point-in-time
Cash at beginning of period	`Cash`	-	USD	Point-in-time
Cash at beginning of period	`Cash`	$17.73K	USD	Point-in-time
Cash at end of year	`Cash`	-	USD	Point-in-time
Cash at end of year	`Cash`	$553.00	USD	Point-in-time
Cash at end of year	`Cash`	-	USD	Point-in-time
Cash at end of year	`Cash`	$17.73K	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance, shares	`SharesIssued`	-	shares	Point-in-time
Balance, shares	`SharesIssued`	-	shares	Point-in-time
Balance, shares	`SharesIssued`	-	shares	Point-in-time
Balance, amount	`StockholdersEquity`	$-86.34K	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$2.55K	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Net Income (Loss)	`NetIncomeLoss`	$-512.26K	USD	20 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-375.99K	USD	Annual
Net Income (Loss)	`NetIncomeLoss`	$-94.82K	USD	Annual
Disposal of Real Capital Limited	`DisposalOfRealCapitalLimited`	$3.64K	USD	Annual
Debt forgiven by related parties	`DebtForgivenByRelatedParties`	$348.77K	USD	Annual
Stock issued for cash on November 28, 2017 @ $0.03 per share, amount	`StockIssuedForCashOnNovember282017003PerShareAmount`	$7.50K	USD	Annual
Stock issued for cash on March 15, 2018 @ $0.03 per share, amount	`StockIssuedForCashOnMarch152018003PerShareAmount`	$12.00K	USD	Annual
Stock issued for cash on July 24, 2018 @ $0.03 per share, amount	`StockIssuedForCashOnJuly242018003PerShareAmount`	$13.65K	USD	Annual
Loss on acquisition of Real Capital Limited	`LossOnAcquisitionOfRealCapitalLimited`	$-3.64K	USD	Annual
Balance, shares	`SharesIssued`	-	shares	Point-in-time
Balance, shares	`SharesIssued`	-	shares	Point-in-time
Balance, shares	`SharesIssued`	-	shares	Point-in-time
Balance, amount	`StockholdersEquity`	$-86.34K	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$2.55K	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-62.76K	USD	Point-in-time

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