10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001091818-19-000326`
Period End Date	20191031
Filing Date	20191220
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	sntw-20191031.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 31 Income Statement 36 Cash Flow Statement 57 Stockholders Equity 18

Balance Sheet 31 line items

Line Item	Tag	Value	Unit	Period
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$553.00	USD	Point-in-time
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`	500.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	-	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$553.00	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	61.05M	shares	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	61.05M	shares	Point-in-time
TOTAL ASSETS	`Assets`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$553.00	USD	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	61.05M	shares	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	61.05M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$34.25K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$45.58K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$52.64K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$68.03K	USD	Point-in-time
Total Liabilities	`Liabilities`	$113.61K	USD	Point-in-time
Total Liabilities	`Liabilities`	$86.89K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 61,049,990 and 61,049,990 shares issued and outstanding as of October 31, 2019, and July 31, 2019	`CommonStockValue`	$61.05K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 61,049,990 and 61,049,990 shares issued and outstanding as of October 31, 2019, and July 31, 2019	`CommonStockValue`	$61.05K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$364.87K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$364.87K	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-539.52K	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-512.26K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-113.61K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-86.34K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	-	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$553.00	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$223.91K	USD	21 Qtrs
Sales	`Revenues`	-	USD	1 Quarter
Sales	`Revenues`	-	USD	1 Quarter
Cost of Goods	`CostOfRevenue`	$163.26K	USD	21 Qtrs
Cost of Goods	`CostOfRevenue`	-	USD	1 Quarter
Cost of Goods	`CostOfRevenue`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	$60.65K	USD	21 Qtrs
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Gross Profit	`GrossProfit`	-	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$27.27K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$237.50K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$596.56K	USD	21 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$-237.50K	USD	1 Quarter
Income / (loss) from operations	`OperatingIncomeLoss`	$-535.91K	USD	21 Qtrs
Income / (loss) from operations	`OperatingIncomeLoss`	$-27.27K	USD	1 Quarter
Loss on disposal of subsidiary	`GainOrLossOnSaleOfStockInSubsidiary`	$-5.09K	USD	21 Qtrs
Loss on disposal of subsidiary	`GainOrLossOnSaleOfStockInSubsidiary`	-	USD	1 Quarter
Loss on disposal of subsidiary	`GainOrLossOnSaleOfStockInSubsidiary`	-	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-541.00K	USD	21 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-237.50K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-27.27K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$1.48K	USD	21 Qtrs
Net Income/(Loss)	`NetIncomeLoss`	$-539.52K	USD	21 Qtrs
Net Income/(Loss)	`NetIncomeLoss`	$-27.27K	USD	1 Quarter
Net Income/(Loss)	`NetIncomeLoss`	$-375.99K	USD	Annual
Net Income/(Loss)	`NetIncomeLoss`	$-237.50K	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	61.04M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	61.04M	shares	1 Quarter
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.04M	shares	1 Quarter
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.04M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-539.52K	USD	21 Qtrs
Net income (loss)	`NetIncomeLoss`	$-27.27K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-375.99K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-237.50K	USD	1 Quarter
Debt forgiven by related parties	`RevenueFromRelatedParties`	-	USD	1 Quarter
Debt forgiven by related parties	`RevenueFromRelatedParties`	$348.77K	USD	21 Qtrs
Debt forgiven by related parties	`RevenueFromRelatedParties`	-	USD	1 Quarter
Depreciation Expense	`Depreciation`	$6.58K	USD	21 Qtrs
Depreciation Expense	`Depreciation`	-	USD	1 Quarter
Depreciation Expense	`Depreciation`	-	USD	1 Quarter
Impairment on PPE	`ImpairmentOfLongLivedAssetsHeldForUse`	$11.17K	USD	1 Quarter
Impairment on PPE	`ImpairmentOfLongLivedAssetsHeldForUse`	$11.17K	USD	21 Qtrs
Impairment on PPE	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	1 Quarter
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.48K	USD	21 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.93K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$61.46K	USD	21 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$11.33K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-15.94K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-113.02K	USD	21 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-232.27K	USD	1 Quarter
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-17.75K	USD	21 Qtrs
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Acquisition of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Investment in subsidiary - Real Capital	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	-	USD	1 Quarter
Investment in subsidiary - Real Capital	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	-	USD	1 Quarter
Investment in subsidiary - Real Capital	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	$-3.64K	USD	21 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.39K	USD	21 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	$219.84K	USD	1 Quarter
Advances from related party	`ProceedsFromRelatedPartyDebt`	$57.27K	USD	21 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	$15.38K	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$77.15K	USD	21 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$134.42K	USD	21 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.38K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$219.84K	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-553.00	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-12.43K	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	21 Qtrs
Cash at beginning of period	`Cash`	$5.30K	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 beginning of period	`Cash`	$553.00	USD	Point-in-time
Cash at end of period	`Cash`	$5.30K	USD	Point-in-time
Cash at end of period	`Cash`	-	USD	Point-in-time
Cash at end of period	`Cash`	$17.73K	USD	Point-in-time
Cash at end of period	`Cash`	$553.00	USD	Point-in-time
Cash paid during year for : Interest	`InterestPaidNet`	-	USD	21 Qtrs
Cash paid during year for : Interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid during year for : Interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid during year for : Income Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid during year for : Income Taxes	`IncomeTaxesPaidNet`	-	USD	21 Qtrs
Cash paid during year for : Income Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 18 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`	$-62.76K	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-113.61K	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-86.34K	USD	Point-in-time
Disposal of Real Capital Limited	`DisposalOfRealCapitalLimited`	$3.64K	USD	Annual
Net Income (Loss)	`NetIncomeLoss`	$-539.52K	USD	21 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-27.27K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-375.99K	USD	Annual
Net Income (Loss)	`NetIncomeLoss`	$-237.50K	USD	1 Quarter
Debt forgiven	`DebtForgivenByRelatedParties`	$348.77K	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`	$-62.76K	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-113.61K	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$-86.34K	USD	Point-in-time

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