10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001091818-22-000060`
Period End Date	20220331
Filing Date	20220513
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	sntw-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 40 Income Statement 36 Cash Flow Statement 38 Stockholders Equity 17

Balance Sheet 40 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash & cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.15K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.05M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	500,000.00	shares	Point-in-time
Cash & cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$80.88K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	64.05M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	62.05M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$30.15K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$80.88K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	64.05M	shares	Point-in-time
Fixed assets, net	`AssetsNoncurrent`	$3.32K	USD	Point-in-time
Fixed assets, net	`AssetsNoncurrent`	$1.45K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$84.20K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$31.61K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$143.33K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$209.43K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$16.00K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$28.00K	USD	Point-in-time
Due to related party	`NotesPayableCurrent`	$579.00K	USD	Point-in-time
Due to related party	`NotesPayableCurrent`	$579.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$738.33K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$816.43K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 62,049,990 issued and outstanding as of March 31, 2020 and September 30, 2021, respectively.	`CommonStockValue`	$62.05K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 62,049,990 issued and outstanding as of March 31, 2020 and September 30, 2021, respectively.	`CommonStockValue`	$62.05K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$393.87K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$393.87K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.11M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-730.34K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-784.83K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-330.29K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-604.52K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-654.13K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-230.06K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$31.61K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$84.20K	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	2 Qtrs
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$54.49K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$389.46K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$289.23K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$130.69K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-130.69K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-389.46K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-54.49K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-289.23K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net Loss	`ProfitLoss`	$-130.69K	USD	2 Qtrs
Net Loss	`ProfitLoss`	$-389.46K	USD	2 Qtrs
Net Loss	`ProfitLoss`	$-54.49K	USD	1 Quarter
Net Loss	`ProfitLoss`	$-289.23K	USD	1 Quarter
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	-	USD	2 Qtrs
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	2 Qtrs
Diluted Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Diluted Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	2 Qtrs
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	61.37M	shares	1 Quarter
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	62.05M	shares	2 Qtrs
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	62.05M	shares	1 Quarter
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	61.88M	shares	2 Qtrs
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.88M	shares	2 Qtrs
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	62.05M	shares	2 Qtrs
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	62.05M	shares	1 Quarter
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.37M	shares	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-130.69K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-389.46K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-54.49K	USD	1 Quarter
Net loss	`ProfitLoss`	$-289.23K	USD	1 Quarter
Depreciation of fixed assets	`OtherDepreciationAndAmortization`	$315.00	USD	2 Qtrs
Depreciation of fixed assets	`OtherDepreciationAndAmortization`	$1.87K	USD	2 Qtrs
Share-based compensation expenses	`ShareBasedCompensation`	-	USD	2 Qtrs
Share-based compensation expenses	`ShareBasedCompensation`	$15.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$15.03K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$24.45K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$66.10K	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$12.00K	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$4.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-50.73K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-360.73K	USD	2 Qtrs
Acquisition to office furniture	`PaymentsToAcquireFurnitureAndFixtures`	$5.54K	USD	2 Qtrs
Acquisition to office furniture	`PaymentsToAcquireFurnitureAndFixtures`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.54K	USD	2 Qtrs
Advance from related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$179.00K	USD	2 Qtrs
Advance from related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Net cash generated from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$179.00K	USD	2 Qtrs
Net cash generated from financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-187.26K	USD	2 Qtrs
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-50.73K	USD	2 Qtrs
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$292.60K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.15K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$105.34K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$292.60K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.15K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$105.34K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	2 Qtrs
Interest	`InterestPaidNet`	-	USD	2 Qtrs
Income Taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Income Taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-730.34K	USD	Point-in-time
Balance	`StockholdersEquity`	$-784.83K	USD	Point-in-time
Balance	`StockholdersEquity`	$-330.29K	USD	Point-in-time
Balance	`StockholdersEquity`	$-604.52K	USD	Point-in-time
Balance	`StockholdersEquity`	$-654.13K	USD	Point-in-time
Balance	`StockholdersEquity`	$-230.06K	USD	Point-in-time
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$15.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-54.49K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-100.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-289.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-76.20K	USD	1 Quarter
Balance	`StockholdersEquity`	$-730.34K	USD	Point-in-time
Balance	`StockholdersEquity`	$-784.83K	USD	Point-in-time
Balance	`StockholdersEquity`	$-330.29K	USD	Point-in-time
Balance	`StockholdersEquity`	$-604.52K	USD	Point-in-time
Balance	`StockholdersEquity`	$-654.13K	USD	Point-in-time
Balance	`StockholdersEquity`	$-230.06K	USD	Point-in-time

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