10-K Filing

SUMMIT NETWORKS INC. CIK: 1619096 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001091818-23-000002`
Period End Date	20220930
Filing Date	20230106
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	sntw01052310k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 18 Cash Flow Statement 36 Stockholders Equity 10

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash & cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.83K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash & cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$80.88K	USD	Point-in-time
Total Current Asset	`AssetsCurrent`	$80.88K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Asset	`AssetsCurrent`	$8.83K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
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
Fixed assets, net	`PropertyPlantAndEquipmentNet`	-	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
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$3.32K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.05M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.05M	shares	Point-in-time
Total Non-Current Asset	`AssetsNoncurrent`	$3.32K	USD	Point-in-time
Total Non-Current Asset	`AssetsNoncurrent`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	62.05M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$8.83K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$84.20K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	62.05M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$143.33K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$176.17K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$16.00K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$16.00K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$579.00K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$579.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$771.17K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$738.33K	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 share issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 share issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 62,049,990 issued and outstanding as of September 30,2022 and 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 September 30,2022 and 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`	$-1.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.22M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-230.06K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-654.13K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-762.34K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$84.20K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$8.83K	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	Annual
Revenue	`Revenues`	-	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$572.68K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$108.20K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-108.20K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-572.68K	USD	Annual
Debt forgiveness by related parties	`DebtForgivenessByRelatedParties`	$118.61K	USD	Annual
Debt forgiveness by related parties	`DebtForgivenessByRelatedParties`	-	USD	Annual
Net Loss	`NetIncomeLoss`	$-108.20K	USD	Annual
Net Loss	`NetIncomeLoss`	$-454.07K	USD	Annual
Basic Net loss per share	`EarningsPerShareBasic`	$-0.01	USD	Annual
Basic Net loss per share	`EarningsPerShareBasic`	-	USD	Annual
Diluted Net loss per share	`EarningsPerShareDiluted`	$-0.01	USD	Annual
Diluted Net loss per share	`EarningsPerShareDiluted`	-	USD	Annual
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	62.05M	shares	Annual
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	61.91M	shares	Annual
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.91M	shares	Annual
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	62.05M	shares	Annual

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-108.20K	USD	Annual
Net loss	`NetIncomeLoss`	$-454.07K	USD	Annual
Debt forgiveness by related parties	`DebtForgivenessByRelatedParties`	$118.61K	USD	Annual
Debt forgiveness by related parties	`DebtForgivenessByRelatedParties`	-	USD	Annual
Depreciation of fixed assets	`DepreciationDepletionAndAmortization`	$3.32K	USD	Annual
Depreciation of fixed assets	`DepreciationDepletionAndAmortization`	$2.21K	USD	Annual
Share-based compensation expenses	`ShareBasedCompensation`	$30.00K	USD	Annual
Share-based compensation expenses	`ShareBasedCompensation`	-	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-5.47K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$133.81K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$32.83K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$16.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-72.05K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-385.19K	USD	Annual
Acquisition of fixed assets	`PaymentsToAcquireFurnitureAndFixtures`	$5.54K	USD	Annual
Acquisition of fixed assets	`PaymentsToAcquireFurnitureAndFixtures`	-	USD	Annual
Net cash used in investing activity	`NetCashProvidedByUsedInInvestingActivities`	$-5.54K	USD	Annual
Net cash used in investing activity	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Advance from related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	Annual
Advance from related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$179.00K	USD	Annual
Net cash generated from financing activity	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Annual
Net cash generated from financing activity	`NetCashProvidedByUsedInFinancingActivities`	$179.00K	USD	Annual
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-72.05K	USD	Annual
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-211.72K	USD	Annual
Cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.83K	USD	Point-in-time
Cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$292.60K	USD	Point-in-time
Cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88K	USD	Point-in-time
Cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.83K	USD	Point-in-time
Cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$292.60K	USD	Point-in-time
Cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	Annual
Interest	`InterestPaidNet`	-	USD	Annual
Income Taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Income Taxes	`IncomeTaxesPaidNet`	-	USD	Annual

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-230.06K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-654.13K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-762.34K	USD	Point-in-time
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$30.00K	USD	Annual
Cancellation of common shares issued in connection with acquisition	`CancellationOfCommonSharesIssuedInConnectionWithAcquisition`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-108.20K	USD	Annual
Net loss	`NetIncomeLoss`	$-454.07K	USD	Annual
Ending balance, value	`StockholdersEquity`	$-230.06K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-654.13K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-762.34K	USD	Point-in-time

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