10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001091818-23-000079`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	sntw20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 58 Cash Flow Statement 36 Stockholders Equity 17

Balance Sheet 56 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`	$151.57K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deposits	`DepositsAssetsCurrent`	$2.22K	USD	Point-in-time
Deposits	`DepositsAssetsCurrent`	-	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
Total Current Assets	`AssetsCurrent`	$153.79K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.83K	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
Fixed assets, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.05M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	67.05M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	67.05M	shares	Point-in-time
Investments	`Investments`	-	USD	Point-in-time
Investments	`Investments`	$2.67K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	62.05M	shares	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$2.67K	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$8.83K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$156.45K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$195.79K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$176.17K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedParty`	$16.00K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedParty`	$22.00K	USD	Point-in-time
Due to related parties	`DueToRelatedParties`	$579.00K	USD	Point-in-time
Due to related parties	`DueToRelatedParties`	$579.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$796.79K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$771.17K	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; 67,049,990 and 62,049,990 shares issued and outstanding as at March 31, 2023 and September 30, 2022	`CommonStockValue`	$62.05K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 67,049,990 and 62,049,990 shares issued and outstanding as at March 31, 2023 and September 30, 2022	`CommonStockValue`	$67.05K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$393.87K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$588.87K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.30M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-590.52K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-762.34K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-640.34K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-654.13K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-784.83K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-730.34K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$8.83K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$156.45K	USD	Point-in-time

Income Statement 58 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	2 Qtrs
Revenue	`Revenues`	-	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$54.49K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$79.83K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$130.69K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$51.65K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$51.65K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$54.49K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$79.83K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$130.69K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-54.49K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-130.69K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-79.83K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-51.65K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	-	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$1.08K	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNet`	-	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNet`	$1.08K	USD	1 Quarter
Miscellaneous income	`MiscellaneousIncome`	$445.00	USD	2 Qtrs
Miscellaneous income	`MiscellaneousIncome`	-	USD	1 Quarter
Miscellaneous income	`MiscellaneousIncome`	-	USD	2 Qtrs
Miscellaneous income	`MiscellaneousIncome`	$445.00	USD	1 Quarter
Rental income	`RentalIncomeNonoperating`	-	USD	2 Qtrs
Rental income	`RentalIncomeNonoperating`	$310.00	USD	2 Qtrs
Rental income	`RentalIncomeNonoperating`	$310.00	USD	1 Quarter
Rental income	`RentalIncomeNonoperating`	-	USD	1 Quarter
Total other income	`OtherNonoperatingIncomeExpense`	$1.83K	USD	2 Qtrs
Total other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total other income	`OtherNonoperatingIncomeExpense`	$1.83K	USD	1 Quarter
Total other income	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Loss from operation before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-78.00K	USD	2 Qtrs
Loss from operation before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-49.81K	USD	1 Quarter
Loss from operation before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-54.49K	USD	1 Quarter
Loss from operation before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-130.69K	USD	2 Qtrs
Income tax expenses	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax expenses	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax expenses	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expenses	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-49.81K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-54.49K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-130.69K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-78.00K	USD	2 Qtrs
Basic Net loss per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic Net loss per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic Net loss per share	`EarningsPerShareBasic`	-	USD	2 Qtrs
Basic Net loss per share	`EarningsPerShareBasic`	-	USD	2 Qtrs
Diluted Net loss per share	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Diluted Net loss per share	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Diluted Net loss per share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted Net loss per share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	67.05M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	62.05M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	62.05M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	67.05M	shares	1 Quarter
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	62.05M	shares	1 Quarter
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	62.05M	shares	2 Qtrs
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.05M	shares	1 Quarter
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.05M	shares	2 Qtrs

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-49.81K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-54.49K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-130.69K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-78.00K	USD	2 Qtrs
Depreciation of fixed assets	`DepreciationDepletionAndAmortization`	-	USD	2 Qtrs
Depreciation of fixed assets	`DepreciationDepletionAndAmortization`	$1.87K	USD	2 Qtrs
Deposits	`IncreaseDecreaseInDepositOtherAssets`	-	USD	2 Qtrs
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$2.22K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$19.62K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$66.10K	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$6.00K	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$12.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-54.59K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-50.73K	USD	2 Qtrs
Investment in mutual funds	`InvestmentInMutualFunds`	$2.67K	USD	2 Qtrs
Investment in mutual funds	`InvestmentInMutualFunds`	-	USD	2 Qtrs
Net cash used in investing activity	`NetCashProvidedByUsedInInvestingActivities`	$-2.67K	USD	2 Qtrs
Net cash used in investing activity	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$200.00K	USD	2 Qtrs
Net cash generated from financing activity	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Net cash generated from financing activity	`NetCashProvidedByUsedInFinancingActivities`	$200.00K	USD	2 Qtrs
Net increase/(decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-50.73K	USD	2 Qtrs
Net increase/(decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$142.74K	USD	2 Qtrs
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$151.57K	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88K	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.15K	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.83K	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$151.57K	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$80.88K	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.15K	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.83K	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
Beginning balance, value	`StockholdersEquity`	$-590.52K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-762.34K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-640.34K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-654.13K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-784.83K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-730.34K	USD	Point-in-time
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$200.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-49.81K	USD	1 Quarter
Net loss	`ProfitLoss`	$-54.49K	USD	1 Quarter
Net loss	`ProfitLoss`	$-28.18K	USD	1 Quarter
Net loss	`ProfitLoss`	$-76.20K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-590.52K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-762.34K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-640.34K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-654.13K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-784.83K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-730.34K	USD	Point-in-time

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