10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001091818-24-000013`
Period End Date	20231231
Filing Date	20240209
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	sntw20231231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 20 Cash Flow Statement 28 Stockholders Equity 6

Balance Sheet 48 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
Cash & cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$101.81K	USD	Point-in-time
Cash & cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$149.61K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deposits	`DepositsAssetsCurrent`	$12.54K	USD	Point-in-time
Deposits	`DepositsAssetsCurrent`	$12.54K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepayments	`Prepayments`	$2.22K	USD	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
Prepayments	`Prepayments`	$2.22K	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
Total Current Assets	`AssetsCurrent`	$116.58K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$164.38K	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	67.81M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	67.14M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	67.14M	shares	Point-in-time
Total Non-Current Asset	`AssetsNoncurrent`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	67.81M	shares	Point-in-time
Total Non-Current Asset	`AssetsNoncurrent`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$116.58K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$164.38K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$27.09K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$123.85K	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`	$702.85K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$606.09K	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; 67,806,657 and 67,139,990 issued and outstanding as of December 31, 2023 and September 30, 2023, respectively.	`CommonStockValue`	$67.81K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 67,806,657 and 67,139,990 issued and outstanding as of December 31, 2023 and September 30, 2023, respectively.	`CommonStockValue`	$67.14K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$588.87K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$688.20K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.19M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-538.47K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-489.51K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$116.58K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$164.38K	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$1.37K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	-	USD	1 Quarter
Total Other Income	`OtherNonoperatingIncomeExpense`	$1.37K	USD	1 Quarter
Total Other Income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$28.18K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$52.41K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-52.41K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-28.18K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-28.18K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-51.04K	USD	1 Quarter
Basic Net loss per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic Net loss per share	`EarningsPerShareBasic`	-	USD	1 Quarter
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	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	67.81M	shares	1 Quarter
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.05M	shares	1 Quarter
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	67.81M	shares	1 Quarter

Cash Flow Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-28.18K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-51.04K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.24K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$15.60K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$6.00K	USD	1 Quarter
Deposit	`IncreaseDecreaseInDepositOtherAssets`	-	USD	1 Quarter
Deposit	`IncreaseDecreaseInDepositOtherAssets`	$-3.29K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.30K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-47.80K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$200.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Cash generated from financing activity	`NetCashProvidedByUsedInFinancingActivities`	$200.00K	USD	1 Quarter
Cash generated from financing activity	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net (decrease)/increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$196.70K	USD	1 Quarter
Net (decrease)/increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-47.80K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.83K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$205.53K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.61K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$101.81K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.83K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$205.53K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$149.61K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$101.81K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Income Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-538.47K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-489.51K	USD	Point-in-time
Issuance of new shares	`StockIssuedDuringPeriodValueNewIssues`	$100.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-51.04K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-538.47K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-489.51K	USD	Point-in-time

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