10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001213900-20-007089`
Period End Date	20200131
Filing Date	20200323
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	sntw-20200131.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 36 Income Statement 40 Cash Flow Statement 28 Stockholders Equity 17

Balance Sheet 36 line items

Line Item	Tag	Value	Unit	Period
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$553.00	USD	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.45K	USD	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.73K	USD	Point-in-time
Cash & Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	-	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$553.00	USD	Point-in-time
TOTAL ASSETS	`Assets`	$553.00	USD	Point-in-time
TOTAL ASSETS	`Assets`	-	USD	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	64.05M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	61.05M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	61.05M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	64.05M	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`	$78.07K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$52.64K	USD	Point-in-time
Total Liabilities	`Liabilities`	$123.66K	USD	Point-in-time
Total Liabilities	`Liabilities`	$86.89K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 64,049,990 and 61,049,990 shares issued and outstanding as of January 31, 2020, and July 31, 2019	`CommonStockValue`	$61.05K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 64,049,990 and 61,049,990 shares issued and outstanding as of January 31, 2020, and July 31, 2019	`CommonStockValue`	$64.05K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$364.87K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$361.87K	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-512.26K	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-549.57K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-342.76K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-113.61K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-86.34K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-123.66K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-300.26K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$553.00	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	-	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	2 Qtrs
Revenue	`Revenues`	-	USD	2 Qtrs
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$280.00K	USD	2 Qtrs
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$37.31K	USD	2 Qtrs
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$10.05K	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$42.50K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.05K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-280.00K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-37.31K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-42.50K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-37.31K	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.05K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-280.00K	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-42.50K	USD	1 Quarter
Provision for Income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for Income tax	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for Income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for Income tax	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-37.31K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-42.50K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-10.05K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-280.00K	USD	2 Qtrs
Basic earnings per share	`EarningsPerShareBasic`	-	USD	2 Qtrs
Basic earnings per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	-	USD	2 Qtrs
Diluted earnings per share	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Diluted earnings per share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Diluted earnings per share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	61.04M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	61.04M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	61.46M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	61.87M	shares	1 Quarter
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.04M	shares	2 Qtrs
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.04M	shares	1 Quarter
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.46M	shares	2 Qtrs
Diluted Weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.87M	shares	1 Quarter

Cash Flow Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-37.31K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-42.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.05K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-280.00K	USD	2 Qtrs
Impairment	`ImpairmentOfLongLivedAssetsHeldForUse`	-	USD	2 Qtrs
Impairment	`ImpairmentOfLongLivedAssetsHeldForUse`	$11.17K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.37K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$11.33K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-274.20K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-25.98K	USD	2 Qtrs
Advance from related party	`ProceedsFromRelatedPartyDebt`	$257.92K	USD	2 Qtrs
Advance from related party	`ProceedsFromRelatedPartyDebt`	$25.43K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$257.92K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$25.43K	USD	2 Qtrs
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-553.00	USD	2 Qtrs
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-16.28K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$553.00	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.45K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.73K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$553.00	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.45K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.73K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash paid during year for : Interest	`InterestPaidNet`	-	USD	2 Qtrs
Cash paid during year for : Interest	`InterestPaidNet`	-	USD	2 Qtrs
Cash paid during year for : Income Taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Cash paid during year for : Income Taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-342.76K	USD	Point-in-time
Balance	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Balance	`StockholdersEquity`	$-113.61K	USD	Point-in-time
Balance	`StockholdersEquity`	$-86.34K	USD	Point-in-time
Balance	`StockholdersEquity`	$-123.66K	USD	Point-in-time
Balance	`StockholdersEquity`	$-300.26K	USD	Point-in-time
Issuance of common shares, in connection with acquisition	`StockIssuedDuringPeriodValueAcquisitions`	-	USD	1 Quarter
Net loss	`ProfitLoss`	$-27.27K	USD	1 Quarter
Net loss	`ProfitLoss`	$-237.50K	USD	1 Quarter
Net loss	`ProfitLoss`	$-42.50K	USD	1 Quarter
Net loss	`ProfitLoss`	$-10.05K	USD	1 Quarter
Balance	`StockholdersEquity`	$-342.76K	USD	Point-in-time
Balance	`StockholdersEquity`	$-62.76K	USD	Point-in-time
Balance	`StockholdersEquity`	$-113.61K	USD	Point-in-time
Balance	`StockholdersEquity`	$-86.34K	USD	Point-in-time
Balance	`StockholdersEquity`	$-123.66K	USD	Point-in-time
Balance	`StockholdersEquity`	$-300.26K	USD	Point-in-time

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