10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001213900-21-026851`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	sntw-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 32 Cash Flow Statement 34 Stockholders Equity 18

Balance Sheet 53 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	`CashAndCashEquivalentsAtCarryingValue`	$-1.95K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$292.60K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$105.34K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	-	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
Prepaid expenses	`PrepaidExpenseCurrent`	$20.50K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.47K	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`	$125.84K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$298.07K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Fixed assets, net	`AssetsNoncurrent`	$5.22K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	500,000.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	61.55M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	64.05M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$298.07K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$131.06K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	64.05M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	61.55M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$33.98K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$9.53K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$4.00K	USD	Point-in-time
Due to related party	`NotesPayableCurrent`	$518.61K	USD	Point-in-time
Due to related party	`NotesPayableCurrent`	$697.61K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$735.59K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$528.13K	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; 61,549,990 and 64,049,990 shares issued and outstanding as of March 31, 2021, and September 30, 2020	`CommonStockValue`	$64.05K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 61,549,990 and 64,049,990 shares issued and outstanding as of March 31, 2021, and September 30, 2020	`CommonStockValue`	$61.55K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$361.87K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$379.37K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-655.98K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.05M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-119.46K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-330.29K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-89.37K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-169.78K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-230.06K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-604.52K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$298.07K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$131.06K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$50.32K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$389.46K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$80.41K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$289.23K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-80.41K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-50.32K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-389.46K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-289.23K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-50.32K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-289.23K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-389.46K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-80.41K	USD	2 Qtrs
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	$-0.01	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`	-	USD	2 Qtrs
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	-	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`	-	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`	$-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`	62.44M	shares	2 Qtrs
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	61.88M	shares	2 Qtrs
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	63.85M	shares	1 Quarter
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`	63.85M	shares	1 Quarter
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	62.44M	shares	2 Qtrs
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.37M	shares	1 Quarter

Cash Flow Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-50.32K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-289.23K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-389.46K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-80.41K	USD	2 Qtrs
Depreciation of fixed assets	`OtherDepreciationAndAmortization`	$315.00	USD	2 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$15.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$15.00K	USD	2 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$15.03K	USD	2 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$1.25K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$24.45K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-34.14K	USD	2 Qtrs
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$4.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-360.73K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-115.79K	USD	2 Qtrs
Acquisition of office furniture	`PaymentsToAcquireFurnitureAndFixtures`	$5.54K	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`	$117.74K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$179.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$117.74K	USD	2 Qtrs
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-187.26K	USD	2 Qtrs
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.95K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$-1.95K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$292.60K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$105.34K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$-1.95K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$292.60K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$105.34K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	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 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-119.46K	USD	Point-in-time
Balance	`StockholdersEquity`	$-330.29K	USD	Point-in-time
Balance	`StockholdersEquity`	$-89.37K	USD	Point-in-time
Balance	`StockholdersEquity`	$-169.78K	USD	Point-in-time
Balance	`StockholdersEquity`	$-230.06K	USD	Point-in-time
Balance	`StockholdersEquity`	$-604.52K	USD	Point-in-time
Share-based compensation	`ShareBasedCompensation`	$15.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$15.00K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-30.09K	USD	1 Quarter
Net loss	`ProfitLoss`	$-100.23K	USD	1 Quarter
Net loss	`ProfitLoss`	$-289.23K	USD	1 Quarter
Net loss	`ProfitLoss`	$-50.32K	USD	1 Quarter
Balance	`StockholdersEquity`	$-119.46K	USD	Point-in-time
Balance	`StockholdersEquity`	$-330.29K	USD	Point-in-time
Balance	`StockholdersEquity`	$-89.37K	USD	Point-in-time
Balance	`StockholdersEquity`	$-169.78K	USD	Point-in-time
Balance	`StockholdersEquity`	$-230.06K	USD	Point-in-time
Balance	`StockholdersEquity`	$-604.52K	USD	Point-in-time

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