10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001213900-21-041477`
Period End Date	20210630
Filing Date	20210811
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	f10q0621_summitnetworks_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 36 Cash Flow Statement 33 Stockholders Equity 24

Balance Sheet 55 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	`CashAndCashEquivalentsAtCarryingValue`	$218.95K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$99.23K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$553.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$292.60K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$20.50K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.47K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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`	$298.07K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$119.73K	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	`AssetsNoncurrent`	$4.26K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	500,000.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	500,000.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.05M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$123.99K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	64.05M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$298.07K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	64.05M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	62.05M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$9.53K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$83.98K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$10.00K	USD	Point-in-time
Due to related party	`NotesPayableCurrent`	$697.61K	USD	Point-in-time
Due to related party	`NotesPayableCurrent`	$518.61K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$528.13K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$791.59K	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 and 64,049,990 shares issued and outstanding as of June 30, 2021, and September 30, 2020	`CommonStockValue`	$62.05K	USD	Point-in-time
Common stock, $0.001 par value, 500,000,000 shares authorized; 62,049,990 and 64,049,990 shares issued and outstanding as of June 30, 2021, and September 30, 2020	`CommonStockValue`	$64.05K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$361.87K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$393.87K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-655.98K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-119.46K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-89.37K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-667.60K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-193.25K	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`	$-330.29K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-604.52K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$123.99K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$298.07K	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	-	USD	3 Qtrs
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	1 Quarter
Revenue	`Revenues`	-	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$78.07K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$23.48K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$467.54K	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$106.91K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-467.54K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-106.91K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-78.07K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-23.48K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-467.54K	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-78.07K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-23.48K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-106.91K	USD	3 Qtrs
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	-	USD	3 Qtrs
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	3 Qtrs
Basic Net loss per share (in Dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	3 Qtrs
Diluted Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	-	USD	3 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
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	61.82M	shares	1 Quarter
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	62.97M	shares	3 Qtrs
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	61.86M	shares	3 Qtrs
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	64.05M	shares	1 Quarter
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	62.97M	shares	3 Qtrs
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.86M	shares	3 Qtrs
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.05M	shares	1 Quarter
Diluted weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.82M	shares	1 Quarter

Cash Flow Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-467.54K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-78.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-23.48K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-106.91K	USD	3 Qtrs
Depreciation of fixed assets	`OtherDepreciationAndAmortization`	$1.28K	USD	3 Qtrs
Share-based compensation expense	`ShareBasedCompensation`	$30.00K	USD	3 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$2.05K	USD	3 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$15.03K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$74.45K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-33.61K	USD	3 Qtrs
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$10.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-142.57K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-366.84K	USD	3 Qtrs
Acquisition of office furniture	`PaymentsToAcquireFurnitureAndFixtures`	$5.54K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.54K	USD	3 Qtrs
Advance from related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$179.00K	USD	3 Qtrs
Advance from related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$360.96K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$179.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$360.96K	USD	3 Qtrs
Net (decrease)/increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$218.39K	USD	3 Qtrs
Net (decrease)/increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-193.38K	USD	3 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$218.95K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$99.23K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$553.00	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$292.60K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$218.95K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$99.23K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$553.00	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$292.60K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	3 Qtrs
Interest	`InterestPaidNet`	-	USD	3 Qtrs
Income Taxes	`IncomeTaxesPaidNet`	-	USD	3 Qtrs
Income Taxes	`IncomeTaxesPaidNet`	-	USD	3 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-119.46K	USD	Point-in-time
Balance	`StockholdersEquity`	$-89.37K	USD	Point-in-time
Balance	`StockholdersEquity`	$-667.60K	USD	Point-in-time
Balance	`StockholdersEquity`	$-193.25K	USD	Point-in-time
Balance	`StockholdersEquity`	$-169.78K	USD	Point-in-time
Balance	`StockholdersEquity`	$-230.06K	USD	Point-in-time
Balance	`StockholdersEquity`	$-330.29K	USD	Point-in-time
Balance	`StockholdersEquity`	$-604.52K	USD	Point-in-time
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$15.00K	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$15.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-23.48K	USD	1 Quarter
Net loss	`ProfitLoss`	$-289.23K	USD	1 Quarter
Net loss	`ProfitLoss`	$-30.09K	USD	1 Quarter
Net loss	`ProfitLoss`	$-50.32K	USD	1 Quarter
Net loss	`ProfitLoss`	$-78.07K	USD	1 Quarter
Net loss	`ProfitLoss`	$-100.23K	USD	1 Quarter
Balance	`StockholdersEquity`	$-119.46K	USD	Point-in-time
Balance	`StockholdersEquity`	$-89.37K	USD	Point-in-time
Balance	`StockholdersEquity`	$-667.60K	USD	Point-in-time
Balance	`StockholdersEquity`	$-193.25K	USD	Point-in-time
Balance	`StockholdersEquity`	$-169.78K	USD	Point-in-time
Balance	`StockholdersEquity`	$-230.06K	USD	Point-in-time
Balance	`StockholdersEquity`	$-330.29K	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.