10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001477932-15-001683`
Period End Date	20150131
Filing Date	20150313
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	sni-20150131.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 41 Income Statement 23 Cash Flow Statement 21 Stockholders Equity 11

Balance Sheet 41 line items

Line Item	Tag	Value	Unit	Period
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash	`Cash`	$22.42K	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash	`Cash`	$110.00	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$22.42K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$110.00	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	4.00M	shares	Point-in-time
Other Assets	`OtherAssets`	$1.00K	USD	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	4.00M	shares	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Other Assets	`OtherAssets`	$1.00K	USD	Point-in-time
Property & Equipment, net	`PropertyPlantAndEquipmentNet`	$8.00K	USD	Point-in-time
Property & Equipment, net	`PropertyPlantAndEquipmentNet`	$16.75K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$9.11K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$40.17K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$220.00	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$20.00	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$138.00	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$2.09K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$6.50K	USD	Point-in-time
Total Liabilities	`Liabilities`	$8.95K	USD	Point-in-time
Total Liabilities	`Liabilities`	$20.00	USD	Point-in-time
Common stock, ($0.001 par value, 75,000,000 shares authorized; 5,000,000 and 4,000,000 shares issued and outstanding as of January 31, 2015 and July 31, 2014	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, ($0.001 par value, 75,000,000 shares authorized; 5,000,000 and 4,000,000 shares issued and outstanding as of January 31, 2015 and July 31, 2014	`CommonStockValue`	$4.00K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$39.00K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Subscription Receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Subscription Receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$24.63K	USD	Point-in-time
Income (deficit) accumulated during development stage	`RetainedEarningsAccumulatedDeficit`	$5.09K	USD	Point-in-time
Income (deficit) accumulated during development stage	`RetainedEarningsAccumulatedDeficit`	$11.85K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$31.22K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.09K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	-	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$9.11K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$40.17K	USD	Point-in-time

Income Statement 23 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$31.15K	USD	1 Quarter
Sales	`SalesRevenueNet`	$53.56K	USD	2 Qtrs
Cost of Goods	`CostOfGoodsAndServicesSold`	$30.15K	USD	2 Qtrs
Cost of Goods	`CostOfGoodsAndServicesSold`	$23.25K	USD	1 Quarter
Gross Profit	`GrossProfit`	$23.41K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$7.90K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$14.56K	USD	2 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$9.25K	USD	1 Quarter
Income/(Loss) from operations	`OperatingIncomeLoss`	$8.85K	USD	2 Qtrs
Income/(Loss) from operations	`OperatingIncomeLoss`	$-1.35K	USD	1 Quarter
Other income (expenses)	`OtherNonoperatingIncomeExpense`	$100.00	USD	2 Qtrs
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Income/(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.35K	USD	1 Quarter
Income/(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.85K	USD	2 Qtrs
Income tax provision	`CurrentIncomeTaxExpenseBenefit`	$-202.00	USD	1 Quarter
Income tax provision	`CurrentIncomeTaxExpenseBenefit`	$2.09K	USD	2 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$5.09K	USD	Point-in-time
Net Income (Loss)	`NetIncomeLoss`	$-1.15K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$6.76K	USD	2 Qtrs
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.02M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	4.03M	shares	1 Quarter

Cash Flow Statement 21 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$5.09K	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-1.15K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$6.76K	USD	2 Qtrs
Depreciation Expense	`DepreciationExpenseOnReclassifiedAssets`	$996.00	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$138.00	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.09K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$6.50K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.48K	USD	2 Qtrs
Acquistion of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.75K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.75K	USD	2 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	$200.00	USD	2 Qtrs
Net proceeds from Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$15.37K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.57K	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$22.31K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.42K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$110.00	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$22.42K	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$110.00	USD	Point-in-time
Cash paid during year for Interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid during year for Income Taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$31.22K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$9.09K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	-	USD	Point-in-time
Stock issued for cash on July 23, 2014 @ $0.001 per share, Amount	`StockIssuedDuringPeriodValueIssuedForCash`	$4.00K	USD	Point-in-time
Stock issued for cash on January 29, 2015 @ $0.04 per share, Amount	`StockIssuedForCashOnJanuary2920150.04PerShareAmount`	$15.37K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$5.09K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-1.15K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$6.76K	USD	2 Qtrs
Ending Balance, Amount	`StockholdersEquity`	$31.22K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$9.09K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	-	USD	Point-in-time

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