10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001477932-16-008653`
Period End Date	20160131
Filing Date	20160217
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	sni-20160131.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 53 Cash Flow Statement 60

Balance Sheet 38 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
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash	`Cash`	$421.00	USD	Point-in-time
Cash	`Cash`	$8.71K	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$421.00	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	4.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.71K	USD	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 & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$15.16K	USD	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$15.96K	USD	Point-in-time
Deferred Tax Asset	`DeferredTaxAssetsLiabilitiesNet`	$1.48K	USD	Point-in-time
Deferred Tax Asset	`DeferredTaxAssetsLiabilitiesNet`	$1.48K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$27.15K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$18.06K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$458.00	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$458.00	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$500.00	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$500.00	USD	Point-in-time
Total Liabilities	`Liabilities`	$958.00	USD	Point-in-time
Total Liabilities	`Liabilities`	$958.00	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, 2016 and July 31, 2015, respectively.	`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, 2016 and July 31, 2015, respectively.	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$39.00K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapital`	$39.00K	USD	Point-in-time
Income (deficit) accumulated during development stage	`RetainedEarningsAccumulatedDeficit`	$-17.81K	USD	Point-in-time
Income (deficit) accumulated during development stage	`RetainedEarningsAccumulatedDeficit`	$-26.90K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$26.19K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$17.10K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$27.15K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$18.06K	USD	Point-in-time

Income Statement 53 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$53.56K	USD	2 Qtrs
Sales	`SalesRevenueNet`	$178.55K	USD	6 Qtrs
Sales	`SalesRevenueNet`	$29.38K	USD	2 Qtrs
Sales	`SalesRevenueNet`	$8.40K	USD	1 Quarter
Sales	`SalesRevenueNet`	$31.15K	USD	1 Quarter
Cost of Goods	`CostOfGoodsSold`	$127.83K	USD	6 Qtrs
Cost of Goods	`CostOfGoodsSold`	$16.14K	USD	2 Qtrs
Cost of Goods	`CostOfGoodsSold`	$7.78K	USD	1 Quarter
Cost of Goods	`CostOfGoodsSold`	$30.15K	USD	2 Qtrs
Cost of Goods	`CostOfGoodsSold`	$23.25K	USD	1 Quarter
Gross Profit	`GrossProfit`	$50.73K	USD	6 Qtrs
Gross Profit	`GrossProfit`	$7.90K	USD	1 Quarter
Gross Profit	`GrossProfit`	$23.41K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$13.24K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$629.00	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$79.11K	USD	6 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$16.65K	USD	2 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$3.11K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$9.04K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$22.33K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$6.76K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$-9.09K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$-1.14K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$-28.38K	USD	6 Qtrs
Income from operations	`OperatingIncomeLoss`	$-2.48K	USD	1 Quarter
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	6 Qtrs
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.09K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-28.38K	USD	6 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.14K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.76K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.48K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.48K	USD	6 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$6.76K	USD	2 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-1.14K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-9.09K	USD	2 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-26.90K	USD	6 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-2.48K	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	2 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	2 Qtrs

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$6.76K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-1.14K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.09K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-26.90K	USD	6 Qtrs
Net income (loss)	`NetIncomeLoss`	$-2.48K	USD	1 Quarter
Depreciation Expense	`Depreciation`	$2.59K	USD	6 Qtrs
Depreciation Expense	`Depreciation`	$996.00	USD	2 Qtrs
Depreciation Expense	`Depreciation`	$797.00	USD	2 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$2.09K	USD	2 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.48K	USD	6 Qtrs
Subscription Receivable	`SubscriptionReceivable`	-	USD	6 Qtrs
Subscription Receivable	`SubscriptionReceivable`	$-24.63K	USD	2 Qtrs
Subscription Receivable	`SubscriptionReceivable`	-	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.00K	USD	6 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	6 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$500.00	USD	6 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$6.50K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-26.29K	USD	6 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.28K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.29K	USD	2 Qtrs
Acquistion of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.75K	USD	6 Qtrs
Acquistion of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Acquistion of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.75K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.75K	USD	6 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.75K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	$458.00	USD	6 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	$338.00	USD	2 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$40.00K	USD	2 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$44.00K	USD	6 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$40.34K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$44.46K	USD	6 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-8.29K	USD	2 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$421.00	USD	6 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$22.31K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$110.00	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.71K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.42K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$421.00	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$110.00	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$8.71K	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$22.42K	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$421.00	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash paid during year for Interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid during year for Interest	`InterestPaid`	-	USD	6 Qtrs
Cash paid during year for Interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid during year for Income Taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid during year for Income Taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid during year for Income Taxes	`IncomeTaxesPaid`	-	USD	6 Qtrs

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