10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0001477932-16-010689`
Period End Date	20160430
Filing Date	20160602
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	sni-20160430.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 53 Cash Flow Statement 59

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
Cash	`Cash`	$8.71K	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash	`Cash`	$396.00	USD	Point-in-time
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.71K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$396.00	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Other Assets	`OtherAssets`	$1.00K	USD	Point-in-time
Other Assets	`OtherAssets`	$1.00K	USD	Point-in-time
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$14.76K	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`	$17.64K	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 5,000,000 shares issued and outstanding as of April 30, 2016 and July 31, 2015	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, ($0.001 par value, 75,000,000 shares authorized; 5,000,000 and 5,000,000 shares issued and outstanding as of April 30, 2016 and July 31, 2015	`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`	$-27.32K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$16.68K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$26.19K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$17.64K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$27.15K	USD	Point-in-time

Income Statement 53 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$89.06K	USD	3 Qtrs
Sales	`SalesRevenueNet`	$35.50K	USD	1 Quarter
Sales	`SalesRevenueNet`	$6.87K	USD	1 Quarter
Sales	`SalesRevenueNet`	$185.42K	USD	7 Qtrs
Sales	`SalesRevenueNet`	$36.25K	USD	3 Qtrs
Cost of Goods	`CostOfGoodsSold`	$43.46K	USD	3 Qtrs
Cost of Goods	`CostOfGoodsSold`	$133.52K	USD	7 Qtrs
Cost of Goods	`CostOfGoodsSold`	$13.31K	USD	1 Quarter
Cost of Goods	`CostOfGoodsSold`	$5.69K	USD	1 Quarter
Cost of Goods	`CostOfGoodsSold`	$21.83K	USD	3 Qtrs
Gross Profit	`GrossProfit`	$51.90K	USD	7 Qtrs
Gross Profit	`GrossProfit`	$22.19K	USD	1 Quarter
Gross Profit	`GrossProfit`	$45.60K	USD	3 Qtrs
Gross Profit	`GrossProfit`	$14.42K	USD	3 Qtrs
Gross Profit	`GrossProfit`	$1.18K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$23.93K	USD	3 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$40.89K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$55.45K	USD	3 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$80.70K	USD	7 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$1.60K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$-9.51K	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$-9.86K	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$-28.80K	USD	7 Qtrs
Income from operations	`OperatingIncomeLoss`	$-424.00	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$-18.70K	USD	1 Quarter
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	7 Qtrs
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-28.80K	USD	7 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.86K	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.51K	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-18.70K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-424.00	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.48K	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-3.57K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.48K	USD	7 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-27.32K	USD	7 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-424.00	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-9.51K	USD	3 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-8.38K	USD	3 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-15.14K	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	3 Qtrs
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	3 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	3 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	1 Quarter
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	3 Qtrs
Weighted average number of common shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.00M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-27.32K	USD	7 Qtrs
Net income (loss)	`NetIncomeLoss`	$-424.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.51K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-8.38K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-15.14K	USD	1 Quarter
Depreciation Expense	`Depreciation`	$1.20K	USD	3 Qtrs
Depreciation Expense	`Depreciation`	$1.40K	USD	3 Qtrs
Depreciation Expense	`Depreciation`	$2.99K	USD	7 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.48K	USD	3 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.48K	USD	7 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Subscription Receivable	`SubscriptionReceivable`	-	USD	3 Qtrs
Subscription Receivable	`SubscriptionReceivable`	-	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.00K	USD	7 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	7 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$8.38K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$500.00	USD	7 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.31K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-85.00	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-26.31K	USD	7 Qtrs
Acquistion of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.75K	USD	7 Qtrs
Acquistion of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Acquistion of Property & Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.75K	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.75K	USD	7 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.75K	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	$458.00	USD	7 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	$338.00	USD	3 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$40.00K	USD	3 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$44.00K	USD	7 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$44.46K	USD	7 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$40.34K	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-8.31K	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$396.00	USD	7 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$30.50K	USD	3 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.71K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$110.00	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$30.61K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$396.00	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$8.71K	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$110.00	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$30.61K	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$396.00	USD	Point-in-time
Cash paid during year for Interest	`InterestPaid`	-	USD	7 Qtrs
Cash paid during year for Interest	`InterestPaid`	-	USD	3 Qtrs
Cash paid during year for Interest	`InterestPaid`	-	USD	3 Qtrs
Cash paid during year for Income Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Cash paid during year for Income Taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Cash paid during year for Income Taxes	`IncomeTaxesPaid`	-	USD	7 Qtrs

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