10-Q Filing

SUMMIT NETWORKS INC. CIK: 1619096 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001477932-17-001241`
Period End Date	20170131
Filing Date	20170322
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	sni-20170131.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 46 Cash Flow Statement 41

Balance Sheet 42 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 Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$859.00	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
Common Stock Shares Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Cash	`Cash`	$162.00	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$162.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$859.00	USD	Point-in-time
Common Stock Shares Issued	`CommonStockSharesIssued`	5.00M	shares	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
Common Stock Shares Outstanding	`CommonStockSharesOutstanding`	5.00M	shares	Point-in-time
Other Assets	`OtherAssets`	$1.00K	USD	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`	$14.36K	USD	Point-in-time
Property & Office Equipment, net	`PropertyPlantAndEquipmentNet`	$13.57K	USD	Point-in-time
Deferred Tax Asset	`DeferredTaxAssetsNet`	$1.48K	USD	Point-in-time
Deferred Tax Asset	`DeferredTaxAssetsNet`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$14.73K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$17.70K	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 shares issued and outstanding as of January 31, 2017 and July 31, 2016	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, ($0.001 par value, 75,000,000 shares authorized; 5,000,000 shares issued and outstanding as of January 31, 2017 and July 31, 2016	`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`	$-30.23K	USD	Point-in-time
Income (deficit) accumulated during development stage	`RetainedEarningsAccumulatedDeficit`	$-27.26K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$16.74K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$13.77K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$17.70K	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$14.73K	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$7.56K	USD	1 Quarter
Sales	`SalesRevenueNet`	$20.18K	USD	2 Qtrs
Sales	`SalesRevenueNet`	$215.90K	USD	9 Qtrs
Sales	`SalesRevenueNet`	$8.40K	USD	1 Quarter
Sales	`SalesRevenueNet`	$29.38K	USD	2 Qtrs
Cost of Goods	`CostOfGoodsSold`	$3.65K	USD	1 Quarter
Cost of Goods	`CostOfGoodsSold`	$7.78K	USD	1 Quarter
Cost of Goods	`CostOfGoodsSold`	$14.92K	USD	2 Qtrs
Cost of Goods	`CostOfGoodsSold`	$16.14K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$5.27K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$629.00	USD	1 Quarter
Gross Profit	`GrossProfit`	$13.24K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$3.91K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$8.24K	USD	2 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$22.33K	USD	2 Qtrs
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$3.11K	USD	1 Quarter
Selling, General & Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$4.36K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$-450.00	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$-2.97K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$-9.09K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$-2.48K	USD	1 Quarter
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expenses)	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-450.00	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.48K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.09K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.97K	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$30.23K	USD	9 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-2.97K	USD	2 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-450.00	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-9.09K	USD	2 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$-2.48K	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	-	USD	2 Qtrs
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	2 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	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 41 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$30.23K	USD	9 Qtrs
Net income (loss)	`NetIncomeLoss`	$-2.97K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-450.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.09K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-2.48K	USD	1 Quarter
Depreciation Expense	`Depreciation`	$797.00	USD	2 Qtrs
Depreciation Expense	`Depreciation`	$798.00	USD	2 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$1.48K	USD	2 Qtrs
Provision (benefit) for deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	-	USD	2 Qtrs
Income Taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	2 Qtrs
Income Taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.29K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-697.00	USD	2 Qtrs
Deferred Tax Asset	`DeferredTaxExpenseFromStockOptionsExercised`	-	USD	2 Qtrs
Deferred Tax Asset	`DeferredTaxExpenseFromStockOptionsExercised`	-	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Advances from related party	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 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`	$-697.00	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$162.00	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$421.00	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.71K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$859.00	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$162.00	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$421.00	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$8.71K	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$859.00	USD	Point-in-time
Cash paid during year for Interest	`InterestPaid`	-	USD	2 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

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