Summit Networks Files 2024 Annual Report

TL;DR

Summit Networks filed its 2024 10-K. Financials look solid, check it out.

AI Summary

Summit Networks Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting on its financial performance and operations. The company, incorporated in Nevada and operating in the refuse systems sector, is headquartered in Richmond, BC, Canada. Key financial data and operational details for the fiscal years 2023 and 2024 are presented in this comprehensive annual report.

Why It Matters

This 10-K filing provides investors and stakeholders with a detailed overview of Summit Networks Inc.'s financial health and strategic direction for the past fiscal year. It is crucial for understanding the company's performance and future prospects.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific risk factors or financial performance details that would indicate a high or medium risk level.

Key Numbers

• 2024 — Fiscal Year End (The report covers the fiscal year ending September 30, 2024.)
• 2023 — Previous Fiscal Year End (Comparative financial data for the fiscal year ending September 30, 2023, is included.)

Key Players & Entities

• Summit Networks Inc. (company) — Filer of the 10-K
• 0001619096 (company) — Central Index Key for Summit Networks Inc.
• 4953 (industry_code) — Standard Industrial Classification for Refuse Systems
• NV (state) — State of Incorporation
• 604-232-3968 (phone_number) — Business Phone Number
• 20240930 (date) — Conformed Period of Report (Fiscal Year End)
• 20241223 (date) — Filed As Of Date

FAQ

Key Financial Figures

• $0.001 — 1,657 shares of common stock, par value $0.001 per share issued and outstanding. DOCU
• $100,000.05 — a Huang, par value $ 0.15 per share for $100,000.05 to be used as operating capital. On Ma
• $100,000 — ommon stock to Mrs. Chaoying Huang, for $100,000 to be used as operating capital. On Ap
• $0.13 — common stock to Ms. Luo Qun, par value $0.13 per share in exchange for $26,000 of co
• $26,000 — r value $0.13 per share in exchange for $26,000 of consulting services. On July 13, 20
• $0.20 — mon stock to Mrs. He Chen at a price of $0.20 per share as consideration for providin
• $1,900 — ended September 30, 2024, we generated $1,900 in passive revenues. We generated $1,90
• $230,550 — general and administrative expenses of $230,550 and $165,362, respectively, resulting i
• $165,362 — administrative expenses of $230,550 and $165,362, respectively, resulting in a net loss
• $216,150 — espectively, resulting in a net loss of $216,150 the year ended September 30, 2024 compa
• $23,778 — er 30, 2024 compared to a net income of $23,778 the year ended September 30, 2023. Our
• $2,679,796 — al assets as of September 30, 2024 were $2,679,796. As of September 30, 2024, the Company
• $579,000 — 024 and 2023, there were total debts of $579,000 and $579,000 respectively, due to relat
• $103,288 — the Company had a negative cash flow of $103,288 and positive cash flow of $140,785, res
• $140,785 — w of $103,288 and positive cash flow of $140,785, respectively. The Company's principal

Filing Documents

• sntw12232410k.htm (10-K) — 369KB
• ex311.htm (EX-31.1) — 5KB
• ex312.htm (EX-31.2) — 5KB
• ex321.htm (EX-32.1) — 2KB
• ex322.htm (EX-32.2) — 2KB
• 0001091818-24-000158.txt ( ) — 2274KB
• sntw-20240930.xsd (EX-101.SCH) — 22KB
• sntw-20240930_cal.xml (EX-101.CAL) — 25KB
• sntw-20240930_def.xml (EX-101.DEF) — 49KB
• sntw-20240930_lab.xml (EX-101.LAB) — 187KB
• sntw-20240930_pre.xml (EX-101.PRE) — 154KB
• sntw12232410k_htm.xml (XML) — 180KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 4 Item 1B. Unresolved Staff Comments 4 Item 2. Property 5 Item 3.

Legal Proceedings

Legal Proceedings 5 Item 4. Mine Safety Disclosures 5 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters 5 Item 6.

Selected Financial Data

Selected Financial Data 5 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation 6 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 7 Item 8.

Financial Statements

Financial Statements and Supplementary Data 8 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 22 Item 9A.

Controls and Procedures

Controls and Procedures 22 Item 9B. Other Information 23 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 23 PART III Item 10. Directors, Executive Officers and Corporate Governance 23 Item 11.

Executive Compensation

Executive Compensation 25 Item 12.

Security Ownership of

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 25 Item 13. Certain Relationships and Related Transactions, and Director Independence 26 Item 14. Principal Accountant Fees and Services 26 Item 15. Exhibits, and Financial 26 Item 16. Form 10-K Summary 27

Signatures

Signatures 28 -1- CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the "Report"), including, without limitation, statements under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any of current or historical facts. These statements are based on management's current expectations, but actual results may differ materially due to various factors, including, but not limited to: The ability to provide digital transformation consulting services to small businesses in British Columbia. The ability to promote our products and services that we expect to market; our ability to retain skilled professional employees; our ability to continue as a going concern; our future PRE-IPO financing plans and ability to be profitable. our ability to address and as necessary adapt to changes in foreign, cultural, economic, political and financial market conditions which could impair our future operations and financial performance. The forward-looking statements contained in this Report are based on our current expectations and beliefs concerning future developments and their potentia

BUSINESS

ITEM 1. BUSINESS Corporate Background and General Business Overview Summit Networks Inc. (together with its subsidiary, the "Company") was incorporated under the laws of the State of Nevada on July 8, 2014. Originally, the Company was formed to engage in the development and operation of a business engaged in the distribution of glass craft products produced in China. On May 8, 2018, we acquired Real Capital Limited, a Hong Kong company ("Real Capital"), to seek opportunities in the food and beverage industry. On March 31, 2019, the Company entered into a Share Purchase Agreement (the "Real Capital SPA") pursuant to which it sold its interests in Real Capital. The closing of the Real Capital SPA occurred on April 10, 2019. On July 17, 2019, the Company received FINRA approval to effect a 10-for-1 stock dividend to holders of its common stock as of June 1, 2019, the record date for the dividend. As a result, common stock figures, share capital, additional paid in capital, and earnings per share information have been retroactively adjusted to reflect the stock dividend. On May 8, 2020, Sumnet (Canada) Inc. ("Sumnet (Canada)") was incorporated in Canada. Sumnet (Canada) issued all its ordinary shares to the Company on May 8, 2020 so that Sumnet (Canada) became the wholly owned subsidiary of Company. On July 29, 2020, Smith Barney Enterprises Limited ("Smith Barney") was incorporated in the British Virgin Islands. Smith Barney issued all its ordinary shares to the Company on July 29, 2020 so that Smith Barney became the wholly owned subsidiary of Company. On August 28, 2020, Green Energy (HK) Limited ("Green Energy") was incorporated in Hong Kong. Green Energy issued all its ordinary shares to Smith Barney on August 28, 2020 so that Green Energy became the wholly owned subsidiary of Smith Barney. On September 27, 2020, Beijing Asian League Wins Technology Co., Ltd. ("Beijing ALW") was incorporated in People's Republic of China. Green Energy subscribed all capital s

RISK FACTORS

ITEM 1A. RISK FACTORS Not applicable to a smaller reporting company.

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS Not applicable. -4-

PROPERTIES

ITEM 2. PROPERTIES Our principal executive offices are located at #3010-8888 Odlin Cresent, Richmond, British Columbia, Canada V6X 3Z8.

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS We are not currently involved in any material legal proceedings nor are we aware of any pending or potential legal actions.

MINE SAFETY DISCLOSURE

ITEM 4. MINE SAFETY DISCLOSURE Not applicable. PART II

MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS Market Information Our common stock is quoted on OTCQB operated by the OTC Markets under the symbol "SNTW." The OTCQB application was approved on 31 st Aug 2023. There has been very limited trading in our shares of common stock to date. We plan to work to create an active market in our shares. As of September 30, 2024, there were 88,711,657 shares of common stock issued and outstanding and held by a total of 58 shareholders of record. Dividends We have never paid nor declared any dividends on our common stock . We plan to retain any future earnings for use in our business. Any decision as to the future payment of dividends will depend on our earnings and financial position and such other facts as the Board of Directors deem relevant. Securities Authorized for Issuance Under Equity Compensation Plans We have not adopted an equity compensation plan and no securities have been authorized or reserved for issuance under any equity compensation plan. Purchases of Equity Securities by the Issuer and Affiliated Purchasers None.

SELECTED FINANCIAL DATA

ITEM 6. SELECTED FINANCIAL DATA Not Applicable to a smaller reporting company. -5-

MANAGEMENT'S DISCUSSION AND ANALYSIS OR

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OR RESULTS OF OPERATIONS The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this Report. The following discussion contains forward-looking in the forward- looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this Report. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. This section provides management's discussion of the financial condition, changes in financial condition and results of operations of Summit Networks, Inc. with specific information on results of operations and liquidity and capital resources. It includes management's interpretation of our financial results, the factors affecting these results, the major factors expected to affect future operating results and future investment and financing plans. This discussion should be read in conjunction with our consolidated financial statements and notes thereto. Several factors exist that could influence our future financial performance and some of those are discussed below and elsewhere in this report. They should be considered in connection with evaluating forward-looking statements contained in this report or otherwise made by us or on our behalf since these factors could cause actual results and conditions to differ materially from those set out in such forward-looking statements. Cautionary Statement for the Purposes of the Safe Harbor under the Private Securities Litigation Reform Act of 1995 The statements contained in this Annual Report on Form 10-K may contain "forward-looking statements" within the meaning of Section 27A of the Securitie

QUANTITATIVE AND QUALITATIVE DISCLOSURES

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable. -7-

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Directors of Summit Networks Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Summit Networks Inc (the "Company") as of September 30, 2024 and 2023, the related consolidated statements of operations, stockholders' deficit and cash flows for each of the two years ended September 30, 2024 and 2023, and the related notes to the consolidated financial statements and schedule (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and the results of its operations and its cash flows for the two years ended September 30, 2024 and 2023 in conformity with accounting principles generally accepted in the United States of America. Substantial doubt about the Company's ability to continue as a going concern As discussed in Note 2 to the financial statements the accompanying consolidated financial statements and notes have been prepared assuming that the Company will continue as a going concern. The Company had limited operations during the period from July 8, 2014 (date of inception) to September 30, 2024 resulting in accumulated deficit of $1,410,627 and has not generated any revenue. There is no guarantee that Company will generate revenue and net income in the future. As of September 30, 2024, the Company had a working capital surplus of $2,087,380. The cash used in operating activities were $345,288. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2 to the accompanying financial statements. The accompanying financial statements do not include any adjustments that might result from the outcome of this u

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