Summit Networks Inc. Files Q3 10-Q

TL;DR

Summit Networks filed their Q3 10-Q, ending June 30, 2024. Check financials.

AI Summary

Summit Networks Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the third quarter of their fiscal year, which ends on September 30. The company is incorporated in Nevada and operates in the refuse systems industry.

Why It Matters

This filing provides investors with an update on Summit Networks Inc.'s financial performance and operational status for the most recent quarter.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 0930 — Fiscal Year End (Defines the end of the company's annual financial cycle.)

Key Players & Entities

• Summit Networks Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 0930 (date) — Fiscal year end
• NV (location) — State of incorporation
• 4953 (industry_code) — Standard Industrial Classification for Refuse Systems

FAQ

Key Financial Figures

• $0.001 — es Shares Outstanding Common Stock, $0.001 par value 88,631,657 -i- SUMMIT N
• $0.04 — ion. FET purchased 5,000,000 shares for $0.04 and acquired the independent management

Filing Documents

• sntw063024_10q.htm (10-Q) — 365KB
• ex311.htm (EX-31.1) — 10KB
• ex312.htm (EX-31.2) — 10KB
• ex321.htm (EX-32.1) — 4KB
• ex322.htm (EX-32.2) — 4KB
• 0001091818-24-000104.txt ( ) — 2264KB
• sntw-20240630.xsd (EX-101.SCH) — 21KB
• sntw-20240630_cal.xml (EX-101.CAL) — 32KB
• sntw-20240630_def.xml (EX-101.DEF) — 53KB
• sntw-20240630_lab.xml (EX-101.LAB) — 158KB
• sntw-20240630_pre.xml (EX-101.PRE) — 130KB
• sntw063024_10q_htm.xml (XML) — 218KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 11 Item 4.

Controls and Procedures

Controls and Procedures 11 PART II Item 1.

Legal Proceedings

Legal Proceedings 12 Item 1A.

Risk Factors

Risk Factors 12 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 12 Item 3. Defaults Upon Senior Securities 12 Item 4. Mining Safety Disclosures 12 Item 5. Other Information 12 Item 6. Exhibits 13

Signatures

Signatures 13 Cautionary Note Regarding Forward-Looking Statements This Quarterly Report includes "forward-looking the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding the financial position, business strategy and the plans and objectives of management for future operations of Summit Networks Inc. (the "Company"), are forward-looking statements. Words such as "expect," "believe," "anticipate," "intend," "estimate," "seek" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the "Risk Factors" section of the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on December 5, 2022. The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov . Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements w

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. SUMMIT NETWORKS INC. CONSOLIDATED BALANCE SHEETS June 30, September 30, 2024 (Unaudited) 2023 (Audited) ASSETS Current Assets: Cash & cash equivalents $ 104,331 $ 149,614 Inventories 6,049 - Prepayments 16,895 12,545 Deposits 2,218 2,218 Total Current Assets 129,493 164,377 Non-Current Assets: Plant and equipment, net 37,486 - Goodwill 2,635,399 - Total Non-Current Assets 2,672,885 - TOTAL ASSETS $ 2,802,378 $ 164,377 LIABILITIES & STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 37,964 $ 123,847 Due to related parties 681,236 579,000 Total Current Liabilities 719,200 702,847 Commitments and Contingencies - - Stockholders' Deficit: Preferred stock, $ 0.001 par value, 10,000,000 shares authorized; 0 share issued and outstanding - - Common stock, $ 0.001 par value, 500,000,000 shares authorized; 88,631,657 and 67,139,990 shares issued and outstanding as at June 30, 2024 and September 30, 2023 88,657 67,140 Additional paid-in capital 3,393,350 588,867 Accumulated deficit ( 1,398,829 ) ( 1,194,477 ) Total Stockholders' Deficit ( 2,083,178 ) ( 538,470 ) TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $ 2,802,378 $ 164,377 The accompanying notes are an integral part of these unaudited consolidated financial statements. -2- SUMMIT NETWORKS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For three months ended For nine months ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 Revenue $ 73,851 $ - $ 73,851 $ - Cost of sales 45,710 - 45,710 - Gross profit 28,141 - 28,141 - Operating Expenses: General and administrative expenses 119,108 47,848 234,393 127,681 Total operating expenses 119,108 47,848 234,393 127,681 Loss from operations ( 90,967 ) ( 47,848 ) ( 206,252 ) ( 127,681 ) Other income Interest income 130 825 1,900 1,905 Mis

View Full Filing

View this 10-Q filing on SEC EDGAR