Summit Networks Inc. Files 10-Q for Q2 2025

TL;DR

Summit Networks Inc. 10-Q filed for Q2 2025. Financials and operations detailed.

AI Summary

Summit Networks Inc. filed its 10-Q for the period ending June 30, 2025. The filing covers financial performance and operational details for the quarter and year-to-date. Specific financial figures and operational highlights are detailed within the report, providing stakeholders with an update on the company's status.

Why It Matters

This filing provides investors and analysts with crucial financial data and insights into Summit Networks Inc.'s performance and strategic direction for the second quarter of 2025.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not contain immediate red flags or significant negative news.

Key Players & Entities

• Summit Networks Inc. (company) — Filer of the 10-Q report
• 20250630 (date) — End of the reporting period
• 20250819 (date) — Filing date of the report
• NV (state) — State of incorporation
• Richmond (city) — Business and mailing address city

FAQ

Key Financial Figures

• $0.001 — es Shares Outstanding Common Stock, $0.001 par value 68,911,657 -i- SUMMIT NE
• $500,000 — the officer agreed to provide up to CAD$500,000 for working capital purposes. The offic
• $2,167 — curred financing fee and legal costs of $2,167, which were reimbursed by the Company.
• $100,000 — ipal balance under the agreement was CAD$100,000. -7- NOTE 6. RELATED PARTY BALANCES
• $130,967 — nts which overstated the prepayments by $130,967 and additional paid-in capital by $150,
• $150,340 — 0,967 and additional paid-in capital by $150,340 as of December 31, 2024. General and a
• $19,373 — ed December 31, 2024 were overstated by $19,373, which was offset by another error rela
• $20,000 — ough Zenox Enterprises Inc., provided a $20,000 non-interest-bearing working-capital ad
• $50,000 — orking-capital advance in addition to a $50,000 non-interest-bearing advance dated Nove

Filing Documents

• sntw06302025_10q.htm (10-Q) — 341KB
• ex31_1.htm (EX-31.1) — 10KB
• ex31_2.htm (EX-31.2) — 10KB
• ex32_1.htm (EX-32.1) — 4KB
• ex32_2.htm (EX-32.2) — 4KB
• 0001091818-25-000118.txt ( ) — 2258KB
• sntw-20250630.xsd (EX-101.SCH) — 24KB
• sntw-20250630_cal.xml (EX-101.CAL) — 31KB
• sntw-20250630_lab.xml (EX-101.LAB) — 149KB
• sntw-20250630_pre.xml (EX-101.PRE) — 136KB
• sntw-20250630_def.xml (EX-101.DEF) — 60KB
• sntw06302025_10q_htm.xml (XML) — 226KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 13 Item 4.

Controls and Procedures

Controls and Procedures 13 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mining Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 17

Signatures

Signatures 17 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. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2025 (Unaudited) 2024 (Revised) ASSETS Current Assets: Cash and cash equivalents $ 15,664 $ 39,230 Account receivables 739 - Deposits 2,218 2,218 Prepayments 30,584 62,261 Total Current Assets 49,205 103,709 Non-Current Assets: Plant and equipment, net 5,528 - Total Non-Current Assets 5,528 - TOTAL ASSETS $ 54,733 $ 103,709 LIABILITIES & STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 32,836 $ 36,103 Deferred revenue 3,484 - Due to related parties 747,530 629,000 Total Current Liabilities 783,850 665,103 Commitments and Contingencies - - Stockholders' Deficit: Preferred stock, $ 0.001 par value, 10,000,000 shares authorized; None issued and outstanding - - Common stock, $ 0.001 par value, 500,000,000 shares authorized; 68,911,657 shares issued and outstanding as at June 30, 2025 and December 31, 2024 68,912 68,912 Additional paid-in capital 878,755 878,755 Accumulated deficit ( 1,676,784 ) ( 1,509,061 ) Total Stockholders' Deficit ( 729,117 ) ( 561,394 ) TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $ 54,733 $ 103,709 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. -2- SUMMIT NETWORKS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For three months ended For six months ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Revenue $ 2,535 $ - $ 2,535 $ - Cost of sales 3,284 - 3,284 - Gross profit ( 749 ) - ( 749 ) - Operating Expenses: General and administrative expenses 82,069 77,058 165,051 139,928 Loss from operations ( 82,818 ) ( 77,058 ) ( 165,800 ) ( 139,928 ) Other income (expense) Interest income - 130 - 528 Interest expense ( 1,923 ) - ( 1,923 ) - Loss before income taxes (

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of the financial condition, changes in financial condition, and results of operations of Summit Networks, Inc. should be read in conjunction with our condensed consolidated financial statements, including the notes thereto, appearing elsewhere in this Report. This section includes management's interpretation of our financial performance, key factors influencing past and future results, and our investment and financing strategies. In the absence of an external credit facility, the Company relies on pass-through borrowings from the CEO and reimburses the actual bank interest with no spread or additional consideration. The two facilities bear rates of 5.7% (insurance-collateralized policy loan) and prime + 2.54%, with a minimum annual rate of 7.49% (mortgage-secured bank loan). In addition, during the six months ended June 30, 2025, the CEO, through Zenox Enterprises Inc., provided a $20,000 non-interest-bearing working-capital advance in addition to a $50,000 non-interest-bearing advance dated November 20, 2024. This discussion contains forward-looking statements reflecting our current plans, estimates, and beliefs. Actual results may differ materially from those anticipated due to various risks and uncertainties, including those discussed herein and elsewhere in this Report. 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. Background and Business Summit Networks Inc. (together with its subsidiary, the "Company") was incorporated under the laws of the St

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View this 10-Q filing on SEC EDGAR