Summit Networks Inc 10-Q, filed Aug 15, 2022

Summit Networks Inc. (SNTW)

10-Q 2022-08-15 For: 2022-06-30

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Added on April 06, 2026

About this 10-Q

Summit Networks Inc filed this 10-Q on August 15, 2022, covering the quarter ended June 30, 2022.

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S101-5289 Cambie Street, Vancouver BC Canada		V5Z 0J5
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐


Class of Securities		Shares Outstanding
Common Stock, $0.001 par value		62,049,990


PART I – FINANCIAL INFORMATION		1

Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14
Item 4.	Controls and Procedures	14

PART II – OTHER INFORMATION		15

Item 1.	Legal Proceedings	15
Item 1A.	Risk Factors	15
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	15
Item 3.	Defaults upon Senior Securities	15
Item 4.	Mine Safety Disclosures	15
Item 5.	Other Information	15
Item 6.	Exhibits	16


	June 30,		September 30,
	2022		2021
ASSETS
Current Assets:
Cash & cash Equivalents	$	17,970	$	80,878
Total Current Assets		17,970		80,878
Non-Current Assets:
Fixed assets, net		528		3,322
Total Non-Current Assets:		528		3,322
TOTAL ASSETS	$	18,498	$	84,200

LIABILITIES & STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable and accrued expenses	$	221,433	$	143,333
Accounts payable - related party		34,000		16,000
Due to related party		579,000		579,000
Total Current Liabilities		834,433		738,333
Stockholders’ Deficit:
Common stock, $0.001 par value, 500,000,000 shares authorized; 62,049,990 issued and outstanding as of June 30, 2022 and September 30,2021, respectively.		62,050		62,050
Additional paid-in capital		393,867		393,867
Accumulated deficit		(1,271,852)		(1,110,050)
Total Stockholders’ Deficit		(815,935)		(654,133)
TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT	$	18,498	$	84,200

The accompanying notes are an integral part of these consolidated financial statements.


	For three months ended				For nine months ended
	June 30,		June 30,		June 30,		June 30,
	2022		2021		2022		2021

Revenue	$	-	$	-	$	-	$	-
Operating Expenses:
General and administrative expenses		31,104		23,478		161,802		467,538
Loss from operations		(31,104)		(23,478)		(161,802)		(467,538)
Provision for income taxes		-		-		-		-
Net Loss	$	(31,104)	$	(23,478)	$	(161,802)	$	(467,538)

Basic Net loss per share	$	(0.00)	$	(0.00)	$	(0.00)	$	(0.01)
Diluted Net loss per share	$	(0.00)	$	(0.00)	$	(0.00)	$	(0.01)

Weighted average number of common shares outstanding		62,049,990		64,049,990		62,049,990		61,860,652

Diluted weighted average number of common shares outstanding		62,049,990		64,049,990		62,049,990		61,860,652

The accompanying notes are an integral part of these consolidated financial statements.


	Common Stock				Additional		Accumulated
	Common Stock				Paid-in		Accumulated
	Shares		Amount		Capital		Deficit		Total
Balance, September 30, 2021		62,049,990	$	62,050	$	393,867	$	(1,110,050)	$	(654,133)
Net loss		-		-		-		(76,204)		(76,204)
Balance, December 31, 2021		62,049,990	$	62,050	$	393,867	$	(1,186,254)	$	(730,337)
Net loss		-		-		-		(54,494)		(54,494)
Balance, March 31, 2022		62,049,990	$	62,050	$	393,867	$	(1,240,748)	$	(784,831)
Net loss		-		-		-		(31,104)		(31,104)
Balance, June 30, 2022		62,049,990	$	62,050	$	393,867	$	(1,271,852)	$	(815,935)


	Common Stock				Additional		Accumulated
	Common Stock				Paid-in		Accumulated
	Shares		Amount		Capital		Deficit		Total
Balance, September 30, 2020		64,049,990	$	64,050	$	361,867	$	(655,976)	$	(230,059)
Cancellation of shares in connection with the termination of MoralArrival Share Exchange Agreement		(3,000,000)		(3,000)		3,000		-		-
Net loss		-		-		-		(100,232)		(100,232)
Balance, December 31, 2020		61,049,990	$	61,050	$	364,867	$	(756,208)	$	(330,291)
Share-based compensation		500,000		500		14,500				15,000
Net loss		-		-		-		(289,232)		(289,232)
Balance, March 31, 2021		61,549,990	$	61,550	$	379,367	$	(1,045,440)	$	(604,523)
Share-based compensation		500,000		500		14,500				15,000
Net loss		-		-		-		(78,074)		(78,074)
Balance, June 30, 2021		62,049,990	$	62,050	$	393,867	$	(1,123,514)	$	(667,597)


The accompanying notes are an integral part of these consolidated financial statements.


	For nine months ended
	June 30
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(161,802)	$	(467,538)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of fixed assets		2,794		1,276
Share-based compensation expenses		-		30,000
Prepaid expenses		-		(15,030)
Changes in operating assets and liabilities:
Accounts payable and accrued expenses		78,100		74,453
Accounts payable - related parties		18,000		10,000
Net cash used in operating activities		(62,908)		(366,839)
CASH FLOWS FROM INESTING ACTIVITIES:
Acquisition to office furniture	$	-	$	(5,536)
Net cash used in investing activities		-		(5,536)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advance from related party	$	-	$	179,000
Net cash generated from financing activities		-		179,000
Net decrease in cash		(62,908)		(193,375)
Cash at beginning of period		80,878		292,603
Cash at end of period	$	17,970	$	99,228

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for :
Interest	$	-	$	-
Income Taxes	$	-	$	-

The accompanying notes are an integral part of these consolidated financial statements.


	June 30, 2022			September 30, 2021

Office furniture	$	5,536		$	5,536
		5,536			5,536
Less: Accumulated depreciation		(5,008	)		(2,214)
Property, plant, and equipment, net	$	528		$	3,322


	Nine months Ended
	June 30,
	2022			2021
US statutory rate		21	%		21	%
Income tax benefit at statutory rate	$	(33,978	)	$	(98,183	)
Change in valuation allowance		33,978			98,183
Income tax expense	$	-		$	-


	1)	We do not have an Audit Committee — While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities.


	2)	We lack internal accounting personnel who possesses U.S GAAP knowledge and working experience.


Exhibit No.		Description
31.1*		Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a)
31.2*		Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a)
32.1*		Certification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350
32.2*		Certification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350
101		iXBRL Instance Document ( Inline XBRL document- to be filed as amendment)


	Summit Networks Inc.

Date: August 15, 2022	By	/s/ Shuhua Liu
		Shuhua Liu
		Chief Executive Officer
		(Principal Executive Officer)


		Estimated Useful Life
Office furniture		3 years


*	Filed herewith.



	1.	I have reviewed this Quarterly Report on Form 10-Q of Summit Networks Inc.;



	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;



	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;



	4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:



	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;



	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;



	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and



	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and



	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and



	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: August 15, 2022	By:	/s/Shuhua Liu
		Shuhua Liu
		Chief Executive Officer and Director
		(Principal Executive Officer)



Date: August 15, 2022	By:	/s/YiYi Huang
		Yiyi Huang
		Chief Financial Officer and Director
		(Principal Financial and Accounting Officer)



	1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and



	2.	To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.