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Summit Networks Inc (SNTW0.00%). has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reports that Summit Networks Inc. generated $1,900 in passive revenues for the year ended September 30, 2024, consistent with the previous year. Operating expenses for the same period were $230,550, resulting in a net loss of $216,150, compared to a net income of $23,778 in the prior year.
The company's total assets as of September 30, 2024, were $2,679,796, with liabilities amounting to $592,416. The company had 88,711,657 shares of common stock issued and outstanding as of that date.
Summit Networks Inc. has identified a material weakness in its internal control over financial reporting, specifically in the segregation of duties. Management has acknowledged the difficulty of maintaining appropriate segregation of duties due to the limited size of the organization.
The company reported a negative cash flow of $103,288 for the year ended September 30, 2024, compared to a positive cash flow of $140,785 in the previous year. The negative cash flow was primarily due to increased operating expenses.
Summit Networks Inc. has not paid any dividends on its common stock and plans to retain future earnings for business use. The company does not have an equity compensation plan in place.
The company has undergone several stock transactions during the fiscal year, including issuing shares for consulting services and operating capital. A reverse merger agreement with 1103001 B.C. Ltd. was rescinded in October 2024.
Summit Networks Inc. has not been involved in any material legal proceedings and does not anticipate any significant legal actions.
The company is undertaking a digital transformation initiative aimed at enhancing operational efficiency and financial transparency. This initiative aligns with regulatory requirements and focuses on improving profitability through entrepreneurial digital projects.
Summit Networks Inc.'s board of directors includes independent members, and the company does not have separate standing audit, nominating, or compensation committees. The board is responsible for approving related party transactions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Summit Networks Inc annual 10-K report dated December 23, 2024. To report an error, please email earnings@qz.com.