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Summit Networks Inc (SNTW0.00%). has submitted its Form 10-K filing for the transition period from October 1, 2024, to December 31, 2024.
The filing indicates that Summit Networks did not generate any revenue during the period ended December 31, 2024. The company reported operating expenses of $98,434, resulting in a net loss of $98,434 for the period.
As of December 31, 2024, Summit Networks reported total assets of $234,676 and total liabilities of $645,730. The company had 68,911,657 shares of common stock issued and outstanding.
The company disclosed that it had a negative cash flow of $7,096 for the period ended December 31, 2024. The principal sources of funds were advances from related parties.
Summit Networks' financial statements have been prepared on a going-concern basis, with management citing financial support from current shareholders and management as critical for continuing operations.
The company has not adopted an equity compensation plan and has no securities authorized or reserved for issuance under any equity compensation plan.
Summit Networks reported a material weakness in its internal control over financial reporting related to the segregation of duties.
The company is not currently involved in any material legal proceedings and is not aware of any pending or potential legal actions.
Summit Networks' common stock is quoted on OTCQB under the symbol 'SNTW'. The company has not paid or declared any dividends on its common stock.
Summit Networks' board of directors includes Shuhua Liu, Xian Nan (Delia) Zheng, Youyang (John) Cheng, Jianhua (James) Shu, Weiwei (Ricky) Jiang, Chao Long (Charlene) Huang, and Xuezhi (George) Ma.
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 March 28, 2025. To report an error, please email earnings@qz.com.