Summit Networks Reports No Revenue and $98,434 Net Loss for December 31, 2024

Summit Networks Inc. reported no revenue for the period ending December 31, 2024, resulting in a net loss of $98,434. This marks a significant decrease in losses compared to the previous fiscal year, where the company recorded a net loss of $216,150 for the year ending September 30, 2024, and a net income of $23,778 for the year ending September 30, 2023. The company's operating expenses for the recent quarter were primarily attributed to general and administrative costs, which totaled $98,434, a reduction from $230,550 in the previous year. The decrease in expenses is largely due to lower accounting and legal fees, as well as reduced payroll costs associated with the shorter reporting period.

In terms of strategic developments, Summit Networks has undergone several organizational changes, including the issuance of shares for operational capital and consulting services. Notably, the company issued 666,667 shares to Mrs. Chaoxia Huang for $100,000 in October 2023 and 625,000 shares to Mrs. Chaoying Huang for a similar amount in March 2024. Additionally, the company entered into a stock purchase agreement to acquire 1103001 B.C. Ltd., which was later rescinded in October 2024. The company has also established a partnership with Future Era Tech Inc. to explore a new business model in the consumer goods segment, although the contract with FET will not be renewed due to unmet product specifications.

As of December 31, 2024, Summit Networks had total assets of $234,676 and total liabilities of $645,730, resulting in a stockholders' deficit of $411,054. The company had 68,911,657 shares of common stock issued and outstanding. The liabilities primarily consist of debts due to related parties, which increased from $579,000 in September 2024 to $629,000 by the end of December 2024. The company reported a negative cash flow of $7,096 for the recent quarter, compared to a negative cash flow of $103,288 for the year ending September 30, 2024.

Looking ahead, Summit Networks' management has expressed confidence in the company's ability to continue as a going concern, despite the accumulated deficit of $1,509,061. The company is actively seeking new business opportunities and plans to rely on financial support from shareholders to meet its operational needs. Management has also outlined a project plan for 2025-2026, which includes establishing a new team of IT professionals and enhancing the company's digital capabilities. However, the company acknowledges the risks associated with its current financial position and the need for ongoing support to sustain operations.