M&A: Summit Networks Inc.
Form Type: 10-K
Filing Date: 2024-12-23
Corporate Action: Acquisition
Type: Update
Accession Number: 000109181824000158
Comments: Summit Networks Inc. (the Company) was incorporated in Nevada and has undergone several strategic changes since its formation in 2014. Initially engaged in distributing glass craft products, the Company pivoted towards the food and beverage sector after acquiring Real Capital Limited in 2018. By 2019, the Company had sold its interests in Real Capital and underwent a stock dividend issuance. The establishment of subsidiaries in Canada and the British Virgin Islands further demonstrated its expansion strategy. A significant development was the stock purchase agreement with 1103001 B.C. Ltd., facilitating an acquisition that was later terminated in October 2024 in favor of a Reverse Merger Agreement, indicating a reactive strategy to consolidate assets and minimize losses. The fiscal year ended September 30, 2024, exhibited a net loss of $216,150, with total assets amounting to $2,679,796, reflecting ongoing operational challenges despite active financing efforts. Summit Networks emphasized adapting its business model in collaboration with Future Era Tech, aiming to enhance market engagement through direct supply chain initiatives. The report underscores a cautious outlook, highlighting the need for robust financing strategies amidst fluctuating revenue streams and overall operational uncertainties.
Document Link: View Document
Additional details:
Business Overview: Originally formed to engage in distribution of glass craft products, pivoted to food and beverage industry.
Acquisition Details: Acquired 1103001 B.C. Ltd., dba St. Mega Enterprises, and later entered a Reverse Merger Agreement.
Net Loss: 216150
Report Period: 2024-09-30
Total Assets: 2679796
Report Period: 2024-09-30
Cash Flow Operation: -103288
Report Period: 2024-09-30
New Business Model: Collaboration with Future Era Tech to establish a new consumer goods model.
Share Issuance: Issuance of shares for operating capital and consulting services throughout 2023-2024.
Share Return: 20000000 shares returned to the Company's share pool on December 12, 2024.