Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024

☐ Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 333-199108

SUMMIT NETWORKS INC.

(Exact Name of Registrant as Specified in Its Charter)

Nevada		35-2511257
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

3010-8888 Odlin Cresent, Richmond, BC Canada		V6X 3Z8
(Address of principal executive offices)		(Zip Code)

(604) 232-3968

(Registrant’s telephone number, including area code)

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Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of each of the issuer’s classes of common stock, as of March 31, 2024 is as follows:

Class of Securities		Shares Outstanding
Common Stock, $0.001 par value		68,431,657

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SUMMIT NETWORKS INC.

TABLE OF CONTENTS

		PAGE
PART I
Item 1.	Condensed Consolidated Unaudited Financial Statements	2
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	13
Item 4.	Controls and Procedures	13
PART II
Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3.	Defaults Upon Senior Securities	16
Item 4.	Mining Safety Disclosures	16
Item 5.	Other Information	16
Item 6.	Exhibits	17
	Signatures	17

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the financial position, business strategy and the plans and objectives of management for future operations of Summit Networks Inc. (the “Company”), are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the “Risk Factors” section of the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 5, 2022. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SUMMIT NETWORKS INC.

CONSOLIDATED BALANCE SHEETS


	March 31,		September 30,
	2024 (Unaudited)		2023 (Audited)
ASSETS
Current Assets:
Cash & cash equivalents	$	151,475	$	149,614
Deposits		5,045		12,545
Prepayments		2,218		2,218
Total Current Assets		158,738		164,377

Non-Current Assets:
Fixed assets, net		-		-
Total Non-Current Assets		-		-

TOTAL ASSETS	$	158,738	$	164,377

LIABILITIES & STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable and accrued expenses	$	31,723	$	123,847
Due to related parties		579,000		579,000
Total Current Liabilities		610,723		702,847

Commitments and Contingencies		-		-

Stockholders’ Deficit:
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 share issued and outstanding		-		-
Common stock, $0.001 par value, 500,000,000 shares authorized; 68,431,657 and 67,139,990 shares issued and outstanding as at March 31, 2024 and September 30, 2023		68,457		67,140
Additional paid-in capital		787,550		588,867
Accumulated deficit		(1,307,992		(1,194,477
Total Stockholders’ Deficit		(451,985		(538,470
TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT	$	158,738	$	164,377

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

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SUMMIT NETWORKS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	For three months ended					For six months ended
	March 31,			March 31,		March 31,			March 31,
	2024			2023		2024			2023

Revenue	$	-		$	-	$	-		$	-

Operating Expenses:
General and administrative expenses		62,870			51,648		115,285			79,833
Total operating expenses		62,870			51,648		115,285			79,833

Loss from operations		(62,870	)		(51,648		(115,285	)		(79,833

Other income
Interest income		398			1,080		1,770			1,080
Miscellaneous income		-			445		-			445
Rental income		-			310		-			310
Total other income		398			1,835		1,770			1,835

Loss from operation before income taxes		(62,472	)		(49,813		(113,515	)		(77,998

Income tax expenses		-			-		-			-

Net Loss	$	(62,472	)		(49,813	$	(113,515	)	$	(77,998
Basic net loss per share	$	0.00			(0.00	$	0.00		$	(0.00
Diluted net loss per share	$	0.00			(0.00	$	0.00		$	(0.00

Weighted average number of common shares outstanding		68,431,657			67,049,990		68,431,657			67,049,990

Diluted weighted average number of common shares outstanding		68,431,657			67,049,990		68,431,657			67,049,990

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

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SUMMIT NETWORKS INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIT

(Unaudited)


					Additional
	Common Stock				Paid-in		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balance at September 30, 2023		67,139,990	$	67,140	$	588,867	$	(1,194,477	)	$	(538,470
Issuance of common stock		666,667		667		99,333		-			100,000
Net loss		-		-		-		(51,043	)		(51,043
Balance at December 31, 2023		67,806,657		67,807		688,200		(1,245,520	)		(489,513
Issuance of common stock		625,000		650		99,350		-			100,000
Net loss		-		-		-		(62,472	)		(62,472
Balance at March 31, 2024		68,431,657	$	68,457	$	787,550	$	(1,307,992	)	$	(451,985

Balance at September 30, 2022		62,049,990	$	62,050	$	393,867	$	(1,218,255	)	$	(762,338
Issuance of common stock		5,000,000		5,000		195,000		-			200,000
Net loss		-		-		-		(28,185	)		(28,185
Balance at December 31, 2022		67,049,990		67,050		588,867		(1,246,440	)		(590,523
Net loss		-		-		-		(49,813	)		(49,813
Balance at March 31, 2023		67,049,990	$	67,050	$	588,867	$	(1,296,253	)	$	(640,336

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

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SUMMIT NETWORKS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For six months ended
	March 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(113,515	)	$	(77,998	)
Changes in operating assets and liabilities:
Deposits		-			(2,218	)
Prepayments		7,500			-
Accounts payable and accrued expenses		(92,124	)		19,622
Accounts payable - related parties		-			6,000
Net cash used in operating activities		(198,139	)		(54,594	)

CASH FLOWS FROM INVESTING ACTIVITY:
Investment in mutual funds	$	-			(2,665	)
Net cash used in investing activity		-			(2,665	)

CASH FLOWS FROM FINANCING ACTIVITY:
Proceeds from issuance of common stock	$	200,000		$	200,000
Net cash generated from financing activity		200,000			200,000

Net increase in cash and cash equivalents		1,861			142,741
Cash and cash equivalents at beginning of the period		149,614			8,829
Cash and cash equivalents at end of the period	$	151,475		$	151,570

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

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

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SUMMIT NETWORKS INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Summit Networks Inc. (together with its subsidiary, the “Company”) was incorporated under the laws of the State of Nevada on July 8, 2014. Originally, the Company was formed to engage in the development and operation of a business engaged in the distribution of glass craft products produced in China. On May 8, 2018, the Company acquired Real Capital Limited, a Hong Kong company (“Real Capital”), to seek opportunities in the food and beverage industry. On March 31, 2019, the Company entered into a Share Purchase Agreement (the “Real Capital SPA”) pursuant to which it sold its interests in Real Capital. The closing of the Real Capital SPA occurred on April 10, 2019.

On July 17, 2019, the Company received FINRA approval to effect a 10-for-1 stock dividend to holders of its common stock as of June 1, 2019, the record date for the dividend. As a result, common stock figures, share capital, additional paid in capital, and earnings per share information have been retroactively adjusted to reflect the stock dividend.

On May 8, 2020, Sumnet (Canada) Inc. (“Sumnet (Canada)”) was incorporated in Canada. Sumnet (Canada) issued all its ordinary shares to the Company so that Sumnet (Canada) became the wholly owned subsidiary of Company. On July 29, 2020, Smith Barney Enterprises Limited (“Smith Barney”) was incorporated in the British Virgin Islands. Smith Barney issued all its ordinary shares to the Company on July 29, 2020, so that Smith Barney became the wholly owned subsidiary of Company. On August 28, 2020, Green Energy (HK) Limited (“Green Energy”) was incorporated in Hong Kong. Green Energy issued all its ordinary shares to Smith Barney on August 28, 2020, so that Green Energy became the wholly owned subsidiary of Smith Barney. On September 27, 2020, Beijing Asian League Wins Technology Co., Ltd. (“Beijing ALW”) was incorporated in People’s Republic of China. Green Energy subscribed all capital stock of Beijing ALW on September 27, 2020, so that Beijing ALW became the wholly owned subsidiary of Green Energy.

On January 20, 2021, Beijing ALW and Green Energy entered into a series of contractual agreements (the “VIE Agreement”) with Hengshui Jingzhen Environmental Company Limited (“Hengshui Jingzhen”, or the “VIE”), whereby Beijing ALW gained control over Hengshui Jingzhen, a P.R. China company, which provides integrated hazardous waste management services, including collecting, transferring, disposing, and recycling of hazardous waste, primarily in Hebei, China. On March 29, 2021, the board of directors and a majority shareholder of the Company approved the termination of the VIE Agreements with Hengshui Jingzhen. On the same date, Beijing ALW, Hengshui Jingzhen, and Hengshui Jingzhen’s shareholders entered into a Termination Agreement (the “Termination Agreement”) to terminate all existing VIE Agreements signed on January 20, 2021. Pursuant to the Termination Agreement, all of the rights and obligations under the existing VIE Agreements were terminated and the Company no longer had control of Hengshui Jingzhen.

On January 20, 2021, the Company changed its fiscal year-end from July 31 to September 30.

On November 30, 2022, the Company signed a general agreement of cooperation with Future Era Tech Inc (hereinafter referred to as "FET"). In October 2023, SNTW and FET agreed to establish a new business model in the daily consumer goods segment, to organize suppliers to set up downstream companies and stores and direct supply chain to consumers, i.e. S2B2C. At present, we have completed our analysis of this model and a detailed business plan is being prepared. Management anticipates that the new business model will be funded through our next round of financing, if any deployment.

On April 13, 2023, the Company issued 90,000 shares of its common stock, par value $0.001 per share equitably allocated to Mr. Youyang (John) Cheng, the director, Mr. Jian Hua James Shu, the director and Mr. Weiwei (Ricky) Jiang, the director.

On October 2, 2023, the company issued 666,667 shares of common stock to Mrs. Chaoxia Huang, par value $ 0.15 per share for $100,000.05 as the operating capital.

On March 27, 2024, the company issued 625,000 shares of common stock to Mrs. Chaoying Huang, for $100,000 as the operating capital.

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NOTE 2. GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.

The Company had limited operations and has not generated any revenue since its inception, July 8, 2014, resulting in accumulated deficit of $1,307,992 as of March 31, 2024. There is no guarantee that Company will generate revenue and net income in the future. Since a trial order on December 28, 2022, shows that the company has moved from no revenue to a functioning business model.

At March 31, 2024, the Company had a working capital deficiency of $451,985. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include adjustments that might result from the outcome of this uncertainty.

The ability of the Company to continue as a going concern is dependent on the undertaking of its shareholders to provide continuing financial support to enable the Company to meet its liabilities as and when they fall due.

The Company actively looks for new business opportunities, and its operating expenses are solely relied on loans from the shareholders.

As a result of active investors’ participation, the Company's working capital shortfall for the period ending March 31, 2024 no longer exists.

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP).

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents are on deposit with financial institutions without any restrictions. As of March 31, 2024 and September 30, 2023, cash equivalents amounted to $151,475 and $149,614, respectively.

Fixed Assets, net

Property, plant and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related capitalized assets.

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Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Share-Based Compensation

The Company follows the provisions of ASC Topic 718, Compensation - Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, non-employee directors, and consultants. Stock compensation expense, which is based on the grant date’s fair value estimated in accordance with the provisions of ASC 718, is recognized as an expense over the requisite service period, and the Company made a policy election to recognize forfeitures when they occur.

Income Taxes

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes''. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

Net Loss per share

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

Fair Value

ASC 740 provides guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. If the Company determines that an uncertain tax position exists in which the Company could incur income taxes, the Company will evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. A liability for uncertain tax positions would then be recorded if the Company determined it is more likely than not that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. The Company does not believe any uncertain tax positions exist that would result in the Company having a liability to the taxing authorities. The Company classifies interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and other expense in the statements of operations. As of March 31, 2024, the Company did not have any amounts recorded pertaining to uncertain tax positions

Fair Value Measurements

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

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ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

The Company has no assets or liabilities valued at fair value on a recurring basis.

Recent Accounting Pronouncements

The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

NOTE 4. EXECUTION AND TERMINATION OF VIE AGREEMENTS

On January 20, 2021, Beijing ALW and Green Energy entered into a series of contractual arrangements, including Equity Pledge Agreement, Exclusive Technology Development, Consulting and Services Agreement, Exclusive Option Agreement, and Irrevocable Power of Attorney (collectively, the “VIE Agreements”) with Hengshui Jingzhen, whereby Beijing ALW gained control over Hengshui Jingzhen, a P.R. China company, which provides integrated hazardous waste management services, including collecting, transferring, disposing, and recycling of hazardous waste, primarily in Hebei, China. This transaction was accounted for as a reverse merger in which the Company was the legal acquirer and Hengshui Jingzhen was the accounting acquirer.

On March 29, 2021, due to changes of the Company’s business plan, the board of directors and a majority shareholder of the Company approved the termination of the VIE Agreements with Hengshui Jingzhen. On the same date, Beijing ALW, Hengshui Jingzhen, and Hengshui Jingzhen’s shareholders entered into a Termination Agreement to terminate all existing VIE Agreements signed on January 20, 2021. Pursuant to the Termination Agreement, all of the rights and obligations under the existing VIE Agreements were terminated and the Company had no control of Hengshui Jingzhen. Currently, two wholly-owned BVI subsidiaries, Smith Barney, Green Energy and Beijing ALW were terminated. Therefore, in order to avoid unforeseen risk, we ceased our waste disposal and pollution treatment business in China.

NOTE 5. FIXED ASSETS, NET

Fixed assets consisted of the following:

Schedule of fixed assets
	March 31, 2024			September 30, 2023

Office furniture	$	5,536		$	5,536
		5,536			5,536
Less: Accumulated depreciation		(5,536	)		(5,536	)
Property, plant, and equipment, net	$	-		$	-

Depreciation expense for the three months ended March 31, 2024 and 30 September 2023 were $Nil 0 and $Nil, 0 respectively.

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NOTE 6. RELATED PARTY BALANCES AND TRANSACTIONS

Related Party Balances

(i) Amounts due to related parties:

As of March 31, 2024 and September 30, 2023, the amounts due to the shareholders of the Company, Shuhua Liu and Chiu Kin Wong, were $579,000 and $579,000, respectively, which were unsecured, non-interest bearing with no specific repayment terms.

NOTE 7. STOCKHOLDERS’ EQUITY

On July 8, 2019, the Company filed an Amended and Restated Articles of Incorporation (the "Restated Charter") with the Secretary of State of the State of Nevada. Pursuant to the Restated Charter, the Company's capital stock consists of 510,000,000 shares, of which 500,000,000 are designated common stock and 10,000,000 are designated as preferred stock.

On January 7, 2020, in connection with the MoralArrival Share Exchange Agreement, the Company issued 3,000,000 shares of common stock to Ms. Liu. On November 11, 2020, the Share Exchange Agreement with MoralArrival was terminated and the 3,000,000 shares issued to Ms. Liu were cancelled.

On February 3, 2021, the Company issued 500,000 shares of common stock to Catalpa Holdings, Inc., a third party, as compensation for its consulting services. The fair value of 500,000 was determined to be $15,000 and was recognized as stock- based compensation for the year ended September 30, 2021.

On May 13, 2021, the Company issued 500,000 shares of common stock to Mr. Jun Du, the Chief Operating Officer. The fair value of 500,000 was determined to be $15,000 and was recognized as stock-based compensation for the year ended September 30, 2021.

On November 30, 2022, the Company and Future Era Tech (“FET”) signed a master agreement for cooperation. FET purchased 5,000,000 shares for $0.04 and acquired the independent management rights and management rights of the company's subsidiary, SUMNET. FET mainly operates clean energy methanol flameless boilers, as well as the research and development and sales of automated production lines. By December 29, the $200,000 investment had been fully credited to the transaction. The first trial order has also been executed by December 29, 2022.

On October 2, 2023, the company issued 666,667 shares of common stock to Mrs. Chaoxia Huang, par value $ 0.15 per share for $100,000.05 as the operating capital.

On March 27, 2024, the company issued 625,000 shares of common stock to Mrs. Chaoying Huang, par value $ 0.16 per share for $100,000 as the operating capital.

As of March 31, 2024, the Company had 68,431,657 shares of common stock issued and outstanding.

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NOTE 8 - INCOME TAXES

The reconciliation of income tax benefit at the U.S. statutory rate of 21% for six months ended March 31, 2024 and 2023 to the Company’s effective tax rate is as follows:


	Six Months Ended
	March 31,
	2024			2023
US statutory rate		21	%		21	%
Income tax benefit at statutory rate	$	(23,838	)	$	(16,380	)
Change in valuation allowance		23,838			16,380
Income tax expense	$	-		$	-

NOTE 9. SUBSEQUENT EVENTS

In accordance with FASB ASC 855-10 Subsequent Events, the Company has analyzed its operations subsequent to March 31, 2024 to the date these consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements, except as follow:

On April 8, 2024, Summit Networks, Inc. (“SNTW”) entered into a stock purchase agreement with the shareholders of St. Mega Enterprises, a Canadian corporation, located in British Columbia Canada, (“Mega”). Mega has more than thirty (30) years of experience in the business of designing, manufacturing, and installing wood products, including cabinets and the construction of houses. Under the terms of the stock purchase agreement, SNTW will acquire all the outstanding common stock of Mega and Mega will become a wholly owned subsidiary of SNTW. The shareholders of Mega will receive 20,000,000 shares of the common stock of SNTW. The transaction has been approved by the Board of Directors of SNTW, subject to certain contingencies. In addition, the final closing will be subject to completion following all necessary due diligence issues and regulatory approvals. At present, a detailed business plan is being prepared. As the start-up project needs financial support, SNTW’s next round of financing is already being deployed.

On April 10, 2024, Ms. Shuhua Liu resigned as CEO of Summit Networks Inc. (the “Company”). The board of directors (the “Board”) appointed the following individuals of the Company: Mr. Stephen Kok Koon Tan ("Mr. Tan") as the new CEO as well as a Director; and Xian Nan Zheng as Board Secretary ("Ms. Zheng") and she will remain as a Director. At this time, the Company and these individuals have not entered into any arrangement regarding the payment of compensation for acting as an officer or a director of the Company.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward- looking statements. Factors that could cause or contribute to such differences include but are not limited to those discussed below and elsewhere in this Report. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

This section provides management’s discussion of the financial condition, changes in financial condition and results of operations of Summit Networks, Inc. with specific information on results of operations and liquidity and capital resources. It includes management’s interpretation of our financial results, the factors affecting these results, the major factors expected to affect future operating results and future investment and financing plans. This discussion should be read in conjunction with our consolidated financial statements and notes thereto.

Several factors exist that could influence our future financial performance and some of those are discussed below and elsewhere in this report. They should be considered in connection with evaluating forward-looking statements contained in this report or otherwise made by us or on our behalf since these factors could cause actual results and conditions to differ materially from those set out in such forward-looking statements.

Background

Summit Networks Inc. (together with its subsidiary, the “Company”) was incorporated under the laws of the State of Nevada on July 8, 2014. Originally, the Company was formed to engage in the distribution of glass craft products produced in China. On May 8, 2018, we acquired Real Capital Limited, a Hong Kong company (“Real Capital”), to seek opportunities in the food and beverage industry. On March 31, 2019, the Company entered into a Share Purchase Agreement (the “Real Capital SPA”) pursuant to which it sold its interests in Real Capital. The closing of the Real Capital SPA occurred on April 10, 2019.

Results of Operations

During the six months ended March 31, 2024 and 2023, we generated no revenues. Our operating expenses for the same periods were comprised of general and administrative expenses of $115,285 and $79,833, respectively. Our general and administrative expenses consisted of mainly professional fees for the six months ended March 31, 2024 and 2023, respectively. The increase in general and administrative expenses was mainly due to the increase of salaries, rent and professional fees.

Our total assets as of March 31, 2024 were $158,738.

As of March 31, 2024, the Company had 68,431,657 shares of common stock issued and outstanding.

As of March 31, 2024 and September 30, 2023, there are a total of $579,000 and $579,000 in amounts respectively, due to related parties and shareholders were interest free, unsecured and payable on demand.

Based on our current operating plan, we may need to obtain additional financing to operate our business. Additional financing, whether through public or private equity or debt financing, or if available.

Liquidity and Capital Resources

The Company had a negative operating cash flow of $198,139 for the six months ended March 31, 2024, and a negative operating cash flow of $54,594 for the six months ended March 31, 2023. Such increase was primarily due to increase in general and administrative expenses in six months ended March 31, 2024 and 2023.

The net cash generated from financing activity resulted from the proceeds from capital raising amounting to $200,000.

-12-

The Company’s financial statements have been prepared on a going-concern basis which contemplates the realization of an asset and the settlement of liabilities and commitments in the normal course of business. The Company’s liquidity and capital needs relate primarily to working capital and other general corporate requirements. The Company’s operations currently provide cash flow. The business will require significant amounts of capital in the near term to sustain operations and make the investments it needs to continue operations and execute its longer-term business plan. As of March 31, 2024 we had $151,475 in cash. The working capital deficits were $451,985 and $538,470 for the six months ended March 31, 2024, and September 30, 2023, respectively. These factors raise confidence about our ability to continue as a going concern as discussed in the footnotes to our financial statements.

However, the company’s management team has established a new plan for financing the company’s operations in the short run, consisting of financial support from our current shareholders and management. The company is currently working on developing a new business plan.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 under the Exchange Act, our management has carried out an evaluation, with the participation and under the supervision of our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2024. Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating and implementing possible controls and procedures.

Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on our evaluation, our Principal Executive Officer and Principal Financial Officer, after considering the existence of material weaknesses identified, determined that our internal control over disclosure controls and procedures were not effective as of March 31, 2024.

-13-

Material Weakness in Internal Control Over Financial Reporting

Management conducted its evaluation of disclosure controls and procedures under the supervision of our chief executive officer and our chief financial officer. Based upon, and as of the date of this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were ineffective as of March 31, 2024, due to the following material weaknesses that our management identified in our internal control over financial reporting as of March 31, 2024:

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.

Management has evaluated, and continues to evaluate, avenues for mitigating our internal controls weaknesses, but mitigating controls to completely mitigate internal control weaknesses have been deemed to be impractical and prohibitively costly, due to the size of our organization at the current time. Management expects to continue to use reasonable care in following and seeking improvements to effective internal control processes that have been and continue to be in use at the Company.

We plan to take steps to remediate this material weaknesses as soon as practicable by implementing a plan to improve our internal control over financial reporting including, but not limited to, hiring additional staff who has U.S. GAAP knowledge and working experience and/or maintaining outside consultants experienced in U.S. GAAP financial reporting as well as in SEC reporting requirements. Our management team will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements.

Evaluation of Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles.

Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with the authorization of our management and directors, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management, including our Principal Executive Officer and Principal Financial Officer, assessed the effectiveness of our internal control over financial reporting as of March 31, 2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control – Integrated Framework (2013).

-14-

We identified the following deficiencies which together constitute a material weakness in our assessment of the effectiveness of internal control over financial reporting as of March 31, 2024:

The Company has inadequate segregation of duties in the preparation of our financial statements.

During the period ended March 31, 2024 the Company internally performed all aspects of its financial reporting process, including, but not limited to the underlying accounting records and the recording of journal entries and for the preparation of financial statements. This process was deficient, because these duties were performed often times by the same people, and therefore a lack of review was created over the financial reporting process that might result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to our interim or annual financial statements that would not be prevented or detected.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of the control system, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

This report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only management’s report in this annual report.

We regularly review our system of internal control over financial reporting to ensure that we maintain an effective internal control environment. If deficiencies appear in our internal controls, management will make changes that address those deficiencies.

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed by, or under the supervision of, our president (our principal executive officer and our principal accounting officer and principal financial officer), to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of our company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of our company are being made only in accordance with authorizations of management and directors of our company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not provide absolute assurance that a misstatement of our financial statements would be prevented or detected.

Further, the evaluation of the effectiveness of internal control over financial reporting was made as of a specific date, and continued effectiveness in future periods is subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

-15-

Our management has conducted, with the participation of our president (our principal executive officer, our principal accounting officer and our principal financial officer), an evaluation of evaluated the effectiveness of our internal control over financial reporting as of March 31, 2024 in accordance with the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control — Integrated Framework. Based on this assessment, management concluded that as of March 31, 2024, our company’s internal control over financial reporting was not effective for the reasons set forth above. Our Company is in the process of adopting specific internal control mechanisms. Future controls, among other things, will include more checks and balances and communication strategies between the management and the board to ensure efficient and effective oversight over company activities as well as more stringent accounting policies to track and update our financial reporting.

Changes in Internal Control over Financial Reporting

There were no changes in our internal controls over financial reporting during the three months ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We are not currently involved in any material legal proceedings nor are we aware of any pending or potential legal actions.

ITEM 1A. RISK FACTORS.

As a smaller reporting company, the Company is not required to provide this information.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

As previously reported on March 27, 2024, the Company issued 625,000 shares of common stock to Ms. Chaoying Huang for $100,000. The shares were issued in a private placement, in accordance with applicable laws and rules.

ITEM 3 DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.

-16-

ITEM 6. EXHIBITS.

The following exhibits are included with this quarterly filing:

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*		XBRL Instance Document (XBRL tags are embedded within the Inline XBRL document)
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Summit Networks Inc.

Date: May 14, 2024	By:	/s/ Stephen Kok Koon Tan
		(Principal Executive Officer)

-17-

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECURITIES EXCHANGE ACT RULES 13A-14(A) AND 15D-14(A)
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen Kok Koon Tan, certify that:


	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


	5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


	(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: May 14, 2024	By:	/s/Stephen Kok Koon Tan
		Stephen Kok Koon Tan
		Chief Executive Office
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECURITIES EXCHANGE ACT RULES 13A-14(A) AND 15D-14(A)
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Yiyi Huang, certify that:


	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


	5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


	(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: May 14, 2024	By:	/s/YiYi Huang
		Yiyi Huang
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Summit Networks Inc. (the “Company”) for the period ended March 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Stephen Kok Koon Tan, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:


	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.


Date: May 14, 2024	By:	/s/Stephen Kok Koon Tan
		Stephen Kok Koon Tan
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Summit Networks Inc. (the “Company”) for the period ended March 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Yiyi Huang, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:


	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.


Date: May 14, 2024	By:	/s/YiYi Huang
		Yiyi Huang
		Chief Financial Officer and Director
		(Principal Financial and Accounting Officer)

Cover	6 Months Ended
Cover	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--09-30
Entity File Number	333-199108
Entity Registrant Name	SUMMIT NETWORKS INC.
Entity Central Index Key	0001619096
Entity Tax Identification Number	35-2511257
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	3010-8888 Odlin Cresent
Entity Address, City or Town	Richmond
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6X 3Z8
City Area Code	(604)
Local Phone Number	232-3968
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	68,431,657

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Current Assets:
Cash & cash equivalents	$ 151,475	$ 149,614
Deposits	5,045	12,545
Prepayments	2,218	2,218
Total Current Assets	158,738	164,377
Non-Current Assets:
Fixed assets, net
Total Non-Current Assets
TOTAL ASSETS	158,738	164,377
Current Liabilities:
Accounts payable and accrued expenses	31,723	123,847
Due to related parties	579,000	579,000
Total Current Liabilities	610,723	702,847
Stockholders’ Deficit:
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 share issued and outstanding
Common stock, $0.001 par value, 500,000,000 shares authorized; 68,431,657 and 67,139,990 shares issued and outstanding as at March 31, 2024 and September 30, 2023	68,457	67,140
Additional paid-in capital	787,550	588,867
Accumulated deficit	(1,307,992)	(1,194,477)
Total Stockholders’ Deficit	(451,985)	(538,470)
TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT	$ 158,738	$ 164,377

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	68,431,657	67,139,990
Common stock, shares outstanding	68,431,657	67,139,990

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue
Operating Expenses:
General and administrative expenses	62,870	51,648	115,285	79,833
Total operating expenses	62,870	51,648	115,285	79,833
Loss from operations	(62,870)	(51,648)	(115,285)	(79,833)
Other income
Interest income	398	1,080	1,770	1,080
Miscellaneous income		445		445
Rental income		310		310
Total other income	398	1,835	1,770	1,835
Loss from operation before income taxes	(62,472)	(49,813)	(113,515)	(77,998)
Income tax expenses
Net Loss	$ (62,472)	$ (49,813)	$ (113,515)	$ (77,998)
Basic Net loss per share	$ 0.00	$ (0.00)	$ 0.00	$ (0.00)
Diluted Net loss per share	$ 0.00	$ (0.00)	$ 0.00	$ (0.00)
Weighted average number of common shares outstanding	68,431,657	67,049,990	68,431,657	67,049,990
Diluted weighted average number of common shares outstanding	68,431,657	67,049,990	68,431,657	67,049,990

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Sep. 30, 2022	$ 62,050	$ 393,867	$ (1,218,255)	$ (762,338)
Beginning balance, shares at Sep. 30, 2022	62,049,990
Issuance of common stock	$ 5,000	195,000		200,000
Issuance of common stock, shares	5,000,000
Net loss			(28,185)	(28,185)
Ending balance, value at Dec. 31, 2022	$ 67,050	588,867	(1,246,440)	(590,523)
Ending balance, shares at Dec. 31, 2022	67,049,990
Net loss			(49,813)	(49,813)
Ending balance, value at Mar. 31, 2023	$ 67,050	588,867	(1,296,253)	(640,336)
Ending balance, shares at Mar. 31, 2023	67,049,990
Beginning balance, value at Sep. 30, 2023	$ 67,140	588,867	(1,194,477)	(538,470)
Beginning balance, shares at Sep. 30, 2023	67,139,990
Issuance of common stock	$ 667	99,333		100,000
Issuance of common stock, shares	666,667
Net loss			(51,043)	(51,043)
Ending balance, value at Dec. 31, 2023	$ 67,807	688,200	(1,245,520)	(489,513)
Ending balance, shares at Dec. 31, 2023	67,806,657
Issuance of common stock	$ 650	99,350		100,000
Issuance of common stock, shares	625,000
Net loss			(62,472)	(62,472)
Ending balance, value at Mar. 31, 2024	$ 68,457	$ 787,550	$ (1,307,992)	$ (451,985)
Ending balance, shares at Mar. 31, 2024	68,431,657

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (113,515)	$ (77,998)
Changes in operating assets and liabilities:
Deposits		(2,218)
Prepayments	7,500
Accounts payable and accrued expenses	(92,124)	19,622
Accounts payable - related parties		6,000
Net cash used in operating activities	(198,139)	(54,594)
CASH FLOWS FROM INVESTING ACTIVITY:
Investment in mutual funds		(2,665)
Net cash used in investing activity		(2,665)
CASH FLOWS FROM FINANCING ACTIVITY:
Proceeds from issuance of common stock	200,000	200,000
Net cash generated from financing activity	200,000	200,000
Net increase in cash and cash equivalents	1,861	142,741
Cash and cash equivalents at beginning of the period	149,614	8,829
Cash and cash equivalents at end of the period	151,475	151,570
Cash paid during the period for:
Interest
Income Taxes

ORGANIZATION AND DESCRIPTION OF BUSINESS

6 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS

On January 20, 2021, the Company changed its fiscal year-end from July 31 to September 30.

On October 2, 2023, the company issued 666,667 shares of common stock to Mrs. Chaoxia Huang, par value $ 0.15 per share for $100,000.05 as the operating capital.

On March 27, 2024, the company issued 625,000 shares of common stock to Mrs. Chaoying Huang, for $100,000 as the operating capital.

GOING CONCERN

6 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN

NOTE 2. GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.

The Company actively looks for new business opportunities, and its operating expenses are solely relied on loans from the shareholders.

As a result of active investors’ participation, the Company's working capital shortfall for the period ending March 31, 2024 no longer exists.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP).

Use of Estimates

Cash and Cash Equivalents

Fixed Assets, net

Property, plant and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related capitalized assets.

Related parties

Share-Based Compensation

Income Taxes

Net Loss per share

Fair Value

Fair Value Measurements

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

The Company has no assets or liabilities valued at fair value on a recurring basis.

Recent Accounting Pronouncements

EXECUTION AND TERMINATION OF VIE AGREEMENTS

6 Months Ended

Mar. 31, 2024

Execution And Termination Of Vie Agreements

EXECUTION AND TERMINATION OF VIE AGREEMENTS

NOTE 4. EXECUTION AND TERMINATION OF VIE AGREEMENTS

FIXED ASSETS, NET

6 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

FIXED ASSETS, NET

NOTE 5. FIXED ASSETS, NET

Fixed assets consisted of the following:

Schedule of fixed assets
	March 31, 2024			September 30, 2023

Office furniture	$	5,536		$	5,536
		5,536			5,536
Less: Accumulated depreciation		(5,536	)		(5,536	)
Property, plant, and equipment, net	$	-		$	-

Depreciation expense for the three months ended March 31, 2024 and 30 September 2023 were $Nil 0 and $Nil, 0 respectively.

RELATED PARTY BALANCES AND TRANSACTIONS

6 Months Ended

Mar. 31, 2024

RELATED PARTY BALANCES AND TRANSACTIONS

NOTE 6. RELATED PARTY BALANCES AND TRANSACTIONS

Related Party Balances

(i) Amounts due to related parties:

STOCKHOLDERS’ EQUITY

6 Months Ended

Mar. 31, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 7. STOCKHOLDERS’ EQUITY

On October 2, 2023, the company issued 666,667 shares of common stock to Mrs. Chaoxia Huang, par value $ 0.15 per share for $100,000.05 as the operating capital.

On March 27, 2024, the company issued 625,000 shares of common stock to Mrs. Chaoying Huang, par value $ 0.16 per share for $100,000 as the operating capital.

As of March 31, 2024, the Company had 68,431,657 shares of common stock issued and outstanding.

INCOME TAXES

6 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 8 - INCOME TAXES

The reconciliation of income tax benefit at the U.S. statutory rate of 21% for six months ended March 31, 2024 and 2023 to the Company’s effective tax rate is as follows:


	Six Months Ended
	March 31,
	2024			2023
US statutory rate		21	%		21	%
Income tax benefit at statutory rate	$	(23,838	)	$	(16,380	)
Change in valuation allowance		23,838			16,380
Income tax expense	$	-		$	-

SUBSEQUENT EVENTS

6 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 9. SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are on deposit with financial institutions without any restrictions. As of March 31, 2024 and September 30, 2023, cash equivalents amounted to $151,475 and $149,614, respectively.
Fixed Assets, net	Fixed Assets, net Property, plant and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related capitalized assets.
Related parties	Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.
Share-Based Compensation	Share-Based Compensation The Company follows the provisions of ASC Topic 718, Compensation - Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, non-employee directors, and consultants. Stock compensation expense, which is based on the grant date’s fair value estimated in accordance with the provisions of ASC 718, is recognized as an expense over the requisite service period, and the Company made a policy election to recognize forfeitures when they occur.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes''. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.
Net Loss per share	Net Loss per share The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.
Fair Value	Fair Value ASC 740 provides guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. If the Company determines that an uncertain tax position exists in which the Company could incur income taxes, the Company will evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. A liability for uncertain tax positions would then be recorded if the Company determined it is more likely than not that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. The Company does not believe any uncertain tax positions exist that would result in the Company having a liability to the taxing authorities. The Company classifies interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and other expense in the statements of operations. As of March 31, 2024, the Company did not have any amounts recorded pertaining to uncertain tax positions
Fair Value Measurements	Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

FIXED ASSETS, NET (Tables)

6 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of fixed assets

Schedule of fixed assets
	March 31, 2024			September 30, 2023

Office furniture	$	5,536		$	5,536
		5,536			5,536
Less: Accumulated depreciation		(5,536	)		(5,536	)
Property, plant, and equipment, net	$	-		$	-

INCOME TAXES (Tables)

6 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of reconciliation of income tax benefit


	Six Months Ended
	March 31,
	2024			2023
US statutory rate		21	%		21	%
Income tax benefit at statutory rate	$	(23,838	)	$	(16,380	)
Change in valuation allowance		23,838			16,380
Income tax expense	$	-		$	-

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($)			1 Months Ended	6 Months Ended
	Oct. 02, 2023	Apr. 13, 2023	Mar. 27, 2024	Mar. 31, 2024	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Entity incorporation, state or country code				NV
Entity incorporation, date of incorporation				Jul. 08, 2014
Shares issued		90,000
Share Price		$ 0.001
Operating capital				$ 200,000	$ 200,000
Mr Chaoxia Huang [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued	666,667
Share Price	$ 0.15
Operating capital	$ 100,000
Mrs. Chaoying Huang [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued			625,000
Operating capital			$ 100,000

GOING CONCERN (Details Narrative) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 1,307,992	$ 1,194,477
Working capital deficiency	$ 451,985

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Cash equivalents	$ 151,475	$ 149,614

FIXED ASSETS (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 5,536	$ 5,536
Less: Accumulated depreciation	(5,536)	(5,536)
Fixed assets, net
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 5,536	$ 5,536

FIXED ASSETS, NET (Details Narrative) - USD ($)	6 Months Ended
FIXED ASSETS, NET (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0	$ 0

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Amounts due to shareholders	$ 579,000	$ 579,000

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)					1 Months Ended		6 Months Ended		12 Months Ended
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	Oct. 02, 2023	Apr. 13, 2023	Nov. 11, 2020	Jan. 07, 2020	Mar. 27, 2024	Jul. 17, 2019	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2021	Sep. 30, 2023	May 13, 2021	Feb. 03, 2021	Jul. 08, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares designated													510,000,000
Stockholders' equity note, stock split						Company received FINRA approval to effect a 10-for-1 stock dividend to holders of its common stock as of June 1, 2019, the record date for the dividend. As a result, common stock figures, share capital, additional paid in capital, and earnings per share information have been retroactively adjusted for all periods presented to reflect the stock dividend.
Shares issued		90,000
Common stock, shares issued							68,431,657			67,139,990
Share Price		$ 0.001
Operating capital							$ 200,000	$ 200,000
Mr Chaoxia Huang [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued	666,667
Share Price	$ 0.15
Operating capital	$ 100,000
Mr Chaoying Huang [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued					625,000
Share Price					$ 0.16
Operating capital					$ 100,000
Ms. Liu [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares cancelled			3,000,000
Catalpa Holdings, Inc. [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares issued												500,000
Fair value of stock based compensation, shares									500,000
Stock-based compensation									$ 15,000
Mr. Jun Du [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares issued											500,000
Fair value of stock based compensation, shares									500,000
Stock-based compensation									$ 15,000
Mr. Youyang (John) Cheng [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued		90,000
Mr. Jian Hua James Shu [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share Price		$ 0.001
Moral Arrival Share Exchange Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued				3,000,000
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares designated													500,000,000
Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares designated													10,000,000

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
US statutory rate			21.00%	21.00%
Income tax benefit at statutory rate			$ (23,838)	$ (16,380)
Change in valuation allowance			23,838	16,380
Income tax expense

INCOME TAXES (Details Narrative)	6 Months Ended
INCOME TAXES (Details Narrative)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
U.S. statutory rate income tax benefit percentage	21.00%	21.00%

SUBSEQUENT EVENTS (Details Narrative) - shares	Apr. 08, 2024	Apr. 13, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued in transaction		90,000
Mega [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued in transaction	20,000,000