UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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ITEM 8.01 Other Events
The board of directors of Summit Networks. Inc. (“the Company”) has announced its approval of a digital transformation project. In cooperation with its wholly owned subsidiary, SUMNET Networks, Inc., a Canadian corporation, the Company plans to implement a comprehensive digital transformation strategy. This initiative is designed to improve operational efficiency, strengthen market positioning, and insure regulatory compliance.
The first phase of the project will be the integration of legal, financial and operational documents into a secured digital repository. The categories in this repository include financial statements, SEC filings and regulatory reports. A third category will be contracts, board resolutions and operational policies.
As part of this initiative the Company will implement processes to automate workflows for board approvals, financial reporting and internal communications.
The Company plans to establish a cloud based site where it will share real time data access that will allow of multi-location collaboration. The cost of the project is expected to be $50,000, with the Company bearing 60% total of that total cost and the subsidiary bearing 40% of the total cost. The purpose of this project is to position the Company as a leader in adopting modern technologies, to ensure adherence to government regulations, to streamline reporting of financial data and to improve operational efficiency.
The project commenced on December 1, 2024 and is expected to be completed by December 30, 2024.
ITEM 9.01 Financial Statements and Exhibits.
None.
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. | ||
| Dated: December 11, 2024 | By: | /s/ Chao Long Huang |
| Chao Long Huang, CEO | ||
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