Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 last 90 days. YES [ X ] NO [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [ X ] NO [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer, "accelerated filer," "non-accelerated filer," and "smaller reporting company" in Rule 12b-2 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 [ X ]

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 6,104,999 shares as of December 24, 2018.


PART I – FINANCIAL INFORMATION	3

Item 1. Financial Statement (Unaudited)	3
Unaudited Consolidated Balance Sheets as of October 31, 2018, and July 31, 2018	3
Unaudited Consolidated Statements of Operations for the Three Months Ended October 31, 2018 and 2017	4
Unaudited Consolidated Statements of Stockholders' Equity	5
Unaudited Consolidated Statements of Cash Flows for the Three Months Ended,October 31, 2018 and 2017	6
Notes to Unaudited Consolidated Financial Statements	7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3. Quantitative and Qualitative Disclosures About Market Risks	14

Item 4. Controls and Procedures	14

PART II – OTHER INFORMATION	15

Item 1. Legal Proceedings	15

Item 1A. Risk Factors	15

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	15

Item 3. Default upon Senior Securities	15

Item 4. Mine Safety Disclosures	15

Item 5. Other Information	15

Item 6. Exhibits	16

SIGNATURES	16

Information included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Summit Networks Inc. (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason. This Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," "SNTW" or “Icon” refers to Summit Networks Inc.


	Notes	October 31, 2018		July 31, 2018
ASSETS			(Unaudited)		(Audited)
Current assets:
Cash and cash equivalents		$	5,297	$	17,729
Receivable- Escrow account			4,556		4,556
Total current assets			9,853		22,285
Non-current assets
Property & Office Equipment, net	10	$	-	$	11,172
Deferred Tax Asset			-		-
Total non-current assets			-		11,172
TOTAL ASSETS		$	9,853	$	33,457
LIABILITIES LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	-	$	-
Amount due to related party	7		21,192		21,192
Amount due to shareholders	7		256,682		36,846
Loan from other parties			23,167		23,167
Accrued expenses			9,076		15,011
Total current liabilities			310,117		96,216
TOTAL LIABILITIES		$	310,117	$	96.216

Stockholders’ equity
Common stock, $0.001 par value, 75,000,000 shares authorized; 6,104,999 and 6,104,999 shares issued and outstanding, as at October 31, 2018 and July 31, 2018		$	6,105	$	6,105
Additional paid-in capital			67,402		67,402
(Accumulated deficit) during development stage			(373,771)		(136,266)
TOTAL STOCKHOLDERS’ EQUITY			(300,264)		(62,759)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	9,853	$	33,457


		For the Three Months Ended October 31, 2018		For the Three Months Ended October 31, 2017		From July 8, 2014 (Inception) to October 31, 2018
Sales	$	-	$	-	$	223,910
Cost of sales		-		-		163,257
Gross Profit		-		-		60,653

Selling, General & Administrative Expenses		237,505		53,452		435,902

(Loss)/ Income from operations		(237,505)		(53,452)		(375,249)

Other income / (expenses)		-		-		-

(Loss)/ Income before income taxes		(237,505)		(53,452)		(375,249)

Income tax benefit		-		-		1,478

Net Loss		(237,505)		(53,452)		(373,771)

Basic and diluted earnings (loss) per share of common stock	$	(0.04)	$	(0.01)

Weighted average number of common shares outstanding		6,104,499		5,000,000


						From Inception
		For the Three Months Ended				July 08, 2014 to (inception) Through
		Oct 31, 2018		Oct 31, 2017		Oct 31, 2018
Cash flows from operating activities:
Net (loss) income	$	(237,505)	$	(53,452)	$		(373,771)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation		-		399			6,578
Impairment on PPE		11,172		-			11,172
Provision (benefit) for deferred taxes		-		-			(1,478)
Changes in operating assets and liabilities:
Receivable – Escrow account		-		-			(4,556)
Accounts payable		-		43,822			12,238
Accrued expenses		(5,935)		7,213			9,076
Net cash (used in) provided by operating activities		(232,268)		(2,018)			(340,741)
Cash flows from investing activities:
Acquisition of Property & Equipment		-		-			(17,750)
Investment in subsidiary		-		-			(3,643)
Net cash (used in) investing activities		-		-			(21,393)
Cash flows from financing activities:
Issuance of common stock		-		-			77,150
Amount due to related party		-		2,018			-
Amount due to shareholders		219,836		-			290,282
Net cash (used in) provided by financing activities		219,836		2,018			367,432

Net increase (decrease) in cash		(12,432)		-			5,297
Cash – beginning of period		17,729		-			-
Cash – end of period	$	5,297	$	-	$		5,297
Supplemental disclosures of cash flow information:
Interest paid	$	-	$	-	$		-
Income taxes	$	-	$	-	$		-

Summit Networks Inc. (the “Company”) was incorporated under the laws of the State of Nevada on July 8, 2014. 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. We are also actively looking to expand our business operations into the food and beverage industry, and other possible opportunities via our new subsidiary Real Capital Limited (a Hong Kong company) which was acquired on May 8, 2018.

The Company is in the development stage. Its activities to date have been limited to capital formation, organization, development of its business plan and minimal sales. The Company has commenced limited operations. As such, the Company is subject to all risks inherent to the establishment of a start-up business enterprise.

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

The Company, on May 8, 2018, the Company acquired all the shares of Real Capital Limited, a Hong Kong registered company. The purchase consideration in cash for all the outstanding shares of Real Capital Limited is total of US$1,910 (HK$15,000). After the completion, Real Capital Limited is 100% wholly owned by the Company.

The accompanying consolidated financial statements includes the accounts of the company, and its wholly owned subsidiary Real Capital Limited. All inter-company balances and transactions have been eliminated on consolidation.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There were no significant estimates in the current reporting period.

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of October 31, 2018.

Fair values were assumed to approximate carrying values of on-balance-sheet financial instruments since they are short term in nature. These financial instruments include cash and related party loan payable.

ASC No. 260, “Earnings Per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260.

Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company.

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

The Company will recognize revenue in accordance with ASC topic 605 “Revenue Recognition” - when all goods and services have been performed and delivered, the amounts are readily determinable, and collection is reasonably assured. The Company has generated $223,910 in revenue since its inception.

Amounts that will be recorded as cost of sales relate to direct expenses incurred in order to fulfill orders of our customers. Such costs are recorded and allocated as incurred. Our cost of sales will consist primarily of the cost of product and shipping expenses.

The Company expenses its advertising when incurred. There has been $12,498 in advertising expense since inception.

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, (if any). The Company utilizes straight-line depreciation over the estimated useful life of the asset.

The Company has evaluated all the recent accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission and believe that none of them will have a material effect on the company’s financial statements.

Initial sales are concentrated with limited client. Sales are made without collateral and the credit-related losses are insignificant or non-existent. Accordingly, there is no provision made to include an allowance for doubtful accounts.

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

The Company had limited operations during the period from July 8, 2014 (date of inception) to October 31, 2018 resulting in net loss of $373,771. There is no guarantee that Company will continue to generate revenues. At October 31, 2018, Company had $5,297 in cash and there were outstanding liabilities of $310,117. This condition raises substantial doubt about the Company’s ability to continue as a going concern. Even though the Company is currently in the development stage, management does not believe that the company’s current cash of $5,297 is sufficient to cover the expenses they will incur during the next twelve months.

There are no warrants or options outstanding to acquire any additional shares of common.

The director of the Company, Mr. Riggs Cheung, may, in the future, become involved in other business opportunities as they become available, he may face a conflict in selecting between the Company and his other business opportunities. The Company has not formulated a policy for the resolution of such conflicts.

As of October 31, 2018, amount due to the directors of the Company was $21,192, and amount due to shareholders was $256,682, which were unsecured, non-interest bearing with no specific repayment terms.

During the three months period ended October 31, 2018, and during the period from July 8, 2014 (date of inception), payroll expense of $15,000 and $51,000 were charged with respect to director fee, respectively.

We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

There was no income tax expense for the nine months period ended October 31, 2018 and 2017. The rate was as follow:

Transactions, other than employees’ stock issuance, are in accordance with ASC No. 505. Thus issuances shall be accounted for based on the fair value of the consideration received. Transactions with employees’ stock issuance are in accordance with ASC No. 718. These issuances shall be accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, or whichever is more readily determinable.

As of August 1, 2017, the stockholders’ equity section of the Company contains Common stock, $ 0.001 par value: 75,000,000 shares authorized; 5,000,000 shares issued and outstanding.

On November 28, 2017 and on March 15, 2018, the Company issued a total of 649,999 shares of common stock to one independent investor and two shareholders for cash consideration totally of $19,500. The purchase price for the common stocks was $0.03 per common share.

On July 24, 2018, the Company issued a total of 455,000 shares of common stock to one independent investor and two shareholders for cash consideration totally of $13,650. The purchase price for the common stocks was $0.03 per common share.

As of October 31, 2018, and July 31, 2018, the Company had 6,104,999 shares of common stock issued and outstanding, respectively.

During the period ended October 31, 2018, the Company has made impairment of $11,172 for the property consisting of an office and shop located in Latvia and office equipment thereof due to no revenue being generated from the operation.

The Company has evaluated events subsequent through the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, except the issued disclosed above, it was determined that no other subsequent events occurred that require recognition or disclosure in the financial statements.

The information contained in this report, including in the documents incorporated by reference into this report, includes some statements that are not purely historical and that are “forward-looking statements.” Such forward-looking statements include, but are not limited to, statements regarding our Company and management’s expectations, hopes, beliefs, intentions or strategies regarding the future, including our financial condition, results of operations, and financial performance. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would” and similar expressions, or the negatives of such terms, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this report are based on current expectations and beliefs concerning future developments and the potential effects on the parties and the transaction. There can be no assurance that future developments actually affecting us will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the parties’ control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

We have generated $223,910 in revenues since our inception on July 8, 2014. Our cost of goods sold was $163,257 resulting in a gross profit of $60,653. During the period from inception to October 31, 2018, our operating expenses were comprised of selling, general and administrative expenses of $435,902. With the provision for income tax benefits of $1,478, resulted to a net loss of $373,771. Our selling, general and administrative expenses consist of mainly professional fees, impairment for property and equipment, and depreciation expenses.

During the three months ended October 31, 2018 and 2017, we generated revenues of $Nil and $Nil, with cost of goods sold being $Nil and $Nil, resulting in gross profits of $Nil and $Nil, respectively. Our operating expenses for the same three month periods were comprised of selling, general and administrative expenses of $237,505 and $53,452, respectively, resulting in net loss of $237,505 and $53,452, respectively. Our selling, general and administrative expenses for the period consisted of mainly professional fees, impairment for property and equipment, and depreciation expenses.

Our total assets October 31, 2018 were $9,853, which was $5,297 in cash, and $4,556 in receivable of escrow account. We currently anticipate that our legal and accounting fees over the next 12 months, as result of being a reporting company with the SEC and more capital financing activities occurred, will be approximately $50,000.

On November 28, 2017, March 15, 2018 and July 24, 2018, the Company issued a total of 1,104,999 shares of common stock to independent investors and shareholders for cash consideration totally of $33,150. The purchase price for the Securities was $0.03 per common share.

As of October 31, 2018 and July 31, 2018, the Company had 6,104,999 shares of common stock issued and outstanding.

As of October 31, 2018 and July 31, 2018, there is a total of $277,874 and $58,038 in amount due to related parties and shareholders, respectively, owed by the company for expenses that had paid on behalf of the company. The amounts were interest free, unsecured and payable on demand.

Because we were not able to raise sufficient capital to execute our full business plan, we are now engaged in discussions with third parties regarding alternative directions for the Company that could enhance shareholder value. As of the date of filing this Report on Form 10Q, we have not entered into any definitive agreement to change our direction. The business plan of our company assumes that we will continue with our business as originally planned. However, as mentioned above, we are in discussions that could lead to another direction for the Company.

Even if we are able to obtain sufficient number of service agreements at the end of the twelve months’ period, there is no guarantee that we will be able to attract and more importantly retain enough customers to justify our expenditures. If we are unable to generate a significant amount of revenue and to successfully protect ourselves against those risks, then it would materially affect our financial condition.

Based on our current operating plan, we believe that we cannot guarantee for any increase in our revenue from selling our glass craft products in the next quarter and coming twelve months. We may need to obtain additional financing to operate our business for the next twelve months. Additional financing, whether through public or private equity or debt financing, arrangements with the security holder or other sources to fund operations, may not be available, or if available, may be on terms unacceptable to us.

At October 31, 2018 we had $5,297 in cash and there were outstanding liabilities of $310,117. As at July 31, 2018, we had $17,729 in cash and the outstanding liabilities were $96,216. The working capital deficits were negative $300,264 and $73,931, for October 31, 2018 and July 31, 2018, respectively. Our director has verbally agreed to continue to loan the company funds for operating expenses in a limited scenario, but he has no legal obligation to do so.

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.

Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).

Management maintains “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of October 31, 2018.

Based on that evaluation, management concluded, as of the end of the period covered by this report, that our disclosure controls and procedures were effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

As of the end of the period covered by this report, there have been no changes in the internal controls over financial reporting during the quarter ended October 31, 2018, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management’s last evaluation.

To the best knowledge of the Company’s directors and officers, the Company is currently not a party to any material pending legal proceeding.

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.



							Accumulated
	Common stock				Additional		Deficit during				Total
	Shares		Amount		paid-in		Development		Subscription		stockholders'
	outstanding				capital		Stage		Receivable		equity/(deficit)

Balance, July 8, 2014 Dec 31, 2015	-	$	-	$	-	$	-	$	-	$	-

Stock issued on July 23, 2014
@$0.001 per share	4,000,000		4,000		-		-		-		4,000
Net profit, July 31, 2014							5,090		-		5,090

Balance, July 31, 2014 Dec 31, 2016	4,000,000	$	4,000	$	-	$	5,090	$	-	$	9,090

Stock issued on Jan 29, 2015
@$0.04 per share	1,000,000		1,000		39,000		-		-		40,000
Net (loss), July 31, 2015							(22,902)				(22,902)

Balance, July 31, 2015	5,000,000	$	5,000	$	39,000	$	(17,812)	$	-	$	26,188

Net (loss), July 31, 2016							(9,447)		-		(9,447)

Balance, July 31, 2016	5,000,000	$	5,000	$	39,000	$	(27,259)	$	-	$	16,741

Net (loss), July 31, 2017							(14,190)				(14,190)

Balance, July 31, 2017	5,000,000	$	5,000	$	39,000	$	(41,449)	$	-	$	2,551

Stock issued on Nov 28, 2017
@$0.001 per share	250,000		250		7,250		-		-		7,500
Stock issued on March 15, 2018
@$0.001 per share	399,999		400		11,600		-		-		12,000
Stock issued on March 15, 2018
@$0.001 per share	455,000		455		13,195		-		-		13,650
Loss on acquisition of Real Capital Ltd					(3,643)		-		-		(3,643)
Net (loss), July 31, 2018							(94,817)		-		(94,817)

Balance, July 31, 2018	6,104,999	$	6,105	$	67,402	$	(136,266)	$	-	$	(62,759)

Net (loss), October 31, 2018	-		-		-		(237,505)		-		(237,505)

Balance, October 31, 2018	6,104,999	$	6,105	$	67,402	$	(373,771)	$	-	$	(300,264)


	October 31, 2018	October 31, 2017
US Federal Statutory Tax Rate *	21.0%	15.0%
Nevada State & Local Tax Rate	0.0%	0.0%
Net Operating Loss Carryforward	(0.0)%	(0.0)%
Effective Tax Rate	21.0%	15.0%