STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2025

NOTE 7. STOCKHOLDERS’ EQUITY

Preferred stock

The Company is authorized to issue 10,000,000 preferred stock shares with a par value of $0.001 per share. No preferred stock shares are issued or outstanding as at June 30, 2024 and December 31, 2024.

Common stock

The Company is authorized to issue 500,000,000 common stock shares with a par value of $0.001 per share.

Transactions for the six months ended June 30, 2024:

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

On April 8, 2024, Summit Networks, Inc. (“SNTW”) entered into a stock purchase agreement with the shareholders of 1103001 B.C. Ltd., dba St. Mega Enterprises, a Canadian corporation, located in British Columbia Canada, (“Mega”). SNTW acquired all the outstanding common stock of Mega and the shareholders of Mega received 20,000,000 shares of the common stock of SNTW. The shares are contingently returnable if the closing conditions are not met. On October 11, 2024, the Company and Mega agreed to entered into a reverse merger agreement, whereby the stock purchase agreement was rescinded and all previous actions in support of the transaction were reversed including the shares issued to the shareholders of Mega. On December 12, 2024, the 20,000,000 shares of common stock were returned to the Company's share pool.

On April 9, 2024, the Company issued 200,000 shares of common stock to Ms. Luo Qun in exchange for consulting services. The fair value of the common stock is $0.1301 per share based on the share price on the issuance date.

Transactions for the six months ended June 30, 2025:

There were no shares issued during the six months ended June 30, 2025.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Summit Networks Inc. 10-Q