false 2023 FY 0001619096

 2022-10-01

 2023-06-30

 2021-10-01

 2021-10-01

 2021-10-01

 2021-10-01

 2022-10-01

 2022-10-01

 2022-10-01

 sntw: FutureEraTechIncMember

 2022-11-01
 2022-11-30

 2023-04-01
 2023-04-13

 2023-04-13

 us-gaap: FurnitureAndFixturesMember

 us-gaap: FurnitureAndFixturesMember

 2019-07-08

 2019-07-08

 us-gaap: PreferredStockMember

 2019-07-08

 2019-07-01
 2019-07-17

 sntw: MoralArrivalShareExchangeAgreementMember

 2020-01-01
 2020-01-07

 sntw: MsLiuMember

 2020-11-01
 2020-11-11

 sntw: CatalpaHoldingsIncMember

 2021-02-03

 sntw: CatalpaHoldingsIncMember

 2020-10-01

 sntw: MrJunDuMember

 2021-05-13

 sntw: MrJunDuMember

 2020-10-01

 sntw: YouyangJohnChengMember

 2023-04-01
 2023-04-13

 sntw: JianHuaJamesShuMember

 2023-04-13

 us-gaap: SubsequentEventMember
 sntw: ChaoXiaHuangMember

 2023-10-01
 2023-10-18

 us-gaap: SubsequentEventMember
 sntw: ChaoXiaHuangMember

 2023-10-18

 SECURITIES
AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 FORM

 (Mark One)

 ANNUAL
 REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For
 the fiscal year ended September 30, 2023

 TRANSITION
 REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For
 the transition period from ____________________ to _____________________

Commission
File No. 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)

 Registrant's
 telephone number, including area code: (604) 232-3968

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

 None

 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

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
 No

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 requirement for the past 90 days. Yes No

 - i -

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 No

by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

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, and smaller reporting
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.

by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report.

 If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.

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

 The
aggregate market value of the common voting stock held by non-affiliates of the Registrant as of the last business day for the Registrants
most recently completed third fiscal quarter was approximately $ 7,341,000.

 As
of September 30, 2023, there were 67,139,990 shares of common stock, par value $0.001 per share issued and outstanding.

 DOCUMENTS
INCORPORATED BY REFERENCE

 List
hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which
the document is incorporated: (1) any annual report to security holders; (2) any proxy or information statement; and (3) any prospectus
filed pursuant to Rule 424(b) or (c) of the Securities Act of 1933. The listed documents should be clearly described for identification
purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). Not Applicable

 - ii -

 Table
of Contents

 PART
 I

 Page

 Item
 1.

 Business

 Item
 1A.

 Risk
 Factors

 Item
 1B.

 Unresolved
 Staff Comments

 Item
 2.

 Property

 Item
 3.

 Legal
 Proceedings

 Item
 4.

 Mine
 Safety Disclosures

 PART
 II

 Item
 5.

 Market
 for Registrant's Common Equity, Related Stockholder Matters

 Item
 6.

 Selected
 Financial Data

 Item
 7.

 Management's
 Discussion and Analysis of Financial Condition and Results of Operation

 Item
 7A.

 Quantitative
 and Qualitative Disclosure About Market Risk

 Item
 8.

 Financial
 Statements and Supplementary Data

 Item
 9.

 Changes
 in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item
 9A.

 Controls
 and Procedures

 Item
 9B.

 Other
 Information

 Item
 9C.

 Disclosure
 Regarding Foreign Jurisdictions That Prevent Inspections

 Item
 10.

 Directors,
 Executive Officers and Corporate Governance

 Item
 11.

 Executive
 Compensation

 Item
 12.

 Security
 Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item
 13.

 Certain
 Relationships and Related Transactions, and Director Independence

 Item
 14.

 Principal
 Accountant Fees and Services

 Item
 15.

 Exhibits,
 and Financial Statement Schedules

 Item
 16.

 Form
 10-K Summary

 Signatures

 - 1 -

 CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS

 This
Annual Report on Form 10-K (the Report), including, without limitation, statements under the heading Management's Discussion
and Analysis of Financial Condition and Results of Operations, includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act).
These forward-looking statements can be identified by the use of forward-looking terminology, including the words believes,
 estimates, anticipates, expects, intends, plans, may, will,
 potential, projects, predicts, continue, or should, or, in each case, their
negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from
expectations. Such statements include, but are not limited to, any statements relating to our ability to consummate any acquisition or
other business combination and any other statements that are not statements of current or historical facts. These statements are based
on management's current expectations, but actual results may differ materially due to various factors, including, but not limited to:

 our
 ability to establish our business globally and implement our business plan;

 The
 ability to promote our products and services that we expect to market;

 our
 ability to retain key employees;

 our
 ability to continue as a going concern;

 our
 future financing plans and ability

 our
 ability to address and as necessary adapt to changes in foreign, cultural, economic, political and financial market conditions which
 could impair our future operations and financial performance (including, without limitation, the changes resulting from the global
 novel coronavirus outbreak of 2019-2021 in China and around the world).

 The
forward-looking statements contained in this Report are based on our current expectations and beliefs concerning future developments
and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking
statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual
results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or
more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities
laws.

 Our
financial statements are stated in United States dollars ($US) and are prepared in accordance with United States Generally Accepted Accounting
Principles.

 In
this annual report, unless otherwise specified, all references to common stock refer to the common shares in our capital
stock.

 As
used in this annual report, the terms we, us, our, Summit and Summit Networks
mean Summit Networks Inc, unless the context clearly indicates otherwise.

 - 2 -

 PART
I

 ITEM
1. BUSINESS

 Corporate
Background and General Business Overview

 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, 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.

 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 on May 8, 2020 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.

 ITEM
1A. RISK FACTORS

 Not
applicable to a smaller reporting company.

 ITEM
1B. UNRESOLVED STAFF COMMENTS

 Not
applicable.

 - 3 -

 ITEM
2. PROPERTIES

 Our
principal executive offices are located at #3010-8888 Odlin Cresent, Richmond, British Columbia, Canada V6X 3Z8.

 ITEM
3. LEGAL PROCEEDINGS

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

 ITEM
4. MINE SAFETY DISCLOSURE

 Not
applicable.

 PART
II

 ITEM
5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

 Market
Information

 Our
common stock is quoted on OTCQB operated by the OTC Markets under the symbol SNTW. The OTCQB application was approved on
31 st Aug 2023. There has been very limited trading in our shares of common stock to date. We plan to work to create an active
market in our shares.

 As
of September 30, 2023, there were 67,139,990 shares of common stock issued and outstanding and held by a total of 53 shareholders of
record.

 Dividends

 We
have never paid nor declared any dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future.
 We plan to retain any future earnings for use in our business. Any decision as to the future payment of dividends will depend
on our earnings and financial position and such other facts as the Board of Directors deem relevant.

 Securities
Authorized for Issuance Under Equity Compensation Plans

 We
have not adopted an equity compensation plan and no securities have been authorized or reserved for issuance under any equity compensation
plan.

 Purchases
of Equity Securities by the Issuer and Affiliated Purchasers

 None.

 ITEM
6. SELECTED FINANCIAL DATA

 Not
Applicable to a smaller reporting company.

 - 4 -

 ITEM
7. MANAGEMENT'S DISCUSSION AND ANALYSIS OR 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.

 Cautionary
Statement for the Purposes of the Safe Harbor under the Private Securities Litigation Reform Act of 1995

 The
statements contained in this Annual Report on Form 10-K may contain "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical
fact included in this Report are forward-looking statements made in good faith by us and are intended to qualify for the safe harbor
from liability established by the Private Securities Litigation Reform Act of 1995. When used in this Report, or any other of our documents
or oral presentations, the words "anticipate", "believe", "estimate", "expect", "forecast",
"goal", "intend", "objective", "plan", "projection", "seek",
"strategy" or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject
to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements relating
to our strategy, operations, markets, services, and other factors all of which are difficult to predict and many of which are beyond
our control. Accordingly, while we believe these forward-looking statements to be reasonable, there can be no assurance that they will
approximate actual experience or that the expectations derived from them will be realized. Further, we undertake no obligation to update
or revise any of our forward-looking statements whether as a result of new information, future events or otherwise.

 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.

 - 5 -

 Results
of Operations

 During
the year ended September 30, 2022, we generated no revenues. We generated $182,140 in passive revenues during the period ending September
30, 2023. Our operating expenses for the same periods were comprised of general and administrative expenses of $165,362 and $108,205,
respectively, resulting in net income of $23,778 for the year ended September 30, 2023 compared to a net loss of $108,205 for the year
ended September 30, 2022. Our general and administrative expenses consisted of mainly professional fees for the year ended September
30, 2023, and the year ended September 30, 2022. The increase of general and administrative expenses was mainly due to the increase of
salaries and wages, rent, and professional fees.

 Our
total assets as of September 30, 2023 were $179,828.

 As
of September 30, 2023, the Company had 67,139,990 shares of common stock issued and outstanding.

 As
of September 30, 2023 and 2022, there were total debts of $679,000 and $579,000 respectively, due to related parties. These debts are
interest free, unsecured and payable on demand.

 Liquidity
and Capital Resources

 As
for the year ended September 30, 2023 and 2022, the Company had a negative cash flow of $59,305 and $72,049, respectively. The Company's
principal sources and uses of funds were as follows:

 For
the year ended September 30, 2023, the Company used $59,305 in cash for operations as compared to $72,049 for the year ended September
30, 2022, respectively. Such decrease was primarily due to lower net loss in year ended September 30, 2023. The net cash provided
by financing activities for the year ended September 30, 2023 was $200,090, as compared to zero for the year ended September 30, 2022.
Such increase was a result of capital raised from the issuance of common shares.

 The
Company's financial statements have been prepared on a going-concern basis which contemplates the realization of assets 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. As of September 30, 2023, we had $149,614 in cash and the outstanding liabilities were
$702,847. As of September 30, 2022 we had cash of $8,829 and there were outstanding liabilities of $771,167. Stockholders deficits were
$538,470 and $762,338, for September 30, 2023 and 2022, respectively. These factors raise concerns 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 by our current shareholders
and management. The Company is currently working with other entities to develop a new business plan.

 Off-Balance
Sheet Arran g ements

 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
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 Not
applicable.

 - 6 -

 ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To
the Shareholders and Board of Directors of Summit Networks Inc.

 Opinion
on the Financial Statements

 We
have audited the accompanying consolidated balance sheets of Summit Networks Inc (the Company) as of September 30, 2023 and
2022, the related consolidated statements of operations, stockholders' deficit and cash flows for each of the two years ended September
30, 2023 and 2022, and the related notes to the consolidated financial statements and schedule (collectively, the financial statements).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September
30, 2022 and the results of its operations and its cash flows for the two years ended September 30, 2023 and 2022 in conformity with
accounting principles generally accepted in the United States of America.

 Substantial
doubt about the Company's ability to continue as a going concern

 As
discussed in Note 2 to the financial statements the accompanying consolidated 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 September 30, 2023 resulting in accumulated deficit of $1,194,477 and has not generated any revenue. There is no guarantee that Company
will generate revenue and net income in the future. At September 30, 2023, the Company had a working capital deficiency of $538,470.
The cash used in operating activities were $59,305. These factors, among others, raise substantial doubt regarding the Company's ability
to continue as a going concern. Management's plans in regard to these matters are also described in Note 2 to the accompanying financial
statements. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 Basis
for Opinion

 These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ( PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.

 - 7 -

 Critical
Audit Matters

 Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

 /s/
 Assentsure PAC

 We
have served as the Company's auditor since 2021.

 Singapore

 December

 PCAOB
ID No: 6783

 - 8 -

 SUMMIT
NETWORKS INC.

 CONSOLIDATED BALANCE SHEETS

 (Audited)

 September 30,

 2023

 2022

 ASSETS

 Current Assets:

 Cash & cash equivalents

 $
 149,614

 $
 8,829

 Deposits

 12,545

 -

 Prepayments

 2,218

 -

 Total Current Assets

 164,377

 8,829

 Non-Current Asset:

 Fixed assets, net

 -

 -

 Total Non-Current Asset

 -

 -

 TOTAL ASSETS

 $
 164,377

 $
 8,829

 LIABILITIES & STOCKHOLDERS' DEFICIT

 Current Liabilities:

 Accounts payable and accrued expenses

 $
 123,847

 $
 176,167

 Accounts payable - related parties

 -

 16,000

 Due to related parties

 579,000

 579,000

 Total Current Liabilities

 702,847

 771,167

 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; 67,139,990 and 62,049,990 issued and outstanding as of September 30,2023 and 2022, respectively.

 67,140

 62,050

 Additional paid-in capital

 588,867

 393,867

 Accumulated deficit

 ( 1,194,477
)

 ( 1,218,255
)

 Total Stockholders' Deficit

 ( 538,470
)

 ( 762,338
)

 TOTAL LIABILITIES
 & STOCKHOLDERS' DEFICIT

 $
 164,377

 $
 8,829

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

 - 9 -

 SUMMIT NETWORKS INC.

 CONSOLIDATED STATEMENTS OF OPERATIONS

 (Audited)

 For years ended,

 September 30,

 2023

 2022

 Revenue

 $
 -

 $
 -

 Other Income:

 Rental income

 1,250

 -

 Interest income

 1,900

 -

 Miscellaneous income

 3,324

 -

 Gain on debt forgiveness

 182,666

 -

 Total Other income:

 $
 189,140

 -

 Operating Expenses:

 General and administrative expenses

 165,362

 108,205

 Loss from operations

 ( 165,362
)

)

 Net Income (Loss)

 $
 23,778

 $
)

 Basic Net Income (loss) per share

 $
 0.00

 $
 ( 0.00
)

 Diluted Net Income (loss) per share

 $
 0.00

 $
 ( 0.00
)

 Weighted average number of common shares outstanding

 67,139,990

 62,049,990

 Diluted weighted average number of common shares outstanding

 67,139,990

 62,049,990

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

 - 10 -

 SUMMIT NETWORKS INC.

 CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT

 (Audited)

 Common Stock

 Shares

 Amount

 Additional

Paid-in

Capital

 Accumulated

Deficit

 Total

 Balance, September 30, 2021

 62,049,990

 $
 62,050

 393,867

 $
 ( 1,110,050
)

 $
 ( 654,133
)

 Net loss

 -

 -

 -

)

)

 Balance, September 30, 2022

 62,049,990

 $
 62,050

 393,867

 $
 ( 1,218,255
)

 $
 ( 762,338
)

 Issuance of new shares

 5,090,000

 5,090

 195,000

 -

 200,090

 Net income

 -

 -

 -

 23,778

 23,778

 Balance, September 30, 2023

 67,139,990

 $
 67,140

 588,867

 $
 ( 1,194,477
)

 $
 ( 538,470
)

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

 - 11 -

 SUMMIT NETWORKS INC.

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 (Audited)

 For years ended

 September 30,

 2023

 2022

 CASH FLOWS FROM OPERATING ACTIVITIES:

 Net income/(loss)

 $
 23,778

 $
)

 Adjustments to reconcile net income to net cash provided by
 operating activities:

 Depreciation of fixed assets

 -

 3,322

 Gain on debt forgiveness

 ( 182,666
)

 -

 Changes in operating assets and liabilities:

 Deposits

 ( 12,545
)

 -

 Prepayments

 ( 2,218
)

 -

 Accounts payable and accrued expenses

 114,346

 32,834

 Net cash used in operating activities

 ( 59,305
)

 ( 72,049
)

 CASH FLOWS FROM FINANCING ACTIVITY:

 Proceed from share issuance

 $
 200,090

 $
 -

 Net cash generated from financing activity

 200,090

 -

 Net increase/(decrease) in cash and cash equivalents

 140,785

 ( 72,049
)

 Cash and cash equivalents at beginning of year

 8,829

 80,878

 Cash and cash equivalents at end of year

 $
 149,614

 $
 8,829

 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 Cash paid during the period for:

 Interest

 $
 -

 $
 -

 Income Taxes

 $
 -

 $
 -

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

 - 12 -

 SUMMIT
NETWORKS INC.

 NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

30, 2023

 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
May 8, 2020, Sumnet (Canada) Inc. ( Sumnet (Canada)) was incorporated in Canada. Sumnet (Canada) issued all its ordinary shares
to the Company on May 8, 2020, 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. See NOTE 4. EXECUTION AND TERMINATION OF VIE
AGREEMENTS.

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

 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
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.

 - 13 -

 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 during the period from July 8, 2014 (date of inception) to September 30, 2023, resulting in accumulated
deficit of $ 1,194,477 and has not generated any revenue. There is no guarantee that Company will generate revenue and net income in the
future.

 At
September 30, 2023, the Company had a working capital deficiency of $ 538,470. 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.

 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 September 30, 2023 and 2022, cash equivalents
amounted to $ 149,614 and $ 8,829 respectively.

 Fixed
Assets

 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

 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.

 - 14 -

 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 provide 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
carry forwards. 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 would
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 September 30, 2023 and 2022, 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.

 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.

 - 15 -

 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

 Fixed
assets consisted of the following:

 Schedule of fixed assets

30,

2023

30,

2022

 Office furniture

 $
 5,536

 $
 5,536

 5,536

 5,536

 Less: Accumulated depreciation

 ( 5,536
)

 ( 5,536
)

 Fixed assets, net

 -

 -

 Depreciation
expense for the year ended September 30, 2023 and 2022 were 0
Nil and 0 Nil, respectively.

 NOTE
6. RELATED PARTY BALANCES AND TRANSACTIONS

 Related
Party Balances

 (i)
Accounts payable – related party

 On
September 30, 2023 and 2022, accounts payable to related party of $Nil 0 and $ 16,000,
respectively, pertains to payable in respect to the office facility rental paid by Zenox Enterprises Inc. ( Zenox
Enterprises) on behalf of the Company. Zenox Enterprises is a Canadian company controlled by the Company's former CFO. The
amounts which were unsecured, non-interest bearing with no specific repayment terms.

 (ii)
Amounts due to related parties:

 - 16 -

 As
of September 30, 2023 and 2022, 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
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 for all periods presented to reflect the stock dividend.

 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
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.

 As
of September 30, 2023, the Company had 67,139,990 shares of common stock issued and outstanding.

 - 17 -

 NOTE
8. INCOME TAXES

 The
reconciliation of income tax benefit at the U.S. statutory rate of 21 % for the year ended September 30, 2023, September 30, 2022 to the
Company's effective tax rate is as follows:

 Schedule of reconciliation of income tax benefit

 September 30, 2023

 September 30, 2022

 US statutory rate

 %

 %

 Income tax expenses/(benefit) at statutory rate

 $
 4,993

 $
 ( 22,723
)

 Change in valuation allowance

 ( 4,993
)

 22,723

 Income tax expense

 $
 -

 $
 -

 NOTE
9. SUBSEQUENT EVENTS

 In
accordance with FASB ASC 855-10 Subsequent Events, the Company has analyzed its operations subsequent to September 30, 2023, 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
October 18, 2023, the Company issued 666,667 shares of its common stock, par value $ 0.15 per share equitably allocated to Ms. Chao Xia
Huang.

 On
November 30, 2022, Summit Networks Inc (hereinafter referred to as "SNTW) and Future Era Tech Inc (hereinafter referred to
as "FET"), signed a general agreement of cooperation. In October 2023, SNTW and FET jointly discussed and decided to set up
a new business model platform, in the daily consumer goods segment, to organize the suppliers to set up downstream companies and stores
and direct supply chain to consumers, i.e. S2B2C models, businesses partner with other companies to reach new customers. At present,
the investigation work of this plan has been completed and a detailed business plan is being prepared. As the start-up project needs
financial support, this project needs to involve SNTW's next round of financing deployment.

 - 18 -

 ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 None.

 ITEM
9A. CONTROLS AND PROCEDURES

 Evaluation
of Disclosure Controls and Procedures

 At
the end of the period covered by this Annual Report on Form 10-K, an evaluation was carried out under the supervision of and with the
participation of our management, including the Principal Executive Officer and the Principal Financial Officer of the effectiveness of
the design and operations of our disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e)
under the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer
and the Principal Financial Officer have concluded that our disclosure controls and procedures were not effective in ensuring that: (i)
information required to be disclosed by the Company in reports that it files or submits to the Securities and Exchange Commission under
the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in applicable rules and forms and
(ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our
management, including our CEO and CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

 Disclosure
controls and procedures were not effective due primarily to a material weakness in the segregation of duties in the Company's internal
control of financial reporting as discussed below.

 Internal
Control over Financial Reporting

 Management
is responsible for establishing and maintaining adequate internal control over financial reporting for the Company (including its consolidated
subsidiaries) and all related information appearing in our Annual Report on Form 10-K. 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 accounting principles generally accepted in the United States of America.

 Management
conducted an evaluation of the design and operation of our internal control over financial reporting as of the end of the period covered
by this report, based on the criteria in a framework developed by the Company's management pursuant to and in compliance with the
criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations (COSO)
of the Treadway Commission. This evaluation included review of the documentation of controls, evaluation of the design effectiveness
of controls, walkthroughs of the operating effectiveness of controls and a conclusion on this evaluation. Based on this evaluation, management
has concluded that our internal control over financial reporting was not effective, because management identified a material weakness
in the Company's internal control over financial reporting related to the segregation of duties as described below.

 While
the Company does adhere to internal controls and processes that were designed and implemented based on the COSO report, it is difficult
with a very limited staff to maintain appropriate segregation of duties in the initiating and recording of transactions, thereby creating
a segregation of duties weakness. Due to: (i) the significance of segregation of duties to the preparation of reliable financial statements;
(ii) the significance of potential misstatement that could have resulted due to the deficient controls; and (iii) the absence of sufficient
other mitigating controls, we determined that this control deficiency resulted in more than a remote likelihood that a material misstatement
or lack of disclosure within the annual or interim financial statements may not be prevented or detected.

 - 19 -

 Management ' s
Remediation Initiatives.

 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.

 Changes
in internal controls over financial reporting

 There
were no changes in the Company's internal control over financial reporting that occurred prior to the Company's most recent
financial quarter that materially affected, or are reasonably likely to materially affect, the Company's internal control over
financial reporting.

 ITEM
9B. OTHER INFORMATION

 None.

 ITEM
9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 None.

 PART
III

 ITEM
10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

 The
following table sets forth information regarding directors and officers. All directors hold office until the next annual meeting
of stockholders or until their successors have been elected or qualified.

 Name

 Age

 Positions

 Date
 First Appointed

 Shuhua
 Liu

 Chairwoman
 of the Board, Chief Executive Officer

 June
 17, 2019

 YiYi
 Huang

 Chief
 Financial Officer

 May
 21,2021

 Xian
 Nan(Delia)

 March

 ZhengYouyang
 (John)

 Independent

 March

 Cheng
 Jianhua (James)

 Independent

 March

 Shu
 Weiwei Jiang

 Independent

 March

 Ms.
Liu, age 49, has served as a Director of the Company since June 2019. She has also been serving as the President of Hebei Jingxin
Group, a construction company in China, since 2015. Prior to that, Ms. Liu served as the Executive Deputy General Manager of Hebei Jingxin
Group from 2010 to 2015. In 2016, Ms. Liu received her Bachelor of Arts degree from National Open University located in China. She received
an MBA degree from Business School Netherlands of Tsinghua University of Beijing in 2017.

 Ms.
Huang, age 35, served as a Project Manager at Shanghai Hantang Culture Development Co., Ltd from December 2016 to February 2019.
Prior to that, she worked as a Project Manager at Socom Public Relations (Shanghai) Co., Ltd from September 2014 to August 2016. Ms.
Huang worked as an Assistant Brand Manager at Queenix (Asia) Co., Ltd. from May 2012 to March 2014. She also worked as a Project Coordinator
at Hewlett Packard Enterprise Hong Kong from November 2009 to April 2012. Ms. Huang obtained her bachelor's degree in business administration
with a major in marketing concentration from Hong Kong Shue Yan University in 2009.

 - 20 -

 Ms.
Zheng, age 42, was employed from 2014 through 2018 as General Manager for Shanghai Timeless International Co., Ltd ("STIT")
in Shanghai, China. STIT is in the business of arranging transportation for freight and cargo. In 2008 Ms. Zheng earned a Master's
degree in Business Administration at Northwestern Polytechnic University, USA, district located in Vancouver, Canada.

 Mr.
Cheng, Age 68, is a Managing Director of Asia Region for Global Steering System, LLC ("ARGSS'), which is located
in Changshu, China. Mr. Cheng has held this position since October 2012. ARGSS is in the business of designing and manufacturing steering
systems for various types of vehicles. In 1982, Mr. Cheng earned a bachelor's degree in Science & Technology from the University
of Shanghai, Located in Shanghai, China.

 Mr.
Shu, Age 71, was employed as a Head of Operations at Cara Operations Limited ("COL") from May 1990 to June 2016.
COL is in the airline services business. In 1985 Mr. Shu earned a degree in industrial Economics Management at Shanghai University of
Finance and Economics, located in Shanghai, China.

 Mr.
Jiang, age 32, is a Manager at Purewest Property Investment Ltd. ("PPI") located in Vancouver, British Columbia,
Canada. He has held this position since September 2022, PPI is in the real estate development business. In 2009, Mr. Jiang earned a
Bachelor of Commerce degree at the University of British Columbia.

Independence

 Our
company has three independent directors and all directors are also served as members of the audit committee.

 The
Board and Committees

 Our
Company does not have separately designated standing audit, nominating or compensation committees in place. Instead, our Company's entire
board of directors has served, and currently serves, in that capacity. This is due to the small number of executive officers involved
with the Company and the fact that the Company operates with few employees. Our board of directors will continue to evaluate, from time
to time, whether a separately designated standing audit committee should be put in place. We do not have an audit committee financial
expert as that term is defined by the rules promulgated by the Securities and Exchange Commission. We currently have limited working
capital and limited revenues. Management does not believe that is would be in our best interests at this time to retain independent directors
to sit on an audit, nominating or compensation committee. If we are able to generate sufficient revenues in the future, then we will
likely seek out and retain independent directors and form an audit committee.

 We
have not adopted practices or polices regarding employee, officer and director hedging in accordance with Item 407(i) of Regulation S-K.

 Legal
Proceedings

 To
the knowledge of our management, there are no material proceedings to which any of our directors, officers or affiliates are a party
adverse to our Company.

 Code
of Ethics

 We
intend at some point to adopt a code of ethics that applies to our officers, directors and employees. We will file copies of our code
of ethics in a current report on Form 8-K. You will be able to review these documents by accessing our public filings at the SEC's website
at www.sec.gov. In addition, a copy of the code of ethics will be provided without charge upon request to us. We intend to disclose any
amendments to or waivers of certain provisions of our code of ethics in a current report on Form 8-K.

 ITEM
11. EXECUTIVE COMPENSATION

 There
are no current employment agreements between us and our directors and officers. We have never paid any compensation to any of our executive
officers or directors. Our current officers have agreed to work with no remuneration until such time as we receive sufficient revenues
necessary to provide management salaries. At this time, we cannot accurately estimate when sufficient revenues will occur that will allow
us to begin paying this compensation, or what the amount of the compensation will be. The Company currently has no annuity, pension or
retirement benefits proposed to be paid to our officers, directors or employees.

 - 21 -

 ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 The
following table sets forth certain information, regarding the beneficial ownership of our common stock as of the date of this Annual
Report by (i) each stockholder known by us to be the beneficial owner of more than 5% of our common stock, (ii) by each director and
executive officer of our company and (iii) by all executive officers and directors of our company as a group. Each of the persons named
in the table has sole voting and investment power with respect to common stock beneficially owned.

 Name
and Address

 Number

of Shares

Owned

 Percentage of Shares Owned (1)

 5% Stockholders

 Hass
Group, Inc. (2)

 42,753,504

 63.65
 %

 Super Dragon Shipping & Trading Limited

 4,328,496

 6.45
 %

 Future Era Tech Ltd.

 5,000,000

 7.45
 %

 Directors and Officers:

 Yi Yi Huang

 1,082,834

 1.61
 %

 Directors and Officers as a Group

 1,082,834

 1.61
 %

 (1)
Applicable percentage ownership is based on 67,139,990 shares outstanding on September 30, 2023. There are no options, warrants,
rights, conversion privilege or similar right to acquire the common stock of the Company outstanding as of September 30, 2023.

 (2)
Juli Enterprises Inc., a company organized under the laws of British Virgin Islands, owns 100% of the shares of the Hass Group, Inc.
Shuhua Liu, a citizen of people's Republic of China is the owner and serves as the sole director of Juli Enterprises Inc. As such, both
Juli Enterprises Inc. and Shuhua Liu may be deemed to be the beneficial owners of all shares of common stock held by the Hass Group,
Inc.

 ITEM
13. CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

 On
June 15, 2020, the Company entered into loan agreements with Shuhua Liu and Chiu Kin Wong for an aggregate loan of $400,000 with no interest.
Shuhua Liu agreed to lend $280,000 to the Company and Chiu Kin Wong agreed to lend $120,000, both for the Company's working capital in
connection with going public, merger and acquisition. The Company agrees to repay the loan balance after its first financing activity.
Shuhua Liu is the Chief Executive Officer and Director of the Company. Chiu Kin Wong is a shareholder of the Company. The amount of principal
outstanding as of November 13, 2020 is $400,000. No principal or interest has been paid by the Company during the fiscal year ended September
30, 2021. During the period ended September 30, 2021, the company has borrowed $179,000 from its shareholders to pay certain expenses.

 Advances
From related parties

 Our
Board of Directors is responsible to approve all related parties transactions. We have not adopted written policies and procedures specifically
for related person transactions.

 ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 The
following table presents the fees for professional audit services for the audit of our annual financial statements for the fiscal years
ended September 30, 2023 and September 30, 2022 and fees billed for other services during those periods.

 - 22 -

 During
the year ended September 30, 2023, Assentsure's fees for the annual audit of our financial statements and the periodic reviews of the
financial statements were $18,500.

30, 2023

30, 2022

 Audit fees (1)

 $
 18,500

 $
 19,000

 Audit-related fees

 -

 -

 Total Fees

 $
 18,500

 $
 19,000

 (1)
 Audit fees consist of audit and review services, consent and review of documents filed with the SEC. For fiscal years ended September
30, 2023 and September 30, 2022, respectively.

 ITEM
15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 (a)
The following documents are filed as part of this Report:

 (1)
Financial Statements

 (2)
Exhibits

 We
hereby file as part of this Report the exhibits listed in the attached Exhibit Index. Exhibits which are incorporated herein by reference
can be retrieved from SEC website at www.sec.gov.

 ITEM
16. FORM 10-K SUMMARY

 Not
applicable.

 EXHIBIT

 Exhibit
 No.

 Description

 3.1

 Amended
 and Restated Articles of Incorporation, incorporated by reference to Exhibit 3 to Form DEF 14C, filed with the Commission on June
 18, 2019.

 3.2

 Bylaws,
 incorporated herein by reference to Exhibit 3.2 to Form S-1, filed with the Commission on October 1, 2014

 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 Executive 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*

 *Filed
herewith

 - 23 -

 SIGNATURES

 Pursuant
to the requirements of Section 13 or 15(d) 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.

 By: /s/
Shuhua Liu

 Shuhua
Liu

 Chief
Executive Officer and Director

 By: /s/
YiYi Huang

 YiYi
Huang

 Chief
Financial Officer

 Date:
December 22, 2023

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