NOTE 9. SUBSEQUENT EVENTS

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

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

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