Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 14, 2024 | |
Document Information Line Items | ||
Entity Registrant Name | RICHTECH ROBOTICS INC. | |
Trading Symbol | RR | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 21,288,410 | |
Amendment Flag | false | |
Entity Central Index Key | 0001963685 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-41866 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-2870106 | |
Entity Address, Address Line One | 4175 Cameron St Ste 1 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89103 | |
City Area Code | (866) | |
Local Phone Number | 236-3835 | |
Title of 12(b) Security | Class B Common Stock, par value $0.00001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Unaudited Balance Sheets
Unaudited Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 7,535 | $ 433 |
Accounts receivable, (net of allowance for doubtful accounts of $165 and $333 as of December 31, 2023 and September 30, 2023, respectively) | 3,144 | 5,576 |
Inventory | 654 | 822 |
Prepaid expenses and other current assets | 7 | 17 |
Total current assets | 11,503 | 6,982 |
Property and equipment, net | 24 | 28 |
Deferred tax assets, net | 518 | 518 |
Operating lease right-of-use-assets | 256 | 315 |
Other assets, non-current | 10 | 10 |
Total assets | 12,311 | 7,853 |
Current liabilities: | ||
Accounts payable | 60 | 1,126 |
Accrued expenses | 59 | 59 |
Short-term loan | 50 | 845 |
Tax Payable | 454 | 461 |
Operating lease liabilities, current | 130 | 161 |
Total current liabilities | 838 | 2,890 |
Operating lease liabilities, non-current | 126 | 154 |
Total liabilities | 964 | 3,044 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Additional paid-in capital | 13,894 | 4,608 |
Retained earnings | (2,547) | 201 |
Total stockholders’ equity | 11,347 | 4,809 |
Total liabilities, preferred stock and stockholders’ equity | 12,311 | 7,853 |
Class A common Stock | ||
Stockholders’ equity: | ||
Common stock, value | ||
Class B Common Stock | ||
Stockholders’ equity: | ||
Common stock, value | ||
Related Party | ||
Current assets: | ||
Amount due from related parties, current | 163 | 134 |
Current liabilities: | ||
Amount due to related parties, current | $ 85 | $ 238 |
Unaudited Balance Sheets (Paren
Unaudited Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Accounts receivable, net of allowance for doubtful accounts (in Dollars) | $ 165 | $ 333 |
Class A common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 47,400,000 | 47,400,000 |
Common stock, shares issued | 44,353,846 | 44,353,846 |
Common stock, shares outstanding | 44,353,846 | 44,353,846 |
Class B Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 60,600,000 | 60,600,000 |
Common stock, shares issued | 19,955,563 | 17,813,000 |
Common stock, shares outstanding | 19,955,563 | 17,813,000 |
Unaudited Statements of Operati
Unaudited Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue, net | $ 1,106 | $ 946 |
Cost of revenue, net | 496 | 446 |
Gross profit | 610 | 500 |
Operating expenses: | ||
Research and development | 834 | 855 |
Sales and marketing | 595 | 79 |
General and administrative | 1,443 | 767 |
Total operating expenses | 2,872 | 1,701 |
Gain/(Loss) from operations | (2,262) | (1,201) |
Other income (expense): | ||
Interest expense, net | (486) | (1) |
Total other expense | (486) | (1) |
Loss before income tax expense | (2,748) | (1,202) |
Income tax benefit/(expense) | ||
Net loss | (2,748) | (1,202) |
Net loss attributable to common stockholders | $ (2,748) | $ (1,202) |
Basic net loss per share of common stock (in Dollars per share) | $ (0.04) | $ (0.02) |
Weighted average shares used to compute basic net loss per share (in Shares) | 64,309,409 | 62,000,846 |
Unaudited Statements of Opera_2
Unaudited Statements of Operations (Parentheticals) - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Diluted net loss per share of common stock | $ (0.04) | $ (0.02) |
Weighted average shares used to compute diluted net loss per share | 64,309,409 | 62,000,846 |
Unaudited Statements of Stockho
Unaudited Statements of Stockholders’ Equity - USD ($) $ in Thousands | Class A Common Stock | Class B Common Stock | Additional paid-in capital | Retained earnings (Accumulated deficit) | Total | |||
Balances at Sep. 30, 2022 | [1] | $ 2,378 | $ 540 | $ 2,918 | ||||
Balances (in Shares) at Sep. 30, 2022 | [1] | 39,400,000 | 600,000 | |||||
Common stock issued for cash | [1] | [1] | 1,400 | 1,400 | ||||
Common stock issued for cash (in Shares) | [1] | 9,231,000 | ||||||
Common stock issued for services | [1] | 759 | 759 | |||||
Common stock issued for services (in Shares) | [1] | 6,153,846 | 6,616,000 | |||||
Provision for Future Service issue for common stock | [1] | [1] | (759) | (759) | ||||
Conversion to Class B Common stock | [1] | [1] | ||||||
Conversion to Class B Common stock (in Shares) | [1] | (1,200,000) | 1,200,000 | |||||
Net loss | [1] | [1] | (1,202) | (1,202) | ||||
Balances at Dec. 31, 2022 | [1] | [1] | 3,778 | (662) | 3,116 | |||
Balances (in Shares) at Dec. 31, 2022 | 44,353,846 | 17,647,000 | [1] | |||||
Balances at Sep. 30, 2023 | 4,608 | 201 | 4,809 | |||||
Balances (in Shares) at Sep. 30, 2023 | 44,353,846 | 17,813,000 | ||||||
Initial public offering related expenses | (1,426) | (1,426) | ||||||
Common stock Issuance for initial public offering | 10,713 | 10,713 | ||||||
Common stock Issuance for initial public offering (in Shares) | 2,142,563 | |||||||
Net loss | (2,748) | (2,748) | ||||||
Balances at Dec. 31, 2023 | $ 13,894 | $ (2,547) | $ 11,347 | |||||
Balances (in Shares) at Dec. 31, 2023 | 44,353,846 | 19,955,563 | ||||||
[1] Par value per share and the number of shares has been retrospectively restated for the related period in connection with our 4-for-1 forward stock split and concurrent re-designation of our common stock into Class A and Class B common stock in October 2022. |
Unaudited Statements of Cash Fl
Unaudited Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows From Operating Activities | ||
Net loss | $ (2,748) | $ (1,202) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accounts receivable | 2,432 | (284) |
Inventory | 167 | 477 |
Prepaid expenses and other current assets | 10 | 17 |
Right-of-use asset | 59 | 15 |
Accounts payable | (1,066) | (127) |
Tax payable | (7) | (113) |
Accrued expenses | (5) | |
Operating lease liabilities, current | (31) | (108) |
Operating lease liabilities, non-current | (28) | 93 |
Net cash used in operating activities | (1,212) | (1,237) |
Cash Flows From Investing Activities | ||
Sale of property and equipment | 3 | 3 |
Cash used for lending to related parties | (28) | |
Net cash used in investing activities | (25) | (21) |
Cash Flows From Financing Activities | ||
Proceeds from the issuance of related party debt | 89 | |
Payment of related party debt | (152) | |
Payment of short-term loans | (795) | |
Proceeds from issuance of ordinary shares | 1,400 | |
Proceeds from stockholder capital injection | 9,286 | |
Net cash provided by financing activities | 8,339 | 1,489 |
Net change in cash and cash equivalents | 7,102 | 231 |
Cash, cash equivalents and restricted cash at beginning of the period | 433 | 327 |
Cash, cash equivalents and restricted cash at end of the period | $ 7,535 | $ 558 |
Nature of Business
Nature of Business | 3 Months Ended |
Dec. 31, 2023 | |
Nature of Business [Abstract] | |
Nature of Business | NOTE 1: Nature of Business Description of Business Richtech Robotics Inc. (“we”, “us”, “our”, the “Company”, or “Richtech”), is a Nevada C-Corporation registered in Nevada. Richtech was converted from Richtech Creative Displays, LLC on June 22, 2022, which is the predecessor of Richtech and established on July 19, 2016 in Nevada. We are a pioneer in service robotic solutions, developing and deploying cutting-edge technology that directly tackles the critical labor shortage plaguing the US service industry. Our diverse suite of solutions, encompassing delivery, commercial cleaning, food & beverage service, and custom development, has been transforming operations in over 80 cities across the United States. From bustling restaurants and hotels to dynamic casinos, senior living facilities, factories, and retail centers, our robots are automating repetitive, time-consuming tasks, allowing businesses to reallocate valuable human capital to higher-level roles. Many of our clients consider our solutions essential for their expansion and growth. We are committed to being a long-term partner, continuously innovating and providing a comprehensive range of solutions that remedy specific challenges and propel our clients’ success. Risk and Uncertainties The Company’s performance is inherently tied to global business and economic conditions, including interest rates, inflation, capital markets, and overall economic health. These factors, outside of our direct control, can fluctuate significantly and potentially impact our financial results. Adverse changes in these conditions could have a material adverse effect on our business. In addition, we operate in a highly competitive industry with numerous established players boasting extensive resources and well-developed marketing and sales operations. Our ability to compete effectively and gain market share is not guaranteed, and we may struggle against these larger competitors. Our industry is characterized by rapid changes in technology and market demands. As a result, the Company’s products, services, or expertise may become obsolete or unmarketable. Our continued success hinges on our ability to adapt to these technological changes, anticipate evolving market demands, and continuously improve our current technology under development. Emerging Growth Company Status We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we are (1) no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. We will remain an emerging growth company until the earliest of (1) the last day of the first fiscal year (A) following the fifth anniversary of the completion of this offering, (B) in which our total annual gross revenue is at least $1.235 billion or (C) when we are deemed to be a large accelerated filer, which means the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of our most recently completed second fiscal quarter and (2) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2: Summary of Significant Accounting Policies Basis of Presentation These financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Segment Reporting Operating segments are identified as components of an enterprise about which separate financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business as one operating segment. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three Accounts Receivable Accounts receivables primarily consist of trade receivables presented net of rebates, price protection and an allowance for credit loss. Accounts receivable also include unbilled receivables, which primarily represent work completed on development services recognized as revenue but not yet invoiced to customers and semi-custom products under non-cancellable purchase orders that have no alternative use to the Company at contract inception, for which revenue has been recognized but not yet invoiced to customers. All unbilled accounts receivables are expected to be billed and collected within twelve months. We manage our exposure to customer credit risk through credit limits, credit lines, ongoing monitoring procedures and credit approvals. Furthermore, we perform in-depth credit evaluations of all new customers and, at intervals, for existing customers. From this, we may require letters of credit, bank or corporate guarantees or advance payments if deemed necessary. We maintain an allowance for credit loss, consisting of known specific troubled accounts as well as an amount based on historical experience and current credit assessments. The amount of allowance for doubtful accounts were $165 as of December 31, 2023 and $333 as of September 30, 2023, respectively. We do not believe the receivable balance from its customers represents a significant credit risk. Inventories We employ a standard cost valuation approach for our inventory, with adjustments to align with the lower of cost or estimated net realizable value. This estimate considers future demand and market conditions to ensure accurate representation. In determining excess or obsolescence reserves for its products, we consider assumptions such as changes in business and economic conditions, other-than-temporary decreases in demand for its products, and changes in technology or customer requirements The net realizable value adjustments are informed by recent historical sales activity and selling prices, alongside future price estimations. We fully reserve for inventories and non-cancellable purchase orders for inventory deemed obsolete. We actively manage inventory risk through regular reviews and comparisons of stock levels with anticipated demand. This proactive approach allows for early identification of excess inventory, enabling us to implement corrective actions such as promotional offers. Additionally, we maintain close collaboration with suppliers to ensure inventory acquisition aligns with our actual needs and timing. Inventory as of December 31, 2023 and September 30, 2023 are as follows: December 31, September 30, Raw materials $ 112 $ 164 Finished goods 542 658 Total inventories $ 654 $ 822 Property, and Equipment, net Property and equipment, net, is stated at cost less accumulated depreciation and amortization and is depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of equipment is two six Property and equipment as of December 31, 2023 and September 30, 2023 are as follows: December 31, September 30, Furniture, fixtures & equipment $ 63 $ 63 Leasehold improvements 4 4 67 67 Accumulated depreciation (43 ) (39 ) Property and equipment, net $ 24 $ 28 Depreciation expense for the three months ended December 31, 2023 and 2022 was $4 and $11, respectively. Stockholders’ Equity According to ASC 505-10-S99-4, changes in the capital structure of a reporting entity due to a stock dividend, stock split or reverse split occurring after the date of the latest reported balance sheet but before the release of the financial statements (or the effective date of the registration statement, whichever is later) should be given retroactive effect in the balance sheet. In such cases, appropriate disclosure should be made of the retrospective treatment and the date the change became effective. For our Statements of Stockholders’ Equity, par value per share and the number of shares has been retrospectively restated for the related period in connection with our 4-for-1 forward stock split and concurrent re-designation of our common stock into Class A and Class B common stock in October 2022. In accounting for the conversion of member units into common stock, we followed the relevant accounting guidance provided by the Financial Accounting Standards Board (“FASB”) in accordance with GAAP. According to ASC 805-50-15-6, an entity charters a newly formed entity and then transfers some or all of its net assets to that newly chartered entity is an example of common-control transactions. ASC 805-50-15-6 provides guidance on common control transactions, stating that such transactions involve transfers between entities under common control, where the control is not transitory. In the case of the conversion of member units into common stock, the entities involved are under common control by the same parent entity. This relationship satisfies the criteria for a common control transaction, as control is not transitory and the parent entity exercises significant influence over the entities involved. Financial statements reflect the members’ equity and that the reclassification of members’ equity during fiscal 2022 to paid-in-capital is properly accounted for, in accordance with ASC 805-50-45-4 and SAB Topic 4.B by analogy. Revenue Recognition Our revenue recognition policy adheres to the principle of recognizing revenue when the promised goods or services are transferred to customers, at an amount reflecting the consideration we expect to receive. This principle aligns with the five-step model outlined in the accounting standard ASC 606 , we perform the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Product Revenue We generate revenue through the direct sale of its branded robotic products to customers. . We consider customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with our customers. Each contract establishes a single performance obligation: the delivery of our product in accordance with the specified payment and shipping terms. The entire transaction price is allocated to this single performance obligation. Product revenue is recognized upon the customer acquiring control of the product , which aligns with either the shipment or delivery date as stipulated in the contract. Other Revenue Policies Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised products to the customer will be one year or less, which is the case with substantially all customers. We recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. These costs are included in selling expenses. We account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. We record the related costs within cost of goods sold. Disaggregation of Revenue The following table sets forth revenue by product for the three months ended December 31, 2023 and 2022: Three months ended December 31, 2023 2022 Robotics Product revenue $ 187 $ 613 Service revenue 799 232 Leasing revenue 13 91 Total Robotics revenue 999 936 Smart hardware 16 1 Interactive system 30 9 Cloutea* 61 — Total revenue, net $ 1,106 $ 946 Notes: * Cloutea is the revenue generated from our boba tea store open in May 2023, in order to further develop our business model. This is our model store of interactive robot barista by utilizing our ADAM robot. Research and Development Costs Research and development costs primarily consist of employee-related expenses, including salaries and benefits, facilities costs, depreciation, and other allocated expenses. Research and development costs are expensed as incurred. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not some portion or all of a deferred tax asset will not be realized. Tax positions are recognized if it is more likely than not, based on the technical merits, the tax position will be realized or sustained upon examination. The term “more likely than not” means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes as a component of income tax expense. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases Leases In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes In May 2020, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815- 40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”). ASU 2021-04 provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another topic. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021. The Company has determined the adoption of ASU 2021-04 did not have a material impact on our financial statements and disclosures. COVID-19 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to spread throughout the United States. The COVID-19 pandemic has adversely impacted global commercial activity, disrupted supply chains and contributed to significant volatility in financial markets. Starting in 2020, and continuing through the date hereof, the COVID-19 pandemic continued to adversely impact many different industries. The ongoing COVID-19 pandemic could have a continued material impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the extent and the duration of the impact of COVID-19. The COVID-19 pandemic therefore presents material uncertainty and risk with respect to the Company and its performance and could affect its financial results in a materially adverse way. The Company has considered information available to it as of the date of issuance of these consolidated financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgements, or an adjustment to the carrying value of its assets or liabilities. The accounting estimates and other matters assessed include, but were not limited to, long-lived assets and accrued expenses. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates. In response to the changing dynamics of the COVID-19 pandemic and endemic, the Company closely monitors the Centers for Disease Control and Prevention recommendations in order to react quickly with appropriate safety protocols. Management is continuing to monitor the effect of COVID-19 and intends to adjust its operational protocols as may be necessary. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | NOTE 3: Earnings per Share Due to the presence of net losses in all presented periods, potentially dilutive securities are excluded from the computation of diluted net loss per share. In addition, we have no outstanding stock options, warrants, convertible notes, and any other forms of convertible deferred compensation that could dilute basic earnings per share in the future as of December 31, 2023 and 2022. Three Months Ended 2023 2022 Numerator: Net loss attributable to common stockholders $ (2,748 ) $ (1,202 ) Denominator: Weighted average ordinary shares used in computing 64,309,409 62,000,846 Basic and diluted net loss per share (in each dollar) $ (0.04 ) $ (0.02 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 4: Income Taxes We are subject to taxation in the United States and various states jurisdictions in which we conduct our business. Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items arising in that quarter. On a quarterly basis, we update our estimate of the annual effective tax rate, and if the estimated annual tax rate changes, we make a cumulative adjustment in that quarter. The tax expenses recorded for both of the three months ended December 31, 2023 and 2022 differ from the U.S. federal statutory tax rate of 21% due primarily to the tax impact of state income taxes, non-deductible officers’ compensation, and transportation fringe benefits. For the three months ended December 31, 2023 and 2022, we recorded nil We have no material uncertain tax positions as of December 31, 2023 and 2022. It is our policy to recognize interest and penalties related expenses on income tax as a component of income tax expense, in our audited condensed consolidated statements of operations and comprehensive income. As of December 31, 2023 and 2022, we have not accrued any interest or penalties associated with uncertain tax positions. |
Short-Term Loan
Short-Term Loan | 3 Months Ended |
Dec. 31, 2023 | |
Short-Term Loan [Abstract] | |
Short-term Loan | NOTE 5: Short-term Loan During 2023, we entered into ten short-term loan agreements with different financial entities for the total principal amount of $1,853. As of December 31, 2023, the short-term loan balance was $50. |
Related Parties and Related-Par
Related Parties and Related-Party Transactions | 3 Months Ended |
Dec. 31, 2023 | |
Related Parties and Related-Party Transactions [Abstract] | |
Related parties and related-party transactions | NOTE 6: Related parties and related-party transactions The group had the following related parties: a. Companies controlled by the same controlling stockholders; and b. Executive officers, stockholders and companies controlled by executive officers. Balances We had the following related party balances: Relationship Notes As of As of Amounts due from related parties: Uplus Academy LLC a (i) 116 118 Uplus Academy NLV LLC a (i) 16 16 Zhenwu Huang b (v) 31 — 163 134 Relationship Notes As of December 31, As of September 30, Amounts due to related parties: Bison Systems LLC a (ii) 85 85 Zhenwu Huang b (iii) — 113 Phil Zheng b (iv) — 40 85 238 Notes: (i) Uplus Academy LLC and Uplus Academy NLV LLC were both subsidiaries of Richtech, and were disposed on December 31, 2021. Richtech has been making interest-free and non-maturity loans to both companies since their inceptions. On December 31, 2021, Uplus Academy LLC and Uplus Academy NLV LLC, subsidiaries of Richtech have been disposed to Zhenwu Huang, CEO and controlling stockholder of Richtech, to pay off part of Zhenwu Huang’s earlier loans to Richtech. The transaction price for Uplus Academy LLC and Uplus Academy NLV LLC were $120 and $7, respectively. (ii) Bison Systems LLC was 100% owned by Zhenwu Huang, CEO and controlling stockholder of Richtech and Zhenqiang Huang, CFO and major stockholder of Richtech. In 2022 and 2023, Bison Systems LLC made several interest-free and non-maturity loans to Richtech to support its daily operation. (iii) Zhenwu Huang, CEO and controlling stockholder of Richtech, made multiple interest-free and non-maturity loans to Richtech since the inception of the business to support Richtech’s operation. As of December 31, 2023, Richtech has paid off the remaining balance to Zhenwu Huang. (iv) Phil Zheng has served as Richtech’s COO since February 2020. Phil made an interest-free and non-maturity loans to Richtech in May 2023. As of December 31, 2023, Richtech has paid off the remaining balance to Phil Zheng. (v) We made an interest-free and non-maturity loans for the amount of $31 to Zhenwu Huang, CEO and controlling shareholder of Richtech in December 2023. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and contingencies | NOTE 7: Commitments and contingencies Leases We lease office facilities under noncancelable operating lease agreements. We lease space for our corporate headquarters in Las Vegas, Nevada through August 2027, and a second office space in Austin, Taxes through April 2024. In addition, our ClouTea store in Las Vegas currently operates under a lease which expires in January 2024. Afterwards, the lease will be month to month, which allows for ongoing adaptability while guaranteeing our market presence. While this arrangement grants the landlord the option to terminate with a two-month notice, it also affords us similar flexibility to adjust as needed. The landlord may choose to terminate the lease by sending a notice two month in advance. The components of leases and lease costs are as follows: Operating leases As of December 31, 2023 As of September 30, 2022 Operating lease right-of-use assets $ 256 $ 315 Operating lease liabilities, current portion $ 130 $ 161 Operating lease liabilities, non-current portion 126 154 Total operating lease liabilities $ 256 $ 315 Operating leases Three Months Ended Three Months Ended December 31, Operating lease cost $ 90 $ 37 Future minimum lease payments under these leases as of December 31, 2023 are approximately as follows: Fiscal year Amount Reminder of 2024 $ 114 2025 116 2026 50 Total future minimum lease payments $ 280 Legal Proceedings From time to time, in the ordinary course of business, we are subject to litigation and regulatory examinations as well as information gathering requests, inquiries and investigations. As of December 31, 2023, there were no matters which would have a material impact on our financial results. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 8: Subsequent Events On December 11, 2023, we have registered an aggregate of 6,000,000 shares of Class B common stock, par value $0.0001 per share, which are reserved for issuance under the Richtech Robotics Inc. Employee Stock Option Plan (“ESOP”). The ESOP is expected to be granted and effective in March 2024. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Segment Reporting | Segment Reporting Operating segments are identified as components of an enterprise about which separate financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business as one operating segment. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three |
Accounts Receivable | Accounts Receivable Accounts receivables primarily consist of trade receivables presented net of rebates, price protection and an allowance for credit loss. Accounts receivable also include unbilled receivables, which primarily represent work completed on development services recognized as revenue but not yet invoiced to customers and semi-custom products under non-cancellable purchase orders that have no alternative use to the Company at contract inception, for which revenue has been recognized but not yet invoiced to customers. All unbilled accounts receivables are expected to be billed and collected within twelve months. We manage our exposure to customer credit risk through credit limits, credit lines, ongoing monitoring procedures and credit approvals. Furthermore, we perform in-depth credit evaluations of all new customers and, at intervals, for existing customers. From this, we may require letters of credit, bank or corporate guarantees or advance payments if deemed necessary. We maintain an allowance for credit loss, consisting of known specific troubled accounts as well as an amount based on historical experience and current credit assessments. The amount of allowance for doubtful accounts were $165 as of December 31, 2023 and $333 as of September 30, 2023, respectively. We do not believe the receivable balance from its customers represents a significant credit risk. |
Inventories | Inventories We employ a standard cost valuation approach for our inventory, with adjustments to align with the lower of cost or estimated net realizable value. This estimate considers future demand and market conditions to ensure accurate representation. In determining excess or obsolescence reserves for its products, we consider assumptions such as changes in business and economic conditions, other-than-temporary decreases in demand for its products, and changes in technology or customer requirements The net realizable value adjustments are informed by recent historical sales activity and selling prices, alongside future price estimations. We fully reserve for inventories and non-cancellable purchase orders for inventory deemed obsolete. We actively manage inventory risk through regular reviews and comparisons of stock levels with anticipated demand. This proactive approach allows for early identification of excess inventory, enabling us to implement corrective actions such as promotional offers. Additionally, we maintain close collaboration with suppliers to ensure inventory acquisition aligns with our actual needs and timing. Inventory as of December 31, 2023 and September 30, 2023 are as follows: December 31, September 30, Raw materials $ 112 $ 164 Finished goods 542 658 Total inventories $ 654 $ 822 |
Property, and Equipment, net | Property, and Equipment, net Property and equipment, net, is stated at cost less accumulated depreciation and amortization and is depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of equipment is two six Property and equipment as of December 31, 2023 and September 30, 2023 are as follows: December 31, September 30, Furniture, fixtures & equipment $ 63 $ 63 Leasehold improvements 4 4 67 67 Accumulated depreciation (43 ) (39 ) Property and equipment, net $ 24 $ 28 Depreciation expense for the three months ended December 31, 2023 and 2022 was $4 and $11, respectively. |
Stockholders’ Equity | Stockholders’ Equity According to ASC 505-10-S99-4, changes in the capital structure of a reporting entity due to a stock dividend, stock split or reverse split occurring after the date of the latest reported balance sheet but before the release of the financial statements (or the effective date of the registration statement, whichever is later) should be given retroactive effect in the balance sheet. In such cases, appropriate disclosure should be made of the retrospective treatment and the date the change became effective. For our Statements of Stockholders’ Equity, par value per share and the number of shares has been retrospectively restated for the related period in connection with our 4-for-1 forward stock split and concurrent re-designation of our common stock into Class A and Class B common stock in October 2022. In accounting for the conversion of member units into common stock, we followed the relevant accounting guidance provided by the Financial Accounting Standards Board (“FASB”) in accordance with GAAP. According to ASC 805-50-15-6, an entity charters a newly formed entity and then transfers some or all of its net assets to that newly chartered entity is an example of common-control transactions. ASC 805-50-15-6 provides guidance on common control transactions, stating that such transactions involve transfers between entities under common control, where the control is not transitory. In the case of the conversion of member units into common stock, the entities involved are under common control by the same parent entity. This relationship satisfies the criteria for a common control transaction, as control is not transitory and the parent entity exercises significant influence over the entities involved. Financial statements reflect the members’ equity and that the reclassification of members’ equity during fiscal 2022 to paid-in-capital is properly accounted for, in accordance with ASC 805-50-45-4 and SAB Topic 4.B by analogy. |
Revenue Recognition | Revenue Recognition Our revenue recognition policy adheres to the principle of recognizing revenue when the promised goods or services are transferred to customers, at an amount reflecting the consideration we expect to receive. This principle aligns with the five-step model outlined in the accounting standard ASC 606 , we perform the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Product Revenue We generate revenue through the direct sale of its branded robotic products to customers. . We consider customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with our customers. Each contract establishes a single performance obligation: the delivery of our product in accordance with the specified payment and shipping terms. The entire transaction price is allocated to this single performance obligation. Product revenue is recognized upon the customer acquiring control of the product , which aligns with either the shipment or delivery date as stipulated in the contract. Other Revenue Policies Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised products to the customer will be one year or less, which is the case with substantially all customers. We recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. These costs are included in selling expenses. We account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. We record the related costs within cost of goods sold. Disaggregation of Revenue The following table sets forth revenue by product for the three months ended December 31, 2023 and 2022: Three months ended December 31, 2023 2022 Robotics Product revenue $ 187 $ 613 Service revenue 799 232 Leasing revenue 13 91 Total Robotics revenue 999 936 Smart hardware 16 1 Interactive system 30 9 Cloutea* 61 — Total revenue, net $ 1,106 $ 946 Notes: * Cloutea is the revenue generated from our boba tea store open in May 2023, in order to further develop our business model. This is our model store of interactive robot barista by utilizing our ADAM robot. |
Research and Development Costs | Research and Development Costs Research and development costs primarily consist of employee-related expenses, including salaries and benefits, facilities costs, depreciation, and other allocated expenses. Research and development costs are expensed as incurred. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not some portion or all of a deferred tax asset will not be realized. Tax positions are recognized if it is more likely than not, based on the technical merits, the tax position will be realized or sustained upon examination. The term “more likely than not” means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes as a component of income tax expense. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases Leases In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes In May 2020, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815- 40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”). ASU 2021-04 provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another topic. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021. The Company has determined the adoption of ASU 2021-04 did not have a material impact on our financial statements and disclosures. |
COVID-19 | COVID-19 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic, which continues to spread throughout the United States. The COVID-19 pandemic has adversely impacted global commercial activity, disrupted supply chains and contributed to significant volatility in financial markets. Starting in 2020, and continuing through the date hereof, the COVID-19 pandemic continued to adversely impact many different industries. The ongoing COVID-19 pandemic could have a continued material impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the extent and the duration of the impact of COVID-19. The COVID-19 pandemic therefore presents material uncertainty and risk with respect to the Company and its performance and could affect its financial results in a materially adverse way. The Company has considered information available to it as of the date of issuance of these consolidated financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgements, or an adjustment to the carrying value of its assets or liabilities. The accounting estimates and other matters assessed include, but were not limited to, long-lived assets and accrued expenses. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates. In response to the changing dynamics of the COVID-19 pandemic and endemic, the Company closely monitors the Centers for Disease Control and Prevention recommendations in order to react quickly with appropriate safety protocols. Management is continuing to monitor the effect of COVID-19 and intends to adjust its operational protocols as may be necessary. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Inventory | Inventory as of December 31, 2023 and September 30, 2023 are as follows: December 31, September 30, Raw materials $ 112 $ 164 Finished goods 542 658 Total inventories $ 654 $ 822 |
Schedule of Property and Equipment | Property and equipment as of December 31, 2023 and September 30, 2023 are as follows: December 31, September 30, Furniture, fixtures & equipment $ 63 $ 63 Leasehold improvements 4 4 67 67 Accumulated depreciation (43 ) (39 ) Property and equipment, net $ 24 $ 28 |
Schedule of Sets Forth Revenue | The following table sets forth revenue by product for the three months ended December 31, 2023 and 2022: Three months ended December 31, 2023 2022 Robotics Product revenue $ 187 $ 613 Service revenue 799 232 Leasing revenue 13 91 Total Robotics revenue 999 936 Smart hardware 16 1 Interactive system 30 9 Cloutea* 61 — Total revenue, net $ 1,106 $ 946 * Cloutea is the revenue generated from our boba tea store open in May 2023, in order to further develop our business model. This is our model store of interactive robot barista by utilizing our ADAM robot. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | In addition, we have no outstanding stock options, warrants, convertible notes, and any other forms of convertible deferred compensation that could dilute basic earnings per share in the future as of December 31, 2023 and 2022. Three Months Ended 2023 2022 Numerator: Net loss attributable to common stockholders $ (2,748 ) $ (1,202 ) Denominator: Weighted average ordinary shares used in computing 64,309,409 62,000,846 Basic and diluted net loss per share (in each dollar) $ (0.04 ) $ (0.02 ) |
Related Parties and Related-P_2
Related Parties and Related-Party Transactions (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Related Parties and Related Party Transactions [Abstract] | |
Schedule of Related Party Balances | We had the following related party balances: Relationship Notes As of As of Amounts due from related parties: Uplus Academy LLC a (i) 116 118 Uplus Academy NLV LLC a (i) 16 16 Zhenwu Huang b (v) 31 — 163 134 Relationship Notes As of December 31, As of September 30, Amounts due to related parties: Bison Systems LLC a (ii) 85 85 Zhenwu Huang b (iii) — 113 Phil Zheng b (iv) — 40 85 238 (i) Uplus Academy LLC and Uplus Academy NLV LLC were both subsidiaries of Richtech, and were disposed on December 31, 2021. Richtech has been making interest-free and non-maturity loans to both companies since their inceptions. On December 31, 2021, Uplus Academy LLC and Uplus Academy NLV LLC, subsidiaries of Richtech have been disposed to Zhenwu Huang, CEO and controlling stockholder of Richtech, to pay off part of Zhenwu Huang’s earlier loans to Richtech. The transaction price for Uplus Academy LLC and Uplus Academy NLV LLC were $120 and $7, respectively. (ii) Bison Systems LLC was 100% owned by Zhenwu Huang, CEO and controlling stockholder of Richtech and Zhenqiang Huang, CFO and major stockholder of Richtech. In 2022 and 2023, Bison Systems LLC made several interest-free and non-maturity loans to Richtech to support its daily operation. (iii) Zhenwu Huang, CEO and controlling stockholder of Richtech, made multiple interest-free and non-maturity loans to Richtech since the inception of the business to support Richtech’s operation. As of December 31, 2023, Richtech has paid off the remaining balance to Zhenwu Huang. (iv) Phil Zheng has served as Richtech’s COO since February 2020. Phil made an interest-free and non-maturity loans to Richtech in May 2023. As of December 31, 2023, Richtech has paid off the remaining balance to Phil Zheng. (v) We made an interest-free and non-maturity loans for the amount of $31 to Zhenwu Huang, CEO and controlling shareholder of Richtech in December 2023. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Leases and Lease Costs | The components of leases and lease costs are as follows: Operating leases As of December 31, 2023 As of September 30, 2022 Operating lease right-of-use assets $ 256 $ 315 Operating lease liabilities, current portion $ 130 $ 161 Operating lease liabilities, non-current portion 126 154 Total operating lease liabilities $ 256 $ 315 |
Schedule of Operating Lease Cost | Operating leases Three Months Ended Three Months Ended December 31, Operating lease cost $ 90 $ 37 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under these leases as of December 31, 2023 are approximately as follows: Fiscal year Amount Reminder of 2024 $ 114 2025 116 2026 50 Total future minimum lease payments $ 280 |
Nature of Business (Details)
Nature of Business (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Nature of Business [Abstract] | |
Gross revenue | $ 1,235 |
Non affiliates exceeds | 700 |
Non convertible debt securities | $ 1,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Operating segment | 1 | ||
Maturity days | 3 months | ||
Allowance for doubtful accounts | $ 165 | $ 333 | |
Depreciation expense | $ 4 | $ 11 | |
Forward stock split | 4-for-1 | ||
Percentage of tax positions | 50% | ||
Percentage of tax benefit | 50% | ||
Leases terms | 12 months | ||
Minimum [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Estimated useful lives of equipment, term | 2 years | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Estimated useful lives of equipment, term | 6 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Inventory - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule of Inventory [Abstract] | ||
Raw materials | $ 112 | $ 164 |
Finished goods | 542 | 658 |
Total inventories | $ 654 | $ 822 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule of Property and Equipment [Abstract] | ||
Furniture, fixtures & equipment | $ 63 | $ 63 |
Leasehold improvements | 4 | 4 |
Property and equipment, gross | 67 | 67 |
Accumulated depreciation | (43) | (39) |
Property and equipment, net | $ 24 | $ 28 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of Sets Forth Revenue - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | $ 1,106 | $ 946 | |
Product Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 187 | 613 | |
Service Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 799 | 232 | |
Leasing Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 13 | 91 | |
Total Robotics Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 999 | 936 | |
Smart Hardware [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 16 | 1 | |
Interactive System [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 30 | 9 | |
Cloutea [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | [1] | $ 61 | |
[1] Cloutea is the revenue generated from our boba tea store open in May 2023, in order to further develop our business model. This is our model store of interactive robot barista by utilizing our ADAM robot. |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Numerator: | ||
Net loss attributable to common stockholders | $ (2,748) | $ (1,202) |
Denominator: | ||
Weighted average ordinary shares used in computing | 64,309,409 | 62,000,846 |
Basic and diluted net loss per share (in each dollar) | $ (0.04) | $ (0.02) |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share (Parentheticals) - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Basic and Diluted Earnings Per Share [Abstract] | ||
Diluted net loss per share (in each dollar) | $ (0.04) | $ (0.02) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
U.S. federal statutory tax rate | 21% | 21% |
Income tax benefit of expense |
Short-Term Loan (Details)
Short-Term Loan (Details) - Short-term Loan [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Short-Term Loan [Line Items] | |
Total principal amount | $ 1,853 |
Short-term loan | $ 50 |
Related Parties and Related-P_3
Related Parties and Related-Party Transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2021 |
Uplus Academy LLC [Member] | ||
Related Parties and Related-Party Transactions (Details) [Line Items] | ||
Transaction price cost | $ 120 | |
Uplus Academy NLV LLC [Member] | ||
Related Parties and Related-Party Transactions (Details) [Line Items] | ||
Transaction price cost | $ 7 | |
Related Party [Member] | ||
Related Parties and Related-Party Transactions (Details) [Line Items] | ||
Non-maturity loans | $ 31 | |
Related Party [Member] | Zhenwu Huang [Member] | ||
Related Parties and Related-Party Transactions (Details) [Line Items] | ||
Ownership percentage | 100% |
Related Parties and Related-P_4
Related Parties and Related-Party Transactions (Details) - Schedule of Related Party Balances - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | |
Amounts due from related parties: | |||
Amounts due from related parties | $ 163 | $ 134 | |
Amounts due to related parties: | |||
Amounts due to related parties | 85 | 238 | |
Uplus Academy LLC [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [1] | 116 | 118 |
Uplus Academy NLV LLC [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [1] | 16 | 16 |
Zhenwu Huang [Member] | |||
Amounts due from related parties: | |||
Amounts due from related parties | [2] | 31 | |
Amounts due to related parties: | |||
Amounts due to related parties | [3] | 113 | |
Bison Systems LLC [Member] | |||
Amounts due to related parties: | |||
Amounts due to related parties | [4] | 85 | 85 |
Phil Zheng [Member] | |||
Amounts due to related parties: | |||
Amounts due to related parties | [5] | $ 40 | |
[1] Uplus Academy LLC and Uplus Academy NLV LLC were both subsidiaries of Richtech, and were disposed on December 31, 2021. Richtech has been making interest-free and non-maturity loans to both companies since their inceptions. On December 31, 2021, Uplus Academy LLC and Uplus Academy NLV LLC, subsidiaries of Richtech have been disposed to Zhenwu Huang, CEO and controlling stockholder of Richtech, to pay off part of Zhenwu Huang’s earlier loans to Richtech. The transaction price for Uplus Academy LLC and Uplus Academy NLV LLC were $120 and $7, respectively. Zhenwu Huang, CEO and controlling stockholder of Richtech, made multiple interest-free and non-maturity loans to Richtech since the inception of the business to support Richtech’s operation. As of December 31, 2023, Richtech has paid off the remaining balance to Zhenwu Huang. Bison Systems LLC was 100% owned by Zhenwu Huang, CEO and controlling stockholder of Richtech and Zhenqiang Huang, CFO and major stockholder of Richtech. In 2022 and 2023, Bison Systems LLC made several interest-free and non-maturity loans to Richtech to support its daily operation. Phil Zheng has served as Richtech’s COO since February 2020. Phil made an interest-free and non-maturity loans to Richtech in May 2023. As of December 31, 2023, Richtech has paid off the remaining balance to Phil Zheng. |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - Schedule of Leases and Lease Costs - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 |
Schedule of Leases and Lease Costs [Abstract] | |||
Operating lease right-of-use assets | $ 256 | $ 315 | $ 315 |
Operating lease liabilities, current portion | 130 | 161 | 161 |
Operating lease liabilities, non-current portion | 126 | $ 154 | 154 |
Total operating lease liabilities | $ 256 | $ 315 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Operating Lease Cost - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Operating Lease Cost [Abstract] | ||
Operating lease cost | $ 90 | $ 37 |
Commitments and Contingencies_4
Commitments and Contingencies (Details) - Schedule of Future Minimum Lease Payments $ in Thousands | Dec. 31, 2023 USD ($) |
Schedule of Future Minimum Lease Payments [Abstract] | |
Reminder of 2024 | $ 114 |
2025 | 116 |
2026 | 50 |
Total future minimum lease payments | $ 280 |
Subsequent Events (Details)
Subsequent Events (Details) - Class B Common Stock [Member] - IPO [Member] | Dec. 11, 2023 $ / shares shares |
Subsequent Events (Details) [Line Items] | |
Initial public offering shares issued | shares | 6,000,000 |
Price per share | $ / shares | $ 0.0001 |