0001213900-24-026171 | 10-K/A | XBRL Viewer

Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2023

Schedule of Basic and 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 September 30, 2023 and 2022.

	Year Ended September 30
	2023			2022
Numerator:
Net loss attributable to common stockholders	$	(339	)	$	(507	)
Denominator:
Weighted average ordinary shares used in computing		62,166,846			40,000,000
Basic and diluted net loss per share (in each dollar)	$	(0.01	)	$	(0.01	)

Commitments and Contingencies (Details) - Schedule of Operating Lease - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Schedule of Operating Lease [Abstract]
Operating lease right-of-use assets	$ 315	$ 382
Operating lease liabilities, current portion	161	108
Operating lease liabilities, non-current portion	154	279
Total operating lease liabilities	$ 315	$ 387

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 433	$ 327
Accounts receivable, (net of allowance for doubtful accounts of $333 and $86 as of September 30, 2023 and 2022, respectively)	5,576	1,656
Inventory	822	1,373
Prepaid expenses and other current assets	17	41
Total current assets	6,982	3,505
Property and equipment, net	28	41
Deferred tax assets, net	518
Operating lease right-of-use-assets	315	382
Other assets, non-current	10	10
Total assets	7,853	3,938
Current liabilities:
Accounts payable	1,126	175
Accrued expenses	59	57
Short-term loan	845
Tax Payable	461	117
Operating lease liabilities, current	161	108
Total current liabilities	2,890	741
Operating lease liabilities, non-current	154	279
Total liabilities	3,044	1,020
Commitments and contingencies
Stockholders’ equity:
Additional paid-in capital	4,608	2,378
Retained earnings	201	540
Total controlling stockholders’ equity	4,809	2,918
Total stockholders’ equity	4,809	2,918
Total liabilities, preferred stock and stockholders’ equity	7,853	3,938
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	134	108
Current liabilities:
Amount due to related parties, current	$ 238	$ 284

Statements of Stockholders’ Equity - USD ($)
$ in Thousands

Class A

Common Stock

Class B

Common Stock

Paid-in capital

Additional paid-in capital

Retained earnings

Non- controlling Interest

Total

Balances at Sep. 30, 2021

^[1]

$ 878

$ 1,047

$ (57)

$ 1,868

Balances (in Shares) at Sep. 30, 2021

^[1]

Shareholder capital injection

^[1]

1,500

Conversion of member units to common stock

^[1]

(2,378)

2,378

Conversion of member units to common stock (in Shares)

^[1]

39,400,000

600,000

Non-controlling interest

^[1]

Net loss

^[1]

(507)

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]

2,230

Common stock issued for cash (in Shares)

^[1]

9,397,000

Common stock issued for services

^[1]

38,318

Common stock issued for services (in Shares)

^[1]

6,153,846

6,616,000

Provision of common stock issued for future services

^[1]

(38,318)

Conversion from class A to Class B common stock

^[1]

Conversion from class A to Class B common stock (in Shares)

^[1]

(1,200,000)

1,200,000

Non-controlling interest

Net loss

^[1]

(339)

Balances at Sep. 30, 2023

^[1]

$ 4,608

$ 201

$ 4,809

Balances (in Shares) at Sep. 30, 2023

^[1]

44,353,846

17,813,000

[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.

Related Parties and Related-Party Transactions (Tables)

12 Months Ended

Sep. 30, 2023

Schedule of Related Party Balances

We had the following related party balances:

Relationship

Notes

As of
September 30,
2023

As of
September 30,
2022

Amounts due from related parties:

Uplus Academy LLC

(i)

118

Uplus Academy NLV LLC

(i)

134

108

Relationship

Notes

As of September 30,
2023

As of September 30,
2022

Amounts due to related parties:

Bison Systems LLC

(ii)

Zhenwu Huang

(iii)

113

214

Phil Zheng

(iv)

—

238

284

(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 September 30, 2023 and September 30, 2022, the remaining balance of these loans were $113 and $214, respectively.

(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.

Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 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 months or less to be cash equivalents. We place our cash and cash equivalents in highly liquid instruments with, and in the custody of, financial institutions with high credit ratings.

Accounts Receivable

Accounts receivables are primarily comprised 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 overall estimated potential uncollectible accounts receivable based on historical experience and review of their current credit quality. The amount of allowance for doubtful accounts were $333 and $86 as of September 30, 2023 and 2022, respectively. We do not believe the receivable balance from its customers represents a significant credit risk.

Inventories

We value inventory at standard cost, adjusted to approximate the lower of actual cost or estimated net realizable value using assumptions about future demand and market conditions. 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. In determining the lower of cost or net realizable value reserves, we consider assumptions such as recent historical sales activity and selling prices, as well as estimates of future selling prices. We fully reserve for inventories and non-cancellable purchase orders for inventory deemed obsolete. We perform periodic reviews of inventory items to identify excess inventories on hand by comparing on-hand balances and non-cancellable purchase orders to anticipated usage using recent historical activity as well as anticipated or forecasted demand. If estimates of customer demand diminish further or market conditions become less favorable than those projected by us, additional inventory carrying value adjustments may be required.

Inventory as of September 30, 2023 and 2022 are as follows:

	September 30,
	2023		2022
Raw materials	$	164	$	286
Finished goods		658		1,087
Total inventories	$	822	$	1,373

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 to six years, and leasehold improvements are measured by the shorter of the remaining terms of the leases or the estimated useful economic lives of the improvements.

Property and equipment, as of September 30, 2023 and 2022 are as follows:

	September 30
	2023			2022
Furniture, fixtures & equipment	$	63		$	63
Leasehold improvements		4			4
		67			67
Accumulated depreciation		(39	)		(26	)
Property and equipment, net	$	28		$	41

Depreciation expense for 2022 and 2021 was $13 and $7, 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

Revenue is recognized when we transfer promised goods or services to our customers, in amounts that reflect the consideration that we expect to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under each agreement, 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 sale of our branded robotic products directly to customers. We consider customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with our customers. There is a single performance obligation in all our contracts, which is our promise to transfer our product to customers based on specific payment and shipping terms in the arrangement. The entire transaction price is allocated to this single performance obligation. Product revenue is recognized when a customer obtains control of our product, which occurs at a point in time and may be upon shipment or delivery, based on the terms of 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 years ended September 30:

		September 30
	Notes	2023		2022
Robotics
Product revenue		$	5,665	$	2,981
Service revenue			2,602		1,876
Leasing revenue			197		441
Total Robotics revenue			8,464		5,298
Smart hardware			7		562
Interactive system			198		189
Cloutea*			90		—
Total revenue, net		$	8,759	$	6,049

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 (“Topic 842”). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The standard is effective for public business entities for fiscal years beginning after December 15, 2018. As an emerging growth company, we adopted the new standard on January 1, 2022 for our year ending September 30, 2022 and 2023. We had operating leases for which we were required to recognize a right-of-use asset and lease liability.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, which amends the approaches and methodologies in accounting for income taxes during interim periods and makes changes to certain income tax classifications. The new standard allows certain exceptions, including an exception to the use of the incremental approach for intra-period tax allocation, when there is a loss from continuing operations and income or a gain from other items, and to the general methodology for calculating income taxes in an interim period, when a year-to-date loss exceeds the anticipated loss for the year. The standard also requires franchise or similar taxes partially based on income to be reported as income tax and to reflect the effects of enacted changes in tax laws or rates in the annual effective tax rate computation from the date of enactment. Lastly, in any future acquisition, we would be required to evaluate when the step-up in the tax basis of goodwill is part of the business combination and when it should be considered a separate transaction. The standard will be effective for us beginning January 1, 2022, with early adoption of the amendments permitted. The adoption of ASU 2019-12 did not have a material impact on our financial statements and disclosures.

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 (Details) - Schedule of Basic and Diluted Net Loss Per Share (Parentheticals) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Basic and Diluted Net Loss Per Share [Abstract]
Diluted net loss per share (in each dollar)	$ (0.01)	$ (0.01)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Schedule of Property and Equipment [Abstract]
Furniture, fixtures & equipment	$ 63	$ 63
Leasehold improvements	4	4
Property and equipment, gross	67	67
Accumulated depreciation	(39)	(26)
Property and equipment, net	$ 28	$ 41

Earnings Per Share

12 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings per Share

NOTE 3: Earnings per Share

Because we reported a net loss for all periods presented, no potentially dilutive securities have been included in 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 September 30, 2023 and 2022.

	Year Ended September 30
	2023			2022
Numerator:
Net loss attributable to common stockholders	$	(339	)	$	(507	)
Denominator:
Weighted average ordinary shares used in computing		62,166,846			40,000,000
Basic and diluted net loss per share (in each dollar)	$	(0.01	)	$	(0.01	)

Summary of Significant Accounting Policies (Details) - Schedule of Inventory - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Schedule of Inventory [Abstract]
Raw materials	$ 164	$ 286
Finished goods	658	1,087
Total inventories	$ 822	$ 1,373

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities
Net loss	$ (339)	$ (507)
Non-controlling interests		57
Adjustments to reconcile net loss to net cash used in operating activities:
Accounts receivable	(3,919)	(1,612)
Inventory	551	(389)
Prepaid expenses and other current assets	23	(31)
Right-of-use asset	67	(382)
Deferred tax assets	(518)
Accounts payable	951	(305)
Tax payable	344	108
Accrued expenses	3	28
Operating lease liabilities, current	(108)	108
Operating lease liabilities, non-current	36	279
Net cash used in operating activities	(2,909)	(2,646)
Cash Flows From Investing Activities
Sale of property and equipment	13	64
Cash used for lending to related parties	(30)	(108)
Cash collection from loan to related parties	4
Net cash received (used) in investing activities	(13)	(44)
Cash Flows From Financing Activities
Proceeds from the issuance of related party debt	200	190
Payment of related party debt	(247)
Payment of long-term loans		(26)
Proceeds from short-term loans	845
Proceeds from stockholder capital injection	2,230	1,500
Net cash provided by financing activities	3,028	1,664
Net change in cash and cash equivalents	106	(1,026)
Cash, cash equivalents and restricted cash at beginning of year	327	1,353
Cash, cash equivalents and restricted cash at end of year	433	327
Supplemental Disclosure of Non-cash Transactions:
Disposition of subsidiaries		$ (17)

Income Taxes

12 Months Ended

Sep. 30, 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 year ended September 30, 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 year ended September 30, 2023 and 2022, we recorded income tax benefit of expense of $106 and income tax expense of $113, respectively, and the effective tax rate is not applicable due to there were losses from continuing operations before income tax expense for both years presented.

We have no material uncertain tax positions as of September 30, 2023 and 2022. It is our policy to recognize interest and penalties related to income tax matters in interest expense and other income (expense), net, respectively, in our audited condensed consolidated statements of operations and comprehensive income. There was no accrued interest or penalties associated with uncertain tax positions as of September 30, 2023 and 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingencies (Details) - Schedule of Future Minimum Lease Payments $ in Thousands	Sep. 30, 2023 USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
2024	$ 174
2025	116
2026	50
Total future minimum lease payments	$ 340

Related Parties and Related-Party Transactions (Details) - Schedule of Related Party Balances - USD ($)
$ in Thousands

Sep. 30, 2023

Sep. 30, 2022

Amounts due from related parties:

Amounts due from related parties

$ 134

$ 108

Amounts due to related parties:

Amounts due to related parties

238

284

Uplus Academy LLC [Member]

Amounts due from related parties:

Amounts due from related parties

^[1]

118

Uplus Academy NLV LLC [Member]

Amounts due from related parties:

Amounts due from related parties

^[1]

Bison Systems LLC [Member]

Amounts due to related parties:

Amounts due to related parties

^[2]

Zhenwu Huang [Member]

Amounts due to related parties:

Amounts due to related parties

^[3]

113

214

Phil Zheng [Member]

Amounts due to related parties:

Amounts due to related parties

^[4]

$ 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.
[2]	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.
[3]	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 September 30, 2023 and September 30, 2022, the remaining balance of these loans were $113 and $214, respectively.
[4]	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.

Commitments and Contingencies (Details) - Schedule of Operating Lease Cost - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Operating Lease Cost [Abstract]
Operating lease cost	$ 227	$ 151

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Schedule of Inventory

Inventory as of September 30, 2023 and 2022 are as follows:

	September 30,
	2023		2022
Raw materials	$	164	$	286
Finished goods		658		1,087
Total inventories	$	822	$	1,373

Schedule of Property and Equipment

Property and equipment, as of September 30, 2023 and 2022 are as follows:

	September 30
	2023			2022
Furniture, fixtures & equipment	$	63		$	63
Leasehold improvements		4			4
		67			67
Accumulated depreciation		(39	)		(26	)
Property and equipment, net	$	28		$	41

Schedule of Sets Forth Revenue

The following table sets forth revenue by product for the years ended September 30:

		September 30
	Notes	2023		2022
Robotics
Product revenue		$	5,665	$	2,981
Service revenue			2,602		1,876
Leasing revenue			197		441
Total Robotics revenue			8,464		5,298
Smart hardware			7		562
Interactive system			198		189
Cloutea*			90		—
Total revenue, net		$	8,759	$	6,049

Statements of Operations (Parentheticals) - $ / shares	12 Months Ended
Statements of Operations (Parentheticals) - $ / shares	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Diluted net loss per share of common stock	$ (0.01)	$ (0.01)
Weighted average shares used to compute diluted net loss per share	62,166,846	40,000,000

- Definition

+ References

+ Details

Related Parties and Related-Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Related Parties and Related-Party Transactions (Details) [Line Items]
Remaining balance loans	$ 113	$ 214
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 Parties and Related-Party Transactions [Member] \| Zhenwu Huang [Member]
Related Parties and Related-Party Transactions (Details) [Line Items]
Ownership percentage	100.00%

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Income Taxes [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%
Income tax benefit of expense	$ (106)	$ 113

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Nature of Business

12 Months Ended

Sep. 30, 2023

Nature of Business [Abstract]

Nature of Business

NOTE 1: Nature of Business

Description of Business

Richtech Robotics Inc. (“we”, “us”, “our” 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 leading provider of service robotic solutions by developing, manufacturing, and deploying novel products that address the growing need for automation in the service industry. We develop and provide service automation solutions that directly address the labor shortage problem affecting the US service industry. Our solutions include delivery, commercial cleaning, food & beverage service, and customization and development service, which have been implemented more than 80 cities across the United States in restaurants, hotels, casinos, senior living homes, factories and retail centers. Our solutions automate repetitive and time-consuming tasks which allows clients to reallocate labor hours to more value-creating roles. Many of our clients see our robotic solutions as crucial to expanding and scaling their businesses. Our goal is to be a long-term partner to our clients, providing them with a range of robotic solutions to remedy their problems.

Risk and Uncertainties

The Company’s business and operations are sensitive to general business and economic conditions worldwide. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the world economy. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Adverse developments in these general business and economic conditions could have a material adverse effect on the Company’s financial condition and the results of its operations. In addition, the Company will compete with many companies that currently have extensive and well-funded projects, marketing and sales operations. The Company may be unable to compete successfully against these companies. The Company’s 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. The Company’s future success will depend on its ability to adapt to technological advances, anticipate customer and market demands, and enhance its 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.

Short-Term Loan (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Short-Term Loan (Details) [Line Items]
Short-term loan	$ 845
Remaining loan balance	55
Short-Term Loan [Member]
Short-Term Loan (Details) [Line Items]
Total principal amount	$ 1,853

Nature of Business (Details) $ in Millions	Sep. 30, 2023 USD ($)
Nature of Business [Abstract]
Gross revenue	$ 1,235.0
Non affiliates exceeds	700.0
Non convertible debt securities	$ 1,000.0

Commitments and Contingencies (Tables)

12 Months Ended

Sep. 30, 2023

Commitments and contingencies [Abstract]

Schedule of Operating Lease

The components of leases and lease costs are as follows:

Operating leases	September 30, 2023		September 30, 2022
Operating lease right-of-use assets	$	315	$	382
Operating lease liabilities, current portion	$	161	$	108
Operating lease liabilities, non-current portion		154		279
Total operating lease liabilities	$	315	$	387

Schedule of Operating Lease Cost

Operating leases		Year Ended September 30, 2023				Year Ended September 30, 2022
Operating lease cost		$	227			$	151

Schedule of Future Minimum Lease Payments

Future minimum lease payments under these leases as of September 30, 2023, are approximately as follows:

Year ending September 30,	Amount
2024	$	174
2025		116
2026		50
Total future minimum lease payments	$	340

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Sep. 30, 2023	Jan. 11, 2024
Document Information Line Items
Entity Registrant Name	RICHTECH ROBOTICS INC.
Trading Symbol	RR
Document Type	10-K/A
Current Fiscal Year End Date	--09-30
Entity Public Float	$ 0
Amendment Flag	true
Amendment Description	Richtech Robotics Inc. (the “Company”, “we”, “our”, or “us”) is filing this Amendment No. 1 to its Annual Report on Form 10-K/A (the “Amendment”) to amend its Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (the “2023 Form 10-K”), as filed with the Securities and Exchange Commission on January 11, 2024, to correct a typographical error in the date of Report of Independent Registered Public Accounting Firm.Except as described above, no other information included in the 2023 Form 10-K is being amended or updated by this Amendment and, other than as described herein, this Amendment does not purport to reflect any information or events subsequent to the 2023 Form 10-K. This Amendment continues to describe the conditions as of the date of the 2023 Form 10-K and, except as expressly contained herein, we have not updated, modified or supplemented the disclosures contained in the 2023 Form 10-K.
Entity Central Index Key	0001963685
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Annual 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
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	6797
Auditor Name	Bush & Associates CPA LLC
Auditor Location	Henderson, Nevada
Class A Common Stock
Document Information Line Items
Entity Common Stock, Shares Outstanding		44,353,846
Class B Common Stock
Document Information Line Items
Entity Common Stock, Shares Outstanding		20,888,410

Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Accounts receivable, net of allowance for doubtful accounts (in Dollars)	$ 333	$ 86
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	39,400,000
Common stock, shares outstanding	44,353,846	39,400,000
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	17,813,000	600,000
Common stock, shares outstanding	17,813,000	600,000

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
Statements of Operations - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue, net	$ 8,759	$ 6,049
Cost of revenue, net	2,744	2,098
Gross profit	6,015	3,951
Operating expenses:
Research and development	1,979	1,772
Sales and marketing	238	297
General and administrative	3,509	2,258
Total operating expenses	5,726	4,327
Gain/(Loss) from operations	289	(376)
Other income (expense):
Interest expense, net	(734)	(18)
Total other expense	(734)	(18)
Loss before income tax expense	(445)	(394)
Income tax benefit/(expense)	106	(113)
Net loss	(339)	(507)
Net loss attributable to common stockholders	$ (339)	$ (507)
Basic net loss per share of common stock (in Dollars per share)	$ (0.01)	$ (0.01)
Weighted average shares used to compute basic net loss per share (in Shares)	62,166,846	40,000,000

Short-Term Loan

12 Months Ended

Sep. 30, 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 September 30, 2023, the short-term loan balance was $845. The majority of these loans have been paid off, and the remaining balance was $55 as of the reporting date.

Accounting Policies, by Policy (Policies)

12 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Segment Reporting

Segment Reporting

Cash and Cash Equivalents

Cash and Cash Equivalents

Accounts Receivable

Accounts Receivable

Inventories

Inventories

Inventory as of September 30, 2023 and 2022 are as follows:

	September 30,
	2023		2022
Raw materials	$	164	$	286
Finished goods		658		1,087
Total inventories	$	822	$	1,373

Property, and Equipment, net

Property, and Equipment, net

Property and equipment, as of September 30, 2023 and 2022 are as follows:

	September 30
	2023			2022
Furniture, fixtures & equipment	$	63		$	63
Leasehold improvements		4			4
		67			67
Accumulated depreciation		(39	)		(26	)
Property and equipment, net	$	28		$	41

Depreciation expense for 2022 and 2021 was $13 and $7, respectively.

Stockholders’ Equity

Stockholders’ Equity

Revenue Recognition

Revenue Recognition

Product Revenue

Other Revenue Policies

Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

Disaggregation of Revenue

The following table sets forth revenue by product for the years ended September 30:

		September 30
	Notes	2023		2022
Robotics
Product revenue		$	5,665	$	2,981
Service revenue			2,602		1,876
Leasing revenue			197		441
Total Robotics revenue			8,464		5,298
Smart hardware			7		562
Interactive system			198		189
Cloutea*			90		—
Total revenue, net		$	8,759	$	6,049

Notes:

Research and Development Costs

Research and Development Costs

Income Taxes

Income Taxes

The Company recognizes interest and penalties on income taxes as a component of income tax expense.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

COVID-19

COVID-19

Earnings Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Share - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss attributable to common stockholders	$ (339)	$ (507)
Denominator:
Weighted average ordinary shares used in computing	62,166,846	40,000,000
Basic and diluted net loss per share (in each dollar)	$ (0.01)	$ (0.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Related Parties and Related-Party Transactions

12 Months Ended

Sep. 30, 2023

NOTE 6: Related parties and related-party transactions

The group had the following related parties:

Companies controlled by the same controlling stockholders; and

Executive officers, stockholders and companies controlled by executive officers.

Balances

We had the following related party balances:

Relationship

Notes

As of
September 30,
2023

As of
September 30,
2022

Amounts due from related parties:

Uplus Academy LLC

(i)

118

Uplus Academy NLV LLC

(i)

134

108

Relationship

Notes

As of September 30,
2023

As of September 30,
2022

Amounts due to related parties:

Bison Systems LLC

(ii)

Zhenwu Huang

(iii)

113

214

Phil Zheng

(iv)

—

238

284

Notes:

(i)

(ii)

(iii)

(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.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Commitments and Contingencies

12 Months Ended

Sep. 30, 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 its corporate headquarters in Las Vegas, Nevada through August 2027, and a second office space in Austin, Taxes through April 2024. We lease space for our ClouTea store in Las Vegas, Nevada through January 2024. After ClouTea store lease term ends in January 2024, the new lease term will change to month-to-month, and landlord can 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	September 30, 2023		September 30, 2022
Operating lease right-of-use assets	$	315	$	382
Operating lease liabilities, current portion	$	161	$	108
Operating lease liabilities, non-current portion		154		279
Total operating lease liabilities	$	315	$	387

Operating leases		Year Ended September 30, 2023				Year Ended September 30, 2022
Operating lease cost		$	227			$	151

Future minimum lease payments under these leases as of September 30, 2023, are approximately as follows:

Year ending September 30,	Amount
2024	$	174
2025		116
2026		50
Total future minimum lease payments	$	340

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 September 30, 2023, there were no matters which would have a material impact on our financial results.

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Summary of Significant Accounting Policies (Details) [Line Items]
Maturity days	3 months
Allowance for doubtful accounts	$ 333	$ 86
Depreciation expense		$ 13	$ 7
Percentage of tax positions	50.00%
Percentage of tax benefit	50.00%
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 Accounting Policies (Details) - Schedule of Sets Forth Revenue - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Disaggregation of Revenue [Line Items]

Total revenue, net

$ 8,759

$ 6,049

Product Revenue [Member]

Disaggregation of Revenue [Line Items]

Total revenue, net

5,665

2,981

Service Revenue [Member]

Disaggregation of Revenue [Line Items]

Total revenue, net

2,602

1,876

Leasing Revenue [Member]

Disaggregation of Revenue [Line Items]

Total revenue, net

197

441

Total Robotics Revenue [Member]

Disaggregation of Revenue [Line Items]

Total revenue, net

8,464

5,298

Smart Hardware [Member]

Disaggregation of Revenue [Line Items]

Total revenue, net

562

Interactive System [Member]

Disaggregation of Revenue [Line Items]

Total revenue, net

198

189

Cloutea [Member]

Disaggregation of Revenue [Line Items]

Total revenue, net

^[1]

$ 90

[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.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 22, 2023	Nov. 21, 2023
IPO [Member]
Subsequent Events (Details) [Line Items]
Initial public offering shares issued		2,100,000
Aggregate gross proceeds		$ 10,500
Over-Allotment Option [Member]
Subsequent Events (Details) [Line Items]
Generating additional gross proceeds	$ 212,815
Class B Common Stock [Member] \| IPO [Member]
Subsequent Events (Details) [Line Items]
Price per share		$ 5
Class B Common Stock [Member] \| Over-Allotment Option [Member]
Subsequent Events (Details) [Line Items]
Underwriters purchased an additional	42,563
Per share	$ 5

Subsequent Events

12 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

NOTE 8: Subsequent Events

On November 21, 2023, Richtech consummated its initial public offering of 2,100,000 shares of its Class B common stock at a price of $5.00 per share. The aggregate gross proceeds from the Offering amounted to $10.5 million, prior to deducting underwriting discounts, commissions, and Offering-related expenses. The shares began trading on the Nasdaq Capital Market under the ticker symbol “RR” on November 17, 2023. On December 22, 2023, the underwriters purchased an additional 42,563 shares of Class B common stock at a price of $5.00 per share pursuant to the partial exercise of the underwriters’ over-allotment option., generating additional gross proceeds of $212,815.