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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
December 31,
2023		   As of
September 30,
2023		 
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,
2023		   As of September 30,
2023		 
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.