AMCON Distributing (DIT) 10-Q 18 Jul 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2022	Jul. 15, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-15589
Entity Registrant Name	AMCON DISTRIBUTING CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0702918
Entity Address, Address Line One	7405 Irvington Road
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68122
City Area Code	402
Local Phone Number	331-3727
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	DIT
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		584,789
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Current assets:
Cash	$ 600,936	$ 519,591
Accounts receivable, less allowance for doubtful accounts of $2.6 million at June 2022 and $0.9 million September 2021	66,500,582	35,844,163
Inventories, net	142,093,610	95,212,085
Income taxes receivable	468,289
Prepaid expenses and other current assets	10,343,497	4,999,125
Total current assets	220,006,914	136,574,964
Property and equipment, net	48,452,634	16,012,524
Operating lease right-of-use assets, net	19,672,900	17,846,529
Note receivable, net of current portion		3,325,000
Goodwill	5,277,950	4,436,950
Other intangible assets, net	2,135,645	500,000
Equity method investment		9,380,343
Other assets	2,749,360	334,819
Total assets	298,295,403	188,411,129
Current liabilities:
Accounts payable	40,975,820	24,235,042
Accrued expenses	13,339,837	11,468,955
Accrued wages, salaries and bonuses	7,346,300	4,489,852
Income taxes payable		867,160
Current operating lease liabilities	6,204,257	5,513,390
Current maturities of long-term debt	1,204,348	561,202
Total current liabilities	69,070,562	47,135,601
Credit facilities	101,228,521	43,650,865
Deferred income tax liability, net	2,938,240	1,531,228
Long-term operating lease liabilities	13,759,819	12,669,157
Long-term debt, less current maturities	12,159,895	5,054,265
Other long-term liabilities	66,694	757,387
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 584,789 shares outstanding at June 2022 and 551,369 shares outstanding at September 2021	9,168	8,834
Additional paid-in capital	26,729,124	24,918,781
Retained earnings	92,210,760	83,552,298
Treasury stock at cost	(30,867,287)	(30,867,287)
Total parent shareholders' equity	88,081,765	77,612,626
Non-controlling interest	10,989,907
Total shareholders' equity	99,071,672	77,612,626
Total liabilities and shareholders' equity	$ 298,295,403	$ 188,411,129

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 2.6	$ 0.9
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares outstanding (in shares)	584,789	551,369

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Unaudited Statements of Operations
Sales (including excise taxes of $129.2 million and $104.9 million, and $315.5 million and $297.4 million, respectively)	$ 550,584,152	$ 438,313,030	$ 1,365,043,621	$ 1,221,571,294
Cost of sales	516,907,540	412,771,324	1,277,757,425	1,149,594,823
Gross profit	33,676,612	25,541,706	87,286,196	71,976,471
Selling, general and administrative expenses	25,862,325	20,501,117	70,168,415	58,123,100
Depreciation and amortization	912,501	741,180	2,514,968	2,295,390
Total operating expenses	26,774,826	21,242,297	72,683,383	60,418,490
Operating income	6,901,786	4,299,409	14,602,813	11,557,981
Other expense (income):
Interest expense	655,811	329,929	1,222,829	1,016,902
Other (income), net	(2,417,252)	(43,437)	(2,518,320)	(169,525)
Total other expenses (income)	(1,761,441)	286,492	(1,295,491)	847,377
Income from operations before income taxes	8,663,227	4,012,917	15,898,304	10,710,604
Income tax expense	2,397,000	1,076,000	4,987,000	2,916,000
Equity method investment earnings, net of tax	307,973	754,293	1,670,133	1,403,124
Net income	6,574,200	3,691,210	12,581,437	9,197,728
Less: Net income attributable to non-controlling interest	(591,369)		(591,369)
Net income available to common shareholders	$ 5,982,831	$ 3,691,210	$ 11,990,068	$ 9,197,728
Basic earnings per share available to common shareholders	$ 10.50	$ 6.69	$ 21.15	$ 16.71
Diluted earnings per share available to common shareholders	$ 10.27	$ 6.48	$ 20.62	$ 16.37
Basic weighted average shares outstanding	569,689	551,369	567,026	550,276
Diluted weighted average shares outstanding	582,370	569,481	581,578	561,940
Dividends paid per common share	$ 0.18	$ 0.18	$ 5.54	$ 5.54

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Unaudited Statements of Operations
Sales, excise taxes	$ 129.2	$ 104.9	$ 315.5	$ 297.4

Condensed Consolidated Unaudi_3

Condensed Consolidated Unaudited Statements of Shareholders' Equity - USD ($)	Common Stock	Treasury Stock	Additional Paid in Capital	Retained Earnings	Non - controlling Interest	Total
Balance at Sep. 30, 2020	$ 8,697	$ (30,861,549)	$ 24,282,058	$ 71,362,334		$ 64,791,540
Balance (in shares) at Sep. 30, 2020	869,867	(332,152)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,249,716)		(3,249,716)
Compensation expense and settlement of equity-based awards	$ 137		661,234			661,371
Compensation expense and settlement of equity-based awards (in shares)	13,722
Repurchase of common stock		$ (5,738)				(5,738)
Repurchase of common stock (in shares)		(68)
Net income				9,197,728		9,197,728
Balance at Jun. 30, 2021	$ 8,834	$ (30,867,287)	24,943,292	77,310,346		71,395,185
Balance (in shares) at Jun. 30, 2021	883,589	(332,220)
Balance at Mar. 31, 2021	$ 8,834	$ (30,867,287)	24,917,765	73,724,722		67,784,034
Balance (in shares) at Mar. 31, 2021	883,589	(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(105,586)		(105,586)
Compensation expense and settlement of equity-based awards			25,527			25,527
Net income				3,691,210		3,691,210
Balance at Jun. 30, 2021	$ 8,834	$ (30,867,287)	24,943,292	77,310,346		71,395,185
Balance (in shares) at Jun. 30, 2021	883,589	(332,220)
Balance at Sep. 30, 2021	$ 8,834	$ (30,867,287)	24,918,781	83,552,298		$ 77,612,626
Balance (in shares) at Sep. 30, 2021	883,589	(332,220)				551,369
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,331,606)		$ (3,331,606)
Compensation expense and settlement of equity-based awards	$ 334		1,810,343			1,810,677
Compensation expense and settlement of equity-based awards (in shares)	33,420
Fair value measurement of non-controlling interest					$ 10,419,138	10,419,138
Distributions					(20,600)	(20,600)
Net income				11,990,068	591,369	12,581,437
Balance at Jun. 30, 2022	$ 9,168	$ (30,867,287)	26,729,124	92,210,760	10,989,907	$ 99,071,672
Balance (in shares) at Jun. 30, 2022	917,009	(332,220)				584,789
Balance at Mar. 31, 2022	$ 9,168	$ (30,867,287)	26,555,046	86,336,525		$ 82,033,452
Balance (in shares) at Mar. 31, 2022	917,009	(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(108,596)		(108,596)
Compensation expense and settlement of equity-based awards			174,078			174,078
Fair value measurement of non-controlling interest					10,419,138	10,419,138
Distributions					(20,600)	(20,600)
Net income				5,982,831	591,369	6,574,200
Balance at Jun. 30, 2022	$ 9,168	$ (30,867,287)	$ 26,729,124	$ 92,210,760	$ 10,989,907	$ 99,071,672
Balance (in shares) at Jun. 30, 2022	917,009	(332,220)				584,789

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Unaudited Statements of Shareholders' Equity
Dividends on common stock	$ 0.18	$ 0.18	$ 5.54	$ 5.54

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 12,581,437	$ 9,197,728
Adjustments to reconcile net income to net cash flows from (used in) operating activities:
Depreciation	2,486,613	2,295,390
Amortization	28,355
Equity method investment earnings, net of tax	(1,670,133)	(1,403,124)
Gain on re-valuation of equity method investment to fair value	(2,387,411)
Gain on sales of property and equipment	(133,639)	(8,057)
Equity-based compensation	1,903,884	1,819,272
Deferred income taxes	1,407,012	(220,693)
Provision for losses on doubtful accounts	83,000	86,000
Inventory allowance	688,902	238,148
Changes in assets and liabilities net of effects of business acquisition:
Accounts receivable	(1,215,238)	(2,334,341)
Inventories	(4,674,292)	3,093,184
Prepaid and other current assets	(2,986,167)	(3,677,421)
Equity method investment distributions	1,095,467	828,466
Other assets	(728,596)	34,647
Accounts payable	1,313,711	2,680,540
Accrued expenses and accrued wages, salaries and bonuses	1,926,479	804,983
Other long-term liabilities	(690,693)	(169,854)
Income taxes payable and receivable	(1,890,449)	(537,548)
Net cash flows from (used in) operating activities	7,138,242	12,727,320
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(13,940,428)	(1,254,958)
Proceeds from sales of property and equipment	145,500	39,728
Principal payment received on note receivable	175,000
Cash acquired in business acquisition	7,958
Net cash flows from (used in) investing activities	(13,611,970)	(1,215,230)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	1,393,048,057	1,217,375,073
Repayments under revolving credit facilities	(1,381,508,745)	(1,227,854,771)
Proceeds from borrowings on long-term debt		3,000,000
Principal payments on long-term debt	(524,874)	(373,216)
Proceeds from exercise of stock options	173,590
Repurchase of common stock		(5,738)
Dividends on common stock	(3,331,606)	(3,249,716)
Settlement and withholdings of equity-based awards	(1,280,749)	(365,022)
Distributions to non-controlling interest	(20,600)
Net cash flows from (used in) financing activities	6,555,073	(11,473,390)
Net change in cash	81,345	38,700
Cash, beginning of period	519,591	661,195
Cash, end of period	600,936	699,895
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	1,201,073	1,031,457
Cash paid during the period for income taxes	5,468,488	3,667,036
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	123,801
Effect of business acquisition (see Note 2)	23,308,624
Issuance of common stock in connection with the vesting and exercise of equity-based awards	$ 2,280,783	$ 949,812

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	9 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION ​ AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ​ ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 29 states and primarily operate in the Central, Rocky Mountain, Mid-South and Mid-Atlantic regions of the United States. ​ ● Our retail health food segment (“Retail Segment”) operates nineteen health food retail stores located throughout the Midwest and Florida. ​ WHOLESALE SEGMENT ​ Our Wholesale Segment is one of the largest wholesale distributors in the United States serving approximately 5,300 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,600 different consumer products, including cigarettes and tobacco products, candy and other confectionery, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. Convenience stores represent our largest customer category. In December 2021, Convenience Store News ranked us as the sixth (6th) largest convenience store distributor in the United States based on annual sales. ​ Our Wholesale Segment offers retailers the ability to take advantage of manufacturer and Company sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distributing capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. ​ Our Wholesale Segment operates seven distribution centers located in Illinois, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 885,000 square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellogg’s, Kraft Heinz, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. ​ RETAIL SEGMENT ​ Our Retail Segment, through our Healthy Edge, Inc. subsidiary, is a specialty retailer of natural/organic groceries and dietary supplements which focuses on providing high quality products at affordable prices, with an exceptional level of customer service and nutritional consultation. All of the products carried in our stores must meet strict quality and ingredient guidelines, and include offerings such as gluten-free and antibiotic-free groceries and meat products, as well as products containing no artificial colors, flavors, preservatives, or partially hydrogenated oils. We design our retail sites in an efficient and flexible small-store format, which emphasizes a high energy and shopper-friendly environment. ​ We operate within the natural products retail industry, which is a subset of the U.S. grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. ​ Our Retail Segment operates nineteen retail health food stores as Chamberlin’s Natural Foods (“Chamberlin’s”), Akin’s Natural Foods (“Akin’s”), and Earth Origins Market (“EOM”). These stores carry over 35,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise. ​ FINANCIAL STATEMENTS ​ The Company’s fiscal year ends on September 30 th ​ ACCOUNTING PRONOUNCEMENTS ​ Recent Accounting Pronouncements ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

ACQUISITION

ACQUISITION	9 Months Ended
	Jun. 30, 2022
ACQUISITION
ACQUISITION	2. ACQUISITION ​ The Company and Chas. M. Sledd Company (“Sledd”), a West Virginia wholesale distributor serving the convenience store industry, jointly own and operate Team Sledd, LLC (“Team Sledd”), a limited liability company which owns and operates Sledd’s wholesale distribution business. ​ Pursuant to an operating agreement between the Company and Sledd, certain membership interests in Team Sledd may be redeemed over a period of years, with such redemptions being funded from the operations of Team Sledd. Any such redemptions would result in a corresponding increase in AMCON’s ownership percentage in Team Sledd. In May 2022 (the “Control Date”), Team Sledd redeemed additional membership interests from certain members. Prior to May 2022, the Company had a minority interest in Team Sledd, which had been accounted for under the equity method. As a result of the May 2022 redemption, the Company became the majority owner of Team Sledd with a controlling interest of approximately 56%. The Company provided no additional consideration to acquire control of Team Sledd. The costs incurred to effectuate the acquisition were not significant and were expensed as incurred. The acquisition expands the Company’s footprint and enhances our ability to service customers in the Mid-Atlantic region of the United States. ​ The transaction has been accounted for in accordance with Accounting Standards Codification (“ASC”) 805 – Business Combinations million which will be recognized in future periods when the associated taxes become due. Inputs used to measure the acquisition-date fair value of the Company’s previously held equity interest and the related non-controlling interest in the entity included sales growth, gross profit estimates, economic and industry conditions, working capital requirements and the contractual requirements of the operating agreement. Team Sledd is being reported as a component of the Company’s Wholesale Segment. ​ The following tables summarize the acquisition-date fair value of Team Sledd, the preliminary fair value of Team Sledd’s assets and liabilities at the Control Date, and the resulting goodwill. The fair values are based on preliminary estimates and are subject to change as the Company obtains additional information during the measurement period (up to one year from the acquisition date). ​ ​ ​ ​ ​ Acquisition-date fair value of non-controlling interest $ 10,419,138 Acquisition-date fair value of previously held interest ​ ​ 12,897,444 Fair value of Team Sledd at the Control Date ​ $ 23,316,582 ​ ​ ​ ​ Preliminary amounts of identifiable assets and liabilities at fair value: ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 7,958 Accounts receivable ​ ​ 29,524,181 Inventories ​ ​ 42,896,135 Prepaid and other current assets ​ ​ 2,533,205 Property and equipment ​ ​ 21,002,604 Operating lease right-of use assets ​ ​ 1,501,996 Other intangible assets ​ ​ 1,664,000 Other assets ​ ​ 1,685,945 Liabilities assumed ​ ​ (78,340,442) Total identifiable net assets ​ $ 22,475,582 ​ ​ ​ ​ Goodwill ​ ​ 841,000 ​ ​ $ 23,316,582 ​ Accounts receivable were recorded at their fair value representing the amount we expect to collect. Gross contractual amounts receivable were approximately $1.7 million more than their acquisition-date fair value. ​ Goodwill totaling approximately $0.8 million arose from the acquisition and primarily represents synergies and economies of scale generated through reductions in selling, general, and administrative expenses. This goodwill has been assigned to the Company’s Wholesale Segment and is deductible for tax purposes. ​ Other intangible assets acquired consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-Date ​ ​ Useful Life Other Intangible Asset Fair Value (Years) Customer list ​ $ 1,442,000 ​ ​ 15 Non-competition agreement ​ ​ 222,000 ​ ​ 3 ​ ​ $ 1,664,000 ​ ​ ​ ​

INVENTORIES

INVENTORIES	9 Months Ended
	Jun. 30, 2022
INVENTORIES
INVENTORIES	3. INVENTORIES ​ Inventories in our wholesale segment consisted of finished goods and are stated at the lower of cost or net realizable value, determined on a FIFO basis. Inventories in our retail segment consisted of finished goods and are stated at the lower of cost or market using the retail method. The wholesale distribution and retail health food segment inventories consist of finished products purchased in bulk quantities to be redistributed to the Company’s customers or sold at retail. Finished goods included total reserves of approximately $1.5 million at June 2022 and $0.8 million at September 2021. These reserves include the Company’s obsolescence allowance, which reflects estimated unsalable or non-refundable inventory based upon an evaluation of slow moving and discontinued products.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Jun. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	4. GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill at June 2022 and September 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June September Wholesale Segment 2022 2021 Beginning Balance ​ $ 4,436,950 ​ $ 4,436,950 Acquisition of Team Sledd, LLC ​ 841,000 ​ — Ending Balance ​ $ 5,277,950 ​ $ 4,436,950 ​ Other intangible assets at June 2022 and September 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ 2022 2021 Customer list (Wholesale Segment) ​ $ 1,425,978 ​ $ — Non-competition agreement (Wholesale Segment) ​ ​ 209,667 ​ ​ — Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 2,135,645 ​ $ 500,000 ​ Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been recorded on these assets. Goodwill recorded on the Company’s consolidated balance sheet represents amounts allocated to its wholesale reporting unit which totaled approximately $5.3 million and $4.4 million at June 2022 and September 2021, respectively. The Company performs its annual impairment testing during the fourth fiscal quarter of each year or as circumstances change or necessitate. There have been no material changes to the Company’s impairment assessments since its fiscal year ended September 2021. ​ At June 2022, identifiable intangible assets considered to have finite lives were represented by a customer list which is being amortized over fifteen years and a non-competition agreement which is being amortized over three years . These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets was less than $0.1 million for both the three and nine month periods ended June 2022. ​ Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at June 2022: ​ ​ ​ ​ ​ ​ ​ June ​ 2022 Fiscal 2022 (1) ​ $ 42,533 Fiscal 2023 ​ ​ 170,130 Fiscal 2024 ​ ​ 170,130 Fiscal 2025 ​ ​ 139,303 Fiscal 2026 and thereafter ​ ​ 1,113,549 ​ ​ $ 1,635,645 (1) Represents amortization for the remaining three months of Fiscal 2022.

DIVIDENDS

DIVIDENDS	9 Months Ended
	Jun. 30, 2022
DIVIDENDS
DIVIDENDS	5. DIVIDENDS ​ The Company paid cash dividends on its common stock totaling $0.1 million and $3.3 million for the three and nine month periods ended June 2022, respectively, and $0.1 million and $3.2 million for the three and nine month periods ended June 2021, respectively. ​

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	6. EARNINGS PER SHARE ​ Basic earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the sum of the weighted average number of common shares outstanding and the weighted average dilutive equity awards. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 569,689 ​ ​ 569,689 ​ ​ 551,369 ​ ​ 551,369 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 12,681 ​ ​ — ​ ​ 18,112 Weighted average number of shares outstanding ​ ​ 569,689 ​ ​ 582,370 ​ ​ 551,369 ​ ​ 569,481 Net income available to common shareholders ​ $ 5,982,831 ​ $ 5,982,831 ​ $ 3,691,210 ​ $ 3,691,210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 10.50 ​ $ 10.27 ​ $ 6.69 ​ $ 6.48 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended June ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 567,026 ​ ​ 567,026 ​ ​ 550,276 ​ ​ 550,276 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 14,552 ​ ​ — ​ ​ 11,664 Weighted average number of shares outstanding ​ ​ 567,026 ​ ​ 581,578 ​ ​ 550,276 ​ ​ 561,940 Net income available to common shareholders ​ $ 11,990,068 ​ $ 11,990,068 ​ $ 9,197,728 ​ $ 9,197,728 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 21.15 ​ $ 20.62 ​ $ 16.71 ​ $ 16.37 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

DEBT

DEBT	9 Months Ended
	Jun. 30, 2022
DEBT
DEBT	7. DEBT ​ The Company primarily finances its operations through two credit facility agreements (the “AMCON Facility” and the “Team Sledd Facility”, and together “the Facilities”) and long-term debt agreements with banks. ​ At June 2022, the Facilities have a total combined borrowing capacity of $250.0 million, which includes provisions for up to $30.0 million in credit advances for certain inventory purchases, which are limited by accounts receivable and inventory qualifications, and the value of certain real estate collateral. The Team Sledd Facility matures in March 2027 and the AMCON Facility matures in June 2027, each without a penalty for prepayment. Obligations under the Facilities are collateralized by substantially all of the Company’s respective equipment, intangibles, inventories, accounts receivable, and in the case of the AMCON Facility, certain of the Company’s real estate. The Facilities each feature an unused commitment fee and financial covenants including fixed charge coverage ratios. Borrowings under the Facilities bear interest at either the bank’s prime rate, the Secured Overnight Financing Rate (“SOFR”) or the London Interbank Offered Rate (“LIBOR”), plus any applicable spreads. ​ The amount available for use from the Facilities at any given time is subject to a number of factors, including eligible accounts receivable and inventory balances that fluctuate day-to-day, as well as the value of certain real estate collateral. Based on the collateral and loan limits as defined in the Facility agreements, the credit limit of the combined Facilities at June 2022 was $194.4 million, of which $101.2 million was outstanding, leaving $93.2 million available. ​ The average interest rate of the Facilities was 3.23% at June 2022. For the nine months ended June 2022, the peak borrowings under the Facilities was $123.5 million, and the average borrowings and average availability under the Facilities was $51.2 million and $60.7 million, respectively. ​ LONG-TERM DEBT ​ In addition to the Facilities, the Company also had the following long-term obligations at June 2022 and September 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 2022 September 2021 Real Estate Loan, interest payable at a fixed rate of 3.625% with monthly installments of principal and interest of $47,399 through February 2025 with remaining principal due March 2025, collateralized by three distribution facilities ​ $ 4,190,214 ​ $ 4,498,213 Note payable, interest payable at a fixed rate of 4.50% with quarterly installments of principal and interest of $49,114 through June 2023 with remaining principal due September 2023 ​ ​ 1,006,381 ​ ​ 1,117,254 Note payable, interest payable at a fixed rate of 4.10% with monthly installments of principal and interest of $53,361 through June 2033 with remaining principal due July 2033, collateralized by Team Sledd’s principal office and warehouse ​ ​ 5,674,355 ​ ​ — Note payable, interest payable at a fixed rate of 3.25% with monthly installments of principal and interest of $17,016 through August 2034 with remaining principal due September 2034, collateralized by Team Sledd’s principal office and warehouse ​ ​ 2,086,721 ​ ​ — Note payable with monthly installments of principal and interest of $7,934 through February 2025 with remaining principal due March 2025, and an effective variable rate of 2.90% at June 2022, collateralized by certain of Team Sledd’s equipment ​ 406,572 ​ — ​ ​ 13,364,243 ​ 5,615,467 Less current maturities ​ (1,204,348) ​ (561,202) ​ ​ $ 12,159,895 ​ $ 5,054,265 ​ The aggregate minimum principal maturities of the long-term debt for each of the next five fiscal years are as follows: ​ ​ ​ ​ ​ Fiscal Year Ending ​ ​ 2022 (1) ​ $ 302,592 2023 ​ ​ 2,050,814 2024 ​ ​ 1,120,121 2025 ​ 4,011,184 2026 and thereafter ​ 5,879,532 ​ ​ $ 13,364,243 (1) Represents payments for the remaining three months of Fiscal 2022. ​ Cross Default and Co-Terminus Provisions ​ The Company owns real estate in Bismarck, ND, Quincy, IL, and Rapid City, SD, which is financed through a single term loan (the “Real Estate Loan”) with BMO Harris Bank N.A. (“BMO”) which is also a participant lender on the AMCON Facility. The Real Estate Loan contains cross default provisions which would cause the loan to be considered in default if the loans where BMO is a lender, including the AMCON Facility, were in default. There were no such cross defaults at June 2022. In addition, the Real Estate Loan contains co-terminus provisions which require all loans with BMO to be paid in full if any of the loans are paid in full prior to the end of their specified terms. As discussed in Note 12, the Real Estate Loan was subsequently terminated and repaid in connection with the Company entering into the amendment to the AMCON Facility during Q3 2022. ​ Team Sledd’s three notes payable and the Team Sledd Facility contain cross default provisions. There were no such cross defaults at June 2022. ​ The Company was in compliance with all of its financial covenants under the Facilities at June 2022. ​ Other ​ The Company has issued a letter of credit for $0.6 million to its workers’ compensation insurance carrier as part of its self-insured loss control program.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	8. INCOME TAXES ​ The Company’s effective income tax rate increased during the three and nine month periods ended June 2022 as compared to the respective prior year periods, primarily due to higher non-deductible compensation during the current year periods, resulting in effective income tax rates in excess of statutory rates.

SUPPLEMENTAL PRO FORMA INFORMAT

SUPPLEMENTAL PRO FORMA INFORMATION	9 Months Ended
	Jun. 30, 2022
SUPPLEMENTAL PRO FORMA INFORMATION
SUPPLEMENTAL PRO FORMA INFORMATION	9. SUPPLEMENTAL PRO FORMA INFORMATION ​ Prior to May 2022, the Company held a minority interest in Team Sledd, and accounted for its ownership interest as an equity method investment. At the Control Date in May 2022, the Company’s equity method investment in Team Sledd became a controlling interest with the Company holding an equity interest in Team Sledd of approximately 56% at June 2022. ​ Team Sledd’s summarized unaudited financial data prior to the Control Date for the three and nine months ended June 2022 and June 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 2022 For the three months ended June 2021 For the nine months ended June 2022 For the nine months ended June 2021 Sales ​ $ 64,123,105 ​ $ 179,676,748 ​ $ 393,606,372 ​ $ 502,704,216 Gross profit ​ ​ 3,721,966 ​ ​ 9,711,966 ​ ​ 21,759,753 ​ ​ 25,279,274 Net income before income taxes ​ ​ 828,775 ​ ​ 2,034,258 ​ ​ 4,498,190 ​ ​ 3,979,078 Net income attributable to AMCON, net of tax ​ ​ 307,973 ​ ​ 754,293 ​ ​ 1,670,133 ​ ​ 1,403,124 ​ The following table presents unaudited supplemental pro forma information for Team Sledd from the Control Date through June 2022, which is included in the Company’s consolidated results for the three and nine months ended June 2022. ​ ​ ​ ​ ​ Revenue $ 108,674,587 Net income available to common shareholders ​ $ 1,340,811 ​ The following table presents unaudited supplemental pro forma information assuming the Company acquired a 56% interest in Team Sledd on October 1, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 2022 For the three months ended June 2021 For the nine months ended June 2022 For the nine months ended June 2021 Revenue ​ $ 614,707,257 ​ $ 617,672,972 ​ $ 1,758,649,994 ​ $ 1,724,275,510 Net income available to common shareholders ​ $ 6,022,099 ​ $ 3,789,960 ​ $ 12,205,185 ​ $ 9,462,698 ​

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
	Jun. 30, 2022
BUSINESS SEGMENTS
BUSINESS SEGMENTS	10. BUSINESS SEGMENTS ​ The Company has two reportable business segments: the wholesale distribution of consumer products which includes Team Sledd, and the retail sale of health and natural food products. The aggregation of the Company’s business operations into these business segments was based on a range of considerations including but not limited to the characteristics of each business, similarities in the nature and type of products sold, customer classes, methods used to sell the products and economic profiles. Included in the “Other” column are intercompany eliminations, equity method investment earnings, net of tax and assets held and charges incurred and income earned by our holding company. The segments are evaluated on revenues, gross margins, operating income (loss), and income (loss) before taxes. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 364,771,496 ​ $ — ​ $ — ​ $ 364,771,496 Tobacco ​ ​ 93,957,495 ​ ​ — ​ ​ — ​ ​ 93,957,495 Confectionery ​ ​ 32,541,090 ​ ​ — ​ ​ — ​ ​ 32,541,090 Health food ​ ​ — ​ ​ 11,350,797 ​ ​ — ​ ​ 11,350,797 Foodservice & other ​ ​ 47,963,274 ​ ​ — ​ ​ — ​ ​ 47,963,274 Total external revenue ​ ​ 539,233,355 ​ ​ 11,350,797 ​ ​ — ​ ​ 550,584,152 Depreciation ​ ​ 602,770 ​ ​ 281,376 ​ ​ — ​ ​ 884,146 Amortization ​ ​ 28,355 ​ ​ — ​ ​ — ​ ​ 28,355 Operating income (loss) ​ ​ 9,432,660 ​ ​ 241,225 ​ ​ (2,772,099) ​ ​ 6,901,786 Interest expense ​ ​ 320,103 ​ ​ — ​ ​ 335,708 ​ ​ 655,811 Income (loss) from operations before taxes ​ ​ 9,094,511 ​ ​ 256,392 ​ ​ (687,676) ​ ​ 8,663,227 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 307,973 ​ ​ 307,973 Total assets ​ ​ 278,824,259 ​ ​ 18,656,853 ​ ​ 814,291 ​ ​ 298,295,403 Capital expenditures ​ ​ 12,074,922 ​ ​ 985,835 ​ ​ — ​ ​ 13,060,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 294,690,427 ​ $ — ​ $ — ​ $ 294,690,427 Tobacco ​ ​ 68,525,147 ​ ​ — ​ ​ — ​ ​ 68,525,147 Confectionery ​ ​ 25,703,325 ​ ​ — ​ ​ — ​ ​ 25,703,325 Health food ​ ​ — ​ ​ 11,745,769 ​ ​ — ​ ​ 11,745,769 Foodservice & other ​ ​ 37,648,362 ​ ​ — ​ ​ — ​ ​ 37,648,362 Total external revenue ​ ​ 426,567,261 ​ ​ 11,745,769 ​ ​ — ​ ​ 438,313,030 Depreciation ​ ​ 445,831 ​ ​ 295,349 ​ ​ — ​ ​ 741,180 Operating income (loss) ​ ​ 6,349,783 ​ ​ 621,421 ​ ​ (2,671,795) ​ ​ 4,299,409 Interest expense ​ ​ 56,924 ​ ​ — ​ ​ 273,005 ​ ​ 329,929 Income (loss) from operations before taxes ​ ​ 6,304,328 ​ ​ 624,447 ​ ​ (2,915,858) ​ ​ 4,012,917 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 754,293 ​ ​ 754,293 Total assets ​ ​ 159,766,283 ​ ​ 17,140,050 ​ ​ 11,874,597 ​ ​ 188,780,930 Capital expenditures ​ ​ 384,429 ​ ​ 133,732 ​ ​ — ​ ​ 518,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 900,677,466 ​ $ — ​ $ — ​ $ 900,677,466 Tobacco ​ ​ 229,765,009 ​ ​ — ​ ​ — ​ ​ 229,765,009 Confectionery ​ ​ 79,691,881 ​ ​ — ​ ​ — ​ ​ 79,691,881 Health food ​ ​ — ​ ​ 35,695,298 ​ ​ — ​ ​ 35,695,298 Foodservice & other ​ ​ 119,213,967 ​ ​ — ​ ​ — ​ ​ 119,213,967 Total external revenue ​ ​ 1,329,348,323 ​ ​ 35,695,298 ​ ​ — ​ ​ 1,365,043,621 Depreciation ​ ​ 1,589,102 ​ ​ 897,511 ​ ​ — ​ ​ 2,486,613 Amortization ​ ​ 28,355 ​ ​ — ​ ​ — ​ ​ 28,355 Operating income (loss) ​ ​ 23,174,638 ​ ​ 1,448,878 ​ ​ (10,020,703) ​ ​ 14,602,813 Interest expense ​ ​ 428,665 ​ ​ — ​ ​ 794,164 ​ ​ 1,222,829 Income (loss) from operations before taxes ​ ​ 22,767,606 ​ ​ 1,469,705 ​ ​ (8,339,007) ​ ​ 15,898,304 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,670,133 ​ ​ 1,670,133 Total assets ​ ​ 278,824,259 ​ ​ 18,656,853 ​ ​ 814,291 ​ ​ 298,295,403 Capital expenditures ​ ​ 12,718,606 ​ ​ 1,217,373 ​ ​ — ​ ​ 13,935,979 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 826,838,177 ​ $ — ​ $ — ​ $ 826,838,177 Tobacco ​ ​ 194,802,459 ​ ​ — ​ ​ — ​ ​ 194,802,459 Confectionery ​ ​ 65,769,418 ​ ​ — ​ ​ — ​ ​ 65,769,418 Health food ​ ​ — ​ ​ 35,199,199 ​ ​ — ​ ​ 35,199,199 Foodservice & other ​ ​ 98,962,041 ​ ​ — ​ ​ — ​ ​ 98,962,041 Total external revenue ​ ​ 1,186,372,095 ​ ​ 35,199,199 ​ ​ — ​ ​ 1,221,571,294 Depreciation ​ ​ 1,405,528 ​ ​ 889,862 ​ ​ — ​ ​ 2,295,390 Operating income (loss) ​ ​ 16,569,154 ​ ​ 1,167,737 ​ ​ (6,178,910) ​ ​ 11,557,981 Interest expense ​ ​ 144,569 ​ ​ — ​ ​ 872,333 ​ ​ 1,016,902 Income (loss) from operations before taxes ​ ​ 16,499,529 ​ ​ 1,176,481 ​ ​ (6,965,406) ​ ​ 10,710,604 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,403,124 ​ ​ 1,403,124 Total assets ​ ​ 159,766,283 ​ ​ 17,140,050 ​ ​ 11,874,597 ​ ​ 188,780,930 Capital expenditures ​ ​ 977,860 ​ ​ 277,098 ​ ​ — ​ ​ 1,254,958 ​

COMMON STOCK REPURCHASES

COMMON STOCK REPURCHASES	9 Months Ended
	Jun. 30, 2022
COMMON STOCK REPURCHASES
COMMON STOCK REPURCHASES	11. COMMON STOCK REPURCHASES ​ The Company did not repurchase any shares of its common stock during the three and nine months ended June 2022. The Company did not repurchase any shares of its common stock during the three months ended June 2021, and repurchased 68 shares of its common stock during the nine months ended June 2021 for cash totaling less than $0.1 million. All repurchased shares were recorded in treasury stock at cost.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Jun. 30, 2022
SUBSEQUENT EVENT
SUBSEQUENT EVENT	12. SUBSEQUENT EVENT ​ On July 1, 2022, in connection with an amendment to the AMCON Facility during Q3 2022, the Company’s existing Real Estate Loan with BMO described in Note 7 was terminated and the $4.2 million remaining principal was paid in full. The Company’s real properties that were subject to the terminated agreement are now collateral under the AMCON Facility. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
WHOLESALE SEGMENT AND RETAIL SEGMENT	AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ​ ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 29 states and primarily operate in the Central, Rocky Mountain, Mid-South and Mid-Atlantic regions of the United States. ​ ● Our retail health food segment (“Retail Segment”) operates nineteen health food retail stores located throughout the Midwest and Florida. ​ WHOLESALE SEGMENT ​ Our Wholesale Segment is one of the largest wholesale distributors in the United States serving approximately 5,300 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,600 different consumer products, including cigarettes and tobacco products, candy and other confectionery, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. Convenience stores represent our largest customer category. In December 2021, Convenience Store News ranked us as the sixth (6th) largest convenience store distributor in the United States based on annual sales. ​ Our Wholesale Segment offers retailers the ability to take advantage of manufacturer and Company sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distributing capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. ​ Our Wholesale Segment operates seven distribution centers located in Illinois, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 885,000 square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellogg’s, Kraft Heinz, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. ​ RETAIL SEGMENT ​ Our Retail Segment, through our Healthy Edge, Inc. subsidiary, is a specialty retailer of natural/organic groceries and dietary supplements which focuses on providing high quality products at affordable prices, with an exceptional level of customer service and nutritional consultation. All of the products carried in our stores must meet strict quality and ingredient guidelines, and include offerings such as gluten-free and antibiotic-free groceries and meat products, as well as products containing no artificial colors, flavors, preservatives, or partially hydrogenated oils. We design our retail sites in an efficient and flexible small-store format, which emphasizes a high energy and shopper-friendly environment. ​ We operate within the natural products retail industry, which is a subset of the U.S. grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. ​ Our Retail Segment operates nineteen retail health food stores as Chamberlin’s Natural Foods (“Chamberlin’s”), Akin’s Natural Foods (“Akin’s”), and Earth Origins Market (“EOM”). These stores carry over 35,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise.
FINANCIAL STATEMENTS	FINANCIAL STATEMENTS ​ The Company’s fiscal year ends on September 30 th
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS ​ Recent Accounting Pronouncements ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

ACQUISITION (Tables)

ACQUISITION (Tables)	9 Months Ended
	Jun. 30, 2022
ACQUISITION
Schedule of acquisition-date fair value	​ ​ ​ ​ ​ Acquisition-date fair value of non-controlling interest $ 10,419,138 Acquisition-date fair value of previously held interest ​ ​ 12,897,444 Fair value of Team Sledd at the Control Date ​ $ 23,316,582 ​ ​ ​ ​ Preliminary amounts of identifiable assets and liabilities at fair value: ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 7,958 Accounts receivable ​ ​ 29,524,181 Inventories ​ ​ 42,896,135 Prepaid and other current assets ​ ​ 2,533,205 Property and equipment ​ ​ 21,002,604 Operating lease right-of use assets ​ ​ 1,501,996 Other intangible assets ​ ​ 1,664,000 Other assets ​ ​ 1,685,945 Liabilities assumed ​ ​ (78,340,442) Total identifiable net assets ​ $ 22,475,582 ​ ​ ​ ​ Goodwill ​ ​ 841,000 ​ ​ $ 23,316,582
Schedule of intangible assets acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-Date ​ ​ Useful Life Other Intangible Asset Fair Value (Years) Customer list ​ $ 1,442,000 ​ ​ 15 Non-competition agreement ​ ​ 222,000 ​ ​ 3 ​ ​ $ 1,664,000 ​ ​ ​

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ June September Wholesale Segment 2022 2021 Beginning Balance ​ $ 4,436,950 ​ $ 4,436,950 Acquisition of Team Sledd, LLC ​ 841,000 ​ — Ending Balance ​ $ 5,277,950 ​ $ 4,436,950
Schedule of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ 2022 2021 Customer list (Wholesale Segment) ​ $ 1,425,978 ​ $ — Non-competition agreement (Wholesale Segment) ​ ​ 209,667 ​ ​ — Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 2,135,645 ​ $ 500,000
Schedule of estimated future amortization expense related to identifiable intangible assets with finite lives	Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at June 2022: ​ ​ ​ ​ ​ ​ ​ June ​ 2022 Fiscal 2022 (1) ​ $ 42,533 Fiscal 2023 ​ ​ 170,130 Fiscal 2024 ​ ​ 170,130 Fiscal 2025 ​ ​ 139,303 Fiscal 2026 and thereafter ​ ​ 1,113,549 ​ ​ $ 1,635,645 (1) Represents amortization for the remaining three months of Fiscal 2022.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 569,689 ​ ​ 569,689 ​ ​ 551,369 ​ ​ 551,369 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 12,681 ​ ​ — ​ ​ 18,112 Weighted average number of shares outstanding ​ ​ 569,689 ​ ​ 582,370 ​ ​ 551,369 ​ ​ 569,481 Net income available to common shareholders ​ $ 5,982,831 ​ $ 5,982,831 ​ $ 3,691,210 ​ $ 3,691,210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 10.50 ​ $ 10.27 ​ $ 6.69 ​ $ 6.48 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended June ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 567,026 ​ ​ 567,026 ​ ​ 550,276 ​ ​ 550,276 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 14,552 ​ ​ — ​ ​ 11,664 Weighted average number of shares outstanding ​ ​ 567,026 ​ ​ 581,578 ​ ​ 550,276 ​ ​ 561,940 Net income available to common shareholders ​ $ 11,990,068 ​ $ 11,990,068 ​ $ 9,197,728 ​ $ 9,197,728 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 21.15 ​ $ 20.62 ​ $ 16.71 ​ $ 16.37 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Jun. 30, 2022
DEBT
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ June 2022 September 2021 Real Estate Loan, interest payable at a fixed rate of 3.625% with monthly installments of principal and interest of $47,399 through February 2025 with remaining principal due March 2025, collateralized by three distribution facilities ​ $ 4,190,214 ​ $ 4,498,213 Note payable, interest payable at a fixed rate of 4.50% with quarterly installments of principal and interest of $49,114 through June 2023 with remaining principal due September 2023 ​ ​ 1,006,381 ​ ​ 1,117,254 Note payable, interest payable at a fixed rate of 4.10% with monthly installments of principal and interest of $53,361 through June 2033 with remaining principal due July 2033, collateralized by Team Sledd’s principal office and warehouse ​ ​ 5,674,355 ​ ​ — Note payable, interest payable at a fixed rate of 3.25% with monthly installments of principal and interest of $17,016 through August 2034 with remaining principal due September 2034, collateralized by Team Sledd’s principal office and warehouse ​ ​ 2,086,721 ​ ​ — Note payable with monthly installments of principal and interest of $7,934 through February 2025 with remaining principal due March 2025, and an effective variable rate of 2.90% at June 2022, collateralized by certain of Team Sledd’s equipment ​ 406,572 ​ — ​ ​ 13,364,243 ​ 5,615,467 Less current maturities ​ (1,204,348) ​ (561,202) ​ ​ $ 12,159,895 ​ $ 5,054,265
Schedule of minimum principal maturities of the long-term debt	​ ​ ​ ​ ​ Fiscal Year Ending ​ ​ 2022 (1) ​ $ 302,592 2023 ​ ​ 2,050,814 2024 ​ ​ 1,120,121 2025 ​ 4,011,184 2026 and thereafter ​ 5,879,532 ​ ​ $ 13,364,243 (1) Represents payments for the remaining three months of Fiscal 2022.

SUPPLEMENTAL PRO FORMA INFORM_2

SUPPLEMENTAL PRO FORMA INFORMATION (Tables)	9 Months Ended
	Jun. 30, 2022
SUPPLEMENTAL PRO FORMA INFORMATION
Summarized financial data of equity investee	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 2022 For the three months ended June 2021 For the nine months ended June 2022 For the nine months ended June 2021 Sales ​ $ 64,123,105 ​ $ 179,676,748 ​ $ 393,606,372 ​ $ 502,704,216 Gross profit ​ ​ 3,721,966 ​ ​ 9,711,966 ​ ​ 21,759,753 ​ ​ 25,279,274 Net income before income taxes ​ ​ 828,775 ​ ​ 2,034,258 ​ ​ 4,498,190 ​ ​ 3,979,078 Net income attributable to AMCON, net of tax ​ ​ 307,973 ​ ​ 754,293 ​ ​ 1,670,133 ​ ​ 1,403,124
Summary of unaudited supplemental pro forma information	​ ​ ​ ​ ​ Revenue $ 108,674,587 Net income available to common shareholders ​ $ 1,340,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 2022 For the three months ended June 2021 For the nine months ended June 2022 For the nine months ended June 2021 Revenue ​ $ 614,707,257 ​ $ 617,672,972 ​ $ 1,758,649,994 ​ $ 1,724,275,510 Net income available to common shareholders ​ $ 6,022,099 ​ $ 3,789,960 ​ $ 12,205,185 ​ $ 9,462,698

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	Jun. 30, 2022
BUSINESS SEGMENTS
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 364,771,496 ​ $ — ​ $ — ​ $ 364,771,496 Tobacco ​ ​ 93,957,495 ​ ​ — ​ ​ — ​ ​ 93,957,495 Confectionery ​ ​ 32,541,090 ​ ​ — ​ ​ — ​ ​ 32,541,090 Health food ​ ​ — ​ ​ 11,350,797 ​ ​ — ​ ​ 11,350,797 Foodservice & other ​ ​ 47,963,274 ​ ​ — ​ ​ — ​ ​ 47,963,274 Total external revenue ​ ​ 539,233,355 ​ ​ 11,350,797 ​ ​ — ​ ​ 550,584,152 Depreciation ​ ​ 602,770 ​ ​ 281,376 ​ ​ — ​ ​ 884,146 Amortization ​ ​ 28,355 ​ ​ — ​ ​ — ​ ​ 28,355 Operating income (loss) ​ ​ 9,432,660 ​ ​ 241,225 ​ ​ (2,772,099) ​ ​ 6,901,786 Interest expense ​ ​ 320,103 ​ ​ — ​ ​ 335,708 ​ ​ 655,811 Income (loss) from operations before taxes ​ ​ 9,094,511 ​ ​ 256,392 ​ ​ (687,676) ​ ​ 8,663,227 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 307,973 ​ ​ 307,973 Total assets ​ ​ 278,824,259 ​ ​ 18,656,853 ​ ​ 814,291 ​ ​ 298,295,403 Capital expenditures ​ ​ 12,074,922 ​ ​ 985,835 ​ ​ — ​ ​ 13,060,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 294,690,427 ​ $ — ​ $ — ​ $ 294,690,427 Tobacco ​ ​ 68,525,147 ​ ​ — ​ ​ — ​ ​ 68,525,147 Confectionery ​ ​ 25,703,325 ​ ​ — ​ ​ — ​ ​ 25,703,325 Health food ​ ​ — ​ ​ 11,745,769 ​ ​ — ​ ​ 11,745,769 Foodservice & other ​ ​ 37,648,362 ​ ​ — ​ ​ — ​ ​ 37,648,362 Total external revenue ​ ​ 426,567,261 ​ ​ 11,745,769 ​ ​ — ​ ​ 438,313,030 Depreciation ​ ​ 445,831 ​ ​ 295,349 ​ ​ — ​ ​ 741,180 Operating income (loss) ​ ​ 6,349,783 ​ ​ 621,421 ​ ​ (2,671,795) ​ ​ 4,299,409 Interest expense ​ ​ 56,924 ​ ​ — ​ ​ 273,005 ​ ​ 329,929 Income (loss) from operations before taxes ​ ​ 6,304,328 ​ ​ 624,447 ​ ​ (2,915,858) ​ ​ 4,012,917 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 754,293 ​ ​ 754,293 Total assets ​ ​ 159,766,283 ​ ​ 17,140,050 ​ ​ 11,874,597 ​ ​ 188,780,930 Capital expenditures ​ ​ 384,429 ​ ​ 133,732 ​ ​ — ​ ​ 518,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 900,677,466 ​ $ — ​ $ — ​ $ 900,677,466 Tobacco ​ ​ 229,765,009 ​ ​ — ​ ​ — ​ ​ 229,765,009 Confectionery ​ ​ 79,691,881 ​ ​ — ​ ​ — ​ ​ 79,691,881 Health food ​ ​ — ​ ​ 35,695,298 ​ ​ — ​ ​ 35,695,298 Foodservice & other ​ ​ 119,213,967 ​ ​ — ​ ​ — ​ ​ 119,213,967 Total external revenue ​ ​ 1,329,348,323 ​ ​ 35,695,298 ​ ​ — ​ ​ 1,365,043,621 Depreciation ​ ​ 1,589,102 ​ ​ 897,511 ​ ​ — ​ ​ 2,486,613 Amortization ​ ​ 28,355 ​ ​ — ​ ​ — ​ ​ 28,355 Operating income (loss) ​ ​ 23,174,638 ​ ​ 1,448,878 ​ ​ (10,020,703) ​ ​ 14,602,813 Interest expense ​ ​ 428,665 ​ ​ — ​ ​ 794,164 ​ ​ 1,222,829 Income (loss) from operations before taxes ​ ​ 22,767,606 ​ ​ 1,469,705 ​ ​ (8,339,007) ​ ​ 15,898,304 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,670,133 ​ ​ 1,670,133 Total assets ​ ​ 278,824,259 ​ ​ 18,656,853 ​ ​ 814,291 ​ ​ 298,295,403 Capital expenditures ​ ​ 12,718,606 ​ ​ 1,217,373 ​ ​ — ​ ​ 13,935,979 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 826,838,177 ​ $ — ​ $ — ​ $ 826,838,177 Tobacco ​ ​ 194,802,459 ​ ​ — ​ ​ — ​ ​ 194,802,459 Confectionery ​ ​ 65,769,418 ​ ​ — ​ ​ — ​ ​ 65,769,418 Health food ​ ​ — ​ ​ 35,199,199 ​ ​ — ​ ​ 35,199,199 Foodservice & other ​ ​ 98,962,041 ​ ​ — ​ ​ — ​ ​ 98,962,041 Total external revenue ​ ​ 1,186,372,095 ​ ​ 35,199,199 ​ ​ — ​ ​ 1,221,571,294 Depreciation ​ ​ 1,405,528 ​ ​ 889,862 ​ ​ — ​ ​ 2,295,390 Operating income (loss) ​ ​ 16,569,154 ​ ​ 1,167,737 ​ ​ (6,178,910) ​ ​ 11,557,981 Interest expense ​ ​ 144,569 ​ ​ — ​ ​ 872,333 ​ ​ 1,016,902 Income (loss) from operations before taxes ​ ​ 16,499,529 ​ ​ 1,176,481 ​ ​ (6,965,406) ​ ​ 10,710,604 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,403,124 ​ ​ 1,403,124 Total assets ​ ​ 159,766,283 ​ ​ 17,140,050 ​ ​ 11,874,597 ​ ​ 188,780,930 Capital expenditures ​ ​ 977,860 ​ ​ 277,098 ​ ​ — ​ ​ 1,254,958

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details)	1 Months Ended	9 Months Ended
	Dec. 31, 2021 item	Jun. 30, 2022 ft² segment state item
Number of business segments | segment		2
Wholesale Segment
Number of states served | state		29
Number of retail outlets served		5,300
Number of products sold or distributed		20,600
Rank assigned by Convenience Store News	6
Number of distribution centers		7
Floor space occupied by distribution centers (in square feet) | ft²		885,000
Retail Segment
Number of operating health food retail stores		19
Number of products sold or distributed		35,000

ACQUISITION - Additional Inform

ACQUISITION - Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended
	May 31, 2022	Jun. 30, 2022
EQUITY METHOD INVESTMENT
Remeasurement gain		$ 2,387,411
Team Sledd
EQUITY METHOD INVESTMENT
Controlling interest (as a percent)	56%
Preliminary total fair value	$ 23,316,582
Deferred tax liability	600,000
Team Sledd | Other income
EQUITY METHOD INVESTMENT
Remeasurement gain	$ 2,400,000

ACQUISITION - Acquisition-date

ACQUISITION - Acquisition-date Fair Value, Recognized Assets and Liabilities and Goodwill (Details) - USD ($)	1 Months Ended
	May 31, 2022	Jun. 30, 2022	Sep. 30, 2021
Preliminary amounts of identifiable assets and liabilities at fair value:
Goodwill		$ 5,277,950	$ 4,436,950
Team Sledd
Acquisition
Acquisition-date fair value of non-controlling interest	$ 10,419,138
Acquisition-date fair value of previously held interest	12,897,444
Fair value of Team Sledd at the Control Date	23,316,582
Preliminary amounts of identifiable assets and liabilities at fair value:
Cash	7,958
Accounts receivable	29,524,181
Inventories	42,896,135
Prepaid and other current assets	2,533,205
Property and equipment	21,002,604
Operating lease right-of use assets	1,501,996
Other intangible assets	1,664,000
Other assets	1,685,945
Liabilities assumed	(78,340,442)
Total identifiable net assets	22,475,582
Goodwill	841,000
Fair value of Team Sledd at the Control Date	23,316,582
Amount of gross contractual amounts receivable more than their acquisition-date fair value	$ 1,700,000

ACQUISITION - Other Intangible

ACQUISITION - Other Intangible Asset Acquired (Details) - Team Sledd	1 Months Ended
	May 31, 2022 USD ($)
Intangible assets
Acquisition-Date Fair Value	$ 1,664,000
Customer list
Intangible assets
Acquisition-Date Fair Value	$ 1,442,000
Useful Life (Years)	15 years
Non-competition agreement
Intangible assets
Acquisition-Date Fair Value	$ 222,000
Useful Life (Years)	3 years

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2021
INVENTORIES
Total reserves on finished goods	$ 1.5	$ 0.8

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Goodwill by reporting segment
Goodwill, Beginning Balance	$ 4,436,950
Goodwill, Ending Balance	5,277,950	$ 4,436,950
Wholesale Segment
Goodwill by reporting segment
Goodwill, Beginning Balance	4,436,950	4,436,950
Acquisition of Team Sledd, LLC	841,000
Goodwill, Ending Balance	$ 5,277,950	$ 4,436,950

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Other intangible assets, net	$ 2,135,645	$ 500,000
Trademarks and tradenames | Retail Segment
Other intangible assets, net	500,000	$ 500,000
Customer list | Wholesale Segment
Other intangible assets, net	1,425,978
Non-competition agreement | Wholesale Segment
Other intangible assets, net	$ 209,667

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Goodwill	$ 5,277,950	$ 5,277,950	$ 4,436,950
Maximum
Amortization expense related to finite-lived intangible assets	100,000	$ 100,000
Customer list
Amortization period (in years)		15 years
Non-competition agreement
Amortization period (in years)		3 years
Wholesale Segment
Goodwill	$ 5,277,950	$ 5,277,950	$ 4,436,950	$ 4,436,950

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details)	Jun. 30, 2022 USD ($)
Estimated future amortization expense related to identifiable intangible assets with finite lives
Fiscal 2022	$ 42,533
Fiscal 2023	170,130
Fiscal 2024	170,130
Fiscal 2025	139,303
Fiscal 2026 and thereafter	1,113,549
Total	$ 1,635,645

DIVIDENDS (Details)

DIVIDENDS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Dividend paid on common stock			$ 3,331,606	$ 3,249,716
Cash dividend
Dividend paid on common stock	$ 100,000	$ 100,000	$ 3,300,000	$ 3,200,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	569,689	551,369	567,026	550,276
Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock	12,681	18,112	14,552	11,664
Weighted average number of shares outstanding, Diluted	582,370	569,481	581,578	561,940
Net income available to common shareholders, basic	$ 5,982,831	$ 3,691,210	$ 11,990,068	$ 9,197,728
Net income available to common shareholders, diluted	$ 5,982,831	$ 3,691,210	$ 11,990,068	$ 9,197,728
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 10.50	$ 6.69	$ 21.15	$ 16.71
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 10.27	$ 6.48	$ 20.62	$ 16.37

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Millions	9 Months Ended
	Jun. 30, 2022 USD ($) item	Mar. 31, 2022 USD ($)
Revolving credit facility
Number of credit facility agreements | item	2
Facilities
Revolving credit facility
Borrowing capacity	$ 250
Maximum credit advances for certain inventory purchases under the facilities	30
Credit limit	194.4
Outstanding borrowings	101.2
Credit available	$ 93.2
Average interest rate	3.23%
Peak borrowings	$ 123.5
Average borrowings	51.2
Average availability	60.7
AMCON Facility
Revolving credit facility
Borrowing capacity	$ 150	$ 110

DEBT - Long-Term Debt (Details)

DEBT - Long-Term Debt (Details)	9 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($) item
Long-term obligations
Long-term debt	$ 13,364,243	$ 5,615,467
Less current maturities	(1,204,348)	(561,202)
Long-term debt less current maturities	12,159,895	5,054,265
3.625% Real Estate Loan
Long-term obligations
Long-term debt	$ 4,190,214	$ 4,498,213
Fixed interest rate (as a percent)	3.625%	3.625%
Periodic installments of principal and interest	$ 47,399	$ 47,399
Number of owned distribution facilities which collateralize debt instrument | item	3	3
4.50% Note Payable
Long-term obligations
Long-term debt	$ 1,006,381	$ 1,117,254
Fixed interest rate (as a percent)	4.50%	4.50%
Periodic installments of principal and interest	$ 49,114	$ 49,114
4.10% Note Payable
Long-term obligations
Long-term debt	$ 5,674,355
Fixed interest rate (as a percent)	4.10%
Periodic installments of principal and interest	$ 53,361
3.25% Note Payable
Long-term obligations
Long-term debt	$ 2,086,721
Fixed interest rate (as a percent)	3.25%
Periodic installments of principal and interest	$ 17,016
2.90% Note Payable
Long-term obligations
Long-term debt	$ 406,572
Fixed interest rate (as a percent)	2.90%
Periodic installments of principal and interest	$ 7,934

DEBT - Long-Term Debt - Aggrega

DEBT - Long-Term Debt - Aggregate Minimum Principal Maturities (Details) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Minimum principal maturities
2022	$ 302,592
2023	2,050,814
2024	1,120,121
2025	4,011,184
2026 and thereafter	5,879,532
Long-term debt	$ 13,364,243	$ 5,615,467

DEBT - Cross Default and Co-Ter

DEBT - Cross Default and Co-Terminus Provisions and Other (Details) $ in Millions	9 Months Ended
	Jun. 30, 2022 USD ($) item
DEBT
Number of cross defaults	0
Number of notes payable containing cross default provisions	3
Letter of credit issued for worker's compensation insurance carrier as part of the entity's self-insured loss control program | $	$ 0.6

SUPPLEMENTAL PRO FORMA INFORM_3

SUPPLEMENTAL PRO FORMA INFORMATION - Equity method investment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
EQUITY METHOD INVESTMENT
Total external revenue	$ 550,584,152	$ 438,313,030	$ 1,365,043,621	$ 1,221,571,294
Gross profit	33,676,612	25,541,706	87,286,196	71,976,471
Net income before income taxes	8,663,227	4,012,917	15,898,304	10,710,604
Net income attributable to AMCON, net of tax	5,982,831	3,691,210	11,990,068	9,197,728
Team Sledd
EQUITY METHOD INVESTMENT
Total external revenue	64,123,105	179,676,748	393,606,372	502,704,216
Gross profit	3,721,966	9,711,966	21,759,753	25,279,274
Net income before income taxes	828,775	2,034,258	4,498,190	3,979,078
Net income attributable to AMCON, net of tax	$ 307,973	$ 754,293	$ 1,670,133	$ 1,403,124

SUPPLEMENTAL PRO FORMA INFORM_4

SUPPLEMENTAL PRO FORMA INFORMATION - Acquisition (Details) - Team Sledd - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 31, 2022
Business Acquisition [Line Items]
Controlling interest (as a percent)						56%
Revenue	$ 108,674,587	$ 614,707,257	$ 617,672,972	$ 1,758,649,994	$ 1,724,275,510
Net income available to common shareholders	$ 1,340,811	$ 6,022,099	$ 3,789,960	$ 12,205,185	$ 9,462,698

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)
Information by business segments
Number of reportable business segments | segment			2
Total external revenue	$ 550,584,152	$ 438,313,030	$ 1,365,043,621	$ 1,221,571,294
Depreciation	884,146	741,180	2,486,613	2,295,390
Amortization	28,355		28,355
Operating income (loss)	6,901,786	4,299,409	14,602,813	11,557,981
Interest expense	655,811	329,929	1,222,829	1,016,902
Income (loss) from operations before taxes	8,663,227	4,012,917	15,898,304	10,710,604
Equity method investment earnings, net of tax	307,973	754,293	1,670,133	1,403,124
Total assets	298,295,403	188,780,930	298,295,403	188,780,930	$ 188,411,129
Capital expenditures	13,060,757	518,161	13,935,979	1,254,958
Cigarettes
Information by business segments
Total external revenue	364,771,496	294,690,427	900,677,466	826,838,177
Tobacco
Information by business segments
Total external revenue	93,957,495	68,525,147	229,765,009	194,802,459
Confectionery
Information by business segments
Total external revenue	32,541,090	25,703,325	79,691,881	65,769,418
Health food
Information by business segments
Total external revenue	11,350,797	11,745,769	35,695,298	35,199,199
Foodservice & other
Information by business segments
Total external revenue	47,963,274	37,648,362	119,213,967	98,962,041
Other
Information by business segments
Operating income (loss)	(2,772,099)	(2,671,795)	(10,020,703)	(6,178,910)
Interest expense	335,708	273,005	794,164	872,333
Income (loss) from operations before taxes	(687,676)	(2,915,858)	(8,339,007)	(6,965,406)
Equity method investment earnings, net of tax	307,973	754,293	1,670,133	1,403,124
Total assets	814,291	11,874,597	814,291	11,874,597
Wholesale Segment
Information by business segments
Total external revenue	539,233,355	426,567,261	1,329,348,323	1,186,372,095
Depreciation	602,770	445,831	1,589,102	1,405,528
Amortization	28,355		28,355
Operating income (loss)	9,432,660	6,349,783	23,174,638	16,569,154
Interest expense	320,103	56,924	428,665	144,569
Income (loss) from operations before taxes	9,094,511	6,304,328	22,767,606	16,499,529
Total assets	278,824,259	159,766,283	278,824,259	159,766,283
Capital expenditures	12,074,922	384,429	12,718,606	977,860
Wholesale Segment | Cigarettes
Information by business segments
Total external revenue	364,771,496	294,690,427	900,677,466	826,838,177
Wholesale Segment | Tobacco
Information by business segments
Total external revenue	93,957,495	68,525,147	229,765,009	194,802,459
Wholesale Segment | Confectionery
Information by business segments
Total external revenue	32,541,090	25,703,325	79,691,881	65,769,418
Wholesale Segment | Foodservice & other
Information by business segments
Total external revenue	47,963,274	37,648,362	119,213,967	98,962,041
Retail Segment
Information by business segments
Total external revenue	11,350,797	11,745,769	35,695,298	35,199,199
Depreciation	281,376	295,349	897,511	889,862
Operating income (loss)	241,225	621,421	1,448,878	1,167,737
Income (loss) from operations before taxes	256,392	624,447	1,469,705	1,176,481
Total assets	18,656,853	17,140,050	18,656,853	17,140,050
Capital expenditures	985,835	133,732	1,217,373	277,098
Retail Segment | Health food
Information by business segments
Total external revenue	$ 11,350,797	$ 11,745,769	$ 35,695,298	$ 35,199,199

COMMON STOCK REPURCHASES (Detai

COMMON STOCK REPURCHASES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Number of shares of common stock repurchased	0	0	0	68
Maximum
Value of shares of common stock repurchased				$ 0.1

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - USD ($)		9 Months Ended
	Jul. 01, 2022	Jun. 30, 2022	Jun. 30, 2021
SUBSEQUENT EVENT
Remaining principal was paid		$ 524,874	$ 373,216
Subsequent event | 3.625% Real Estate Loan
SUBSEQUENT EVENT
Remaining principal was paid	$ 4,200,000