AMCON Distributing (DIT) 10-K 23 Nov 22 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2022	Nov. 17, 2022	Mar. 31, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--09-30
Document Period End Date	Sep. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 23,752,048
Entity Common Stock, Shares Outstanding		611,052
Entity Central Index Key	0000928465
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	RSM US LLP
Auditor Location	Omaha, Nebraska
Auditor Firm ID	49

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Current assets:
Cash	$ 431,576	$ 519,591
Accounts receivable, less allowance for doubtful accounts of $2.5 million at September 2022 and $0.9 million September 2021	62,367,888	35,844,163
Inventories, net	134,654,637	95,212,085
Income taxes receivable	819,595
Prepaid expenses and other current assets	12,702,084	4,999,125
Total current assets	210,975,780	136,574,964
Property and equipment, net	48,085,520	16,012,524
Operating lease right-of-use assets, net	19,941,009	17,846,529
Note receivable, net of current portion		3,325,000
Goodwill	5,277,950	4,436,950
Other intangible assets, net	2,093,113	500,000
Equity method investment		9,380,343
Other assets	2,751,155	334,819
Total assets	289,124,527	188,411,129
Current liabilities:
Accounts payable	39,962,363	24,235,042
Accrued expenses	14,446,210	11,468,955
Accrued wages, salaries and bonuses	7,811,207	4,489,852
Income taxes payable		867,160
Current operating lease liabilities	6,454,473	5,513,390
Current maturities of long-term debt	1,595,309	561,202
Current mandatorily redeemable non-controlling interest	1,712,095
Total current liabilities	71,981,657	47,135,601
Credit facilities	91,262,438	43,650,865
Deferred income tax liability, net	2,328,588	1,531,228
Long-term operating lease liabilities	13,787,721	12,669,157
Long-term debt, less current maturities	7,384,260	5,054,265
Mandatorily redeemable non-controlling interest, less current portion	9,446,460
Other long-term liabilities	103,968	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 September 2022 and 551,369 shares outstanding at September 2021	9,168	8,834
Additional paid-in capital	26,903,201	24,918,781
Retained earnings	96,784,353	83,552,298
Treasury stock at cost	(30,867,287)	(30,867,287)
Total shareholders' equity	92,829,435	77,612,626
Total liabilities and shareholders' equity	$ 289,124,527	$ 188,411,129

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 2.5	$ 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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Sales (including excise taxes of $467.1 million and $403.9 million, respectively)	$ 2,010,798,385	$ 1,672,378,581
Cost of sales	1,883,078,819	1,571,829,805
Gross profit	127,719,566	100,548,776
Selling, general and administrative expenses	101,474,359	79,631,140
Depreciation and amortization	3,643,840	3,093,017
Total operating expenses	105,118,199	82,724,157
Operating income	22,601,367	17,824,619
Other expense (income):
Interest expense	2,249,552	1,339,560
Change in fair value of mandatorily redeemable non-controlling interest	1,476,986
Other (income), net	(2,600,675)	(203,228)
Total other expenses (income)	1,125,863	1,136,332
Income from operations before income taxes	21,475,504	16,688,287
Income tax expense	6,473,380	4,501,000
Equity method investment earnings, net of tax	1,670,133	3,357,978
Net income attributable to common shareholders	$ 16,672,257	$ 15,545,265
Basic earnings per share available to common shareholders	$ 29.37	$ 28.24
Diluted earnings per share available to common shareholders	$ 28.59	$ 27.36
Basic weighted average shares outstanding	567,697	550,551
Diluted weighted average shares outstanding	583,062	568,103
Dividends paid per common share	$ 5.72	$ 5.72

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Sales, excise taxes	$ 467.1	$ 403.9

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	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				(3,355,301)	(3,355,301)
Compensation expense and issuance of stock in connection with equity-based awards	$ 137		636,723		636,860
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	13,722
Repurchase of common stock		$ (5,738)			(5,738)
Repurchase of common stock (in shares)		(68)
Net income available to common shareholders				15,545,265	15,545,265
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
Net income available to common shareholders					$ 12,100,000
Balance at Jun. 30, 2022					88,100,000
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				(3,440,202)	$ (3,440,202)
Compensation expense and issuance of stock in connection with equity-based awards	$ 334		1,984,420		1,984,754
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	33,420
Net income available to common shareholders				16,672,257	16,672,257
Balance at Sep. 30, 2022	$ 9,168	$ (30,867,287)	$ 26,903,201	$ 96,784,353	$ 92,829,435
Balance (in shares) at Sep. 30, 2022	917,009	(332,220)			584,789

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividends paid per common share	$ 5.72	$ 5.72

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$ 16,672,257	$ 15,545,265
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation	3,572,953	3,093,017
Amortization	70,887
Equity method investment earnings, net of tax	(1,670,133)	(3,357,978)
Gain on re-valuation of equity method investment to fair value	(2,387,411)
Gain on sales of property and equipment	(140,139)	(9,864)
Equity-based compensation	3,103,320	2,415,156
Deferred income taxes	797,360	(275,347)
Provision for losses on doubtful accounts	(32,420)	50,000
Inventory allowance	212,637	37,708
Change in fair value of mandatorily redeemable non-controlling interest	1,476,986
Changes in assets and liabilities net of effects of business acquisition:
Accounts receivable	3,032,876	(1,615,734)
Inventories	3,240,946	3,721,980
Prepaid and other current assets	(5,344,754)	(2,732,480)
Equity method investment distributions	1,095,467	1,392,730
Other assets	(730,391)	48,967
Accounts payable	332,400	1,998,494
Accrued expenses and accrued wages, salaries and bonuses	2,482,409	1,164,828
Other long-term liabilities	(653,419)	(169,854)
Income taxes payable and receivable	(2,241,755)	(371,248)
Net cash flows from (used in) operating activities	22,890,076	20,935,640
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(14,691,799)	(1,525,882)
Proceeds from sales of property and equipment	152,000	55,728
Principal payment received on note receivable	175,000
Cash acquired in business acquisition	7,958
Net cash flows from (used in) investing activities	(14,356,841)	(1,470,154)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	2,042,679,688	1,663,751,276
Repayments under revolving credit facilities	(2,041,106,459)	(1,682,072,093)
Proceeds from borrowings on long-term debt		3,000,000
Principal payments on long-term debt	(4,909,548)	(510,177)
Proceeds from exercise of stock options	173,590
Repurchase of common stock		(5,738)
Dividends on common stock	(3,440,202)	(3,355,301)
Settlement and withholdings of equity-based awards	(1,280,749)	(415,057)
Distributions to non-controlling interest	(737,570)
Net cash flows from (used in) financing activities	(8,621,250)	(19,607,090)
Net change in cash	(88,015)	(141,604)
Cash, beginning of period	519,591	661,195
Cash, end of period	431,576	519,591
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	2,210,828	1,353,985
Cash paid during the period for income taxes	7,915,225	5,138,454
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	91,656	128,249
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	12 Months Ended
	Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (a) Company Operations: AMCON Distributing Company and Subsidiaries (“AMCON” or “the Company”) serves customers in 29 states and is primarily engaged in the wholesale distribution of consumer products in the Central, Rocky Mountain, Mid-South and Mid-Atlantic regions of the United States. AMCON’s wholesale distribution business includes seven distribution centers that sell approximately 17,000 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. The Company distributes products primarily to retailers such as convenience stores, discount and general merchandise stores, grocery stores, drug stores, and gas stations. In addition, the Company services institutional customers, including restaurants and bars, schools, sports complexes, as well as other wholesalers. AMCON, through its Healthy Edge Inc. subsidiary, 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 natural supplements, organic and natural groceries, health and beauty care products, and other food items. The Company’s operations are subject to a number of factors which are beyond the control of management, such as changes in manufacturers’ cigarette pricing, state excise tax increases, or the opening of competing retail stores in close proximity to the Company’s retail stores. While the Company sells a diversified product line, it remains dependent upon the sale of cigarettes which accounted for approximately 66% and 68% of the Company’s consolidated revenue during fiscal 2022 and fiscal 2021, respectively, and 18% and 16% of the Company’s consolidated gross profit during fiscal 2022 and fiscal 2021, respectively. (b) Accounting Period: The Company’s fiscal year ends on September 30 th (c) Principles of Consolidation and Basis of Presentation: The Consolidated Financial Statements include the accounts of AMCON, its wholly-owned subsidiaries and, since May 2022, its non-wholly-owned equity investment in Team Sledd, LLC (“Team Sledd”). All significant intercompany accounts and transactions have been eliminated. (d) Cash and Accounts Payable: AMCON utilizes a cash management system under which an overdraft is the normal book balance in the primary disbursing accounts. Overdrafts included in accounts payable at September 2022 and September 2021 totaled approximately $1.6 million and $1.0 million, respectively, and reflect checks drawn on the disbursing accounts that have been issued but have not yet cleared through the banking system. The Company’s policy has been to fund these outstanding checks as they clear with borrowings under its revolving credit facilities (see Note 7). These outstanding checks (book overdrafts) are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. (e) Accounts Receivable: Accounts receivable consist primarily of amounts due to the Company from its normal business activities, including trade receivables from customers and other receivables primarily related to various rebate and promotional incentives with the Company’s suppliers. An allowance for doubtful accounts is maintained to reflect the expected uncollectibility of accounts receivable based on past collection history, evaluation of economic conditions as they may impact our customers, and specific risks identified in the portfolio. The Company determines the past due status of trade receivables based on our terms with each customer. Account balances are charged off against the allowance for doubtful accounts when collection efforts have been exhausted and the account receivable is deemed worthless. Any subsequent recoveries of charged off account balances are recorded as income in the period received. As of September 2022 and September 2021, receivables from transactions with customers, less allowance for doubtful accounts were $60.3 million and $34.3 million, respectively. (f) Inventories: At September 2022 and September 2021, 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 $1.1 million and $0.8 million at September 2022 and September 2021, respectively. These reserves include the Company’s obsolescence allowance, which reflects estimated unsaleable or non-refundable inventory based upon an evaluation of slow moving and discontinued products. (g) Prepaid Expenses and Other Current Assets: A summary of prepaid expenses and other current assets is as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 2022 September 2021 Prepaid expenses ​ $ 3.1 ​ $ 1.6 Prepaid inventory ​ 9.6 ​ 3.2 Note receivable, current portion ​ ​ — ​ ​ 0.2 ​ ​ $ 12.7 ​ $ 5.0 ​ Prepaid inventory represents inventory in-transit that has been paid for but not received. The note receivable between AMCON and Team Sledd is eliminated in consolidation. (h) Property and Equipment: Property and equipment are stated at cost less accumulated depreciation or amortization. Major renewals and improvements are capitalized and charged to expense over their useful lives through depreciation or amortization charges. Repairs and maintenance are charged to expense in the period incurred. The straight-line method of depreciation is used to depreciate assets over the estimated useful lives as follows: ​ ​ ​ ​ ​ ​ ​ Years Land improvements ​ 10 - 15 Warehouse equipment ​ 3 - 20 Buildings and improvements ​ 5 - 40 Furniture, fixtures and leasehold improvements ​ 1 - 12 Vehicles ​ 2 - 5 ​ Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts, and the resulting gains or losses are reported as a component of operating income. The Company reviews property and equipment for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the asset group are estimated over the asset’s useful life of the primary asset and based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the asset group may not be recoverable, the potential impairment is determined based on the amount by which the carrying value of the asset group exceeds the fair value of the asset group. During fiscal 2022, the Company recorded an impairment of fixed assets in an amount less than $0.1 million as a result of Hurricane Ian. There was no impairment of any property and equipment during fiscal 2021. (i) Leases: Lease liabilities are equal to the present value of the remaining fixed lease payments. Right-of-use (“ROU”) assets are determined based on the amount of the lease liability, plus initial direct costs incurred less lease incentives. The Company determines its incremental borrowing rates based on information available at the lease commencement date in calculating the present value of its lease payments. The Company does not recognize assets or liabilities for leases with an initial term of twelve months or less and these short-term lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term. The Company elected the practical expedient to account for non-lease components as part of the lease for all asset classes. The Company reviews its ROU lease assets for indicators of impairment in the same manner as its other property and equipment as described above in (h) Property and Equipment (j) Goodwill and Intangible Assets: Goodwill consists of the excess purchase price paid in certain business combinations over the fair value of assets acquired and in the case of Team Sledd, represents synergies and economies of scale generated through reductions in selling, general, and administrative expenses. Intangible assets consist of trademarks, tradenames, and customer relationships acquired as part of acquisitions in addition to certain non-competition agreements. Goodwill, trademarks, and tradenames are considered to have indefinite lives. Goodwill and intangible assets having indefinite useful lives are not amortized into the results of operations, but instead are reviewed annually or more frequently if events or changes in circumstances indicate that the assets might be impaired, to assess whether their fair value exceeds their carrying value. The Company performs its annual goodwill and intangible asset impairment assessment during the fourth fiscal quarter of each year. When evaluating the potential impairment of non-amortizable indefinite lived assets and goodwill, the Company first assesses a range of qualitative factors, including but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, market prices, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and the overall financial performance for each of the Company’s reporting units. If after completing this assessment, the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative evaluation is performed using the income approach (discounted cash flow method). A discounted cash flow methodology requires the estimation of a wide range of factors including but not limited to: (i) forecasting future earnings and cash flows, (ii) determining the discount rate applicable to the earnings stream being discounted, and (iii) computing a terminal value at some point in the future. These estimations require significant judgment and include making assumptions such as sales growth rates including the addition of new retail stores, future store profitability, planned capital expenditures, our ability to control costs, the successful implementation of initiatives designed to enhance sales and improve inventory management, gross profit estimates, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions. The use of different assumptions or estimates for future cash flows could produce different results. For goodwill impairment testing, the Company utilizes the guidance in Accounting Standards Codification (“ASC”) 350 - Intangibles - Goodwill and Other The Company’s identifiable intangible assets with finite lives are amortized over their estimated useful lives and are assessed for impairment whenever events or circumstances change which may indicate that the carrying amount of the assets may not be recoverable. Identifiable intangible assets which are subject to amortization are evaluated for impairment using a process similar to that used in evaluating the elements of property and equipment. If impaired, the related assets are written down to their estimated fair value. (k) Equity Method Investment: The Company uses the equity method to account for its investment in an investee if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss (net of income taxes) of the investee is included in consolidated net earnings. Judgment regarding the level of influence over its equity method investment includes considering key factors such as the Company’s ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. The Company evaluates its equity method investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing its equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and future prospects, and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than-temporary is recognized in the period identified. See Note 2 (Acquisition) and Note 9 (Supplemental Pro Forma Information) for further information relating to the Company’s equity method investment. (l) Revenue Recognition: The Company recognizes revenues when the performance obligation is satisfied, which is the point where control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For the majority of the Company’s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered, as that is generally when legal title, physical possession and risks and rewards of goods/services transfers to the customer. The timing of satisfaction of the performance obligation is not subject to significant judgment due to the simultaneous nature of the Company’s customer arrangements (same day creation and fulfillment). After the completion of its performance obligations, the Company has an unconditional right of payment from customers with varying collection and payment terms based on region, credit risk, and other situational factors . Customer receivables are included on the consolidated balance sheets less an allowance for doubtful accounts. The Company has elected the practical expedient permitting it to disregard financing components which may be deemed to be part of its transaction price as its customary payments terms are less than one year . (m) Insurance: The Company’s workers’ compensation, general liability, and employee-related health care benefits are provided through high-deductible or self-insurance programs. As a result, the Company accrues for its workers’ compensation and general liability based upon a claim reserve analysis. The Company has issued a letter of credit in the amount of $0.6 million to its workers’ compensation insurance carrier as part of its loss control program. The reserve for incurred, but not reported, employee health care benefits is calculated using the Company’s historical claims experience rate, plus specific reserves for large claims. The reserves associated with the exposure to these liabilities are reviewed by management for adequacy at the end of each reporting period. (n) Income Taxes: The Company uses the asset and liability method to calculate deferred income taxes. Deferred tax assets and liabilities are recognized on temporary differences between financial statement and tax bases of assets and liabilities using enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when we do not consider it more likely than not that some portion or all of the deferred tax assets will be realized. (o) Share-Based Compensation: The Company recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The fair value of stock options are estimated at the date of grant using the Black-Scholes option pricing model. Option pricing methods require the input of highly subjective assumptions, including the expected stock price volatility. The fair value of restricted stock units is based on the period ending closing price of the Company’s common stock. Measured compensation cost is recognized ratably over the vesting period of the related share-based compensation award and is reflected in our Consolidated Statement of Operations under “selling, general and administrative expenses.” (p) Customer Sales Incentives: The Company provides consideration to customers, such as sales allowances or discounts on a regular basis. In accordance with ASC 606, the Company estimates customer sales incentives due as sales are made and records them as a reduction of net sales. (q) Excise Taxes: Under ASC 606, the Company is primarily responsible for excise taxes levied on cigarette and other tobacco products and presents excise taxes as a component of revenue. (r) Contract Costs: Under ASC 606, the Company expenses as incurred any incremental costs to obtain and fulfill customer contracts as the related amortization period would be one year or less. (s) Per-share Results: Basic earnings or loss per share data are based on the weighted-average number of common shares outstanding during each period. Diluted earnings or loss per share data are based on the weighted-average number of common shares outstanding and the effect of all dilutive potential common shares including stock options and restricted stock units. (t) Use of Estimates: The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (u) Fair Value Measurements: The Company’s financial assets and liabilities are recognized or disclosed at fair value in the financial statements on a recurring basis. The carrying amount of trade accounts receivable, other receivables, trade accounts payable, accounts payable and other accrued liabilities approximates fair value because of the short maturity of these financial instruments. The carrying amount of the Company’s variable and fixed rate debt also approximates fair value. ​ (v) Mandatorily Redeemable Non-Controlling Interest: ​ Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s balance sheet represents the non-controlling interest in the Company’s strategic investment in Team Sledd LLC (“Team Sledd”). In conjunction with the finalization of the Company’s preliminary accounting for the Team Sledd acquisition described in Note 2, the Company determined the MRNCI should have been reported as a liability under ASC 480 – Distinguishing Liabilities From Equity (“ASC 480”) at June 2022. The Company is correcting its classification of the MRNCI from equity to a liability. The correction had an immaterial impact on fiscal 2022 third quarter net income available to common shareholders which increased by approximately $62,000, with no impact on net cash flows, and resulted in the removal of Non-controlling interest from the Condensed Consolidated Unaudited Statement of Shareholders’ Equity and Total Shareholders’ Equity. The following tables reflect the correction of the MRNCI from equity to liability in the June 2022 10-Q (in millions except for per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 2022 ​ ​ As Reported ​ ​ ​ As Corrected Condensed Consolidated Balance Sheet /1/ ​ (Unaudited) ​ Adjustment ​ (Unaudited) Current mandatorily redeemable non-controlling interest ​ $ — ​ $ 1.7 ​ $ 1.7 Total current liabilities ​ $ 69.1 ​ $ 1.7 ​ $ 70.7 Deferred income tax liability, net ​ $ 2.9 ​ $ (0.2) ​ $ 2.8 Mandatorily redeemable non-controlling interest, less current portion ​ $ — ​ $ 9.4 ​ $ 9.4 Retained earnings ​ $ 92.2 ​ $ 0.1 ​ $ 92.3 Total parent shareholders' equity ​ $ 88.1 ​ $ 0.1 ​ $ 88.1 Non-controlling interest ​ $ 11.0 ​ $ (11.0) ​ $ — Total shareholders' equity ​ $ 99.1 ​ $ (10.9) ​ $ 88.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 2022 ​ Nine months ended June 2022 ​ ​ As Reported ​ ​ ​ As Corrected ​ As Reported ​ ​ ​ As Corrected Condensed Consolidated Statements of Operations /1/ ​ (Unaudited) ​ Adjustment ​ (Unaudited) ​ (Unaudited) ​ Adjustment ​ (Unaudited) Change in fair value of mandatorily redeemable non-controlling interest ​ $ — ​ $ 0.7 ​ $ 0.7 ​ $ — ​ $ 0.7 ​ $ 0.7 Income from operations before income taxes ​ $ 8.7 ​ $ (0.7) ​ $ 8.0 ​ $ 15.9 ​ $ (0.7) ​ $ 15.2 Income tax expense (benefit) ​ $ 2.4 ​ $ (0.2) ​ $ 2.2 ​ $ 5.0 ​ $ (0.2) ​ $ 4.8 Net income ​ $ 6.6 ​ $ (0.5) ​ $ 6.0 ​ $ 12.6 ​ $ (0.5) ​ $ 12.1 Less: Net income attributable to non-controlling interest ​ $ (0.6) ​ $ 0.6 ​ $ — ​ $ (0.6) ​ $ 0.6 ​ $ — Net income attributable to common shareholders ​ $ 6.0 ​ $ 0.1 ​ $ 6.0 ​ $ 12.0 ​ $ 0.1 ​ $ 12.1 Basic earnings per share ​ $ 10.50 ​ $ 0.11 ​ $ 10.61 ​ $ 21.15 ​ $ 0.11 ​ $ 21.25 Diluted earnings per share ​ $ 10.27 ​ $ 0.11 ​ $ 10.38 ​ $ 20.62 ​ $ 0.11 ​ $ 20.72 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended June 2022 ​ ​ As Reported ​ ​ ​ As Corrected Condensed Consolidated Statement of Cash Flows /1/ ​ (Unaudited) ​ Adjustment ​ (Unaudited) Net income /2/ ​ $ 12.6 ​ $ (0.5) ​ $ 12.1 Adjustments to reconcile net income to net cash flows from (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ $ 1.4 ​ $ (0.2) ​ $ 1.2 Change in fair value of mandatorily redeemable non-controlling interest ​ $ — ​ $ 0.7 ​ $ 0.7 Net cash flows from (used in) operating activities ​ $ 7.1 ​ $ — ​ $ 7.1 ​ /1/ Items may not sum across due to rounding /2/ Line item prior to net income attributable to non-controlling interest ​ The Company has elected to present the MRNCI liability at fair value under ASC 825 – Financial Instruments (“ASC 825”) as it believes this best represents the potential future liability and cash flows. As such, the MRNCI balance at September 2022 represents the fair value of the remaining future membership interest redemptions and other amounts due noncontrolling interest holders through April 2026. The Company calculates the estimated fair value of the MRNCI based on a discounted cash flow valuation technique using the best information available at the reporting date, and records changes in the fair value of the MRNCI as a component of other expense (income) in the Consolidated Statement of Operations. The Company estimates the probability and timing of future redemptions and earnings of Team Sledd based on management’s knowledge and assumptions of certain events as of each reporting date, including the timing of any future redemptions and an appropriate discount rate. At September 2022, the difference between the contractual amount due under the MRNCI and the fair value was approximately $0.1 million. The MRNCI is classified as Level 3 because of the Company’s reliance on unobservable assumptions. The following table presents changes in the fair value of the MRNCI since the Control Date (in millions): ​ ​ ​ ​ ​ Initial measurement at the Control Date (see Note 2) ​ $ 10.4 Distributions to non-controlling interest ​ ​ (0.7) Change in fair value ​ ​ 1.5 Fair value of MRNCI as of September 30, 2022 ​ $ 11.2 Less current portion at fair value ​ ​ (1.7) ​ ​ $ 9.5 ​ (w) Business Combinations: ​ The acquisition method of accounting for business combinations under ASC 805 – Business Combinations ​ (x) Accounting Pronouncements: Recent Accounting Pronouncements ​ In June 2016, the FASB issued 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	12 Months Ended
	Sep. 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 was accounted for in accordance with ASC 805 and the Company measured the fair value of its previously held equity interest and the related noncontrolling interest using the discounted cash flow methodology with the assistance of independent valuation consultants. The total fair value of Team Sledd was approximately $23.3 million, which resulted in a gain of approximately $2.4 million related to the fair value remeasurement of the Company’s ownership interest in Team Sledd. The gain was recorded as a component of other income in the Company’s Consolidated Statement of Operations for fiscal 2022. In connection with the transaction, the Company recorded a deferred tax liability of approximately $0.6 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 fair value of Team Sledd’s assets and liabilities at the Control Date, and the resulting goodwill. The fair values are based on 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 ​ $ 10,419,139 Acquisition-date fair value of previously held interest ​ ​ 12,897,443 Fair value of Team Sledd at the Control Date ​ $ 23,316,582 ​ ​ ​ ​ ​ 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 ​ ​ ​ ​

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Sep. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	3. EARNINGS PER SHARE: Basic earnings per share available to common shareholders is calculated by dividing net income by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations by the sum of the weighted average number of common shares outstanding and the weighted average dilutive equity awards. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Years ​ ​ 2022 2021 ​ Basic ​ Basic Weighted average number of common shares outstanding ​ 567,697 ​ 550,551 Net income available to common shareholders ​ $ 16,672,257 ​ $ 15,545,265 Net earnings per share available to common shareholders ​ $ 29.37 ​ $ 28.24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Years ​ ​ 2022 2021 ​ Diluted ​ Diluted Weighted average number of common shares outstanding ​ 567,697 ​ 550,551 Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ 15,365 ​ 17,552 Weighted average number of shares outstanding ​ 583,062 ​ 568,103 Net income available to common shareholders ​ $ 16,672,257 ​ $ 15,545,265 Net earnings per share available to common shareholders ​ $ 28.59 ​ $ 27.36 ​ ​ (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​ ​

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Sep. 30, 2022
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	4. PROPERTY AND EQUIPMENT, NET: Property and equipment at September 2022 and September 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Land and improvements ​ $ 2,747,857 ​ $ 773,068 ​ Buildings and improvements ​ 30,515,259 ​ 12,616,923 ​ Warehouse equipment ​ 17,488,059 ​ 15,859,084 ​ Furniture, fixtures and leasehold improvements ​ 14,190,976 ​ 13,426,684 ​ Vehicles ​ 4,531,831 ​ 4,085,971 ​ Construction in progress ​ 12,216,453 ​ 93,162 ​ ​ ​ 81,690,435 ​ 46,854,892 ​ Less accumulated depreciation: ​ (33,604,915) ​ (30,842,368) ​ Property and equipment, net ​ $ 48,085,520 ​ $ 16,012,524 ​ ​ During fiscal 2022, the Company capitalized approximately $0.1 million of interest on funds borrowed to finance certain capital expenditures. Capitalized interest is recorded as part of an asset’s cost and will be depreciated over the asset’s useful life. ​ ​

LEASES

LEASES	12 Months Ended
	Sep. 30, 2022
LEASES
LEASES	5. LEASES: ​ The Company’s wholesale segment leases certain warehouse facilities, office space, vehicles and office equipment. The Company’s retail segment leases store space in various shopping center complexes and certain office space. Certain of the warehouse and retail store leases include one or more options to renew or terminate the applicable lease agreement, with the exercise of such options at the Company’s discretion. The Company’s leases do not contain any significant residual value guarantees nor do they impose any significant restrictions or covenants other than those customarily found in similar types of leases. ​ The operating ROU lease assets and liabilities recorded on the Company’s consolidated balance sheets consist of fixed lease payments. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets and are expensed on a straight-line basis over the lease term. Additionally, certain leases contain variable payments such as vehicle leases with per-mile charges or retail leases with an additional rent payment based on store performance. These variable payments are expensed as incurred. The Company combines lease components and non-lease components for all asset classes for purposes of recognizing lease assets and liabilities. The Company determines its incremental borrowing rates based on information available at the lease commencement date in calculating the present value of lease payments. The Company reviews its ROU lease assets for indicators of impairment in the same manner as its other property and equipment as described in Note 1. ​ Leases consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Classification September 2022 September 2021 Operating ​ Operating lease right-of-use assets ​ $ 19,941,009 ​ $ 17,846,529 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Operating lease liabilities ​ $ 6,454,473 ​ $ 5,513,390 Non-current: ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Long-term operating lease liabilities ​ ​ 13,787,721 ​ ​ 12,669,157 Total lease liabilities ​ ​ ​ $ 20,242,194 ​ $ 18,182,547 ​ The components of lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year 2022 Fiscal Year 2021 Operating lease cost ​ $ 6,690,239 ​ $ 6,152,332 Short-term lease cost ​ ​ 238,106 ​ ​ 64,054 Variable lease cost ​ ​ 430,033 ​ ​ 472,097 Net lease cost ​ $ 7,358,378 ​ $ 6,688,483 ​ Maturities of lease liabilities as of September 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases 2023 ​ ​ ​ ​ $ 7,144,499 2024 ​ ​ ​ ​ ​ 5,367,189 2025 ​ ​ ​ ​ ​ 3,980,096 2026 ​ ​ ​ ​ ​ 2,804,444 2027 ​ ​ ​ ​ ​ 1,519,380 2028 and thereafter ​ ​ ​ ​ ​ 1,141,210 Total lease payments ​ ​ ​ ​ ​ 21,956,818 Less: interest ​ ​ ​ ​ ​ (1,714,624) Present value of lease liabilities ​ ​ ​ ​ $ 20,242,194 ​ Weighted-average remaining lease term and weighted-average discount rate information regarding the Company’s leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Term September 2022 September 2021 Weighted-average remaining lease term (years): ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ 4.0 ​ ​ 4.0 ​ Discount Rate ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ 4.09 % ​ 3.82 % ​ Other information regarding the Company’s leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year 2022 Fiscal Year 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows used by operating leases ​ $ 6,704,890 ​ $ 6,490,457 Lease liabilities arising from obtaining new ROU assets: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 5,854,111 ​ $ 1,873,972 ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Sep. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill at September 2022 and September 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 September 2022 and September 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September September ​ ​ 2022 ​ 2021 Customer list (Wholesale Segment) (less accumulated amortization of less than $0.1 million at September 2022) ​ $ 1,401,945 ​ $ — Non-competition agreement (Wholesale Segment) (less accumulated amortization of less than $0.1 million at September 2022) ​ ​ 191,168 ​ ​ — Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 2,093,113 ​ $ 500,000 ​ Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. Goodwill recorded on the Company’s consolidated balance sheets represents amounts allocated to its wholesale reporting unit which totaled approximately $5.3 million and $4.4 million at September 2022 and September 2021, respectively. The Company determined that the estimated fair value of its wholesale reporting unit exceeded its carrying value at both September 2022 and September 2021. ​ At September 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 $0.1 million during fiscal 2022. ​ Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at September 2022: ​ ​ ​ ​ ​ ​ ​ September ​ 2022 Fiscal 2023 ​ $ 170,130 Fiscal 2024 ​ ​ 170,130 Fiscal 2025 ​ ​ 139,304 Fiscal 2026 ​ ​ 96,132 Fiscal 2027 ​ ​ 96,132 Fiscal 2028 and thereafter ​ ​ 921,285 ​ ​ $ 1,593,113 ​

DEBT

DEBT	12 Months Ended
	Sep. 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. In Q3 2022, the Company amended the AMCON Facility, increasing its aggregate borrowing capacity from $110.0 million to $150.0 million, extending the maturity date from March 2025 to June 2027, and adding certain real estate properties as eligible borrowing collateral under the credit agreement. At September 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. 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 September 2022 was $184.8 million, of which $91.3 million was outstanding, leaving $93.5 million available. The average interest rate of the Facilities was 5.11% at September 2022. During fiscal 2022, the peak borrowings under the Facilities was $123.5 million, and the average borrowings and average availability under the Facilities was $60.7 million and $69.4 million, respectively. ​ LONG-TERM DEBT In addition to the Facilities, the Company also had the following long-term obligations at September 2022 and September 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 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 ​ $ — ​ $ 4,498,213 Unsecured 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 ​ ​ 968,589 ​ ​ 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 ​ ​ 5,572,766 ​ ​ — 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 ​ ​ 2,052,327 ​ ​ — 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 September 2022, collateralized by certain of Team Sledd's equipment ​ 385,887 ​ — ​ ​ 8,979,569 ​ 5,615,467 Less current maturities ​ (1,595,309) ​ (561,202) ​ ​ $ 7,384,260 ​ $ 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 ​ ​ 2023 ​ $ 1,595,309 2024 ​ ​ 676,613 2025 ​ ​ 806,357 2026 ​ 628,351 2027 ​ ​ 653,243 2028 and thereafter ​ 4,619,696 ​ ​ $ 8,979,569 ​ Market rate risk for fixed rate debt is estimated as the potential increase in fair value of debt obligations resulting from decreases in interest rates. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of the Company’s long-term debt approximated its carrying value at September 2022. ​ Cross Default and Co-Terminus Provisions ​ The Company owns real estate in Bismarck, ND, Quincy, IL, and Rapid City, SD, which was 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. During Q4 2022, in connection with the amendment to the AMCON Facility during Q3 2022, the Company’s Real Estate Loan with BMO 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. The Real Estate Loan contained cross default provisions which would have caused 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 September 2021. In addition, the Real Estate Loan contained co-terminus provisions which would have required all loans with BMO to be paid in full if any of the loans were paid in full prior to the end of their specified terms. Team Sledd’s three notes payable and the Team Sledd Facility contain cross default provisions. There were no such cross defaults at September 2022. The Company was in compliance with all of its financial covenants under the Facilities at September 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	12 Months Ended
	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	8. INCOME TAXES: ​ The components of income tax expense from operations for fiscal 2022 and fiscal 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Current: Federal ​ $ 4,437,197 ​ $ 3,631,619 Current: State ​ 1,238,823 ​ 1,144,728 ​ ​ 5,676,020 ​ 4,776,347 Deferred: Federal ​ 677,357 ​ (233,907) Deferred: State ​ 120,003 ​ (41,440) ​ ​ 797,360 ​ (275,347) Income tax expense ​ $ 6,473,380 ​ $ 4,501,000 ​ The difference between the Company’s income tax expense in the accompanying consolidated financial statements and that which would be calculated using the statutory income tax rate of 21% for both fiscal 2022 and fiscal 2021 on income before income taxes is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Tax at statutory rate ​ $ 4,509,855 ​ $ 3,504,540 Nondeductible business expenses ​ 1,333,491 ​ 232,684 State income taxes, net of federal tax benefit ​ 1,072,735 ​ 867,567 Tax attributable to non-controlling interest ​ ​ (298,305) ​ ​ — Other ​ (144,396) ​ (103,791) ​ ​ $ 6,473,380 ​ $ 4,501,000 ​ ​ Temporary differences between the financial statement carrying balances and tax basis of assets and liabilities giving rise to net deferred tax assets (liabilities) at September 2022 and September 2021 relates to the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 281,927 ​ $ 223,094 Accrued expenses ​ 1,090,219 ​ 1,369,467 Inventory ​ 414,239 ​ 362,466 Other ​ 163,399 ​ 114,206 Net operating loss carry forwards - federal ​ — ​ 7,108 Net operating loss carry forwards - state ​ 697,013 ​ 697,013 Total gross deferred tax assets ​ 2,646,797 ​ 2,773,354 Less: Valuation allowance ​ (697,013) ​ (697,013) Total net deferred tax assets ​ ​ 1,949,784 ​ ​ 2,076,341 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Trade discounts ​ ​ 418,660 ​ ​ 356,901 Operating lease, right-of-use assets ​ ​ 91,954 ​ ​ — Property and equipment ​ 2,337,447 ​ 2,101,463 Goodwill ​ 921,799 ​ 921,799 Other ​ ​ 412,221 ​ ​ 187,164 Intangible assets ​ 96,291 ​ 40,242 Total deferred tax liabilities ​ ​ 4,278,372 ​ ​ 3,607,569 Total net deferred income tax liability ​ $ 2,328,588 ​ $ 1,531,228 ​ The Company had a valuation allowance of approximately $0.7 million at both September 2022 and September 2021, against certain state net operating losses, which more likely than not will not be utilized. The Company had no material unrecognized tax benefits, interest, or penalties during fiscal 2022 or fiscal 2021, and the Company does not anticipate any such items during the next twelve months. The Company’s policy is to record interest and penalties directly related to income taxes as income tax expense in the Consolidated Statements of Operations. The Company files income tax returns in the U.S. and various states and the tax years 2019 and forward remain open under U.S. and state statutes.

SUPPLEMENTAL PRO FORMA INFORMAT

SUPPLEMENTAL PRO FORMA INFORMATION	12 Months Ended
	Sep. 30, 2022
SUPPLEMENTAL PRO FORMA INFORMATION
SUPPLEMENTAL PRO FORMA INFORMATION	9. SUPPLEMENTAL PRO FORMA INFORMATION ​ At September 2021, AMCON held a minority interest of approximately 49% in Team Sledd’s outstanding equity with a carrying value of $9.4 million, and accounted for its ownership interest as an equity method investment. During fiscal 2022, the Company’s equity method investment in Team Sledd became a controlling interest. At September 2022, the Company held a controlling interest in Team Sledd of approximately 56%. ​ Team Sledd’s summarized financial data prior to the Control Date for the periods ended September 2022 and September 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended September 2022 For the year ended September 2021 Sales ​ $ 393,606,372 ​ $ 684,539,392 Gross profit ​ ​ 21,759,753 ​ ​ 34,962,326 Net income before income taxes ​ ​ 4,498,190 ​ ​ 8,597,997 Net income attributable to AMCON, net of tax ​ ​ 1,670,133 ​ ​ 3,357,978 ​ The following table presents unaudited supplemental pro forma information for Team Sledd from the Control Date through September 2022, which is included in the Company’s consolidated results for fiscal 2022. ​ ​ ​ ​ ​ Revenue ​ $ 298,410,724 Net income available to common shareholders ​ $ 3,220,702 ​ The following table presents unaudited supplemental pro forma information assuming the Company acquired a 56% interest in Team Sledd on October 1, 2020. These pro forma amounts do not purport to be indicative of the actual results that would have been obtained had the acquisition occurred at that time. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended September 2022 For the year ended September 2021 Revenue ​ $ 2,404,404,758 ​ $ 2,356,917,973 Net income available to common shareholders ​ $ 16,789,976 ​ $ 16,033,112 ​

PROFIT SHARING PLANS

PROFIT SHARING PLANS	12 Months Ended
	Sep. 30, 2022
PROFIT SHARING PLANS
PROFIT SHARING PLANS	10 . PROFIT SHARING PLANS: The Company sponsors two profit sharing plans (i.e., section 401(k) plans) covering substantially all employees. One plan (“the AMCON Plan”) covers the employees not employed by Team Sledd. The other plan (the “Team Sledd Plan” and together with the AMCON Plan, “the Plans”) covers the employees of Team Sledd. The Plans allow employees to make voluntary contributions up to 100% of their compensation, subject to Internal Revenue Service limits. Under the AMCON Plan, the Company matches 100% of the first 2% contributed and 50% of the next 4% contributed for a maximum match of 4% of employee compensation. Under the Team Sledd Plan, the Company matches 100% of employee contributions up to 5%. The Company made matching contributions to the Plans of approximately $1.2 million (net of employee forfeitures) in fiscal 2022 and contributions to the AMCON Plan of $1.0 million (net of employee forfeitures) in fiscal 2021, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES: Liability Insurance The Company carries property, general liability, vehicle liability, directors’ and officers’ liability and workers’ compensation insurance. Additionally, the Company carries an umbrella liability policy to provide excess coverage over the underlying limits of the aforementioned primary policies. The Company’s insurance programs for workers’ compensation, general liability, and employee related health care benefits are provided through high deductible or self-insured programs. Claims in excess of self-insurance levels are fully insured subject to policy limits. Accruals are based on historical claims experience, actual claims filed, and estimates of claims incurred but not reported. The Company’s liabilities for unpaid and incurred, but not reported claims, for workers’ compensation, general liability, and health insurance was $1.9 million at September 2022 and $1.5 million at September 2021. These amounts are included in accrued expenses in the accompanying Consolidated Balance Sheets. While the ultimate amount of claims incurred is dependent on future developments, in the Company’s opinion, recorded reserves are adequate to cover the future payment of claims previously incurred. However, it is possible that recorded reserves may not be adequate to cover the future payment of claims. Adjustments, if any, to claims estimates previously recorded, resulting from actual claim payments, are reflected in operations in the periods in which such adjustments are known. A summary of the activity in the Company’s self-insured liabilities reserve is set forth below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Beginning balance ​ $ 1.5 ​ $ 1.5 Charged to expense ​ 8.3 ​ 7.9 Payments ​ (7.9) ​ (7.9) Ending balance ​ $ 1.9 ​ $ 1.5 ​

EQUITY-BASED INCENTIVE AWARDS

EQUITY-BASED INCENTIVE AWARDS	12 Months Ended
	Sep. 30, 2022
EQUITY-BASED INCENTIVE AWARDS
EQUITY-BASED INCENTIVE AWARDS	12. EQUITY-BASED INCENTIVE AWARDS: ​ Omnibus Plans ​ The Company has three equity-based incentive plans, the 2014 Omnibus Incentive Plan, the 2018 Omnibus Incentive Plan, and the 2022 Omnibus Incentive Plan (collectively “the Omnibus Plans”), which provide for equity incentives to employees. Each Omnibus Plan was designed with the intent of encouraging employees to acquire a vested interest in the growth and performance of the Company. The Omnibus Plans together permit the issuance of up to 195,000 shares of the Company’s common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plans is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. At September 2022, awards with respect to a total of 111,420 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plans and awards with respect to another 83,580 shares may be awarded under the Omnibus Plans. ​ Stock Options ​ No incentive stock options awards were issued during fiscal 2022 or fiscal 2021. Stock options issued by the Company expire ten years from the grant date and include a five year graded vesting schedule. At September 2022, the Company had no stock options outstanding and no stock options which were exercisable. The following is a summary of stock option activity during fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of ​ Exercise ​ ​ Shares ​ Price Outstanding at September 2021 22,250 ​ $ 86.76 Granted — ​ ​ — Exercised (22,250) ​ 86.76 Forfeited/Expired — ​ — Outstanding at September 2022 — ​ $ — ​ Income from operations before income taxes included compensation expense related to the amortization of the Company’s stock option awards of $0.1 million during both fiscal 2022 and fiscal 2021. At September 2022, there was no unamortized compensation expense related to stock options. ​ The aggregate intrinsic value of stock options outstanding was approximately $1.1 million at September 2021. The aggregate intrinsic value of stock options exercisable was approximately $0.9 million at September 2021. The total intrinsic value of stock options exercised was approximately $2.7 million in fiscal 2022 and approximately $0.9 million in fiscal 2021. The total fair value of stock options vested was approximately $1.4 million during fiscal 2022 and approximately $0.7 million during fiscal 2021. Restricted Stock Units At September 2022, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company’s management team pursuant to the provisions of the Company’s Omnibus Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Units(1) Restricted Stock Units(2) Date of award: ​ October 2019 ​ ​ October 2020 Original number of awards issued: ​ 14,550 ​ ​ 20,500 Service period: ​ 36 months ​ ​ 36 months Estimated fair value of award at grant date: ​ $ 1,007,000 ​ $ 1,415,000 Non-vested awards outstanding at September 30, 2022: ​ ​ 4,851 ​ ​ 13,668 Fair value of non-vested awards at September 30, 2022 of approximately: ​ $ 1,019,000 ​ $ 2,870,000 (1) 9,699 of the restricted stock units were vested as of September 2022. The remaining 4,851 restricted stock units will vest in October 2022. (2) 6,832 of the restricted stock units were vested as of September 2022. 6,834 restricted stock units will vest in October 2022 and 6,834 will vest in October 2023. There is no direct cost to the recipients of the restricted stock units, except for any applicable taxes. The recipients of the restricted stock units are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. The restricted stock units provide that the recipients can elect, at their option, to receive either common stock in the Company, or a cash settlement based upon the closing price of the Company’s shares, at the time of vesting. Based on these award provisions, the compensation expense recorded in the Company’s Statement of Operations reflects the straight-line amortized fair value based on the liability method under “ASC 718 – Compensation – Stock Compensation Income from operations before income taxes included compensation expense related to the amortization of the Company’s restricted stock unit awards of approximately $2.3 million during both fiscal 2022 and fiscal 2021. These amounts were recorded as accrued expenses in the Company’s Consolidated Balance Sheets at both September 2022 and September 2021. The tax benefit related to this compensation expense was approximately $0.6 million in both fiscal 2022 and fiscal 2021. The total intrinsic value of restricted stock units vested during fiscal 2022 and fiscal 2021 was approximately $3.5 million and $2.1 million, respectively. At September 2022, total unamortized compensation expense for these awards based on the grant date fair value price was approximately $1.4 million. This unamortized compensation expense, plus any changes in the fair value of the awards through the settlement date, are expected to be amortized over approximately the next 12 months (the weighted-average period). The following summarizes restricted stock unit activity under the Omnibus Plans during fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted ​ ​ of ​ Average ​ Shares Fair Value Nonvested restricted stock units at September 2021 35,220 ​ $ 148.98 Granted — ​ ​ — Vested (16,701) ​ ​ 139.32 Expired — ​ ​ — Nonvested restricted stock units at September 2022 18,519 ​ $ 210.00 ​ Restricted Stock Awards ​ At September 2022, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock awards to members of the Company’s management team pursuant to the provisions of the Company’s Omnibus Plans: ​ ​ ​ ​ ​ ​ Restricted Stock Awards(1) Date of award: ​ October 2021 Original number of awards issued: ​ 15,100 Service period: ​ 36 months Estimated fair value of award at grant date: ​ $ 2,088,934 Non-vested awards outstanding at September 30, 2022: ​ ​ 15,100 Fair value of non-vested awards at September 30, 2022 of approximately: ​ $ 3,171,000 (1) The 15,100 restricted awards There is no direct cost to the recipients of the restricted stock awards, except for any applicable taxes. The restricted stock awards provide that the recipients receive common stock in the Company, subject to certain restrictions until such time as the awards vest. The recipients of the restricted stock awards are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. The compensation expense recorded in the Company’s Statement of Operations reflects the straight-line amortized fair value. ​ The following summarizes restricted stock award activity under the Omnibus Plans during fiscal 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted ​ ​ of ​ Average ​ Shares Fair Value Nonvested restricted stock awards at September 2021 — ​ $ — Granted 15,100 ​ ​ 138.34 Vested — ​ ​ — Expired — ​ ​ — Nonvested restricted stock awards at September 2022 15,100 ​ $ 210.00 ​ Income from operations before income taxes included compensation expense related to the amortization of the Company’s restricted stock awards of approximately $0.7 million during fiscal 2022. At September 2022, total unamortized compensation expense related to restricted stock awards was approximately $1.4 million. This unamortized compensation expense is expected to be amortized over approximately the next 24 months.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Sep. 30, 2022
BUSINESS SEGMENTS
BUSINESS SEGMENTS	13. 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) from operations before taxes. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated FISCAL YEAR ENDED 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,328,196,494 ​ $ — ​ $ — ​ $ 1,328,196,494 Tobacco ​ ​ 342,997,425 ​ ​ — ​ ​ — ​ ​ 342,997,425 Confectionery ​ ​ 117,227,090 ​ ​ — ​ ​ — ​ ​ 117,227,090 Health food ​ ​ — ​ ​ 46,206,417 ​ ​ — ​ ​ 46,206,417 Foodservice & other ​ ​ 176,170,959 ​ ​ — ​ ​ — ​ ​ 176,170,959 Total external revenue ​ ​ 1,964,591,968 ​ ​ 46,206,417 ​ ​ — ​ ​ 2,010,798,385 Depreciation ​ ​ 2,366,108 ​ ​ 1,206,845 ​ ​ — ​ ​ 3,572,953 Amortization ​ ​ 70,887 ​ ​ — ​ ​ — ​ ​ 70,887 Operating income (loss) ​ ​ 35,597,978 ​ ​ 526,509 ​ ​ (13,523,120) ​ ​ 22,601,367 Interest expense ​ ​ 990,392 ​ ​ — ​ ​ 1,259,160 ​ ​ 2,249,552 Income (loss) from operations before taxes ​ ​ 34,644,617 ​ ​ 569,797 ​ ​ (13,738,910) ​ ​ 21,475,504 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,670,133 ​ ​ 1,670,133 Total assets ​ ​ 271,202,838 ​ ​ 17,208,581 ​ ​ 713,108 ​ ​ 289,124,527 Capital expenditures ​ ​ 13,327,713 ​ ​ 1,327,493 ​ ​ — ​ ​ 14,655,206 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated FISCAL YEAR ENDED 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,130,297,314 ​ $ — ​ $ — ​ $ 1,130,297,314 Tobacco ​ ​ 264,453,836 ​ ​ — ​ ​ — ​ ​ 264,453,836 Confectionery ​ ​ 92,353,240 ​ ​ — ​ ​ — ​ ​ 92,353,240 Health food ​ ​ — ​ ​ 47,321,449 ​ ​ — ​ ​ 47,321,449 Foodservice & other ​ ​ 137,952,742 ​ ​ — ​ ​ — ​ ​ 137,952,742 Total external revenue ​ ​ 1,625,057,132 ​ ​ 47,321,449 ​ ​ — ​ ​ 1,672,378,581 Depreciation ​ ​ 1,905,270 ​ ​ 1,187,747 ​ ​ — ​ ​ 3,093,017 Operating income (loss) ​ ​ 24,477,037 ​ ​ 1,797,250 ​ ​ (8,449,668) ​ ​ 17,824,619 Interest expense ​ ​ 199,392 ​ ​ — ​ ​ 1,140,168 ​ ​ 1,339,560 Income (loss) from operations before taxes ​ ​ 24,354,719 ​ ​ 1,809,130 ​ ​ (9,475,562) ​ ​ 16,688,287 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 3,357,978 ​ ​ 3,357,978 Total assets ​ ​ 157,038,710 ​ ​ 18,179,614 ​ ​ 13,192,805 ​ ​ 188,411,129 Capital expenditures ​ ​ 1,251,617 ​ ​ 402,514 ​ ​ — ​ ​ 1,654,131 ​

TREASURY STOCK

TREASURY STOCK	12 Months Ended
	Sep. 30, 2022
TREASURY STOCK
TREASURY STOCK	14. TREASURY STOCK: The Company did not repurchase any shares of its common stock during fiscal 2022. The Company repurchased a total of 68 shares of its common stock during fiscal 2021 for cash totaling less than $0.1 million. All repurchased shares were recorded in treasury stock at cost.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Sep. 30, 2022
SUBSEQUENT EVENT
SUBSEQUENT EVENT	15. SUBSEQUENT EVENT: On October 25, 2022, the Compensation Committee of the Company’s Board of Directors awarded 15,100 shares of restricted stock to members of the Company’s executive management team, which include a three-year graded vesting schedule. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Company Operations	(a) Company Operations: AMCON Distributing Company and Subsidiaries (“AMCON” or “the Company”) serves customers in 29 states and is primarily engaged in the wholesale distribution of consumer products in the Central, Rocky Mountain, Mid-South and Mid-Atlantic regions of the United States. AMCON’s wholesale distribution business includes seven distribution centers that sell approximately 17,000 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. The Company distributes products primarily to retailers such as convenience stores, discount and general merchandise stores, grocery stores, drug stores, and gas stations. In addition, the Company services institutional customers, including restaurants and bars, schools, sports complexes, as well as other wholesalers. AMCON, through its Healthy Edge Inc. subsidiary, 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 natural supplements, organic and natural groceries, health and beauty care products, and other food items. The Company’s operations are subject to a number of factors which are beyond the control of management, such as changes in manufacturers’ cigarette pricing, state excise tax increases, or the opening of competing retail stores in close proximity to the Company’s retail stores. While the Company sells a diversified product line, it remains dependent upon the sale of cigarettes which accounted for approximately 66% and 68% of the Company’s consolidated revenue during fiscal 2022 and fiscal 2021, respectively, and 18% and 16% of the Company’s consolidated gross profit during fiscal 2022 and fiscal 2021, respectively.
Accounting Period	(b) Accounting Period: The Company’s fiscal year ends on September 30 th
Principles of Consolidation and Basis of Presentation	(c) Principles of Consolidation and Basis of Presentation: The Consolidated Financial Statements include the accounts of AMCON, its wholly-owned subsidiaries and, since May 2022, its non-wholly-owned equity investment in Team Sledd, LLC (“Team Sledd”). All significant intercompany accounts and transactions have been eliminated.
Cash and Accounts Payable	(d) Cash and Accounts Payable: AMCON utilizes a cash management system under which an overdraft is the normal book balance in the primary disbursing accounts. Overdrafts included in accounts payable at September 2022 and September 2021 totaled approximately $1.6 million and $1.0 million, respectively, and reflect checks drawn on the disbursing accounts that have been issued but have not yet cleared through the banking system. The Company’s policy has been to fund these outstanding checks as they clear with borrowings under its revolving credit facilities (see Note 7). These outstanding checks (book overdrafts) are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows.
Accounts Receivable	(e) Accounts Receivable: Accounts receivable consist primarily of amounts due to the Company from its normal business activities, including trade receivables from customers and other receivables primarily related to various rebate and promotional incentives with the Company’s suppliers. An allowance for doubtful accounts is maintained to reflect the expected uncollectibility of accounts receivable based on past collection history, evaluation of economic conditions as they may impact our customers, and specific risks identified in the portfolio. The Company determines the past due status of trade receivables based on our terms with each customer. Account balances are charged off against the allowance for doubtful accounts when collection efforts have been exhausted and the account receivable is deemed worthless. Any subsequent recoveries of charged off account balances are recorded as income in the period received. As of September 2022 and September 2021, receivables from transactions with customers, less allowance for doubtful accounts were $60.3 million and $34.3 million, respectively.
Inventories	(f) Inventories: At September 2022 and September 2021, 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 $1.1 million and $0.8 million at September 2022 and September 2021, respectively. These reserves include the Company’s obsolescence allowance, which reflects estimated unsaleable or non-refundable inventory based upon an evaluation of slow moving and discontinued products.
Prepaid Expenses and Other Current Assets	(g) Prepaid Expenses and Other Current Assets: A summary of prepaid expenses and other current assets is as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 2022 September 2021 Prepaid expenses ​ $ 3.1 ​ $ 1.6 Prepaid inventory ​ 9.6 ​ 3.2 Note receivable, current portion ​ ​ — ​ ​ 0.2 ​ ​ $ 12.7 ​ $ 5.0 ​ Prepaid inventory represents inventory in-transit that has been paid for but not received. The note receivable between AMCON and Team Sledd is eliminated in consolidation.
Property and Equipment	(h) Property and Equipment: Property and equipment are stated at cost less accumulated depreciation or amortization. Major renewals and improvements are capitalized and charged to expense over their useful lives through depreciation or amortization charges. Repairs and maintenance are charged to expense in the period incurred. The straight-line method of depreciation is used to depreciate assets over the estimated useful lives as follows: ​ ​ ​ ​ ​ ​ ​ Years Land improvements ​ 10 - 15 Warehouse equipment ​ 3 - 20 Buildings and improvements ​ 5 - 40 Furniture, fixtures and leasehold improvements ​ 1 - 12 Vehicles ​ 2 - 5 ​ Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts, and the resulting gains or losses are reported as a component of operating income. The Company reviews property and equipment for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the asset group are estimated over the asset’s useful life of the primary asset and based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the asset group may not be recoverable, the potential impairment is determined based on the amount by which the carrying value of the asset group exceeds the fair value of the asset group. During fiscal 2022, the Company recorded an impairment of fixed assets in an amount less than $0.1 million as a result of Hurricane Ian. There was no impairment of any property and equipment during fiscal 2021.
Leases	(i) Leases: Lease liabilities are equal to the present value of the remaining fixed lease payments. Right-of-use (“ROU”) assets are determined based on the amount of the lease liability, plus initial direct costs incurred less lease incentives. The Company determines its incremental borrowing rates based on information available at the lease commencement date in calculating the present value of its lease payments. The Company does not recognize assets or liabilities for leases with an initial term of twelve months or less and these short-term lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term. The Company elected the practical expedient to account for non-lease components as part of the lease for all asset classes. The Company reviews its ROU lease assets for indicators of impairment in the same manner as its other property and equipment as described above in (h) Property and Equipment
Goodwill and Intangible Assets	(j) Goodwill and Intangible Assets: Goodwill consists of the excess purchase price paid in certain business combinations over the fair value of assets acquired and in the case of Team Sledd, represents synergies and economies of scale generated through reductions in selling, general, and administrative expenses. Intangible assets consist of trademarks, tradenames, and customer relationships acquired as part of acquisitions in addition to certain non-competition agreements. Goodwill, trademarks, and tradenames are considered to have indefinite lives. Goodwill and intangible assets having indefinite useful lives are not amortized into the results of operations, but instead are reviewed annually or more frequently if events or changes in circumstances indicate that the assets might be impaired, to assess whether their fair value exceeds their carrying value. The Company performs its annual goodwill and intangible asset impairment assessment during the fourth fiscal quarter of each year. When evaluating the potential impairment of non-amortizable indefinite lived assets and goodwill, the Company first assesses a range of qualitative factors, including but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, market prices, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and the overall financial performance for each of the Company’s reporting units. If after completing this assessment, the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative evaluation is performed using the income approach (discounted cash flow method). A discounted cash flow methodology requires the estimation of a wide range of factors including but not limited to: (i) forecasting future earnings and cash flows, (ii) determining the discount rate applicable to the earnings stream being discounted, and (iii) computing a terminal value at some point in the future. These estimations require significant judgment and include making assumptions such as sales growth rates including the addition of new retail stores, future store profitability, planned capital expenditures, our ability to control costs, the successful implementation of initiatives designed to enhance sales and improve inventory management, gross profit estimates, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions. The use of different assumptions or estimates for future cash flows could produce different results. For goodwill impairment testing, the Company utilizes the guidance in Accounting Standards Codification (“ASC”) 350 - Intangibles - Goodwill and Other The Company’s identifiable intangible assets with finite lives are amortized over their estimated useful lives and are assessed for impairment whenever events or circumstances change which may indicate that the carrying amount of the assets may not be recoverable. Identifiable intangible assets which are subject to amortization are evaluated for impairment using a process similar to that used in evaluating the elements of property and equipment. If impaired, the related assets are written down to their estimated fair value.
Equity Method Investment	(k) Equity Method Investment: The Company uses the equity method to account for its investment in an investee if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss (net of income taxes) of the investee is included in consolidated net earnings. Judgment regarding the level of influence over its equity method investment includes considering key factors such as the Company’s ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. The Company evaluates its equity method investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing its equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and future prospects, and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than-temporary is recognized in the period identified. See Note 2 (Acquisition) and Note 9 (Supplemental Pro Forma Information) for further information relating to the Company’s equity method investment.
Revenue Recognition	(l) Revenue Recognition: The Company recognizes revenues when the performance obligation is satisfied, which is the point where control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For the majority of the Company’s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered, as that is generally when legal title, physical possession and risks and rewards of goods/services transfers to the customer. The timing of satisfaction of the performance obligation is not subject to significant judgment due to the simultaneous nature of the Company’s customer arrangements (same day creation and fulfillment). After the completion of its performance obligations, the Company has an unconditional right of payment from customers with varying collection and payment terms based on region, credit risk, and other situational factors . Customer receivables are included on the consolidated balance sheets less an allowance for doubtful accounts. The Company has elected the practical expedient permitting it to disregard financing components which may be deemed to be part of its transaction price as its customary payments terms are less than one year .
Insurance	(m) Insurance: The Company’s workers’ compensation, general liability, and employee-related health care benefits are provided through high-deductible or self-insurance programs. As a result, the Company accrues for its workers’ compensation and general liability based upon a claim reserve analysis. The Company has issued a letter of credit in the amount of $0.6 million to its workers’ compensation insurance carrier as part of its loss control program. The reserve for incurred, but not reported, employee health care benefits is calculated using the Company’s historical claims experience rate, plus specific reserves for large claims. The reserves associated with the exposure to these liabilities are reviewed by management for adequacy at the end of each reporting period.
Income Taxes	(n) Income Taxes: The Company uses the asset and liability method to calculate deferred income taxes. Deferred tax assets and liabilities are recognized on temporary differences between financial statement and tax bases of assets and liabilities using enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when we do not consider it more likely than not that some portion or all of the deferred tax assets will be realized.
Share-Based Compensation	(o) Share-Based Compensation: The Company recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The fair value of stock options are estimated at the date of grant using the Black-Scholes option pricing model. Option pricing methods require the input of highly subjective assumptions, including the expected stock price volatility. The fair value of restricted stock units is based on the period ending closing price of the Company’s common stock. Measured compensation cost is recognized ratably over the vesting period of the related share-based compensation award and is reflected in our Consolidated Statement of Operations under “selling, general and administrative expenses.”
Customer Sales Incentives	(p) Customer Sales Incentives: The Company provides consideration to customers, such as sales allowances or discounts on a regular basis. In accordance with ASC 606, the Company estimates customer sales incentives due as sales are made and records them as a reduction of net sales.
Excise Taxes	(q) Excise Taxes: Under ASC 606, the Company is primarily responsible for excise taxes levied on cigarette and other tobacco products and presents excise taxes as a component of revenue.
Contract Costs	(r) Contract Costs: Under ASC 606, the Company expenses as incurred any incremental costs to obtain and fulfill customer contracts as the related amortization period would be one year or less.
Per-share Results	(s) Per-share Results: Basic earnings or loss per share data are based on the weighted-average number of common shares outstanding during each period. Diluted earnings or loss per share data are based on the weighted-average number of common shares outstanding and the effect of all dilutive potential common shares including stock options and restricted stock units.
Use of Estimates	(t) Use of Estimates: The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurements	(u) Fair Value Measurements: The Company’s financial assets and liabilities are recognized or disclosed at fair value in the financial statements on a recurring basis. The carrying amount of trade accounts receivable, other receivables, trade accounts payable, accounts payable and other accrued liabilities approximates fair value because of the short maturity of these financial instruments. The carrying amount of the Company’s variable and fixed rate debt also approximates fair value.
Mandatorily Redeemable Non-Controlling Interest	(v) Mandatorily Redeemable Non-Controlling Interest: ​ Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s balance sheet represents the non-controlling interest in the Company’s strategic investment in Team Sledd LLC (“Team Sledd”). In conjunction with the finalization of the Company’s preliminary accounting for the Team Sledd acquisition described in Note 2, the Company determined the MRNCI should have been reported as a liability under ASC 480 – Distinguishing Liabilities From Equity (“ASC 480”) at June 2022. The Company is correcting its classification of the MRNCI from equity to a liability. The correction had an immaterial impact on fiscal 2022 third quarter net income available to common shareholders which increased by approximately $62,000, with no impact on net cash flows, and resulted in the removal of Non-controlling interest from the Condensed Consolidated Unaudited Statement of Shareholders’ Equity and Total Shareholders’ Equity. The following tables reflect the correction of the MRNCI from equity to liability in the June 2022 10-Q (in millions except for per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 2022 ​ ​ As Reported ​ ​ ​ As Corrected Condensed Consolidated Balance Sheet /1/ ​ (Unaudited) ​ Adjustment ​ (Unaudited) Current mandatorily redeemable non-controlling interest ​ $ — ​ $ 1.7 ​ $ 1.7 Total current liabilities ​ $ 69.1 ​ $ 1.7 ​ $ 70.7 Deferred income tax liability, net ​ $ 2.9 ​ $ (0.2) ​ $ 2.8 Mandatorily redeemable non-controlling interest, less current portion ​ $ — ​ $ 9.4 ​ $ 9.4 Retained earnings ​ $ 92.2 ​ $ 0.1 ​ $ 92.3 Total parent shareholders' equity ​ $ 88.1 ​ $ 0.1 ​ $ 88.1 Non-controlling interest ​ $ 11.0 ​ $ (11.0) ​ $ — Total shareholders' equity ​ $ 99.1 ​ $ (10.9) ​ $ 88.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 2022 ​ Nine months ended June 2022 ​ ​ As Reported ​ ​ ​ As Corrected ​ As Reported ​ ​ ​ As Corrected Condensed Consolidated Statements of Operations /1/ ​ (Unaudited) ​ Adjustment ​ (Unaudited) ​ (Unaudited) ​ Adjustment ​ (Unaudited) Change in fair value of mandatorily redeemable non-controlling interest ​ $ — ​ $ 0.7 ​ $ 0.7 ​ $ — ​ $ 0.7 ​ $ 0.7 Income from operations before income taxes ​ $ 8.7 ​ $ (0.7) ​ $ 8.0 ​ $ 15.9 ​ $ (0.7) ​ $ 15.2 Income tax expense (benefit) ​ $ 2.4 ​ $ (0.2) ​ $ 2.2 ​ $ 5.0 ​ $ (0.2) ​ $ 4.8 Net income ​ $ 6.6 ​ $ (0.5) ​ $ 6.0 ​ $ 12.6 ​ $ (0.5) ​ $ 12.1 Less: Net income attributable to non-controlling interest ​ $ (0.6) ​ $ 0.6 ​ $ — ​ $ (0.6) ​ $ 0.6 ​ $ — Net income attributable to common shareholders ​ $ 6.0 ​ $ 0.1 ​ $ 6.0 ​ $ 12.0 ​ $ 0.1 ​ $ 12.1 Basic earnings per share ​ $ 10.50 ​ $ 0.11 ​ $ 10.61 ​ $ 21.15 ​ $ 0.11 ​ $ 21.25 Diluted earnings per share ​ $ 10.27 ​ $ 0.11 ​ $ 10.38 ​ $ 20.62 ​ $ 0.11 ​ $ 20.72 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended June 2022 ​ ​ As Reported ​ ​ ​ As Corrected Condensed Consolidated Statement of Cash Flows /1/ ​ (Unaudited) ​ Adjustment ​ (Unaudited) Net income /2/ ​ $ 12.6 ​ $ (0.5) ​ $ 12.1 Adjustments to reconcile net income to net cash flows from (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ $ 1.4 ​ $ (0.2) ​ $ 1.2 Change in fair value of mandatorily redeemable non-controlling interest ​ $ — ​ $ 0.7 ​ $ 0.7 Net cash flows from (used in) operating activities ​ $ 7.1 ​ $ — ​ $ 7.1 ​ /1/ Items may not sum across due to rounding /2/ Line item prior to net income attributable to non-controlling interest ​ The Company has elected to present the MRNCI liability at fair value under ASC 825 – Financial Instruments (“ASC 825”) as it believes this best represents the potential future liability and cash flows. As such, the MRNCI balance at September 2022 represents the fair value of the remaining future membership interest redemptions and other amounts due noncontrolling interest holders through April 2026. The Company calculates the estimated fair value of the MRNCI based on a discounted cash flow valuation technique using the best information available at the reporting date, and records changes in the fair value of the MRNCI as a component of other expense (income) in the Consolidated Statement of Operations. The Company estimates the probability and timing of future redemptions and earnings of Team Sledd based on management’s knowledge and assumptions of certain events as of each reporting date, including the timing of any future redemptions and an appropriate discount rate. At September 2022, the difference between the contractual amount due under the MRNCI and the fair value was approximately $0.1 million. The MRNCI is classified as Level 3 because of the Company’s reliance on unobservable assumptions. The following table presents changes in the fair value of the MRNCI since the Control Date (in millions): ​ ​ ​ ​ ​ Initial measurement at the Control Date (see Note 2) ​ $ 10.4 Distributions to non-controlling interest ​ ​ (0.7) Change in fair value ​ ​ 1.5 Fair value of MRNCI as of September 30, 2022 ​ $ 11.2 Less current portion at fair value ​ ​ (1.7) ​ ​ $ 9.5 ​
Business Combinations	(w) Business Combinations: ​ The acquisition method of accounting for business combinations under ASC 805 – Business Combinations
Accounting Pronouncements	(x) Accounting Pronouncements: Recent Accounting Pronouncements ​ In June 2016, the FASB issued 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of prepaid expenses and other current assets	A summary of prepaid expenses and other current assets is as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 2022 September 2021 Prepaid expenses ​ $ 3.1 ​ $ 1.6 Prepaid inventory ​ 9.6 ​ 3.2 Note receivable, current portion ​ ​ — ​ ​ 0.2 ​ ​ $ 12.7 ​ $ 5.0
Schedule of estimated useful lives of property and equipment	​ ​ ​ ​ ​ ​ ​ Years Land improvements ​ 10 - 15 Warehouse equipment ​ 3 - 20 Buildings and improvements ​ 5 - 40 Furniture, fixtures and leasehold improvements ​ 1 - 12 Vehicles ​ 2 - 5
Schedule of revisions of previously issued consolidated financial statements	Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s balance sheet represents the non-controlling interest in the Company’s strategic investment in Team Sledd LLC (“Team Sledd”). In conjunction with the finalization of the Company’s preliminary accounting for the Team Sledd acquisition described in Note 2, the Company determined the MRNCI should have been reported as a liability under ASC 480 – Distinguishing Liabilities From Equity (“ASC 480”) at June 2022. The Company is correcting its classification of the MRNCI from equity to a liability. The correction had an immaterial impact on fiscal 2022 third quarter net income available to common shareholders which increased by approximately $62,000, with no impact on net cash flows, and resulted in the removal of Non-controlling interest from the Condensed Consolidated Unaudited Statement of Shareholders’ Equity and Total Shareholders’ Equity. The following tables reflect the correction of the MRNCI from equity to liability in the June 2022 10-Q (in millions except for per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 2022 ​ ​ As Reported ​ ​ ​ As Corrected Condensed Consolidated Balance Sheet /1/ ​ (Unaudited) ​ Adjustment ​ (Unaudited) Current mandatorily redeemable non-controlling interest ​ $ — ​ $ 1.7 ​ $ 1.7 Total current liabilities ​ $ 69.1 ​ $ 1.7 ​ $ 70.7 Deferred income tax liability, net ​ $ 2.9 ​ $ (0.2) ​ $ 2.8 Mandatorily redeemable non-controlling interest, less current portion ​ $ — ​ $ 9.4 ​ $ 9.4 Retained earnings ​ $ 92.2 ​ $ 0.1 ​ $ 92.3 Total parent shareholders' equity ​ $ 88.1 ​ $ 0.1 ​ $ 88.1 Non-controlling interest ​ $ 11.0 ​ $ (11.0) ​ $ — Total shareholders' equity ​ $ 99.1 ​ $ (10.9) ​ $ 88.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 2022 ​ Nine months ended June 2022 ​ ​ As Reported ​ ​ ​ As Corrected ​ As Reported ​ ​ ​ As Corrected Condensed Consolidated Statements of Operations /1/ ​ (Unaudited) ​ Adjustment ​ (Unaudited) ​ (Unaudited) ​ Adjustment ​ (Unaudited) Change in fair value of mandatorily redeemable non-controlling interest ​ $ — ​ $ 0.7 ​ $ 0.7 ​ $ — ​ $ 0.7 ​ $ 0.7 Income from operations before income taxes ​ $ 8.7 ​ $ (0.7) ​ $ 8.0 ​ $ 15.9 ​ $ (0.7) ​ $ 15.2 Income tax expense (benefit) ​ $ 2.4 ​ $ (0.2) ​ $ 2.2 ​ $ 5.0 ​ $ (0.2) ​ $ 4.8 Net income ​ $ 6.6 ​ $ (0.5) ​ $ 6.0 ​ $ 12.6 ​ $ (0.5) ​ $ 12.1 Less: Net income attributable to non-controlling interest ​ $ (0.6) ​ $ 0.6 ​ $ — ​ $ (0.6) ​ $ 0.6 ​ $ — Net income attributable to common shareholders ​ $ 6.0 ​ $ 0.1 ​ $ 6.0 ​ $ 12.0 ​ $ 0.1 ​ $ 12.1 Basic earnings per share ​ $ 10.50 ​ $ 0.11 ​ $ 10.61 ​ $ 21.15 ​ $ 0.11 ​ $ 21.25 Diluted earnings per share ​ $ 10.27 ​ $ 0.11 ​ $ 10.38 ​ $ 20.62 ​ $ 0.11 ​ $ 20.72 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended June 2022 ​ ​ As Reported ​ ​ ​ As Corrected Condensed Consolidated Statement of Cash Flows /1/ ​ (Unaudited) ​ Adjustment ​ (Unaudited) Net income /2/ ​ $ 12.6 ​ $ (0.5) ​ $ 12.1 Adjustments to reconcile net income to net cash flows from (used in) operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ $ 1.4 ​ $ (0.2) ​ $ 1.2 Change in fair value of mandatorily redeemable non-controlling interest ​ $ — ​ $ 0.7 ​ $ 0.7 Net cash flows from (used in) operating activities ​ $ 7.1 ​ $ — ​ $ 7.1 ​ /1/ Items may not sum across due to rounding /2/ Line item prior to net income attributable to non-controlling interest
Schedule of mandatorily redeemable non-controlling interest	​ ​ ​ ​ ​ Initial measurement at the Control Date (see Note 2) ​ $ 10.4 Distributions to non-controlling interest ​ ​ (0.7) Change in fair value ​ ​ 1.5 Fair value of MRNCI as of September 30, 2022 ​ $ 11.2 Less current portion at fair value ​ ​ (1.7) ​ ​ $ 9.5

ACQUISITION (Tables)

ACQUISITION (Tables)	12 Months Ended
	Sep. 30, 2022
ACQUISITION
Schedule of acquisition-date fair value	​ ​ ​ ​ ​ Acquisition-date fair value of non-controlling interest ​ $ 10,419,139 Acquisition-date fair value of previously held interest ​ ​ 12,897,443 Fair value of Team Sledd at the Control Date ​ $ 23,316,582 ​ ​ ​ ​ ​ 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 ​ ​ ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Sep. 30, 2022
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Years ​ ​ 2022 2021 ​ Basic ​ Basic Weighted average number of common shares outstanding ​ 567,697 ​ 550,551 Net income available to common shareholders ​ $ 16,672,257 ​ $ 15,545,265 Net earnings per share available to common shareholders ​ $ 29.37 ​ $ 28.24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Years ​ ​ 2022 2021 ​ Diluted ​ Diluted Weighted average number of common shares outstanding ​ 567,697 ​ 550,551 Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ 15,365 ​ 17,552 Weighted average number of shares outstanding ​ 583,062 ​ 568,103 Net income available to common shareholders ​ $ 16,672,257 ​ $ 15,545,265 Net earnings per share available to common shareholders ​ $ 28.59 ​ $ 27.36 ​ ​ (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Sep. 30, 2022
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Land and improvements ​ $ 2,747,857 ​ $ 773,068 ​ Buildings and improvements ​ 30,515,259 ​ 12,616,923 ​ Warehouse equipment ​ 17,488,059 ​ 15,859,084 ​ Furniture, fixtures and leasehold improvements ​ 14,190,976 ​ 13,426,684 ​ Vehicles ​ 4,531,831 ​ 4,085,971 ​ Construction in progress ​ 12,216,453 ​ 93,162 ​ ​ ​ 81,690,435 ​ 46,854,892 ​ Less accumulated depreciation: ​ (33,604,915) ​ (30,842,368) ​ Property and equipment, net ​ $ 48,085,520 ​ $ 16,012,524 ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Sep. 30, 2022
LEASES
Schedule of leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Classification September 2022 September 2021 Operating ​ Operating lease right-of-use assets ​ $ 19,941,009 ​ $ 17,846,529 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Operating lease liabilities ​ $ 6,454,473 ​ $ 5,513,390 Non-current: ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Long-term operating lease liabilities ​ ​ 13,787,721 ​ ​ 12,669,157 Total lease liabilities ​ ​ ​ $ 20,242,194 ​ $ 18,182,547
Schedule of components of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year 2022 Fiscal Year 2021 Operating lease cost ​ $ 6,690,239 ​ $ 6,152,332 Short-term lease cost ​ ​ 238,106 ​ ​ 64,054 Variable lease cost ​ ​ 430,033 ​ ​ 472,097 Net lease cost ​ $ 7,358,378 ​ $ 6,688,483
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases 2023 ​ ​ ​ ​ $ 7,144,499 2024 ​ ​ ​ ​ ​ 5,367,189 2025 ​ ​ ​ ​ ​ 3,980,096 2026 ​ ​ ​ ​ ​ 2,804,444 2027 ​ ​ ​ ​ ​ 1,519,380 2028 and thereafter ​ ​ ​ ​ ​ 1,141,210 Total lease payments ​ ​ ​ ​ ​ 21,956,818 Less: interest ​ ​ ​ ​ ​ (1,714,624) Present value of lease liabilities ​ ​ ​ ​ $ 20,242,194
Schedule of weighted-average remaining lease term and weighted-average discount rate	​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Term September 2022 September 2021 Weighted-average remaining lease term (years): ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ 4.0 ​ ​ 4.0 ​ Discount Rate ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ 4.09 % ​ 3.82 %
Schedule of other information regarding the Company's leases	​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year 2022 Fiscal Year 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows used by operating leases ​ $ 6,704,890 ​ $ 6,490,457 Lease liabilities arising from obtaining new ROU assets: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 5,854,111 ​ $ 1,873,972

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Sep. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ September 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	​ ​ ​ ​ ​ ​ ​ ​ ​ September September ​ ​ 2022 ​ 2021 Customer list (Wholesale Segment) (less accumulated amortization of less than $0.1 million at September 2022) ​ $ 1,401,945 ​ $ — Non-competition agreement (Wholesale Segment) (less accumulated amortization of less than $0.1 million at September 2022) ​ ​ 191,168 ​ ​ — Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 2,093,113 ​ $ 500,000
Schedule of estimated future amortization expense related to identifiable intangible assets with finite lives	​ ​ ​ ​ ​ ​ ​ September ​ 2022 Fiscal 2023 ​ $ 170,130 Fiscal 2024 ​ ​ 170,130 Fiscal 2025 ​ ​ 139,304 Fiscal 2026 ​ ​ 96,132 Fiscal 2027 ​ ​ 96,132 Fiscal 2028 and thereafter ​ ​ 921,285 ​ ​ $ 1,593,113

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Sep. 30, 2022
DEBT
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 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 ​ $ — ​ $ 4,498,213 Unsecured 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 ​ ​ 968,589 ​ ​ 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 ​ ​ 5,572,766 ​ ​ — 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 ​ ​ 2,052,327 ​ ​ — 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 September 2022, collateralized by certain of Team Sledd's equipment ​ 385,887 ​ — ​ ​ 8,979,569 ​ 5,615,467 Less current maturities ​ (1,595,309) ​ (561,202) ​ ​ $ 7,384,260 ​ $ 5,054,265
Schedule of minimum principal maturities of the long-term debt	​ ​ ​ ​ ​ Fiscal Year Ending ​ ​ 2023 ​ $ 1,595,309 2024 ​ ​ 676,613 2025 ​ ​ 806,357 2026 ​ 628,351 2027 ​ ​ 653,243 2028 and thereafter ​ 4,619,696 ​ ​ $ 8,979,569

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2022
INCOME TAXES
Schedule of components of income tax expense from operations	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Current: Federal ​ $ 4,437,197 ​ $ 3,631,619 Current: State ​ 1,238,823 ​ 1,144,728 ​ ​ 5,676,020 ​ 4,776,347 Deferred: Federal ​ 677,357 ​ (233,907) Deferred: State ​ 120,003 ​ (41,440) ​ ​ 797,360 ​ (275,347) Income tax expense ​ $ 6,473,380 ​ $ 4,501,000
Schedule of difference between the income tax expense and that which would be calculated using the statutory income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Tax at statutory rate ​ $ 4,509,855 ​ $ 3,504,540 Nondeductible business expenses ​ 1,333,491 ​ 232,684 State income taxes, net of federal tax benefit ​ 1,072,735 ​ 867,567 Tax attributable to non-controlling interest ​ ​ (298,305) ​ ​ — Other ​ (144,396) ​ (103,791) ​ ​ $ 6,473,380 ​ $ 4,501,000
Schedule of temporary differences between the financial statement carrying balances and tax basis of assets and liabilities giving rise to a net deferred tax asset (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 281,927 ​ $ 223,094 Accrued expenses ​ 1,090,219 ​ 1,369,467 Inventory ​ 414,239 ​ 362,466 Other ​ 163,399 ​ 114,206 Net operating loss carry forwards - federal ​ — ​ 7,108 Net operating loss carry forwards - state ​ 697,013 ​ 697,013 Total gross deferred tax assets ​ 2,646,797 ​ 2,773,354 Less: Valuation allowance ​ (697,013) ​ (697,013) Total net deferred tax assets ​ ​ 1,949,784 ​ ​ 2,076,341 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Trade discounts ​ ​ 418,660 ​ ​ 356,901 Operating lease, right-of-use assets ​ ​ 91,954 ​ ​ — Property and equipment ​ 2,337,447 ​ 2,101,463 Goodwill ​ 921,799 ​ 921,799 Other ​ ​ 412,221 ​ ​ 187,164 Intangible assets ​ 96,291 ​ 40,242 Total deferred tax liabilities ​ ​ 4,278,372 ​ ​ 3,607,569 Total net deferred income tax liability ​ $ 2,328,588 ​ $ 1,531,228

SUPPLEMENTAL PRO FORMA INFORM_2

SUPPLEMENTAL PRO FORMA INFORMATION (Tables)	12 Months Ended
	Sep. 30, 2022
SUPPLEMENTAL PRO FORMA INFORMATION
Summarized financial data of equity investee	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended September 2022 For the year ended September 2021 Sales ​ $ 393,606,372 ​ $ 684,539,392 Gross profit ​ ​ 21,759,753 ​ ​ 34,962,326 Net income before income taxes ​ ​ 4,498,190 ​ ​ 8,597,997 Net income attributable to AMCON, net of tax ​ ​ 1,670,133 ​ ​ 3,357,978
Summary of unaudited supplemental pro forma information	​ ​ ​ ​ ​ Revenue ​ $ 298,410,724 Net income available to common shareholders ​ $ 3,220,702 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended September 2022 For the year ended September 2021 Revenue ​ $ 2,404,404,758 ​ $ 2,356,917,973 Net income available to common shareholders ​ $ 16,789,976 ​ $ 16,033,112

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES.
Summary of self-insured liabilities reserve	A summary of the activity in the Company’s self-insured liabilities reserve is set forth below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Beginning balance ​ $ 1.5 ​ $ 1.5 Charged to expense ​ 8.3 ​ 7.9 Payments ​ (7.9) ​ (7.9) Ending balance ​ $ 1.9 ​ $ 1.5

EQUITY-BASED INCENTIVE AWARDS (

EQUITY-BASED INCENTIVE AWARDS (Tables)	12 Months Ended
	Sep. 30, 2022
EQUITY-BASED INCENTIVE AWARDS
Summary of stock options activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of ​ Exercise ​ ​ Shares ​ Price Outstanding at September 2021 22,250 ​ $ 86.76 Granted — ​ ​ — Exercised (22,250) ​ 86.76 Forfeited/Expired — ​ — Outstanding at September 2022 — ​ $ —
Schedule of restricted stock unit awards	​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Units(1) Restricted Stock Units(2) Date of award: ​ October 2019 ​ ​ October 2020 Original number of awards issued: ​ 14,550 ​ ​ 20,500 Service period: ​ 36 months ​ ​ 36 months Estimated fair value of award at grant date: ​ $ 1,007,000 ​ $ 1,415,000 Non-vested awards outstanding at September 30, 2022: ​ ​ 4,851 ​ ​ 13,668 Fair value of non-vested awards at September 30, 2022 of approximately: ​ $ 1,019,000 ​ $ 2,870,000 (1) 9,699 of the restricted stock units were vested as of September 2022. The remaining 4,851 restricted stock units will vest in October 2022. (2) 6,832 of the restricted stock units were vested as of September 2022. 6,834 restricted stock units will vest in October 2022 and 6,834 will vest in October 2023.
Summary of restricted stock unit awards activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted ​ ​ of ​ Average ​ Shares Fair Value Nonvested restricted stock units at September 2021 35,220 ​ $ 148.98 Granted — ​ ​ — Vested (16,701) ​ ​ 139.32 Expired — ​ ​ — Nonvested restricted stock units at September 2022 18,519 ​ $ 210.00
Schedule of restricted stock awards	​ ​ ​ ​ ​ ​ Restricted Stock Awards(1) Date of award: ​ October 2021 Original number of awards issued: ​ 15,100 Service period: ​ 36 months Estimated fair value of award at grant date: ​ $ 2,088,934 Non-vested awards outstanding at September 30, 2022: ​ ​ 15,100 Fair value of non-vested awards at September 30, 2022 of approximately: ​ $ 3,171,000 (1) The 15,100 restricted awards
Summary of restricted stock awards activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted ​ ​ of ​ Average ​ Shares Fair Value Nonvested restricted stock awards at September 2021 — ​ $ — Granted 15,100 ​ ​ 138.34 Vested — ​ ​ — Expired — ​ ​ — Nonvested restricted stock awards at September 2022 15,100 ​ $ 210.00

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Sep. 30, 2022
BUSINESS SEGMENTS
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated FISCAL YEAR ENDED 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,328,196,494 ​ $ — ​ $ — ​ $ 1,328,196,494 Tobacco ​ ​ 342,997,425 ​ ​ — ​ ​ — ​ ​ 342,997,425 Confectionery ​ ​ 117,227,090 ​ ​ — ​ ​ — ​ ​ 117,227,090 Health food ​ ​ — ​ ​ 46,206,417 ​ ​ — ​ ​ 46,206,417 Foodservice & other ​ ​ 176,170,959 ​ ​ — ​ ​ — ​ ​ 176,170,959 Total external revenue ​ ​ 1,964,591,968 ​ ​ 46,206,417 ​ ​ — ​ ​ 2,010,798,385 Depreciation ​ ​ 2,366,108 ​ ​ 1,206,845 ​ ​ — ​ ​ 3,572,953 Amortization ​ ​ 70,887 ​ ​ — ​ ​ — ​ ​ 70,887 Operating income (loss) ​ ​ 35,597,978 ​ ​ 526,509 ​ ​ (13,523,120) ​ ​ 22,601,367 Interest expense ​ ​ 990,392 ​ ​ — ​ ​ 1,259,160 ​ ​ 2,249,552 Income (loss) from operations before taxes ​ ​ 34,644,617 ​ ​ 569,797 ​ ​ (13,738,910) ​ ​ 21,475,504 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,670,133 ​ ​ 1,670,133 Total assets ​ ​ 271,202,838 ​ ​ 17,208,581 ​ ​ 713,108 ​ ​ 289,124,527 Capital expenditures ​ ​ 13,327,713 ​ ​ 1,327,493 ​ ​ — ​ ​ 14,655,206 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated FISCAL YEAR ENDED 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,130,297,314 ​ $ — ​ $ — ​ $ 1,130,297,314 Tobacco ​ ​ 264,453,836 ​ ​ — ​ ​ — ​ ​ 264,453,836 Confectionery ​ ​ 92,353,240 ​ ​ — ​ ​ — ​ ​ 92,353,240 Health food ​ ​ — ​ ​ 47,321,449 ​ ​ — ​ ​ 47,321,449 Foodservice & other ​ ​ 137,952,742 ​ ​ — ​ ​ — ​ ​ 137,952,742 Total external revenue ​ ​ 1,625,057,132 ​ ​ 47,321,449 ​ ​ — ​ ​ 1,672,378,581 Depreciation ​ ​ 1,905,270 ​ ​ 1,187,747 ​ ​ — ​ ​ 3,093,017 Operating income (loss) ​ ​ 24,477,037 ​ ​ 1,797,250 ​ ​ (8,449,668) ​ ​ 17,824,619 Interest expense ​ ​ 199,392 ​ ​ — ​ ​ 1,140,168 ​ ​ 1,339,560 Income (loss) from operations before taxes ​ ​ 24,354,719 ​ ​ 1,809,130 ​ ​ (9,475,562) ​ ​ 16,688,287 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 3,357,978 ​ ​ 3,357,978 Total assets ​ ​ 157,038,710 ​ ​ 18,179,614 ​ ​ 13,192,805 ​ ​ 188,411,129 Capital expenditures ​ ​ 1,251,617 ​ ​ 402,514 ​ ​ — ​ ​ 1,654,131

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Sep. 30, 2022 USD ($) item store state	Sep. 30, 2021 USD ($)
Number of states served | state	29
Accounts Receivable
Receivables from transactions with customers, less allowance for doubtful accounts	$ 60,300,000	$ 34,300,000
Inventories
Total reserves on finished goods	1,100,000	800,000
Prepaid Expenses and Other Current Assets
Prepaid expenses	3,100,000	1,600,000
Prepaid inventory	9,600,000	3,200,000
Note receivable, current portion		200,000
Prepaid and other current assets	12,702,084	4,999,125
Accounts payable
Cash and Accounts Payable
Overdrafts	$ 1,600,000	$ 1,000,000
Cigarettes Product | Percentage of consolidated revenue | Product concentration risk
Concentration of cigarette sales	66%	68%
Cigarettes Product | Percentage of consolidated gross profit | Product concentration risk
Concentration of cigarette sales	18%	16%
Wholesale Segment
Number of distribution centers | item	7
Number of products sold or distributed | item	17,000
Retail Segment
Number of operating health food retail stores | store	19

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment to Accounting Pronouncements (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Property and Equipment
Impairment of property and equipment		$ 0
Revenue Recognition
Practical expedient, financing components	true
Insurance
Letter of credit issued for worker's compensation insurance carrier as part of the entity's self-insured loss control program	$ 0.6
Contract Costs
Practical expedient to expense as incurred any incremental costs to obtain and fulfill customer contracts	true
Maximum
Property and Equipment
Impairment of property and equipment	$ 0.1
Land improvements | Minimum
Property and Equipment
Estimated useful lives	10 years
Land improvements | Maximum
Property and Equipment
Estimated useful lives	15 years
Warehouse equipment | Minimum
Property and Equipment
Estimated useful lives	3 years
Warehouse equipment | Maximum
Property and Equipment
Estimated useful lives	20 years
Buildings and improvements | Minimum
Property and Equipment
Estimated useful lives	5 years
Buildings and improvements | Maximum
Property and Equipment
Estimated useful lives	40 years
Furniture, fixtures and leasehold improvements | Minimum
Property and Equipment
Estimated useful lives	1 year
Furniture, fixtures and leasehold improvements | Maximum
Property and Equipment
Estimated useful lives	12 years
Vehicles | Minimum
Property and Equipment
Estimated useful lives	2 years
Vehicles | Maximum
Property and Equipment
Estimated useful lives	5 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Balance Sheet (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Current mandatorily redeemable non-controlling interest	$ 1,712,095	$ 1,700,000
Total current liabilities	71,981,657	70,700,000	$ 47,135,601
Deferred income tax liability, net	2,328,588	2,800,000	1,531,228
Mandatorily redeemable non-controlling interest, less current portion	9,446,460	9,400,000
Retained earnings	96,784,353	92,300,000	83,552,298
Total parent shareholders' equity	$ 92,829,435	88,100,000	$ 77,612,626	$ 64,791,540
Total shareholders' equity		88,100,000
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total current liabilities		69,100,000
Deferred income tax liability, net		2,900,000
Retained earnings		92,200,000
Total parent shareholders' equity		88,100,000
Non-controlling interest		11,000,000
Total shareholders' equity		99,100,000
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Current mandatorily redeemable non-controlling interest		1,700,000
Total current liabilities		1,700,000
Deferred income tax liability, net		(200,000)
Mandatorily redeemable non-controlling interest, less current portion		9,400,000
Retained earnings		100,000
Total parent shareholders' equity		100,000
Non-controlling interest		(11,000,000)
Total shareholders' equity		$ (10,900,000)

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Statements of Operations (Details) - USD ($)	3 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Change in fair value of mandatorily redeemable non-controlling interest	$ 700,000	$ 1,500,000	$ 700,000	$ 1,476,986
Income (loss) from operations before taxes	8,000,000		15,200,000	21,475,504	$ 16,688,287
Income tax expense (benefit)	2,200,000		4,800,000	6,473,380	4,501,000
Net income	6,000,000		12,100,000	16,672,257	15,545,265
Net income available to common shareholders	$ 6,000,000		$ 12,100,000	$ 16,672,257	$ 15,545,265
Basic earnings per share available to common shareholders	$ 10.61		$ 21.25	$ 29.37	$ 28.24
Diluted earnings per share available to common shareholders	$ 10.38		$ 20.72	$ 28.59	$ 27.36
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income (loss) from operations before taxes	$ 8,700,000		$ 15,900,000
Income tax expense (benefit)	2,400,000		5,000,000
Net income	6,600,000		12,600,000
Less: Net income attributable to non-controlling interest	(600,000)		(600,000)
Net income available to common shareholders	$ 6,000,000		$ 12,000,000
Basic earnings per share available to common shareholders	$ 10.50		$ 21.15
Diluted earnings per share available to common shareholders	$ 10.27		$ 20.62
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Change in fair value of mandatorily redeemable non-controlling interest	$ 700,000		$ 700,000
Income (loss) from operations before taxes	(700,000)		(700,000)
Income tax expense (benefit)	(200,000)		(200,000)
Net income	(500,000)		(500,000)
Less: Net income attributable to non-controlling interest	600,000		600,000
Net income available to common shareholders	$ 62,000		$ 100,000
Basic earnings per share available to common shareholders	$ 0.11		$ 0.11
Diluted earnings per share available to common shareholders	$ 0.11		$ 0.11

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Statement of Cash Flows (Details) - USD ($)	3 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,000,000		$ 12,100,000	$ 16,672,257	$ 15,545,265
Adjustments to reconcile net income to net cash flows from (used in) operating activities:
Deferred income taxes			1,200,000	797,360	(275,347)
Change in fair value of mandatorily redeemable non-controlling interest	700,000	$ 1,500,000	700,000	1,476,986
Net cash flows from (used in) operating activities			7,100,000	$ 22,890,076	$ 20,935,640
As Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	6,600,000		12,600,000
Adjustments to reconcile net income to net cash flows from (used in) operating activities:
Deferred income taxes			1,400,000
Net cash flows from (used in) operating activities			7,100,000
Adjustment
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	(500,000)		(500,000)
Adjustments to reconcile net income to net cash flows from (used in) operating activities:
Deferred income taxes			(200,000)
Change in fair value of mandatorily redeemable non-controlling interest	$ 700,000		$ 700,000

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Mandatorily Redeemable Non-Controlling Interest (Details) - USD ($)	3 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Initial measurement at the Control Date		$ 10,400,000
Distributions to non-controlling interest		(700,000)
Change in fair value	$ 700,000	1,500,000	$ 700,000	$ 1,476,986
Fair value of MRNCI as of September 30, 2022		11,200,000		11,200,000
Less current portion at fair value	$ (1,700,000)	(1,712,095)	$ (1,700,000)	(1,712,095)
Noncurrent portion at fair value		9,500,000		9,500,000
Contractual amount due under MRNCI		$ 100,000		$ 100,000

ACQUISITION - Additional Inform

ACQUISITION - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2022	Sep. 30, 2022
EQUITY METHOD INVESTMENT
Remeasurement gain		$ 2,387,411
Team Sledd
EQUITY METHOD INVESTMENT
Controlling interest (as a percent)	56%	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	Sep. 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	$ 10,419,139
Acquisition-date fair value of previously held interest	12,897,443
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

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic			567,697	550,551
Net income available to common shareholders, Basic			$ 16,672,257	$ 15,545,265
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 10.61	$ 21.25	$ 29.37	$ 28.24
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock			15,365	17,552
Weighted average number of shares outstanding, Diluted			583,062	568,103
Net income available to common shareholders, Diluted			$ 16,672,257	$ 15,545,265
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 10.38	$ 20.72	$ 28.59	$ 27.36

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 81,690,435	$ 46,854,892
Less accumulated depreciation:	(33,604,915)	(30,842,368)
Property and equipment, net	48,085,520	16,012,524
Interest costs capitalized	100,000
Land and improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	2,747,857	773,068
Buildings and improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	30,515,259	12,616,923
Warehouse equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	17,488,059	15,859,084
Furniture, fixtures and leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	14,190,976	13,426,684
Vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	4,531,831	4,085,971
Construction in progress
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 12,216,453	$ 93,162

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
LEASES
Options to renew	true
Options to terminate	true
Operating lease right-of-use assets, net	$ 19,941,009	$ 17,846,529
Current operating lease liabilities	6,454,473	5,513,390
Non-current operating lease liabilities	13,787,721	12,669,157
Total lease liabilities	$ 20,242,194	$ 18,182,547

LEASES - Components of lease co

LEASES - Components of lease costs (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
LEASES
Operating lease cost	$ 6,690,239	$ 6,152,332
Short-term lease cost	238,106	64,054
Variable lease cost	430,033	472,097
Net lease cost	$ 7,358,378	$ 6,688,483

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Operating Leases
2023	$ 7,144,499
2024	5,367,189
2025	3,980,096
2026	2,804,444
2027	1,519,380
2028 and thereafter	1,141,210
Total lease payments	21,956,818
Less: interest	(1,714,624)
Present value of lease liabilities	$ 20,242,194	$ 18,182,547

LEASES - Weighted-average remai

LEASES - Weighted-average remaining lease term and weighted-average discount rate (Details)	Sep. 30, 2022	Sep. 30, 2021
LEASES
Operating, weighted-average remaining lease term	4 years	4 years
Operating, weighted-average discount rate	4.09%	3.82%

LEASES - Other information (Det

LEASES - Other information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$ 6,704,890	$ 6,490,457
Lease liabilities arising from obtaining new ROU assets:
Operating leases	$ 5,854,111	$ 1,873,972

GOODWILL AND OTHER INTANGIBLE_3

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

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Other intangible assets, net	$ 2,093,113	$ 500,000
Trademarks and tradenames | Retail Segment
Other intangible assets, net	500,000	$ 500,000
Customer list | Wholesale Segment
Other intangible assets, net	1,401,945
Customer list | Wholesale Segment | Maximum
Accumulated amortization	100,000
Non-competition agreement | Wholesale Segment
Other intangible assets, net	191,168
Non-competition agreement | Wholesale Segment | Maximum
Accumulated amortization	$ 100,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Goodwill	$ 5,277,950	$ 4,436,950
Amortization expense related to finite-lived intangible assets	$ 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	$ 4,436,950	$ 4,436,950

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details)	Sep. 30, 2022 USD ($)
Estimated future amortization expense related to identifiable intangible assets with finite lives
Fiscal 2023	$ 170,130
Fiscal 2024	170,130
Fiscal 2025	139,304
Fiscal 2026	96,132
Fiscal 2027	96,132
Fiscal 2028 and thereafter	921,285
Total	$ 1,593,113

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Millions	12 Months Ended
	Sep. 30, 2022 USD ($) item	Jun. 30, 2022 USD ($)	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	184.8
Outstanding borrowings	91.3
Credit available	$ 93.5
Average interest rate	5.11%
Peak borrowings	$ 123.5
Average borrowings	60.7
Average availability	$ 69.4
AMCON Facility
Revolving credit facility
Borrowing capacity		$ 150	$ 110

DEBT - Long-Term Debt (Details)

DEBT - Long-Term Debt (Details)	12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) item
Long-term obligations
Long-term debt	$ 8,979,569	$ 5,615,467
Less current maturities	(1,595,309)	(561,202)
Long-term debt less current maturities	7,384,260	5,054,265
3.625% Real Estate Loan
Long-term obligations
Long-term debt		$ 4,498,213
Fixed interest rate (as a percent)		3.625%
Periodic installments of principal and interest		$ 47,399
Number of owned distribution facilities which collateralize debt instrument | item		3
4.50% Unsecured Note Payable
Long-term obligations
Long-term debt	$ 968,589	$ 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	$ 5,572,766
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	$ 2,052,327
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	$ 385,887
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 ($)	Sep. 30, 2022	Sep. 30, 2021
Minimum principal maturities
2023	$ 1,595,309
2024	676,613
2025	806,357
2026	628,351
2027	653,243
2028 and thereafter	4,619,696
Long-term debt	$ 8,979,569	$ 5,615,467

DEBT - Cross Default and Co-Ter

DEBT - Cross Default and Co-Terminus Provisions and Other (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($) item
Long-term obligations
Principal payments on long-term debt | $		$ 4,909,548	$ 510,177
Number of cross defaults | item		0
Number of notes payable containing cross default provisions | item		3
Letter of credit issued for worker's compensation insurance carrier as part of the entity's self-insured loss control program | $	$ 600,000	$ 600,000
3.625% Real Estate Loan
Long-term obligations
Principal payments on long-term debt | $	$ 4,200,000
Number of cross defaults | item			0

INCOME TAXES - Components of in

INCOME TAXES - Components of income Tax Expense (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Components of income tax expense from operations
Current: Federal			$ 4,437,197	$ 3,631,619
Current: State			1,238,823	1,144,728
Current income tax expense			5,676,020	4,776,347
Deferred: Federal			677,357	(233,907)
Deferred: State			120,003	(41,440)
Deferred income tax expense		$ 1,200,000	797,360	(275,347)
Income tax expense	$ 2,200,000	$ 4,800,000	$ 6,473,380	$ 4,501,000

INCOME TAXES - Tax Expenses Rec

INCOME TAXES - Tax Expenses Reconciliation (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Income tax rate (as a percent)
Statutory income tax rate (as a percent)			21%	21%
Summary of difference between the Company's income tax expense in the accompanying consolidated financial statements and that which would be calculated using the statutory income tax rate
Tax at statutory rate			$ 4,509,855	$ 3,504,540
Nondeductible business expenses			1,333,491	232,684
State income taxes, net of federal tax benefit			1,072,735	867,567
Tax attributable to non-controlling interest			(298,305)
Other			(144,396)	(103,791)
Income tax expense	$ 2,200,000	$ 4,800,000	$ 6,473,380	$ 4,501,000

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Deferred tax assets:
Allowance for doubtful accounts	$ 281,927	$ 223,094
Accrued expenses	1,090,219	1,369,467
Inventory	414,239	362,466
Other	163,399	114,206
Net operating loss carry forwards - federal		7,108
Net operating loss carry forwards - state	697,013	697,013
Total gross deferred tax assets	2,646,797	2,773,354
Less: Valuation allowance	(697,013)	(697,013)
Total net deferred tax assets	1,949,784	2,076,341
Deferred tax liabilities:
Trade discounts	418,660	356,901
Operating lease, right-of-use assets	91,954
Property and equipment	2,337,447	2,101,463
Goodwill	921,799	921,799
Other	412,221	187,164
Intangible assets	96,291	40,242
Total deferred tax liabilities	4,278,372	3,607,569
Total net deferred income tax liability	$ 2,328,588	$ 1,531,228

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
INCOME TAXES
Valuation allowance against net operating losses	$ 0.7	$ 0.7

SUPPLEMENTAL PRO FORMA INFORM_3

SUPPLEMENTAL PRO FORMA INFORMATION - Equity method investment (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
EQUITY METHOD INVESTMENT
Carrying value of investment				$ 9,380,343
Total external revenue			$ 2,010,798,385	1,672,378,581
Gross profit			127,719,566	100,548,776
Net income before income taxes	$ 8,000,000	$ 15,200,000	21,475,504	16,688,287
Net income attributable to AMCON, net of tax	$ 6,000,000	$ 12,100,000	16,672,257	15,545,265
Team Sledd
EQUITY METHOD INVESTMENT
Total external revenue			393,606,372	684,539,392
Gross profit			21,759,753	34,962,326
Net income before income taxes			4,498,190	8,597,997
Net income attributable to AMCON, net of tax			$ 1,670,133	$ 3,357,978
Team Sledd
EQUITY METHOD INVESTMENT
Minority interest (as a percent)				49%
Carrying value of investment				$ 9,400,000

SUPPLEMENTAL PRO FORMA INFORM_4

SUPPLEMENTAL PRO FORMA INFORMATION - Acquisition (Details) - Team Sledd - USD ($)	4 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	May 31, 2022
Business Acquisition [Line Items]
Controlling interest (as a percent)	56%	56%		56%
Revenue	$ 298,410,724	$ 2,404,404,758	$ 2,356,917,973
Net income available to common shareholders	$ 3,220,702	$ 16,789,976	$ 16,033,112

PROFIT SHARING PLANS (Details)

PROFIT SHARING PLANS (Details) $ in Millions	12 Months Ended
	Sep. 30, 2022 USD ($) plan	Sep. 30, 2021 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Number of profit sharing plans | plan	2
Employee's maximum voluntary contribution as percentage of their compensation	100%
Company's matching contributions to the profit sharing plan (net of employee forfeitures)	$ 1.2
AMCON Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of employer's contribution matching first 2 percent of employee's compensation	100%
Percentage of first portion of employee's compensation eligible for employer's matching contribution	2%
Percentage of employer's contribution matching next 4 percent of employee's compensation	50%
Percentage of second portion of employee's compensation eligible for employer's matching contribution	4%
Maximum matching percentage of employee compensation	4%
Company's matching contributions to the profit sharing plan (net of employee forfeitures)		$ 1
Sledd Plan
Defined Contribution Plan Disclosure [Line Items]
Maximum matching percentage of employee compensation	5%
Team Sledd Plan
Defined Contribution Plan Disclosure [Line Items]
Employee matching contribution	100%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Liability Insurance
Liabilities for workers' compensation, general liability and health insurance	$ 1.9	$ 1.5
Self-insured liabilities reserve
Beginning balance	1.5	1.5
Charged to expense	8.3	7.9
Payments	(7.9)	(7.9)
Ending balance	$ 1.9	$ 1.5

EQUITY-BASED INCENTIVE AWARDS -

EQUITY-BASED INCENTIVE AWARDS - Omnibus Plans and Stock Options (Details)	12 Months Ended
	Sep. 30, 2022 USD ($) item $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares
Omnibus Plans
EQUITY-BASED INCENTIVE AWARD
Number of incentive plans | item	3
Number of shares of the company's common stock permitted for issuance under the plan	195,000
Number of shares awarded pursuant to the plan	111,420
Number of additional shares that may be awarded under the plan	83,580
Stock Options
Stock options issued and outstanding
Awards issued (in shares)	0	0
Expiration period	10 years
Vesting period	5 years
Number of Outstanding (in shares)	0	22,250
Number of Exercisable (in shares)	0
Number of Shares
Outstanding at the beginning of the period (in shares)	22,250
Granted (in shares)	0	0
Exercised (in shares)	(22,250)
Outstanding at the end of the period (in shares)	0	22,250
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share) | $ / shares	$ 86.76
Exercised (in dollars per share) | $ / shares	$ 86.76
Outstanding at the end of the period (in dollars per share) | $ / shares		$ 86.76
Aggregate intrinsic value and fair value of options outstanding
Compensation expense | $	$ 100,000	$ 100,000
Total unamortized compensation expense | $	0
Aggregate intrinsic value of options outstanding | $		1,100,000
Aggregate intrinsic value of options exercisable | $		900,000
Total intrinsic value of options exercised | $	2,700,000	900,000
Total fair value of options vested | $	$ 1,400,000	$ 700,000

EQUITY-BASED INCENTIVE AWARDS_2

EQUITY-BASED INCENTIVE AWARDS - Authorized and Approved Restricted Stock Units/Restricted Stock Awards (Details) - USD ($)	1 Months Ended			12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019	Sep. 30, 2022	Sep. 30, 2021
Restricted Stock Units
EQUITY-BASED INCENTIVE AWARD
Non-vested awards outstanding at the end of the period (in shares)				18,519	35,220
Vested during the period (in shares)				16,701
Direct cost to the recipients of the restricted stock units				$ 0
Compensation expense				2,300,000	$ 2,300,000
Tax benefit related to compensation expense				600,000	600,000
Total intrinsic value of equity-based compensation awards vested				$ 3,500,000	$ 2,100,000
Period over which unamortized compensation expense is expected to be amortized				12 months
Total unamortized compensation expense				$ 1,400,000
Restricted Stock Units Awarded October 2019
EQUITY-BASED INCENTIVE AWARD
Original number of awards issued			14,550
Service period			36 months
Estimated fair value of award at grant date			$ 1,007,000
Non-vested awards outstanding at the end of the period (in shares)				4,851
Fair value of non-vested awards at the end of the period				$ 1,019,000
Vested during the period (in shares)				9,699
Restricted Stock Units Awarded October 2019 | Vest in October 2022
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				4,851
Restricted Stock Units Awarded October 2020
EQUITY-BASED INCENTIVE AWARD
Original number of awards issued		20,500
Service period		36 months
Estimated fair value of award at grant date		$ 1,415,000
Non-vested awards outstanding at the end of the period (in shares)				13,668
Fair value of non-vested awards at the end of the period				$ 2,870,000
Vested during the period (in shares)				6,832
Restricted Stock Units Awarded October 2020 | Vest in October 2022
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				6,834
Restricted Stock Units Awarded October 2020 | Vest in October 2023
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				6,834
Restricted Stock Awards
EQUITY-BASED INCENTIVE AWARD
Original number of awards issued	15,100			15,100
Service period	36 months
Estimated fair value of award at grant date	$ 2,088,934
Non-vested awards outstanding at the end of the period (in shares)				15,100
Fair value of non-vested awards at the end of the period				$ 3,171,000
Direct cost to the recipients of the restricted stock units				0
Compensation expense				$ 700,000
Period over which unamortized compensation expense is expected to be amortized				24 months
Total unamortized compensation expense				$ 1,400,000
Restricted Stock Awards | Vest in October 2022
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				15,100
Restricted Stock Awards | Vest in October 2023
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				15,100
Restricted Stock Awards | Vest in October 2024
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				15,100

EQUITY-BASED INCENTIVE AWARDS_3

EQUITY-BASED INCENTIVE AWARDS - Restricted Stock Units/Restricted Stock Awards Activity (Details) - $ / shares	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Sep. 30, 2022
Restricted Stock Units
Number of Shares
Nonvested restricted stock units/awards at the beginning of the period (in shares)	35,220	35,220
Vested (in shares)		(16,701)
Nonvested restricted stock units/awards at the end of the period (in shares)		18,519
Weighted Average Fair Value
Nonvested restricted stock units/awards at the beginning of the period (in dollars per share)	$ 148.98	$ 148.98
Vested (in dollars per share)		139.32
Nonvested restricted stock units/awards at the end of the period (in dollars per share)		$ 210
Restricted Stock Awards
Number of Shares
Granted (in shares)	15,100	15,100
Nonvested restricted stock units/awards at the end of the period (in shares)		15,100
Weighted Average Fair Value
Granted (in dollars per share)		$ 138.34
Nonvested restricted stock units/awards at the end of the period (in dollars per share)		$ 210

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Information by business segments
Number of reportable business segments | segment			2
Total external revenue			$ 2,010,798,385	$ 1,672,378,581
Depreciation			3,572,953	3,093,017
Amortization			70,887
Operating income (loss)			22,601,367	17,824,619
Interest expense			2,249,552	1,339,560
Income (loss) from operations before taxes	$ 8,000,000	$ 15,200,000	21,475,504	16,688,287
Equity method investment earnings, net of tax			1,670,133	3,357,978
Total assets			289,124,527	188,411,129
Capital expenditures			14,655,206	1,654,131
Cigarettes
Information by business segments
Total external revenue			1,328,196,494	1,130,297,314
Tobacco
Information by business segments
Total external revenue			342,997,425	264,453,836
Confectionery
Information by business segments
Total external revenue			117,227,090	92,353,240
Health food
Information by business segments
Total external revenue			46,206,417	47,321,449
Foodservice & other
Information by business segments
Total external revenue			176,170,959	137,952,742
Other
Information by business segments
Operating income (loss)			(13,523,120)	(8,449,668)
Interest expense			1,259,160	1,140,168
Income (loss) from operations before taxes			(13,738,910)	(9,475,562)
Equity method investment earnings, net of tax			1,670,133	3,357,978
Total assets			713,108	13,192,805
Wholesale Segment
Information by business segments
Total external revenue			1,964,591,968	1,625,057,132
Depreciation			2,366,108	1,905,270
Amortization			70,887
Operating income (loss)			35,597,978	24,477,037
Interest expense			990,392	199,392
Income (loss) from operations before taxes			34,644,617	24,354,719
Total assets			271,202,838	157,038,710
Capital expenditures			13,327,713	1,251,617
Wholesale Segment | Cigarettes
Information by business segments
Total external revenue			1,328,196,494	1,130,297,314
Wholesale Segment | Tobacco
Information by business segments
Total external revenue			342,997,425	264,453,836
Wholesale Segment | Confectionery
Information by business segments
Total external revenue			117,227,090	92,353,240
Wholesale Segment | Foodservice & other
Information by business segments
Total external revenue			176,170,959	137,952,742
Retail Segment
Information by business segments
Total external revenue			46,206,417	47,321,449
Depreciation			1,206,845	1,187,747
Operating income (loss)			526,509	1,797,250
Income (loss) from operations before taxes			569,797	1,809,130
Total assets			17,208,581	18,179,614
Capital expenditures			1,327,493	402,514
Retail Segment | Health food
Information by business segments
Total external revenue			$ 46,206,417	$ 47,321,449

TREASURY STOCK (Details)

TREASURY STOCK (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
TREASURY STOCK
Number of shares of common stock repurchased	0	68
Maximum
TREASURY STOCK
Value of shares of common stock repurchased		$ 0.1

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Restricted stock - shares		1 Months Ended	12 Months Ended
	Oct. 25, 2022	Oct. 31, 2021	Sep. 30, 2022
SUBSEQUENT EVENT
Awards granted (in shares)		15,100	15,100
Subsequent event.
SUBSEQUENT EVENT
Awards granted (in shares)	15,100
Vesting period	3 years