AMCON Distributing (DIT) 10-Q18 Jan 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2022	Jan. 17, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	1-15589
Entity Registrant Name	AMCON DISTRIBUTING CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0702918
Entity Address, Address Line One	7405 Irvington Road
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68122
City Area Code	402
Local Phone Number	331-3727
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	DIT
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		611,052
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Current assets:
Cash	$ 452,142	$ 431,576
Accounts receivable, less allowance for doubtful accounts of $2.0 million at December 2022 and $2.5 million September 2022	54,482,938	62,367,888
Inventories, net	185,213,063	134,654,637
Income taxes receivable	660,617	819,595
Prepaid expenses and other current assets	12,656,974	12,702,084
Total current assets	253,465,734	210,975,780
Property and equipment, net	48,449,099	48,085,520
Operating lease right-of-use assets, net	19,078,842	19,941,009
Goodwill	5,277,950	5,277,950
Other intangible assets, net	2,050,580	2,093,113
Other assets	2,551,744	2,751,155
Total assets	330,873,949	289,124,527
Current liabilities:
Accounts payable	33,296,105	39,962,363
Accrued expenses	14,658,185	14,446,210
Accrued wages, salaries and bonuses	3,794,970	7,811,207
Current operating lease liabilities	6,426,103	6,454,473
Current maturities of long-term debt	1,554,653	1,595,309
Current mandatorily redeemable non-controlling interest	1,755,611	1,712,095
Total current liabilities	61,485,627	71,981,657
Credit facilities	141,488,518	91,262,438
Deferred income tax liability, net	3,474,410	2,328,588
Long-term operating lease liabilities	12,989,955	13,787,721
Long-term debt, less current maturities	7,222,520	7,384,260
Mandatorily redeemable non-controlling interest, less current portion	9,348,028	9,446,460
Other long-term liabilities	152,889	103,968
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 611,052 shares outstanding at December 2022 and 584,789 shares outstanding at September 2022	9,431	9,168
Additional paid-in capital	29,357,154	26,903,201
Retained earnings	96,212,704	96,784,353
Treasury stock at cost	(30,867,287)	(30,867,287)
Total shareholders' equity	94,712,002	92,829,435
Total liabilities and shareholders' equity	$ 330,873,949	$ 289,124,527

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 2	$ 2.5
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)	611,052	584,789

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Operations - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Unaudited Statements of Operations
Sales (including excise taxes of $130.3 million and $97.1 million, respectively)	$ 565,989,507	$ 422,571,278
Cost of sales	531,019,924	395,638,615
Gross profit	34,969,583	26,932,663
Selling, general and administrative expenses	28,379,186	22,390,740
Depreciation and amortization	1,070,886	784,245
Total operating expenses	29,450,072	23,174,985
Operating income	5,519,511	3,757,678
Other expense (income):
Interest expense	1,694,158	322,097
Change in fair value of mandatorily redeemable non-controlling interest	(54,916)
Other (income), net	(53,532)	(40,109)
Total other expenses (income)	1,585,710	281,988
Income from operations before income taxes	3,933,801	3,475,690
Income tax expense	1,304,800	1,245,000
Equity method investment earnings, net of tax		770,365
Net income available to common shareholders	$ 2,629,001	$ 3,001,055
Basic earnings per share available to common shareholders	$ 4.52	$ 5.33
Diluted earnings per share available to common shareholders	$ 4.46	$ 5.18
Basic weighted average shares outstanding	581,612	563,546
Diluted weighted average shares outstanding	589,881	578,964
Dividends paid per common share	$ 0.18	$ 5.18

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Unaudited Statements of Operations
Sales, excise taxes	$ 130.3	$ 97.1

Condensed Consolidated Unaudi_3

Condensed Consolidated Unaudited Statements of Shareholders' Equity - USD ($)	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Total
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)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,114,775)	(3,114,775)
Compensation expense and settlement of equity-based awards	$ 314		2,080,954		2,081,268
Compensation expense and settlement of equity-based awards (in shares)	31,420
Net income available to common shareholders				3,001,055	3,001,055
Balance at Dec. 31, 2021	$ 9,148	$ (30,867,287)	26,999,735	83,438,578	79,580,174
Balance (in shares) at Dec. 31, 2021	915,009	(332,220)
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
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,200,650)	$ (3,200,650)
Compensation expense and settlement of equity-based awards	$ 263		2,453,953		2,454,216
Compensation expense and settlement of equity-based awards (in shares)	26,263
Net income available to common shareholders				2,629,001	2,629,001
Balance at Dec. 31, 2022	$ 9,431	$ (30,867,287)	$ 29,357,154	$ 96,212,704	$ 94,712,002
Balance (in shares) at Dec. 31, 2022	943,272	(332,220)			611,052

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Unaudited Statements of Shareholders' Equity
Dividends on common stock	$ 5.18	$ 5.18

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$ 2,629,001		$ 3,001,055
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation	1,028,353		784,245
Amortization	42,533
Equity method investment earnings, net of tax			(770,365)
(Gain) loss on sales of property and equipment	(36,000)		(31,000)
Equity-based compensation	390,570		710,056
Deferred income taxes	1,145,822		1,173,648
Provision for losses on doubtful accounts	(496,332)		(102,000)
Inventory allowance	141,087		99,304
Change in fair value of mandatorily redeemable non-controlling interest	(54,916)	$ (54,916)
Changes in assets and liabilities
Accounts receivable	8,381,282		5,084,916
Inventories	(50,699,513)		(2,629,537)
Prepaid and other current assets	45,110		(6,573)
Other assets	199,411		22,184
Accounts payable	(6,602,785)		(5,750,609)
Accrued expenses and accrued wages, salaries and bonuses	(4,794,015)		(1,519,848)
Other long-term liabilities	48,921		(743,776)
Income taxes payable and receivable	158,978		71,352
Net cash flows from (used in) operating activities	(48,472,493)		(606,948)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,455,405)		(333,084)
Proceeds from sales of property and equipment	36,000		31,000
Principal payment received on note receivable			175,000
Net cash flows from (used in) investing activities	(1,419,405)		(127,084)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	639,488,133		439,039,482
Repayments under revolving credit facilities	(589,262,053)		(434,242,609)
Principal payments on long-term debt	(202,396)		(138,284)
Dividends on common stock	(111,220)		(3,114,775)
Settlement and withholdings of equity-based awards			(488,412)
Net cash flows from (used in) financing activities	49,912,464		1,055,402
Net change in cash	20,566		321,370
Cash, beginning of period	431,576		519,591
Cash, end of period	452,142	$ 431,576	840,961
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	1,458,843		333,941
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	28,183		16,591
Dividends declared, not paid	3,089,430
Issuance of common stock in connection with the vesting and exercise of equity-based awards	$ 2,044,805		$ 2,280,783

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	3 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 30 states and primarily operate in the Central, Rocky Mountain, Mid-South and Mid-Atlantic regions of the United States. ● Our retail health food segment (“Retail Segment”) operates nineteen health food retail stores located throughout the Midwest and Florida. WHOLESALE SEGMENT Our Wholesale Segment is one of the largest wholesale distributors in the United States serving approximately 5,400 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 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. Convenience stores represent our largest customer category. In December 2022, Convenience Store News ranked us as the sixth (6th) largest convenience store distributor in the United States based on annual sales. Our Wholesale Segment offers retailers the ability to take advantage of manufacturer and Company sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distributing capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. Our Wholesale Segment operates seven distribution centers located in Illinois, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia (operated by our Team Sledd, LLC As previously disclosed, the Company entered into an asset purchase agreement with Henry’s Foods, Inc. (“Henry’s”), under which the Company agreed to purchase substantially all of Henry’s wholesale distribution assets for approximately $30.3 million plus any working capital adjustments. The Company expects to fund the purchase with borrowings from its existing bank group. The transaction is expected to close during the Company’s second fiscal quarter of 2023. RETAIL SEGMENT Our Retail Segment, through our Healthy Edge Retail Group We operate within the natural products retail industry, which is a subset of the U.S. grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. Our Retail Segment operates nineteen retail health food stores as Chamberlin’s Natural Foods (“Chamberlin’s”), Akin’s Natural Foods (“Akin’s”), and Earth Origins Market (“EOM”). These stores carry over 35,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise. FINANCIAL STATEMENTS The Company’s fiscal year ends on September 30 th ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

INVENTORIES

INVENTORIES	3 Months Ended
INVENTORIES	Dec. 31, 2022
INVENTORIES
INVENTORIES	2. INVENTORIES Inventories in our Wholesale Segment consisted of finished goods and are stated at the lower of cost or net realizable value, determined on a FIFO basis. Inventories in our Retail Segment consisted of finished goods and are stated at the lower of cost or market using the retail method. The wholesale distribution and retail health food segment inventories consist of finished products purchased in bulk quantities to be redistributed to the Company’s customers or sold at retail. Finished goods included total reserves of approximately $1.2 million at December 2022 and $1.1 million at September 2022. These reserves include the Company’s obsolescence allowance, which reflects estimated unsalable or non-refundable inventory based upon an evaluation of slow moving and discontinued products.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Dec. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	3. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill at December 2022 and September 2022 was as follows: December September 2022 2022 Wholesale Segment $ 5,277,950 $ 5,277,950 Other intangible assets at December 2022 and September 2022 consisted of the following: December September 2022 2022 Customer list (Wholesale Segment) (less accumulated amortization of $0.1 million at December 2022 and less than $0.1 million at September 2022) $ 1,377,912 $ 1,401,945 Non-competition agreement (Wholesale Segment) (less accumulated amortization of less than $0.1 million at both December 2022 and September 2022) 172,668 191,168 Trademarks and tradenames (Retail Segment) 500,000 500,000 $ 2,050,580 $ 2,093,113 Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been recorded on these assets. Goodwill recorded on the Company’s consolidated balance sheets represent amounts allocated to its wholesale reporting unit which totaled approximately $5.3 million at both December 2022 and September 2022. The Company performs its annual impairment testing during the fourth fiscal quarter of each year or as circumstances change or necessitate. There have been no material changes to the Company’s impairment assessments since its fiscal year ended September 2022. At December 2022, identifiable intangible assets considered to have finite lives were represented by a customer list which is being amortized over fifteen years and a non-competition agreement which is being amortized over three years . These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets was less than $0.1 million for the three month period ended December 2022. Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at December 2022: December 2022 Fiscal 2023 (1) $ 127,598 Fiscal 2024 170,130 Fiscal 2025 139,303 Fiscal 2026 96,132 Fiscal 2027 96,132 Fiscal 2028 and thereafter 921,285 $ 1,550,580 (1) Represents amortization for the remaining nine months of Fiscal 2023.

DIVIDENDS

DIVIDENDS	3 Months Ended
DIVIDENDS	Dec. 31, 2022
DIVIDENDS
DIVIDENDS	4. DIVIDENDS The Company paid a $0.18 per share cash dividend on its common stock totaling $0.1 million in each of the three month periods ended December 2022 and December 2021. During Q1 2023, the Company declared a $5.00 per share special dividend totaling approximately $3.1 million that was included in accrued expenses on the consolidated balance sheet at December 2022 and was paid in Q2 2023. During Q1 2022, the Company declared and paid a $5.00 per share special dividend totaling approximately $3.0 million.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Dec. 31, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	5. EARNINGS PER SHARE Basic earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the sum of the weighted average number of common shares outstanding and the weighted average dilutive equity awards. For the three months ended December 2022 2021 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 581,612 581,612 563,546 563,546 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 8,269 — 15,418 Weighted average number of shares outstanding 581,612 589,881 563,546 578,964 Net income available to common shareholders $ 2,629,001 $ 2,629,001 $ 3,001,055 $ 3,001,055 Net earnings per share available to common shareholders $ 4.52 $ 4.46 $ 5.33 $ 5.18 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

DEBT

DEBT	3 Months Ended
DEBT	Dec. 31, 2022
DEBT
DEBT	6. 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. 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 December 2022 was $230.8 million, of which $141.5 million was outstanding, leaving $89.3 million available. The average interest rate of the Facilities was 6.45% at December 2022. For the three months ended December 2022, the peak borrowings under the Facilities was $150.4 million, and the average borrowings and average availability under the Facilities was $114.3 million and $84.3 million, respectively. Cross Default and Co-Terminus Provisions Team Sledd’s three notes payable and the Team Sledd Facility contain cross default provisions. There were no such cross defaults at December 2022. The Company was in compliance with all of its financial covenants under the Facilities at December 2022. Other The Company has issued a letter of credit for $0.5 million to its workers’ compensation insurance carrier as part of its self-insured loss control program.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	7. INCOME TAXES The change in the Company’s effective income tax rate for the three month period ended December 2022 as compared to the respective prior year period, was primarily related to non-deductible compensation expense in relation to the amount of income from operations before income tax expense between the comparative periods.

MANDATORILY REDEEMABLE NON-CONT

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST	3 Months Ended
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST	Dec. 31, 2022
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST
Noncontrolling Interest Disclosure [Text Block]	8. MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s consolidated balance sheet represents the non-controlling interest in the Company’s strategic investment in Team Sledd, LLC (“Team Sledd”). Financial Instruments Fair value of MRNCI as of September 2022 $ 11,158,555 Distributions to non-controlling interest — Change in fair value (54,916) Fair value of MRNCI as of December 2022 $ 11,103,639 Less current portion at fair value (1,755,611) $ 9,348,028

EQUITY-BASED INCENTIVE AWARDS

EQUITY-BASED INCENTIVE AWARDS	3 Months Ended
EQUITY-BASED INCENTIVE AWARDS	Dec. 31, 2022
EQUITY-BASED INCENTIVE AWARDS
EQUITY-BASED INCENTIVE AWARDS	9. EQUITY-BASED INCENTIVE AWARDS 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 December 2022, awards with respect to a total of 125,998 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plans and awards with respect to another 69,002 shares may be awarded under the Omnibus Plans. Restricted Stock Units At December 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) Date of award: October 2020 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 December 2022: 6,834 Fair value of non-vested awards at December 2022 of approximately: $ 1,237,000 (1) 13,666 of the restricted stock units were vested as of December 2022. The remaining 6,834 restricted stock units 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 The following summarizes restricted stock unit activity under the Omnibus Plans during Q1 2023: Number Weighted of Average Shares Fair Value Nonvested restricted stock units at September 2022 18,519 $ 210.00 Granted — — Vested (11,685) 181.92 Expired — — Nonvested restricted stock units at December 2022 6,834 $ 181.00 Restricted Stock Awards At December 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) Restricted Stock Awards (2) Date of award: October 2021 October 2022 Original number of awards issued: 15,100 15,100 Service period: 36 months 36 months Estimated fair value of award at grant date: $ 2,089,000 2,824,000 Non-vested awards outstanding at December 2022: 10,067 15,100 Fair value of non-vested awards at December 2022 of approximately: $ 1,822,000 2,733,000 (1) 5,033 of the restricted stock awards were vested as of December 2022. 5,033 restricted stock awards will vest in October 2023 and 5,034 will vest in October 2024. (2) The 15,100 restricted stock awards will vest in equal amounts in October 2023, October 2024 and October 2025. 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 Q1 2023: Number Weighted of Average Shares Fair Value Nonvested restricted stock awards at September 2022 15,100 $ 210.00 Granted 15,100 187.02 Vested (5,033) 186.26 Expired — — Nonvested restricted stock awards at December 2022 25,167 $ 181.00 All Equity-Based Awards (restricted stock units and restricted stock awards) Net income before income taxes included compensation expense of approximately $0.4 million and $0.7 million during Q1 2023 and Q1 2022, respectively, related to the amortization of all equity-based compensation awards. Total unamortized compensation expense related to these awards at December 2022 and September 2022 was approximately $4.7 million and $2.8 million, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
BUSINESS SEGMENTS	Dec. 31, 2022
BUSINESS SEGMENTS
BUSINESS SEGMENTS	10. BUSINESS SEGMENTS The Company has two reportable business segments: the wholesale distribution of consumer products which includes Team Sledd, and the retail sale of health and natural food products. The aggregation of the Company’s business operations into these business segments was based on a range of considerations including but not limited to the characteristics of each business, similarities in the nature and type of products sold, customer classes, methods used to sell the products and economic profiles. Included in the “Other” column are intercompany eliminations, equity method investment earnings, net of tax and assets held and charges incurred and income earned by our holding company. The segments are evaluated on revenues, gross margins, operating income (loss), and income (loss) from operations before taxes. Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED DECEMBER 2022 External revenue: Cigarettes $ 367,689,677 $ — $ — $ 367,689,677 Tobacco 104,039,120 — — 104,039,120 Confectionery 32,558,996 — — 32,558,996 Health food — 10,261,873 — 10,261,873 Foodservice & other 51,439,841 — — 51,439,841 Total external revenue 555,727,634 10,261,873 — 565,989,507 Depreciation 750,130 278,223 — 1,028,353 Amortization 42,533 — — 42,533 Operating income (loss) 8,240,495 (266,616) (2,454,368) 5,519,511 Interest expense 886,148 — 808,010 1,694,158 Income (loss) from operations before taxes 7,327,399 (242,500) (3,151,098) 3,933,801 Total assets 313,505,013 16,681,645 687,291 330,873,949 Capital expenditures 1,248,067 143,865 — 1,391,932 Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED DECEMBER 2021 External revenue: Cigarettes $ 279,366,392 $ — $ — $ 279,366,392 Tobacco 69,068,234 — — 69,068,234 Confectionery 24,479,036 — — 24,479,036 Health food — 11,925,205 — 11,925,205 Foodservice & other 37,732,411 — — 37,732,411 Total external revenue 410,646,073 11,925,205 — 422,571,278 Depreciation 486,765 297,480 — 784,245 Operating income (loss) 7,438,666 461,585 (4,142,573) 3,757,678 Interest expense 55,495 — 266,602 322,097 Income (loss) from operations before taxes 7,391,732 464,742 (4,380,784) 3,475,690 Equity method investment earnings, net of tax — — 770,365 770,365 Total assets 153,998,433 17,710,816 13,939,522 185,648,771 Capital expenditures 176,981 44,445 — 221,426

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
WHOLESALE SEGMENT AND RETAIL SEGMENT	AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 30 states and primarily operate in the Central, Rocky Mountain, Mid-South and Mid-Atlantic regions of the United States. ● Our retail health food segment (“Retail Segment”) operates nineteen health food retail stores located throughout the Midwest and Florida. WHOLESALE SEGMENT Our Wholesale Segment is one of the largest wholesale distributors in the United States serving approximately 5,400 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 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. Convenience stores represent our largest customer category. In December 2022, Convenience Store News ranked us as the sixth (6th) largest convenience store distributor in the United States based on annual sales. Our Wholesale Segment offers retailers the ability to take advantage of manufacturer and Company sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distributing capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. Our Wholesale Segment operates seven distribution centers located in Illinois, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia (operated by our Team Sledd, LLC As previously disclosed, the Company entered into an asset purchase agreement with Henry’s Foods, Inc. (“Henry’s”), under which the Company agreed to purchase substantially all of Henry’s wholesale distribution assets for approximately $30.3 million plus any working capital adjustments. The Company expects to fund the purchase with borrowings from its existing bank group. The transaction is expected to close during the Company’s second fiscal quarter of 2023. RETAIL SEGMENT Our Retail Segment, through our Healthy Edge Retail Group We operate within the natural products retail industry, which is a subset of the U.S. grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. Our Retail Segment operates nineteen retail health food stores as Chamberlin’s Natural Foods (“Chamberlin’s”), Akin’s Natural Foods (“Akin’s”), and Earth Origins Market (“EOM”). These stores carry over 35,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise.
FINANCIAL STATEMENTS	FINANCIAL STATEMENTS The Company’s fiscal year ends on September 30 th
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Dec. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	December September 2022 2022 Wholesale Segment $ 5,277,950 $ 5,277,950
Schedule of other intangible assets	December September 2022 2022 Customer list (Wholesale Segment) (less accumulated amortization of $0.1 million at December 2022 and less than $0.1 million at September 2022) $ 1,377,912 $ 1,401,945 Non-competition agreement (Wholesale Segment) (less accumulated amortization of less than $0.1 million at both December 2022 and September 2022) 172,668 191,168 Trademarks and tradenames (Retail Segment) 500,000 500,000 $ 2,050,580 $ 2,093,113
Schedule of estimated future amortization expense related to identifiable intangible assets with finite lives	Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at December 2022: December 2022 Fiscal 2023 (1) $ 127,598 Fiscal 2024 170,130 Fiscal 2025 139,303 Fiscal 2026 96,132 Fiscal 2027 96,132 Fiscal 2028 and thereafter 921,285 $ 1,550,580 (1) Represents amortization for the remaining nine months of Fiscal 2023.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2022
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	For the three months ended December 2022 2021 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 581,612 581,612 563,546 563,546 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 8,269 — 15,418 Weighted average number of shares outstanding 581,612 589,881 563,546 578,964 Net income available to common shareholders $ 2,629,001 $ 2,629,001 $ 3,001,055 $ 3,001,055 Net earnings per share available to common shareholders $ 4.52 $ 4.46 $ 5.33 $ 5.18 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

MANDATORILY REDEEMABLE NON-CO_2

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST (Tables)	3 Months Ended
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST (Tables)	Dec. 31, 2022
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST
Schedule of mandatorily redeemable non-controlling interest	Fair value of MRNCI as of September 2022 $ 11,158,555 Distributions to non-controlling interest — Change in fair value (54,916) Fair value of MRNCI as of December 2022 $ 11,103,639 Less current portion at fair value (1,755,611) $ 9,348,028

EQUITY-BASED INCENTIVE AWARDS (

EQUITY-BASED INCENTIVE AWARDS (Tables)	3 Months Ended
EQUITY-BASED INCENTIVE AWARDS (Tables)	Dec. 31, 2022
EQUITY-BASED INCENTIVE AWARDS
Schedule of restricted stock unit awards	Restricted Stock Units (1) Date of award: October 2020 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 December 2022: 6,834 Fair value of non-vested awards at December 2022 of approximately: $ 1,237,000 (1) 13,666 of the restricted stock units were vested as of December 2022. The remaining 6,834 restricted stock units 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 2022 18,519 $ 210.00 Granted — — Vested (11,685) 181.92 Expired — — Nonvested restricted stock units at December 2022 6,834 $ 181.00
Schedule of restricted stock awards	Restricted Stock Awards (1) Restricted Stock Awards (2) Date of award: October 2021 October 2022 Original number of awards issued: 15,100 15,100 Service period: 36 months 36 months Estimated fair value of award at grant date: $ 2,089,000 2,824,000 Non-vested awards outstanding at December 2022: 10,067 15,100 Fair value of non-vested awards at December 2022 of approximately: $ 1,822,000 2,733,000 (1) 5,033 of the restricted stock awards were vested as of December 2022. 5,033 restricted stock awards will vest in October 2023 and 5,034 will vest in October 2024. (2) The 15,100 restricted stock awards will vest in equal amounts in October 2023, October 2024 and October 2025.
Summary of restricted stock awards activity	Number Weighted of Average Shares Fair Value Nonvested restricted stock awards at September 2022 15,100 $ 210.00 Granted 15,100 187.02 Vested (5,033) 186.26 Expired — — Nonvested restricted stock awards at December 2022 25,167 $ 181.00

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
BUSINESS SEGMENTS (Tables)	Dec. 31, 2022
BUSINESS SEGMENTS
Schedule of segment information	Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED DECEMBER 2022 External revenue: Cigarettes $ 367,689,677 $ — $ — $ 367,689,677 Tobacco 104,039,120 — — 104,039,120 Confectionery 32,558,996 — — 32,558,996 Health food — 10,261,873 — 10,261,873 Foodservice & other 51,439,841 — — 51,439,841 Total external revenue 555,727,634 10,261,873 — 565,989,507 Depreciation 750,130 278,223 — 1,028,353 Amortization 42,533 — — 42,533 Operating income (loss) 8,240,495 (266,616) (2,454,368) 5,519,511 Interest expense 886,148 — 808,010 1,694,158 Income (loss) from operations before taxes 7,327,399 (242,500) (3,151,098) 3,933,801 Total assets 313,505,013 16,681,645 687,291 330,873,949 Capital expenditures 1,248,067 143,865 — 1,391,932 Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED DECEMBER 2021 External revenue: Cigarettes $ 279,366,392 $ — $ — $ 279,366,392 Tobacco 69,068,234 — — 69,068,234 Confectionery 24,479,036 — — 24,479,036 Health food — 11,925,205 — 11,925,205 Foodservice & other 37,732,411 — — 37,732,411 Total external revenue 410,646,073 11,925,205 — 422,571,278 Depreciation 486,765 297,480 — 784,245 Operating income (loss) 7,438,666 461,585 (4,142,573) 3,757,678 Interest expense 55,495 — 266,602 322,097 Income (loss) from operations before taxes 7,391,732 464,742 (4,380,784) 3,475,690 Equity method investment earnings, net of tax — — 770,365 770,365 Total assets 153,998,433 17,710,816 13,939,522 185,648,771 Capital expenditures 176,981 44,445 — 221,426

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2022 ft² item	Dec. 31, 2022 USD ($) ft² item segment state
Number of business segments \| segment		2
Substantially all of Henry's wholesale distribution assets
Consideration of asset purchase \| $		$ 30.3
Wholesale Segment
Number of states served \| state		30
Number of retail outlets served		5,400
Number of products sold or distributed		17,000
Rank assigned by Convenience Store News	6
Number of distribution centers		7
Floor space occupied by distribution centers (in square feet) \| ft²	885,000	885,000
Retail Segment
Number of operating health food retail stores	19	19
Number of products sold or distributed		35,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
INVENTORIES
Total reserves on finished goods	$ 1.2	$ 1.1

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Goodwill by reporting segment
Goodwill	$ 5,277,950	$ 5,277,950
Wholesale Segment
Goodwill by reporting segment
Goodwill	$ 5,277,950	$ 5,277,950

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Other intangible assets, net	$ 2,050,580	$ 2,093,113
Trademarks and tradenames \| Retail Segment
Other intangible assets, net	500,000	500,000
Customer list \| Wholesale Segment
Other intangible assets, net	1,377,912	1,401,945
Accumulated amortization	100,000	100,000
Non-competition agreement \| Wholesale Segment
Other intangible assets, net	172,668	191,168
Non-competition agreement \| Wholesale Segment \| Maximum
Accumulated amortization	$ 100,000	$ 100,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Goodwill	$ 5,277,950	$ 5,277,950
Maximum
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	$ 5,277,950

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details)	Dec. 31, 2022 USD ($)
Estimated future amortization expense related to identifiable intangible assets with finite lives
Fiscal 2023	$ 127,598
Fiscal 2024	170,130
Fiscal 2025	139,303
Fiscal 2026	96,132
Fiscal 2027	96,132
Fiscal 2028 and thereafter	921,285
Total	$ 1,550,580

DIVIDENDS (Details)

DIVIDENDS (Details) - USD ($)	3 Months Ended
DIVIDENDS (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Dividends paid (in USD per share)	$ 0.18	$ 5.18
Dividend paid	$ 111,220	$ 3,114,775
Cash dividend
Dividends paid (in USD per share)	$ 0.18	$ 0.18
Dividend paid	$ 100,000	$ 100,000
Special dividend
Dividend declared (in USD per share)	$ 5	$ 5
Dividend declared	$ 3,100,000	$ 3,000,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	581,612	563,546
Net income available to common shareholders, Basic	$ 2,629,001	$ 3,001,055
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 4.52	$ 5.33
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock	8,269	15,418
Weighted average number of shares outstanding, Diluted	589,881	578,964
Net income available to common shareholders, Diluted	$ 2,629,001	$ 3,001,055
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 4.46	$ 5.18

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Millions	3 Months Ended
DEBT - Credit Facilities (Details) $ in Millions	Dec. 31, 2022 USD ($) item
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	230.8
Outstanding borrowings	141.5
Credit available	$ 89.3
Average interest rate	6.45%
Peak borrowings	$ 150.4
Average borrowings	114.3
Average availability	$ 84.3

DEBT - Cross Default and Co-Ter

DEBT - Cross Default and Co-Terminus Provisions and Other (Details) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($) item
DEBT
Number of notes payable containing cross default provisions	3
Number of cross defaults	0
Letter of credit issued for worker's compensation insurance carrier as part of the entity's self-insured loss control program \| $	$ 0.5

MANDATORILY REDEEMABLE NON-CO_3

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Difference between the contractual amount due and the fair value	$ 500,000
Fair value of MRNCI as of September 30, 2022	11,158,555
Change in fair value	(54,916)	$ (54,916)
Fair value of MRNCI as of December 31, 2022	11,103,639	11,158,555
Less current portion at fair value	(1,755,611)	$ (1,712,095)
Noncurrent portion at fair value	$ 9,348,028
Team Sledd
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest own (as a percent)	56%	56%

EQUITY-BASED INCENTIVE AWARDS_2

EQUITY-BASED INCENTIVE AWARDS (Details) $ in Millions	3 Months Ended
EQUITY-BASED INCENTIVE AWARDS (Details) $ in Millions	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Aggregate intrinsic value and fair value of options outstanding
Compensation expense \| $	$ 0.4	$ 0.7
Omnibus Plans
EQUITY-BASED INCENTIVE AWARD
Number of incentive plans	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	125,998
Number of additional shares that may be awarded under the plan	69,002

EQUITY-BASED INCENTIVE AWARDS -

EQUITY-BASED INCENTIVE AWARDS - Authorized and Approved Restricted Stock Units/Restricted Stock Awards (Details) - USD ($)	1 Months Ended			3 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2020	Dec. 31, 2022	Sep. 30, 2022
EQUITY-BASED INCENTIVE AWARD
Total unamortized compensation expense				$ 4,700,000	$ 2,800,000
Restricted Stock Units
EQUITY-BASED INCENTIVE AWARD
Non-vested awards outstanding at the end of the period (in shares)				6,834	18,519
Vested during the period (in shares)				11,685
Direct cost to the recipients of the restricted stock units				$ 0
Restricted Stock Units 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)				6,834
Fair value of non-vested awards at the end of the period				$ 1,237,000
Vested during the period (in shares)				13,666
Restricted Stock Units 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
Non-vested awards outstanding at the end of the period (in shares)				25,167	15,100
Vested during the period (in shares)				5,033
Direct cost to the recipients of the restricted stock units				$ 0
Restricted Stock Awards October 2021
EQUITY-BASED INCENTIVE AWARD
Original number of awards issued		15,100
Service period		36 months
Estimated fair value of award at grant date		$ 2,089,000
Non-vested awards outstanding at the end of the period (in shares)				10,067
Fair value of non-vested awards at the end of the period				$ 1,822,000
Vested during the period (in shares)				5,033
Restricted Stock Awards October 2021 \| Vest in October 2023
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				5,033
Restricted Stock Awards October 2021 \| Vest in October 2024
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				5,034
Restricted Stock Awards October 2022
EQUITY-BASED INCENTIVE AWARD
Original number of awards issued	15,100
Service period	36 months
Estimated fair value of award at grant date	$ 2,824,000
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				$ 2,733,000
Restricted Stock Awards October 2022 \| Vest in October 2023
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				15,100
Restricted Stock Awards October 2022 \| Vest in October 2024
EQUITY-BASED INCENTIVE AWARD
Units scheduled to vest				15,100
Restricted Stock Awards October 2022 \| Vest in October 2025
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)	3 Months Ended
	Dec. 31, 2022 $ / shares shares
Restricted Stock Units
Number of Shares
Nonvested restricted stock units/awards at the beginning of the period (in shares) \| shares	18,519
Vested (in shares) \| shares	(11,685)
Nonvested restricted stock units/awards at the end of the period (in shares) \| shares	6,834
Weighted Average Fair Value
Nonvested restricted stock units/awards at the beginning of the period (in dollars per share) \| $ / shares	$ 210
Vested (in dollars per share) \| $ / shares	181.92
Nonvested restricted stock units/awards at the end of the period (in dollars per share) \| $ / shares	$ 181
Restricted Stock Awards
Number of Shares
Nonvested restricted stock units/awards at the beginning of the period (in shares) \| shares	15,100
Granted (in shares) \| shares	15,100
Vested (in shares) \| shares	(5,033)
Nonvested restricted stock units/awards at the end of the period (in shares) \| shares	25,167
Weighted Average Fair Value
Nonvested restricted stock units/awards at the beginning of the period (in dollars per share) \| $ / shares	$ 210
Granted (in dollars per share) \| $ / shares	187.02
Vested (in dollars per share) \| $ / shares	186.26
Nonvested restricted stock units/awards at the end of the period (in dollars per share) \| $ / shares	$ 181

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended
BUSINESS SEGMENTS (Details)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)
Information by business segments
Number of reportable business segments \| segment	2
Total external revenue	$ 565,989,507	$ 422,571,278
Depreciation	1,028,353	784,245
Amortization	42,533
Operating income (loss)	5,519,511	3,757,678
Interest expense	1,694,158	322,097
Income (loss) from operations before taxes	3,933,801	3,475,690
Equity method investment earnings, net of tax		770,365
Total assets	330,873,949	185,648,771	$ 289,124,527
Capital expenditures	1,391,932	221,426
Cigarettes
Information by business segments
Total external revenue	367,689,677	279,366,392
Tobacco
Information by business segments
Total external revenue	104,039,120	69,068,234
Confectionery
Information by business segments
Total external revenue	32,558,996	24,479,036
Health food
Information by business segments
Total external revenue	10,261,873	11,925,205
Foodservice & other
Information by business segments
Total external revenue	51,439,841	37,732,411
Other
Information by business segments
Operating income (loss)	(2,454,368)	(4,142,573)
Interest expense	808,010	266,602
Income (loss) from operations before taxes	(3,151,098)	(4,380,784)
Equity method investment earnings, net of tax		770,365
Total assets	687,291	13,939,522
Wholesale Segment
Information by business segments
Total external revenue	555,727,634	410,646,073
Depreciation	750,130	486,765
Amortization	42,533
Operating income (loss)	8,240,495	7,438,666
Interest expense	886,148	55,495
Income (loss) from operations before taxes	7,327,399	7,391,732
Total assets	313,505,013	153,998,433
Capital expenditures	1,248,067	176,981
Wholesale Segment \| Cigarettes
Information by business segments
Total external revenue	367,689,677	279,366,392
Wholesale Segment \| Tobacco
Information by business segments
Total external revenue	104,039,120	69,068,234
Wholesale Segment \| Confectionery
Information by business segments
Total external revenue	32,558,996	24,479,036
Wholesale Segment \| Foodservice & other
Information by business segments
Total external revenue	51,439,841	37,732,411
Retail Segment
Information by business segments
Total external revenue	10,261,873	11,925,205
Depreciation	278,223	297,480
Operating income (loss)	(266,616)	461,585
Income (loss) from operations before taxes	(242,500)	464,742
Total assets	16,681,645	17,710,816
Capital expenditures	143,865	44,445
Retail Segment \| Health food
Information by business segments
Total external revenue	$ 10,261,873	$ 11,925,205