AMCON Distributing (DIT) 10-Q 18 Jul 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2023	Jul. 17, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		608,689
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Current assets:
Cash	$ 739,013	$ 431,576
Accounts receivable, less allowance for doubtful accounts of $2.5 million at both June 2023 and September 2022	78,640,187	62,367,888
Inventories, net	162,567,117	134,654,637
Income taxes receivable		819,595
Prepaid expenses and other current assets	13,630,317	12,702,084
Total current assets	255,576,634	210,975,780
Property and equipment, net	78,872,876	48,085,520
Operating lease right-of-use assets, net	19,739,321	19,941,009
Goodwill	5,778,325	5,277,950
Other intangible assets, net	5,419,361	2,093,113
Other assets	3,320,838	2,751,155
Total assets	368,707,355	289,124,527
Current liabilities:
Accounts payable	51,853,159	39,962,363
Accrued expenses	15,960,945	14,446,210
Accrued wages, salaries and bonuses	7,799,903	7,811,207
Income taxes payable	752,658
Current operating lease liabilities	6,300,102	6,454,473
Current maturities of long-term debt	2,738,524	1,595,309
Current mandatorily redeemable non-controlling interest	1,641,612	1,712,095
Total current liabilities	87,046,903	71,981,657
Credit facilities	143,375,961	91,262,438
Deferred income tax liability, net	3,138,204	2,328,588
Long-term operating lease liabilities	13,737,167	13,787,721
Long-term debt, less current maturities	12,229,486	7,384,260
Mandatorily redeemable non-controlling interest, less current portion	7,976,499	9,446,460
Other long-term liabilities	289,672	103,968
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 608,689 shares outstanding at June 2023 and 584,789 shares outstanding at September 2022	9,431	9,168
Additional paid-in capital	30,175,977	26,903,201
Retained earnings	102,000,218	96,784,353
Treasury stock at cost	(31,272,163)	(30,867,287)
Total shareholders' equity	100,913,463	92,829,435
Total liabilities and shareholders' equity	$ 368,707,355	$ 289,124,527

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 2.5	$ 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)	608,689	584,789

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Consolidated Unaudited Statements of Operations
Sales (including excise taxes of $153.7 million and $129.2 million, and $414.9 million and $315.5 million, respectively)	$ 696,489,427	$ 550,584,152	$ 1,847,472,782	$ 1,365,043,621
Cost of sales	649,623,651	516,907,540	1,724,504,862	1,277,757,425
Gross profit	46,865,776	33,676,612	122,967,920	87,286,196
Selling, general and administrative expenses	36,851,520	25,862,325	99,227,695	70,168,415
Depreciation and amortization	2,103,429	912,501	4,982,068	2,514,968
Total operating expenses	38,954,949	26,774,826	104,209,763	72,683,383
Operating income	7,910,827	6,901,786	18,758,157	14,602,813
Other expense (income):
Interest expense	2,385,842	655,811	6,249,540	1,222,829
Change in fair value of mandatorily redeemable non-controlling interest	698,571	705,392	864,684	705,392
Other (income), net	(931,765)	(2,417,252)	(1,159,021)	(2,518,320)
Total other expenses (income)	2,152,648	(1,056,049)	5,955,203	(590,099)
Income from operations before income taxes	5,758,179	7,957,835	12,802,954	15,192,912
Income tax expense	1,813,800	2,221,000	4,164,000	4,811,000
Equity method investment earnings, net of tax		307,973		1,670,133
Net income available to common shareholders	$ 3,944,379	$ 6,044,808	$ 8,638,954	$ 12,052,045
Basic earnings per share available to common shareholders	$ 6.74	$ 10.61	$ 14.78	$ 21.25
Diluted earnings per share available to common shareholders	$ 6.59	$ 10.38	$ 14.56	$ 20.72
Basic weighted average shares outstanding	585,625	569,689	584,359	567,026
Diluted weighted average shares outstanding	598,590	582,370	593,480	581,578
Dividends paid per common share	$ 0.18	$ 0.18	$ 5.54	$ 5.54

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Consolidated Unaudited Statements of Operations
Sales, excise taxes	$ 153.7	$ 129.2	$ 414.9	$ 315.5

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
Balance (in shares) at Sep. 30, 2021		(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,331,606)	(3,331,606)
Compensation expense and settlement of equity-based awards	$ 334		1,810,343		1,810,677
Compensation expense and settlement of equity-based awards (in shares)	33,420
Net income available to common shareholders				12,052,045	12,052,045
Balance at Jun. 30, 2022	$ 9,168	$ (30,867,287)	26,729,124	92,272,737	88,143,742
Balance (in shares) at Jun. 30, 2022	917,009
Balance (in shares) at Jun. 30, 2022		(332,220)
Balance at Mar. 31, 2022	$ 9,168	$ (30,867,287)	26,555,046	86,336,525	82,033,452
Balance (in shares) at Mar. 31, 2022	917,009
Balance (in shares) at Mar. 31, 2022		(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(108,596)	(108,596)
Compensation expense and settlement of equity-based awards			174,078		174,078
Net income available to common shareholders				6,044,808	6,044,808
Balance at Jun. 30, 2022	$ 9,168	$ (30,867,287)	26,729,124	92,272,737	88,143,742
Balance (in shares) at Jun. 30, 2022	917,009
Balance (in shares) at Jun. 30, 2022		(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				584,789
Balance (in shares) at Sep. 30, 2022		(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,423,089)	$ (3,423,089)
Compensation expense and settlement of equity-based awards	$ 263		3,272,776		3,273,039
Compensation expense and settlement of equity-based awards (in shares)	26,263
Net income available to common shareholders				8,638,954	8,638,954
Committed repurchase of treasury stock		$ (404,876)			(404,876)
Committed repurchase of treasury stock (in shares)		(2,363)
Balance at Jun. 30, 2023	$ 9,431	$ (31,272,163)	30,175,977	102,000,218	$ 100,913,463
Balance (in shares) at Jun. 30, 2023	943,272				608,689
Balance (in shares) at Jun. 30, 2023		(334,583)
Balance at Mar. 31, 2023	$ 9,431	$ (30,867,287)	29,766,566	98,167,058	$ 97,075,768
Balance (in shares) at Mar. 31, 2023	943,272
Balance (in shares) at Mar. 31, 2023		(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(111,219)	(111,219)
Compensation expense and settlement of equity-based awards			409,411		409,411
Net income available to common shareholders				3,944,379	3,944,379
Committed repurchase of treasury stock		$ (404,876)			(404,876)
Committed repurchase of treasury stock (in shares)		(2,363)
Balance at Jun. 30, 2023	$ 9,431	$ (31,272,163)	$ 30,175,977	$ 102,000,218	$ 100,913,463
Balance (in shares) at Jun. 30, 2023	943,272				608,689
Balance (in shares) at Jun. 30, 2023		(334,583)

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Consolidated Unaudited Statements of Shareholders' Equity
Dividends on common stock	$ 0.18	$ 0.18	$ 5.54	$ 5.54

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$ 8,638,954	$ 12,052,045
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation	4,701,316	2,486,613
Amortization	280,752	28,355
Equity method investment earnings, net of tax		(1,670,133)
Gain on re-valuation of equity method investment to fair value		(2,387,411)
(Gain) loss on sales of property and equipment	(133,159)	(133,639)
Equity-based compensation	1,940,631	1,903,884
Deferred income taxes	809,616	1,231,012
Provision for losses on doubtful accounts	(7,697)	83,000
Inventory allowance	442,603	688,902
Change in fair value of mandatorily redeemable non-controlling interest	864,684	705,392
Changes in assets and liabilities, net of effects of business acquisition:
Accounts receivable	(8,026,950)	(1,215,238)
Inventories	(12,294,118)	(4,674,292)
Prepaid and other current assets	(745,490)	(2,986,167)
Equity method investment distributions		1,095,467
Other assets	(569,683)	(728,596)
Accounts payable	10,360,228	1,313,711
Accrued expenses and accrued wages, salaries and bonuses	1,487,971	1,926,479
Other long-term liabilities	185,704	(690,693)
Income taxes payable and receivable	1,572,253	(1,890,449)
Net cash flows from (used in) operating activities	9,507,615	7,138,242
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(6,759,929)	(13,940,428)
Proceeds from sales of property and equipment	151,307	145,500
Principal payment received on note receivable		175,000
Cash acquired in business combination		7,958
Acquisition of Henry's (See Note 2)	(54,865,303)
Net cash flows from (used in) investing activities	(61,473,925)	(13,611,970)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	1,863,027,754	1,393,048,057
Repayments under revolving credit facilities	(1,810,914,231)	(1,381,508,745)
Proceeds from borrowings on long-term debt	7,000,000
Principal payments on long-term debt	(1,011,559)	(524,874)
Proceeds from exercise of stock options		173,590
Dividends on common stock	(3,423,089)	(3,331,606)
Settlement and withholdings of equity-based awards		(1,280,749)
Redemption and distributions to non-controlling interest	(2,405,128)	(20,600)
Net cash flows from (used in) financing activities	52,273,747	6,555,073
Net change in cash	307,437	81,345
Cash, beginning of period	431,576	519,591
Cash, end of period	739,013	600,936
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	5,824,144	1,201,073
Cash paid during the period for income taxes, net of refunds	1,780,000	5,468,488
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	1,622,224	123,801
Effect of business acquisition		23,308,624
Committed repurchase of treasury stock	404,876
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	9 Months Ended
	Jun. 30, 2023
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 31 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 17 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 6,800 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 products, 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 distribution 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 eight distribution centers located in Illinois, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.1 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellogg’s, Kraft Heinz, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. ​ As further described in Note 2, on February 3, 2023, the Company closed on its acquisition of Henry’s Foods, Inc. (“Henry’s”), purchasing substantially all of Henry’s operating assets for approximately $54.9 million. ​ 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 United States 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 17 retail health food stores as Chamberlin’s Natural Foods, Akin’s Natural Foods, and Earth Origins Market. These stores carry over 35,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise. ​ FINANCIAL STATEMENTS ​ The Company’s fiscal year ends on September 30 th ​ ACCOUNTING PRONOUNCEMENTS ​ Recent Accounting Pronouncements ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

ACQUISITION

ACQUISITION	9 Months Ended
	Jun. 30, 2022
ACQUISITION
ACQUISITION	2. ACQUISITION ​ On February 3, 2023, the Company, through its wholly owned subsidiary, LOL Foods, Inc., paid approximately $54.9 million in cash to acquire substantially all of the operating assets of Henry’s, a wholesale distributor to convenience stores and other retail formats operating in Minnesota, North Dakota, South Dakota, Iowa, and Wisconsin. In connection with the transaction, the Company also assumed certain operating liabilities totaling approximately $1.2 million, including approximately $0.2 million of operating leases. The transaction was funded with borrowings from the Company’s existing bank group. Costs to effectuate the acquisition were not significant and were expensed as incurred. Strategically, the acquisition expands the Company’s footprint in the North Central portion of the United States and enhances the product and service offerings available to its customer base. ​ The Company paid cash consideration for the net acquired assets and their related values as of the acquisition date, measured in accordance with FASB Accounting Standards Codification (“ASC”) 805 – Business Combinations ​ The following purchase price allocation reflects the Company’s provisional (preliminary) estimates and analyses and is subject to change during the measurement period, which is generally one year from the acquisition date. During Q3 2023, certain non-contingent components of the total purchase price were updated, which resulted in a reduction of the total purchase price by approximately $0.1 million. This reduction was recorded as an adjustment to goodwill. All amounts are provisional and incomplete at the reporting date and may change materially in subsequent reporting periods during the measurement period while additional information is obtained, particularly as it relates to certain accounts receivable, property and equipment, inventory, other intangible assets and certain liability balances while final appraisal and valuation work is completed. Accordingly, any changes to the Company’s provisional recording of the transaction may materially impact its financial statements, including but not limited to its consolidated balance sheets, statements of operations, shareholders’ equity and cash flows, and related disclosures. All assets acquired and operating liabilities assumed have been recorded as a component of our Wholesale Segment. ​ Provisional (preliminary) amounts of identifiable assets and liabilities assumed: ​ ​ ​ ​ ​ Accounts receivable ​ $ 8,237,652 Inventories ​ ​ 16,060,965 Prepaid and other assets ​ ​ 400,964 Property and equipment ​ ​ 27,216,323 Other intangible assets ​ ​ 3,607,000 Liabilities assumed ​ ​ (1,157,976) Total identifiable net assets ​ $ 54,364,928 ​ ​ ​ ​ Total identifiable net assets ​ $ 54,364,928 Goodwill ​ ​ 500,375 Consideration transferred ​ $ 54,865,303 ​ Accounts receivable were recorded at their fair value representing the amount we expect to collect, which also approximated the gross contractual values of such receivables at the acquisition date. Goodwill totaling approximately $0.5 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 expected to be deductible for tax purposes. ​ The provisional (preliminary) value of other intangible assets acquired consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-Date Useful Life Other Intangible Asset ​ Fair Value ​ (Years) Customer list ​ $ 2,010,000 ​ ​ 15 Non-competition agreement ​ ​ 95,000 ​ ​ 5 Trade name ​ ​ 1,502,000 ​ ​ 7 ​ ​ $ 3,607,000 ​ ​ ​ ​ The following table sets forth the unaudited supplemental financial data for Henry’s from the acquisition date through June 2023, which is included in the Company’s consolidated results for the nine months ended June 2023. ​ ​ ​ ​ ​ Revenue ​ $ 131,563,988 Net income available to common shareholders ​ $ 1,288,462 ​ ​ The following table presents unaudited supplemental pro forma information assuming the Company acquired Henry’s on October 1, 2021, in addition to holding a 64% interest in Team Sledd, LLC (“Team Sledd”) on October 1, 2021. These pro forma amounts do not purport to be indicative of the actual results that would have been obtained had the acquisitions occurred at that time. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 2023 For the three months ended June 2022 For the nine months ended June 2023 For the nine months ended June 2022 Revenue ​ $ 696,489,427 ​ $ 700,311,723 ​ $ 1,951,264,477 ​ $ 1,988,702,611 Net income available to common shareholders ​ $ 3,944,379 ​ $ 6,202,533 ​ $ 8,838,866 ​ $ 15,484,735 ​

INVENTORIES

INVENTORIES	9 Months Ended
	Jun. 30, 2023
INVENTORIES
INVENTORIES	3. INVENTORIES ​ Inventories in our Wholesale Segment consisted of finished goods and are stated at the lower of cost or net realizable value, utilizing FIFO and average cost methods. 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 $1.7 million at June 2023 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	9 Months Ended
	Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	4. GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill at June 2023 and September 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ ​ 2023 ​ 2022 Wholesale Segment ​ $ 5,778,325 ​ $ 5,277,950 ​ Other intangible assets at June 2023 and September 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ ​ 2023 ​ 2022 Customer lists (Wholesale Segment) (less accumulated amortization of $0.2 million at June 2023 and less than $0.1 million at September 2022) ​ $ 3,284,013 ​ $ 1,401,945 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.1 million at June 2023 and less than $0.1 million at September 2022) ​ ​ 222,753 ​ ​ 191,168 Tradename (Wholesale Segment) (less accumulated amortization of $0.1 million at June 2023) ​ ​ 1,412,595 ​ ​ — Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 5,419,361 ​ $ 2,093,113 ​ Goodwill and the trademarks and tradenames for our Retail Segment 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 $5.8 million and $5.3 million at June 2023 and September 2022, respectively. The Company performs its annual impairment testing during the fourth fiscal quarter of each year or as circumstances change or necessitate. There have been no material changes to the Company’s impairment assessments since its fiscal year ended September 2022. ​ At June 2023, identifiable intangible assets considered to have finite lives were represented by customer lists which are being amortized over 15 years , a non-competition agreement which is being amortized over three years , a non-competition agreement which is being amortized over five years , and a tradename in our Wholesale Segment that is being amortized over seven years . These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets was approximately $0.1 million and $0.3 million for the three and nine month periods ended June 2023, respectively. ​ Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at June 2023: ​ ​ ​ ​ ​ ​ June ​ 2023 Fiscal 2023 (1) ​ $ 134,425 Fiscal 2024 ​ ​ 537,701 Fiscal 2025 ​ ​ 506,869 Fiscal 2026 ​ ​ 463,703 Fiscal 2027 ​ ​ 463,703 Fiscal 2028 and thereafter ​ ​ 2,812,960 ​ ​ $ 4,919,361 (1) Represents amortization for the remaining three months of Fiscal 2023.

DIVIDENDS

DIVIDENDS	9 Months Ended
	Jun. 30, 2023
DIVIDENDS
DIVIDENDS	5. DIVIDENDS ​ The Company paid cash dividends on its common stock totaling $0.1 million and $3.4 million for the three and nine month periods ended June 2023, respectively, and $0.1 million and $3.3 million for the three and nine month periods ended June 2022, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jun. 30, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	6. EARNINGS PER SHARE ​ Basic earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the sum of the weighted average number of common shares outstanding and the weighted average dilutive equity awards. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June ​ ​ 2023 ​ 2022 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 585,625 ​ ​ 585,625 ​ ​ 569,689 ​ ​ 569,689 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 12,965 ​ ​ — ​ ​ 12,681 Weighted average number of shares outstanding ​ ​ 585,625 ​ ​ 598,590 ​ ​ 569,689 ​ ​ 582,370 Net income available to common shareholders ​ $ 3,944,379 ​ $ 3,944,379 ​ $ 6,044,808 ​ $ 6,044,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 6.74 ​ $ 6.59 ​ $ 10.61 ​ $ 10.38 ​ (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended June ​ ​ 2023 ​ 2022 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 584,359 ​ ​ 584,359 ​ ​ 567,026 ​ ​ 567,026 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 9,121 ​ ​ — ​ ​ 14,552 Weighted average number of shares outstanding ​ ​ 584,359 ​ ​ 593,480 ​ ​ 567,026 ​ ​ 581,578 Net income available to common shareholders ​ $ 8,638,954 ​ $ 8,638,954 ​ $ 12,052,045 ​ $ 12,052,045 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 14.78 ​ $ 14.56 ​ $ 21.25 ​ $ 20.72 ​ (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive .

DEBT

DEBT	9 Months Ended
	Jun. 30, 2023
DEBT
DEBT	7. DEBT ​ The Company primarily finances its operations through three credit facility agreements (the “AMCON Facility”, the “Team Sledd Facility” and the “Henry’s Facility”, and together, the “Facilities”) and long-term debt agreements with banks. ​ At June 2023, the Facilities had a total combined borrowing capacity of $300.0 million, including provisions for up to $30.0 million in credit advances for certain inventory purchases, which are limited by accounts receivable and inventory qualifications, and the value of certain real estate collateral. The Henry’s Facility matures in February 2026, the AMCON Facility matures in June 2027 and the Team Sledd Facility matures in March 2028, 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 certain real estate. The Facilities each feature an unused commitment fee and springing financial covenants. Borrowings under the Facilities bear interest at either the bank’s prime rate or the Secured Overnight Financing Rate (“SOFR”), plus any applicable spreads. ​ The amount available for use from the Facilities at any given time is subject to a number of factors, including eligible accounts receivable and inventory balances that fluctuate day-to-day, as well as the value of certain real estate collateral. Based on the collateral and loan limits as defined in the Facility agreements, the credit limit of the combined Facilities at June 2023 was $249.9 million, of which $143.4 million was outstanding, leaving $106.5 million available. ​ The average interest rate of the Facilities was 6.75% at June 2023. For the nine months ended June 2023, the peak borrowings under the Facilities was $159.7 million, and the average borrowings and average availability under the Facilities was $124.3 million and $83.8 million, respectively. ​ LONG-TERM DEBT ​ In addition to the Facilities, the Company also had the following long-term obligations at June 2023 and September 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ June 2023 September 2022 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 ​ ​ 852,642 ​ ​ 968,589 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 ​ ​ 5,280,076 ​ ​ 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 ​ ​ 1,927,167 ​ ​ 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 7.28% at June 2023, collateralized by certain of Team Sledd's equipment ​ ​ 312,040 ​ ​ 385,887 Note payable, interest payable at a fixed rate of 6.04% with monthly installments of principal and interest of $135,469 through February 2028, collateralized by certain of Henry's equipment ​ 6,596,085 ​ — ​ ​ 14,968,010 ​ 8,979,569 Less current maturities ​ (2,738,524) ​ (1,595,309) ​ ​ $ 12,229,486 ​ $ 7,384,260 ​ ​ 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) ​ $ 1,295,972 2024 ​ ​ 1,957,369 2025 ​ ​ 2,166,686 2026 ​ 2,073,198 2027 ​ ​ 2,187,857 2028 and thereafter ​ 5,286,928 ​ ​ $ 14,968,010 (1) ​ 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 June 2023. The Company was in compliance with all of its financial covenants under the Facilities at June 2023. ​ 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	9 Months Ended
	Jun. 30, 2023
INCOME TAXES
INCOME TAXES	8. INCOME TAXES ​ The change in the Company’s effective income tax rate for the three and nine month periods ended June 2023 as compared to the respective prior year periods, was primarily related to non-deductible compensation expense in relation to the amount of income from operations before income tax expense and higher effective state income tax rates between the comparative periods.

MANDATORILY REDEEMABLE NON-CONT

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST	9 Months Ended
	Jun. 30, 2023
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST	9. MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST ​ Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s condensed consolidated balance sheet represents the non-controlling interest in the Company’s strategic investment in Team Sledd. Financial Instruments ​ ​ ​ ​ ​ Fair value of MRNCI as of September 2022 $ 11,158,555 Redemption of non-controlling interests ​ ​ (1,812,558) Distributions to non-controlling interest ​ ​ (592,570) Change in fair value ​ ​ 864,684 Fair value of MRNCI as of June 2023 ​ $ 9,618,111 Less current portion at fair value ​ ​ (1,641,612) ​ ​ $ 7,976,499 ​

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
	Jun. 30, 2023
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 Henry’s (the Wholesale Segment), and the retail sale of health and natural food products (the Retail Segment). 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. Certain amounts in prior periods have been reclassified to conform with the current presentation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 429,431,319 ​ $ — ​ $ — ​ $ 429,431,319 Tobacco ​ ​ 124,894,734 ​ ​ — ​ ​ — ​ ​ 124,894,734 Confectionery ​ ​ 46,624,371 ​ ​ — ​ ​ — ​ ​ 46,624,371 Health food ​ ​ — ​ ​ 10,745,108 ​ ​ — ​ ​ 10,745,108 Foodservice & other ​ ​ 84,793,895 ​ ​ — ​ ​ — ​ ​ 84,793,895 Total external revenue ​ ​ 685,744,319 ​ ​ 10,745,108 ​ ​ — ​ ​ 696,489,427 Depreciation ​ ​ 1,690,452 ​ ​ 278,552 ​ ​ — ​ ​ 1,969,004 Amortization ​ ​ 134,425 ​ ​ — ​ ​ — ​ ​ 134,425 Operating income (loss) ​ ​ 11,772,692 ​ ​ (297,795) ​ ​ (3,564,070) ​ ​ 7,910,827 Interest expense ​ ​ — ​ ​ — ​ ​ 2,385,842 ​ ​ 2,385,842 Income (loss) from operations before taxes ​ ​ 11,148,619 ​ ​ 559,473 ​ ​ (5,949,913) ​ ​ 5,758,179 Total assets ​ ​ 349,564,773 ​ ​ 18,008,597 ​ ​ 1,133,985 ​ ​ 368,707,355 Capital expenditures ​ ​ 5,082,997 ​ ​ 405,694 ​ ​ — ​ ​ 5,488,691 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 364,771,496 ​ $ — ​ $ — ​ $ 364,771,496 Tobacco ​ ​ 93,957,495 ​ ​ — ​ ​ — ​ ​ 93,957,495 Confectionery ​ ​ 32,541,090 ​ ​ — ​ ​ — ​ ​ 32,541,090 Health food ​ ​ — ​ ​ 11,350,797 ​ ​ — ​ ​ 11,350,797 Foodservice & other ​ ​ 47,963,274 ​ ​ — ​ ​ — ​ ​ 47,963,274 Total external revenue ​ ​ 539,233,355 ​ ​ 11,350,797 ​ ​ — ​ ​ 550,584,152 Depreciation ​ ​ 602,770 ​ ​ 281,376 ​ ​ — ​ ​ 884,146 Amortization ​ ​ 28,355 ​ ​ — ​ ​ — ​ ​ 28,355 Operating income (loss) ​ ​ 9,432,660 ​ ​ 241,225 ​ ​ (2,772,099) ​ ​ 6,901,786 Interest expense ​ ​ — ​ ​ — ​ ​ 655,811 ​ ​ 655,811 Income (loss) from operations before taxes ​ ​ 8,732,244 ​ ​ 256,392 ​ ​ (1,030,801) ​ ​ 7,957,835 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 307,973 ​ ​ 307,973 Total assets ​ ​ 278,824,259 ​ ​ 18,656,853 ​ ​ 814,291 ​ ​ 298,295,403 Capital expenditures ​ ​ 12,074,922 ​ ​ 985,835 ​ ​ — ​ ​ 13,060,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,161,352,954 ​ $ — ​ $ — ​ $ 1,161,352,954 Tobacco ​ ​ 339,356,268 ​ ​ — ​ ​ — ​ ​ 339,356,268 Confectionery ​ ​ 115,820,426 ​ ​ — ​ ​ — ​ ​ 115,820,426 Health food ​ ​ — ​ ​ 32,354,992 ​ ​ — ​ ​ 32,354,992 Foodservice & other ​ ​ 198,588,142 ​ ​ — ​ ​ — ​ ​ 198,588,142 Total external revenue ​ ​ 1,815,117,790 ​ ​ 32,354,992 ​ ​ — ​ ​ 1,847,472,782 Depreciation ​ ​ 3,884,128 ​ ​ 817,188 ​ ​ — ​ ​ 4,701,316 Amortization ​ ​ 280,752 ​ ​ — ​ ​ — ​ ​ 280,752 Operating income (loss) ​ ​ 28,934,860 ​ ​ (392,963) ​ ​ (9,783,740) ​ ​ 18,758,157 Interest expense ​ ​ — ​ ​ — ​ ​ 6,249,540 ​ ​ 6,249,540 Income (loss) from operations before taxes ​ ​ 28,321,283 ​ ​ 514,952 ​ ​ (16,033,281) ​ ​ 12,802,954 Total assets ​ ​ 349,564,773 ​ ​ 18,008,597 ​ ​ 1,133,985 ​ ​ 368,707,355 Capital expenditures ​ ​ 7,499,029 ​ ​ 791,468 ​ ​ — ​ ​ 8,290,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 900,677,466 ​ $ — ​ $ — ​ $ 900,677,466 Tobacco ​ ​ 229,765,009 ​ ​ — ​ ​ — ​ ​ 229,765,009 Confectionery ​ ​ 79,691,881 ​ ​ — ​ ​ — ​ ​ 79,691,881 Health food ​ ​ — ​ ​ 35,695,298 ​ ​ — ​ ​ 35,695,298 Foodservice & other ​ ​ 119,213,967 ​ ​ — ​ ​ — ​ ​ 119,213,967 Total external revenue ​ ​ 1,329,348,323 ​ ​ 35,695,298 ​ ​ — ​ ​ 1,365,043,621 Depreciation ​ ​ 1,589,102 ​ ​ 897,511 ​ ​ — ​ ​ 2,486,613 Amortization ​ ​ 28,355 ​ ​ — ​ ​ — ​ ​ 28,355 Operating income (loss) ​ ​ 23,174,638 ​ ​ 1,448,878 ​ ​ (10,020,703) ​ ​ 14,602,813 Interest expense ​ ​ — ​ ​ — ​ ​ 1,222,829 ​ ​ 1,222,829 Income (loss) from operations before taxes ​ ​ 22,513,900 ​ ​ 1,469,705 ​ ​ (8,790,693) ​ ​ 15,192,912 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,670,133 ​ ​ 1,670,133 Total assets ​ ​ 278,824,259 ​ ​ 18,656,853 ​ ​ 814,291 ​ ​ 298,295,403 Capital expenditures ​ ​ 12,718,606 ​ ​ 1,217,373 ​ ​ — ​ ​ 13,935,979 ​ ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Jun. 30, 2023
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 31 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 17 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 6,800 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 products, 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 distribution 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 eight distribution centers located in Illinois, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.1 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellogg’s, Kraft Heinz, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. ​ As further described in Note 2, on February 3, 2023, the Company closed on its acquisition of Henry’s Foods, Inc. (“Henry’s”), purchasing substantially all of Henry’s operating assets for approximately $54.9 million. ​ 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 United States 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 17 retail health food stores as Chamberlin’s Natural Foods, Akin’s Natural Foods, and Earth Origins Market. These stores carry over 35,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise.
FINANCIAL STATEMENTS	FINANCIAL STATEMENTS ​ The Company’s fiscal year ends on September 30 th
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS ​ Recent Accounting Pronouncements ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

ACQUISITION (Tables)

ACQUISITION (Tables)	9 Months Ended
	Jun. 30, 2023
ACQUISITION
Schedule of identifiable assets and liabilities assumed	​ ​ ​ ​ ​ Accounts receivable ​ $ 8,237,652 Inventories ​ ​ 16,060,965 Prepaid and other assets ​ ​ 400,964 Property and equipment ​ ​ 27,216,323 Other intangible assets ​ ​ 3,607,000 Liabilities assumed ​ ​ (1,157,976) Total identifiable net assets ​ $ 54,364,928 ​ ​ ​ ​ Total identifiable net assets ​ $ 54,364,928 Goodwill ​ ​ 500,375 Consideration transferred ​ $ 54,865,303
Schedule of other intangible assets acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-Date Useful Life Other Intangible Asset ​ Fair Value ​ (Years) Customer list ​ $ 2,010,000 ​ ​ 15 Non-competition agreement ​ ​ 95,000 ​ ​ 5 Trade name ​ ​ 1,502,000 ​ ​ 7 ​ ​ $ 3,607,000 ​ ​ ​
Schedule of unaudited supplemental financial data	The following table sets forth the unaudited supplemental financial data for Henry’s from the acquisition date through June 2023, which is included in the Company’s consolidated results for the nine months ended June 2023. ​ ​ ​ ​ ​ Revenue ​ $ 131,563,988 Net income available to common shareholders ​ $ 1,288,462
Schedule of unaudited supplemental pro forma information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 2023 For the three months ended June 2022 For the nine months ended June 2023 For the nine months ended June 2022 Revenue ​ $ 696,489,427 ​ $ 700,311,723 ​ $ 1,951,264,477 ​ $ 1,988,702,611 Net income available to common shareholders ​ $ 3,944,379 ​ $ 6,202,533 ​ $ 8,838,866 ​ $ 15,484,735

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ ​ 2023 ​ 2022 Wholesale Segment ​ $ 5,778,325 ​ $ 5,277,950
Schedule of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June September ​ ​ 2023 ​ 2022 Customer lists (Wholesale Segment) (less accumulated amortization of $0.2 million at June 2023 and less than $0.1 million at September 2022) ​ $ 3,284,013 ​ $ 1,401,945 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.1 million at June 2023 and less than $0.1 million at September 2022) ​ ​ 222,753 ​ ​ 191,168 Tradename (Wholesale Segment) (less accumulated amortization of $0.1 million at June 2023) ​ ​ 1,412,595 ​ ​ — Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 5,419,361 ​ $ 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 June 2023: ​ ​ ​ ​ ​ ​ June ​ 2023 Fiscal 2023 (1) ​ $ 134,425 Fiscal 2024 ​ ​ 537,701 Fiscal 2025 ​ ​ 506,869 Fiscal 2026 ​ ​ 463,703 Fiscal 2027 ​ ​ 463,703 Fiscal 2028 and thereafter ​ ​ 2,812,960 ​ ​ $ 4,919,361 (1) Represents amortization for the remaining three months of Fiscal 2023.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jun. 30, 2023
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June ​ ​ 2023 ​ 2022 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 585,625 ​ ​ 585,625 ​ ​ 569,689 ​ ​ 569,689 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 12,965 ​ ​ — ​ ​ 12,681 Weighted average number of shares outstanding ​ ​ 585,625 ​ ​ 598,590 ​ ​ 569,689 ​ ​ 582,370 Net income available to common shareholders ​ $ 3,944,379 ​ $ 3,944,379 ​ $ 6,044,808 ​ $ 6,044,808 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 6.74 ​ $ 6.59 ​ $ 10.61 ​ $ 10.38 ​ (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended June ​ ​ 2023 ​ 2022 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 584,359 ​ ​ 584,359 ​ ​ 567,026 ​ ​ 567,026 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 9,121 ​ ​ — ​ ​ 14,552 Weighted average number of shares outstanding ​ ​ 584,359 ​ ​ 593,480 ​ ​ 567,026 ​ ​ 581,578 Net income available to common shareholders ​ $ 8,638,954 ​ $ 8,638,954 ​ $ 12,052,045 ​ $ 12,052,045 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 14.78 ​ $ 14.56 ​ $ 21.25 ​ $ 20.72 ​ (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive .

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Jun. 30, 2023
DEBT
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ June 2023 September 2022 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 ​ ​ 852,642 ​ ​ 968,589 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 ​ ​ 5,280,076 ​ ​ 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 ​ ​ 1,927,167 ​ ​ 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 7.28% at June 2023, collateralized by certain of Team Sledd's equipment ​ ​ 312,040 ​ ​ 385,887 Note payable, interest payable at a fixed rate of 6.04% with monthly installments of principal and interest of $135,469 through February 2028, collateralized by certain of Henry's equipment ​ 6,596,085 ​ — ​ ​ 14,968,010 ​ 8,979,569 Less current maturities ​ (2,738,524) ​ (1,595,309) ​ ​ $ 12,229,486 ​ $ 7,384,260 ​
Schedule of minimum principal maturities of the long-term debt	​ ​ ​ ​ ​ Fiscal Year Ending ​ ​ 2023 (1) ​ $ 1,295,972 2024 ​ ​ 1,957,369 2025 ​ ​ 2,166,686 2026 ​ 2,073,198 2027 ​ ​ 2,187,857 2028 and thereafter ​ 5,286,928 ​ ​ $ 14,968,010 (1)

MANDATORILY REDEEMABLE NON-CO_2

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST (Tables)	9 Months Ended
	Jun. 30, 2023
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST
Schedule of mandatorily redeemable non-controlling interest	​ ​ ​ ​ ​ Fair value of MRNCI as of September 2022 $ 11,158,555 Redemption of non-controlling interests ​ ​ (1,812,558) Distributions to non-controlling interest ​ ​ (592,570) Change in fair value ​ ​ 864,684 Fair value of MRNCI as of June 2023 ​ $ 9,618,111 Less current portion at fair value ​ ​ (1,641,612) ​ ​ $ 7,976,499

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	Jun. 30, 2023
BUSINESS SEGMENTS
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 429,431,319 ​ $ — ​ $ — ​ $ 429,431,319 Tobacco ​ ​ 124,894,734 ​ ​ — ​ ​ — ​ ​ 124,894,734 Confectionery ​ ​ 46,624,371 ​ ​ — ​ ​ — ​ ​ 46,624,371 Health food ​ ​ — ​ ​ 10,745,108 ​ ​ — ​ ​ 10,745,108 Foodservice & other ​ ​ 84,793,895 ​ ​ — ​ ​ — ​ ​ 84,793,895 Total external revenue ​ ​ 685,744,319 ​ ​ 10,745,108 ​ ​ — ​ ​ 696,489,427 Depreciation ​ ​ 1,690,452 ​ ​ 278,552 ​ ​ — ​ ​ 1,969,004 Amortization ​ ​ 134,425 ​ ​ — ​ ​ — ​ ​ 134,425 Operating income (loss) ​ ​ 11,772,692 ​ ​ (297,795) ​ ​ (3,564,070) ​ ​ 7,910,827 Interest expense ​ ​ — ​ ​ — ​ ​ 2,385,842 ​ ​ 2,385,842 Income (loss) from operations before taxes ​ ​ 11,148,619 ​ ​ 559,473 ​ ​ (5,949,913) ​ ​ 5,758,179 Total assets ​ ​ 349,564,773 ​ ​ 18,008,597 ​ ​ 1,133,985 ​ ​ 368,707,355 Capital expenditures ​ ​ 5,082,997 ​ ​ 405,694 ​ ​ — ​ ​ 5,488,691 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 364,771,496 ​ $ — ​ $ — ​ $ 364,771,496 Tobacco ​ ​ 93,957,495 ​ ​ — ​ ​ — ​ ​ 93,957,495 Confectionery ​ ​ 32,541,090 ​ ​ — ​ ​ — ​ ​ 32,541,090 Health food ​ ​ — ​ ​ 11,350,797 ​ ​ — ​ ​ 11,350,797 Foodservice & other ​ ​ 47,963,274 ​ ​ — ​ ​ — ​ ​ 47,963,274 Total external revenue ​ ​ 539,233,355 ​ ​ 11,350,797 ​ ​ — ​ ​ 550,584,152 Depreciation ​ ​ 602,770 ​ ​ 281,376 ​ ​ — ​ ​ 884,146 Amortization ​ ​ 28,355 ​ ​ — ​ ​ — ​ ​ 28,355 Operating income (loss) ​ ​ 9,432,660 ​ ​ 241,225 ​ ​ (2,772,099) ​ ​ 6,901,786 Interest expense ​ ​ — ​ ​ — ​ ​ 655,811 ​ ​ 655,811 Income (loss) from operations before taxes ​ ​ 8,732,244 ​ ​ 256,392 ​ ​ (1,030,801) ​ ​ 7,957,835 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 307,973 ​ ​ 307,973 Total assets ​ ​ 278,824,259 ​ ​ 18,656,853 ​ ​ 814,291 ​ ​ 298,295,403 Capital expenditures ​ ​ 12,074,922 ​ ​ 985,835 ​ ​ — ​ ​ 13,060,757 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,161,352,954 ​ $ — ​ $ — ​ $ 1,161,352,954 Tobacco ​ ​ 339,356,268 ​ ​ — ​ ​ — ​ ​ 339,356,268 Confectionery ​ ​ 115,820,426 ​ ​ — ​ ​ — ​ ​ 115,820,426 Health food ​ ​ — ​ ​ 32,354,992 ​ ​ — ​ ​ 32,354,992 Foodservice & other ​ ​ 198,588,142 ​ ​ — ​ ​ — ​ ​ 198,588,142 Total external revenue ​ ​ 1,815,117,790 ​ ​ 32,354,992 ​ ​ — ​ ​ 1,847,472,782 Depreciation ​ ​ 3,884,128 ​ ​ 817,188 ​ ​ — ​ ​ 4,701,316 Amortization ​ ​ 280,752 ​ ​ — ​ ​ — ​ ​ 280,752 Operating income (loss) ​ ​ 28,934,860 ​ ​ (392,963) ​ ​ (9,783,740) ​ ​ 18,758,157 Interest expense ​ ​ — ​ ​ — ​ ​ 6,249,540 ​ ​ 6,249,540 Income (loss) from operations before taxes ​ ​ 28,321,283 ​ ​ 514,952 ​ ​ (16,033,281) ​ ​ 12,802,954 Total assets ​ ​ 349,564,773 ​ ​ 18,008,597 ​ ​ 1,133,985 ​ ​ 368,707,355 Capital expenditures ​ ​ 7,499,029 ​ ​ 791,468 ​ ​ — ​ ​ 8,290,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated NINE MONTHS ENDED JUNE 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 900,677,466 ​ $ — ​ $ — ​ $ 900,677,466 Tobacco ​ ​ 229,765,009 ​ ​ — ​ ​ — ​ ​ 229,765,009 Confectionery ​ ​ 79,691,881 ​ ​ — ​ ​ — ​ ​ 79,691,881 Health food ​ ​ — ​ ​ 35,695,298 ​ ​ — ​ ​ 35,695,298 Foodservice & other ​ ​ 119,213,967 ​ ​ — ​ ​ — ​ ​ 119,213,967 Total external revenue ​ ​ 1,329,348,323 ​ ​ 35,695,298 ​ ​ — ​ ​ 1,365,043,621 Depreciation ​ ​ 1,589,102 ​ ​ 897,511 ​ ​ — ​ ​ 2,486,613 Amortization ​ ​ 28,355 ​ ​ — ​ ​ — ​ ​ 28,355 Operating income (loss) ​ ​ 23,174,638 ​ ​ 1,448,878 ​ ​ (10,020,703) ​ ​ 14,602,813 Interest expense ​ ​ — ​ ​ — ​ ​ 1,222,829 ​ ​ 1,222,829 Income (loss) from operations before taxes ​ ​ 22,513,900 ​ ​ 1,469,705 ​ ​ (8,790,693) ​ ​ 15,192,912 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,670,133 ​ ​ 1,670,133 Total assets ​ ​ 278,824,259 ​ ​ 18,656,853 ​ ​ 814,291 ​ ​ 298,295,403 Capital expenditures ​ ​ 12,718,606 ​ ​ 1,217,373 ​ ​ — ​ ​ 13,935,979 ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details) ft² in Millions, $ in Millions		1 Months Ended	9 Months Ended
	Feb. 03, 2023 USD ($)	Dec. 31, 2022 item	Jun. 30, 2023 ft² state item segment
Number of business segments | segment			2
Henry's
Payments to acquire stores | $	$ 54.9
Wholesale Segment
Number of states served | state			31
Number of retail outlets served			6,800
Number of products sold or distributed			17,000
Rank assigned by Convenience Store News		6
Number of distribution centers			8
Floor space occupied by distribution centers (in square feet) | ft²			1.1
Retail Segment
Number of operating health food retail stores			17
Number of products sold or distributed			35,000

ACQUISITION - Additional Inform

ACQUISITION - Additional Information (Details) - USD ($)		3 Months Ended	9 Months Ended
	Feb. 03, 2023	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Oct. 01, 2021
EQUITY METHOD INVESTMENT
Goodwill		$ 5,778,325		$ 5,277,950
Remeasurement gain			$ 2,387,411
Henry's
EQUITY METHOD INVESTMENT
Payment to acquire	$ 54,900,000
Liabilities assumed	1,157,976
Operating leases	200,000
Reduction of the total purchase price recorded as an adjustment to goodwill		$ (100,000)
Goodwill	$ 500,375
Team Sledd
EQUITY METHOD INVESTMENT
Controlling interest (as a percent)		64%		56%	64%

ACQUISITION - Identifiable Asse

ACQUISITION - Identifiable Assets and Liabilities and Goodwill (Details) - USD ($)	Jun. 30, 2023	Feb. 03, 2023	Sep. 30, 2022
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Goodwill	$ 5,778,325		$ 5,277,950
Henry's
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Accounts receivable		$ 8,237,652
Inventories		16,060,965
Prepaid and other assets		400,964
Property and equipment		27,216,323
Other intangible assets		3,607,000
Liabilities assumed		(1,157,976)
Total identifiable net assets		54,364,928
Goodwill		500,375
Consideration transferred		$ 54,865,303

ACQUISITION - Other Intangible

ACQUISITION - Other Intangible Asset Acquired (Details) - Henry's	Feb. 03, 2023 USD ($)
Intangible assets
Acquisition-Date Fair Value	$ 3,607,000
Customer lists
Intangible assets
Acquisition-Date Fair Value	$ 2,010,000
Useful Life (Years)	15 years
Non-competition agreements
Intangible assets
Acquisition-Date Fair Value	$ 95,000
Useful Life (Years)	5 years
Trade Names
Intangible assets
Acquisition-Date Fair Value	$ 1,502,000
Useful Life (Years)	7 years

ACQUISITION - Unaudited Supplem

ACQUISITION - Unaudited Supplemental Financial Data (Details) - Henry's	5 Months Ended
	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Revenue	$ 131,563,988
Net income available to common shareholders	$ 1,288,462

ACQUISITION - Unaudited Suppl_2

ACQUISITION - Unaudited Supplemental Pro Forma Information (Details) - Henry's - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Revenue	$ 696,489,427	$ 700,311,723	$ 1,951,264,477	$ 1,988,702,611
Net income available to common shareholders	$ 3,944,379	$ 6,202,533	$ 8,838,866	$ 15,484,735

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
INVENTORIES
Total reserves on finished goods	$ 1.7	$ 1.1

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Goodwill by reporting segment
Goodwill	$ 5,778,325	$ 5,277,950
Wholesale Segment
Goodwill by reporting segment
Goodwill	$ 5,778,325	$ 5,277,950

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Other intangible assets, net	$ 5,419,361	$ 2,093,113
Trademarks and tradenames | Retail Segment
Other intangible assets, net	500,000	500,000
Customer lists | Wholesale Segment
Other intangible assets, net	3,284,013	1,401,945
Accumulated amortization	200,000
Customer lists | Wholesale Segment | Maximum
Accumulated amortization		100,000
Non-competition agreements | Wholesale Segment
Other intangible assets, net	222,753	191,168
Accumulated amortization	100,000
Non-competition agreements | Wholesale Segment | Maximum
Accumulated amortization		$ 100,000
Tradename | Wholesale Segment
Other intangible assets, net	1,412,595
Accumulated amortization	$ 100,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Sep. 30, 2022
Goodwill	$ 5,778,325	$ 5,778,325	$ 5,277,950
Amortization expense related to finite-lived intangible assets	100,000	$ 300,000
Customer lists
Amortization period (in years)		15 years
Non-competition agreements | Minimum
Amortization period (in years)		3 years
Non-competition agreements | Maximum
Amortization period (in years)		5 years
Wholesale Segment
Goodwill	$ 5,778,325	$ 5,778,325	$ 5,277,950
Wholesale Segment | Tradename
Amortization period (in years)		7 years

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details)	Jun. 30, 2023 USD ($)
Estimated future amortization expense related to identifiable intangible assets with finite lives
Fiscal 2023	$ 134,425
Fiscal 2024	537,701
Fiscal 2025	506,869
Fiscal 2026	463,703
Fiscal 2027	463,703
Fiscal 2028 and thereafter	2,812,960
Total	$ 4,919,361

DIVIDENDS (Details)

DIVIDENDS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
DIVIDENDS
Dividend paid	$ 100,000	$ 100,000	$ 3,423,089	$ 3,331,606

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	585,625	569,689	584,359	567,026
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock	12,965	12,681	9,121	14,552
Weighted average number of shares outstanding, Diluted	598,590	582,370	593,480	581,578
Net income available to common shareholders, Basic	$ 3,944,379	$ 6,044,808	$ 8,638,954	$ 12,052,045
Net income available to common shareholders, Diluted	$ 3,944,379	$ 6,044,808	$ 8,638,954	$ 12,052,045
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 6.74	$ 10.61	$ 14.78	$ 21.25
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 6.59	$ 10.38	$ 14.56	$ 20.72

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Millions	9 Months Ended
	Jun. 30, 2023 USD ($) item	Mar. 31, 2023 USD ($)
Revolving credit facility
Number of credit facility agreements | item	3
Facilities
Revolving credit facility
Borrowing capacity	$ 300
Maximum credit advances for certain inventory purchases under the facilities	30
Credit limit	249.9
Outstanding borrowings	143.4
Credit available	$ 106.5
Average interest rate	6.75%
Peak borrowings	$ 159.7
Average borrowings	124.3
Average availability	83.8
Team Sledd Facility
Revolving credit facility
Borrowing capacity	$ 80	$ 70

DEBT - Long-Term Debt (Details)

DEBT - Long-Term Debt (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Long-term obligations
Long-term debt	$ 14,968,010	$ 8,979,569
Less current maturities	(2,738,524)	(1,595,309)
Long-term debt less current maturities	12,229,486	7,384,260
4.50% Unsecured Note Payable
Long-term obligations
Long-term debt	$ 852,642	$ 968,589
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	$ 5,280,076	$ 5,572,766
Fixed interest rate (as a percent)	4.10%	4.10%
Periodic installments of principal and interest	$ 53,361	$ 53,361
3.25% Note Payable
Long-term obligations
Long-term debt	$ 1,927,167	$ 2,052,327
Fixed interest rate (as a percent)	3.25%	3.25%
Periodic installments of principal and interest	$ 17,016	$ 17,016
7.28% Note payable
Long-term obligations
Long-term debt	312,040	385,887
Periodic installments of principal and interest	$ 7,934	$ 7,934
Variable rate	7.28%
6.04% Note Payable
Long-term obligations
Long-term debt	$ 6,596,085
Fixed interest rate (as a percent)	6.04%
Periodic installments of principal and interest	$ 135,469

DEBT - Aggregate Minimum Princi

DEBT - Aggregate Minimum Principal Maturities (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Minimum principal maturities
2023	$ 1,295,972
2024	1,957,369
2025	2,166,686
2026	2,073,198
2027	2,187,857
2028 and thereafter	5,286,928
Long-term debt	$ 14,968,010	$ 8,979,569

DEBT - Cross Default and Co-Ter

DEBT - Cross Default and Co-Terminus Provisions and Other (Details) $ in Millions	9 Months Ended
	Jun. 30, 2023 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		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Oct. 01, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Difference between the contractual amount due and the fair value	$ 700,000		$ 700,000
Fair value of MRNCI as of September 2022			11,158,555
Redemption of non-controlling interests			(1,812,558)
Distributions to non-controlling interest			(592,570)
Change in fair value	698,571	$ 705,392	864,684	$ 705,392
Fair value of MRNCI as of June 2023	9,618,111		9,618,111
Less current portion at fair value	(1,641,612)		(1,641,612)		$ (1,712,095)
Noncurrent portion at fair value	$ 7,976,499		$ 7,976,499
Team Sledd
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest own (as a percent)	64%		64%		56%	64%

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Information by business segments
Number of reportable business segments | segment			2
Total external revenue	$ 696,489,427	$ 550,584,152	$ 1,847,472,782	$ 1,365,043,621
Depreciation	1,969,004	884,146	4,701,316	2,486,613
Amortization	134,425	28,355	280,752	28,355
Operating income (loss)	7,910,827	6,901,786	18,758,157	14,602,813
Interest expense	2,385,842	655,811	6,249,540	1,222,829
Income (loss) from operations before taxes	5,758,179	7,957,835	12,802,954	15,192,912
Equity method investment earnings, net of tax		307,973		1,670,133
Total assets	368,707,355	298,295,403	368,707,355	298,295,403	$ 289,124,527
Capital expenditures	5,488,691	13,060,757	8,290,497	13,935,979
Cigarettes
Information by business segments
Total external revenue	429,431,319	364,771,496	1,161,352,954	900,677,466
Tobacco
Information by business segments
Total external revenue	124,894,734	93,957,495	339,356,268	229,765,009
Confectionery
Information by business segments
Total external revenue	46,624,371	32,541,090	115,820,426	79,691,881
Health food
Information by business segments
Total external revenue	10,745,108	11,350,797	32,354,992	35,695,298
Foodservice & other
Information by business segments
Total external revenue	84,793,895	47,963,274	198,588,142	119,213,967
Other
Information by business segments
Operating income (loss)	(3,564,070)	(2,772,099)	(9,783,740)	(10,020,703)
Interest expense	2,385,842	655,811	6,249,540	1,222,829
Income (loss) from operations before taxes	(5,949,913)	(1,030,801)	(16,033,281)	(8,790,693)
Equity method investment earnings, net of tax		307,973		1,670,133
Total assets	1,133,985	814,291	1,133,985	814,291
Wholesale Segment | Segments
Information by business segments
Total external revenue	685,744,319	539,233,355	1,815,117,790	1,329,348,323
Depreciation	1,690,452	602,770	3,884,128	1,589,102
Amortization	134,425	28,355	280,752	28,355
Operating income (loss)	11,772,692	9,432,660	28,934,860	23,174,638
Income (loss) from operations before taxes	11,148,619	8,732,244	28,321,283	22,513,900
Total assets	349,564,773	278,824,259	349,564,773	278,824,259
Capital expenditures	5,082,997	12,074,922	7,499,029	12,718,606
Wholesale Segment | Segments | Cigarettes
Information by business segments
Total external revenue	429,431,319	364,771,496	1,161,352,954	900,677,466
Wholesale Segment | Segments | Tobacco
Information by business segments
Total external revenue	124,894,734	93,957,495	339,356,268	229,765,009
Wholesale Segment | Segments | Confectionery
Information by business segments
Total external revenue	46,624,371	32,541,090	115,820,426	79,691,881
Wholesale Segment | Segments | Foodservice & other
Information by business segments
Total external revenue	84,793,895	47,963,274	198,588,142	119,213,967
Retail Segment | Segments
Information by business segments
Total external revenue	10,745,108	11,350,797	32,354,992	35,695,298
Depreciation	278,552	281,376	817,188	897,511
Operating income (loss)	(297,795)	241,225	(392,963)	1,448,878
Income (loss) from operations before taxes	559,473	256,392	514,952	1,469,705
Total assets	18,008,597	18,656,853	18,008,597	18,656,853
Capital expenditures	405,694	985,835	791,468	1,217,373
Retail Segment | Segments | Health food
Information by business segments
Total external revenue	$ 10,745,108	$ 11,350,797	$ 32,354,992	$ 35,695,298