AMCON Distributing (DIT) 10-Q 18 Jan 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2023	Jan. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Securities Act 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		630,362
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Sep. 30, 2023
Current assets:
Cash	$ 996,695	$ 790,931
Accounts receivable, less allowance for credit losses of $2.3 million at December 2023 and $2.4 million at September 2023	68,822,905	70,878,420
Inventories, net	158,167,362	158,582,816
Income taxes receivable	1,517,687	1,854,484
Prepaid expenses and other current assets	13,926,848	13,564,056
Total current assets	243,431,497	245,670,707
Property and equipment, net	81,730,692	80,607,451
Operating lease right-of-use assets, net	23,345,042	23,173,287
Goodwill	5,778,325	5,778,325
Other intangible assets, net	5,150,510	5,284,935
Other assets	2,936,861	2,914,495
Total assets	362,372,927	363,429,200
Current liabilities:
Accounts payable	44,059,086	43,099,326
Accrued expenses	13,788,439	14,922,279
Accrued wages, salaries and bonuses	5,160,357	8,886,529
Current operating lease liabilities	6,019,749	6,063,048
Current maturities of long-term debt	1,972,096	1,955,065
Current mandatorily redeemable non-controlling interest	1,757,236	1,703,604
Total current liabilities	72,756,963	76,629,851
Credit facilities	140,073,953	140,437,989
Deferred income tax liability, net	5,385,163	4,917,960
Long-term operating lease liabilities	17,646,454	17,408,758
Long-term debt, less current maturities	11,167,890	11,675,439
Mandatorily redeemable non-controlling interest, less current portion	7,933,339	7,787,227
Other long-term liabilities	523,157	402,882
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 630,362 shares outstanding at December 2023 and 608,689 shares outstanding at September 2023	9,648	9,431
Additional paid-in capital	32,521,091	30,585,388
Retained earnings	105,627,432	104,846,438
Treasury stock at cost	(31,272,163)	(31,272,163)
Total shareholders' equity	106,886,008	104,169,094
Total liabilities and shareholders' equity	$ 362,372,927	$ 363,429,200

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 2.3	$ 2.4
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)	630,362	608,689

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Operations - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Consolidated Unaudited Statements of Operations
Sales (including excise taxes of $138.1 million and $130.3 million, respectively)	$ 644,959,073	$ 565,989,507
Cost of sales	601,658,151	531,019,924
Gross profit	43,300,922	34,969,583
Selling, general and administrative expenses	37,258,677	28,379,186
Depreciation and amortization	2,219,168	1,070,886
Total operating expenses	39,477,845	29,450,072
Operating income	3,823,077	5,519,511
Other expense (income):
Interest expense	2,311,513	1,694,158
Change in fair value of mandatorily redeemable non-controlling interest	199,744	(54,916)
Other (income), net	(563,141)	(53,532)
Total other expenses (income)	1,948,116	1,585,710
Income from operations before income taxes	1,874,961	3,933,801
Income tax expense	804,000	1,304,800
Net income available to common shareholders	$ 1,070,961	$ 2,629,001
Basic earnings per share available to common shareholders	$ 1.80	$ 4.52
Diluted earnings per share available to common shareholders	$ 1.78	$ 4.46
Basic weighted average shares outstanding	595,623	581,612
Diluted weighted average shares outstanding	603,300	589,881
Dividends paid per common share	$ 0.18	$ 0.18

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Consolidated Unaudited Statements of Operations
Sales, excise taxes	$ 138.1	$ 130.3

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, 2022	$ 9,168	$ (30,867,287)	$ 26,903,201	$ 96,784,353	$ 92,829,435
Balance (in shares) at Sep. 30, 2022	917,009
Balance (in shares) at Sep. 30, 2022		(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,200,650)	(3,200,650)
Compensation expense related to equity-based awards	$ 263		2,453,953		2,454,216
Compensation expense related to 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
Balance (in shares) at Dec. 31, 2022		(332,220)
Balance at Sep. 30, 2023	$ 9,431	$ (31,272,163)	30,585,388	104,846,438	$ 104,169,094
Balance (in shares) at Sep. 30, 2023	943,272				608,689
Balance (in shares) at Sep. 30, 2023		(334,583)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(289,967)	$ (289,967)
Compensation expense related to equity-based awards	$ 217		1,935,703		1,935,920
Compensation expense related to equity-based awards (in shares)	21,673
Net income available to common shareholders				1,070,961	1,070,961
Balance at Dec. 31, 2023	$ 9,648	$ (31,272,163)	$ 32,521,091	$ 105,627,432	$ 106,886,008
Balance (in shares) at Dec. 31, 2023	964,945				630,362
Balance (in shares) at Dec. 31, 2023		(334,583)

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Consolidated Unaudited Statements of Shareholders Equity
Dividends on common stock	$ 0.46	$ 5.18

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$ 1,070,961	$ 2,629,001
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation	2,084,743	1,028,353
Amortization	134,425	42,533
(Gain) loss on sales of property and equipment	(53,287)	(36,000)
Equity-based compensation	571,137	390,570
Deferred income taxes	467,203	1,145,822
Provision for losses on doubtful accounts	(91,969)	(496,332)
Inventory allowance	30,988	141,087
Change in fair value of mandatorily redeemable non-controlling interest	199,744	(54,916)
Changes in assets and liabilities, net of effects of business acquisition:
Accounts receivable	2,147,484	8,381,282
Inventories	384,466	(50,699,513)
Prepaid and other current assets	(362,792)	45,110
Other assets	(22,366)	199,411
Accounts payable	1,627,403	(6,602,785)
Accrued expenses and accrued wages, salaries and bonuses	(3,649,088)	(4,794,015)
Other long-term liabilities	120,275	48,921
Income taxes payable and receivable	336,797	158,978
Net cash flows from (used in) operating activities	4,996,124	(48,472,493)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(3,947,143)	(1,455,405)
Proceeds from sales of property and equipment	124,803	36,000
Net cash flows from (used in) investing activities	(3,822,340)	(1,419,405)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	603,650,771	639,488,133
Repayments under revolving credit facilities	(604,014,807)	(589,262,053)
Principal payments on long-term debt	(490,518)	(202,396)
Dividends on common stock	(113,466)	(111,220)
Net cash flows from (used in) financing activities	(968,020)	49,912,464
Net change in cash	205,764	20,566
Cash, beginning of period	790,931	431,576
Cash, end of period	996,695	452,142
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	2,235,562	1,458,843
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	347,891	28,183
Dividends declared, not paid	176,501	3,089,430
Issuance of common stock in connection with the vesting and exercise of equity-based awards	$ 1,296,372	$ 2,044,805

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	3 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION ​ AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ​ ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 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 15 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 7,000 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,000 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 2023, 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 nine 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 1.3 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. ​ 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 15 retail health food stores as Chamberlin’s Natural Foods, Akin’s Natural Foods, and Earth Origins Market. These stores carry over 36,000 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 ​ Accounting Pronouncement Adopted ​ 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 requires 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. The Company adopted ASU 2016-13 on October 1, 2023. The adoption of ASU 2016-13 did not have a material effect on the Company’s consolidated financial statements. ​ Accounts Receivable: ​ In accordance with the Company’s accounts receivable policy, accounts receivable primarily consists of customer trade receivables arising in the ordinary course of business. These receivables are recorded net of an allowance for expected credit losses. The Company evaluates the expected uncollectibility of accounts receivable based on a combination of factors, including but not limited to, past collection history, customer credit terms, industry, regulatory and economic conditions, and any customer specific risks, including credit concentration risks. The Company determines the past due status of trade receivables based on our payment terms with each customer. If the Company becomes aware of a specific customer’s inability to meet its financial obligations, such as bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company may record a specific reserve for expected credit losses to reduce the related receivable to the amount it reasonably believes is collectible. Account balances are charged off against the allowance for credit losses when collection efforts have been exhausted and the account receivable is deemed worthless. Any subsequent recoveries of charged off account balances are recorded as income in the period received. ​ Recent Accounting Pronouncements ​ In December 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. This guidance is effective for fiscal years beginning after December 15, 2023 (fiscal 2025 for the Company), and interim periods within fiscal years beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. ​ In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures”, which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This guidance is effective for annual periods beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted.

INVENTORIES

INVENTORIES	3 Months Ended
	Dec. 31, 2023
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, 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 $1.2 million at both December 2023 and September 2023. 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
	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	3. GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill at December 2023 and September 2023 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December September ​ ​ 2023 ​ 2023 Wholesale Segment ​ $ 5,778,325 ​ $ 5,778,325 ​ Other intangible assets at December 2023 and September 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December September ​ ​ 2023 ​ 2023 Customer lists (Wholesale Segment) (less accumulated amortization of $0.3 million at December 2023 and $0.2 million at September 2023) ​ $ 3,168,947 ​ $ 3,226,480 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.1 million at both December 2023 and September 2023) ​ ​ 176,253 ​ ​ 199,503 Tradename (Wholesale Segment) (less accumulated amortization of $0.2 million at December 2023 and $0.1 million at September 2023) ​ ​ 1,305,310 ​ ​ 1,358,952 Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 5,150,510 ​ $ 5,284,935 ​ Goodwill and Retail Segment trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. Goodwill recorded on the Company’s consolidated balance sheets represent amounts allocated to its wholesale reporting unit which totaled approximately $5.8 million at both December 2023 and September 2023. 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 2023. ​ At December 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 for the three-month period ended December 2023 and 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 2023: ​ ​ ​ ​ ​ ​ December ​ 2023 Fiscal 2024 (1) ​ $ 403,276 Fiscal 2025 ​ ​ 506,869 Fiscal 2026 ​ ​ 463,703 Fiscal 2027 ​ ​ 463,703 Fiscal 2028 ​ ​ 451,043 Fiscal 2029 and thereafter ​ ​ 2,361,916 ​ ​ $ 4,650,510 (1) Represents amortization for the remaining nine months of Fiscal 2024.

DIVIDENDS

DIVIDENDS	3 Months Ended
	Dec. 31, 2023
DIVIDENDS
DIVIDENDS	4. DIVIDENDS ​ The Company paid cash dividends on its common stock totaling $0.1 million in each of the three-month periods ended December 2023 and December 2022. During Q1 2024, the Company declared a $0.28 per share special dividend totaling approximately $0.2 million that was included in accrued expenses on the condensed consolidated balance sheet at December 2023 and was paid in Q2 2024. During Q1 2023, the Company declared a $5.00 per share special dividend totaling approximately $3.1 million that was paid in Q2 2023.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Dec. 31, 2023
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 ​ ​ 2023 ​ 2022 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 595,623 ​ ​ 595,623 ​ ​ 581,612 ​ ​ 581,612 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 7,677 ​ ​ — ​ ​ 8,269 Weighted average number of shares outstanding ​ ​ 595,623 ​ ​ 603,300 ​ ​ 581,612 ​ ​ 589,881 Net income available to common shareholders ​ $ 1,070,961 ​ $ 1,070,961 ​ $ 2,629,001 ​ $ 2,629,001 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 1.80 ​ $ 1.78 ​ $ 4.52 ​ $ 4.46 ​ (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive .

DEBT

DEBT	3 Months Ended
	Dec. 31, 2023
DEBT
DEBT	6. DEBT ​ The Company primarily finances its operations through three credit facility agreements (a) a facility that is an obligation of AMCON Distributing Company (the “AMCON Facility”), (b) a facility that is an obligation of Team Sledd (the “Team Sledd Facility”) and (c) a facility that is an obligation of Henry’s (the “Henry’s Facility”) (collectively, the “Facilities”) and long-term debt agreements with banks. The Team Sledd Facility and the Henry’s Facility are non-recourse to AMCON Distributing Company, are not guaranteed by AMCON Distributing Company and have no cross default provisions applicable to AMCON Distributing Company. ​ At December 2023, the Facilities had a total combined borrowing capacity of $300.0 million, which includes provisions for up to $30.0 million in credit advances for certain inventory purchases, which are limited by accounts receivable and inventory qualifications, and the value of certain real estate collateral. The 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 December 2023 was $228.6 million, of which $140.1 million was outstanding, leaving $88.5 million available. ​ The average interest rate of the Facilities was 7.17% at December 2023. For the three months ended December 2023, the peak borrowings under the Facilities was $156.8 million, and the average borrowings and average availability under the Facilities was $125.2 million and $86.8 million, respectively. ​ Cross Default and Co-Terminus Provisions ​ Team Sledd’s three notes payable and the Team Sledd Facility contain cross default provisions. The Henry’s note payable and the Henry’s Facility contain cross default provisions. There were no such cross defaults for either Team Sledd or Henry’s at December 2023. Additionally, the Team Sledd Facility and the Henry’s Facility are non-recourse to AMCON Distributing Company, are not guaranteed by AMCON Distributing Company and have no cross default provisions applicable to AMCON Distributing Company. The Company and its subsidiaries, including Team Sledd and Henry’s, were in compliance with all of the financial covenants under the respective Facilities at December 2023. ​ Other ​ The Company has issued a letter of credit for $1.1 million to its workers’ compensation insurance carrier as part of its self-insured loss control program.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	7. INCOME TAXES ​ The change in the Company’s effective income tax rate for the three-month period ended December 2023 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 and higher effective state income tax rates between the comparative periods.

MANDATORILY REDEEMABLE NON-CONT

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST	3 Months Ended
	Dec. 31, 2023
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST	8. MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST ​ Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s condensed consolidated balance sheets represents the fair value of the non-controlling interest in the Company’s strategic investment in Team Sledd. The Company owned approximately 64% of Team Sledd as of both December 2023 and September 2023. The Company has elected to present the MRNCI liability at fair value under ASC 825 – Financial Instruments ​ ​ ​ ​ ​ Fair value of MRNCI as of September 2023 $ 9,490,831 Redemption of non-controlling interests ​ ​ — Distributions to non-controlling interest ​ ​ — Change in fair value ​ ​ 199,744 Fair value of MRNCI as of December 2023 ​ $ 9,690,575 Less current portion at fair value ​ ​ (1,757,236) ​ ​ $ 7,933,339 ​

EQUITY-BASED INCENTIVE AWARDS

EQUITY-BASED INCENTIVE AWARDS	3 Months Ended
	Dec. 31, 2023
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 2023, awards with respect to a total of 140,837 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plans and awards with respect to another 54,163 shares may be awarded under the Omnibus Plans. ​ Restricted Stock Units ​ During October 2023, the remaining 6,834 restricted stock units vested, and there were no unvested restricted stock units remaining as of December 2023. ​ The following summarizes restricted stock unit activity under the Omnibus Plans during Q1 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted ​ ​ of ​ Average ​ Shares Fair Value Nonvested restricted stock units at September 2023 6,834 ​ $ 206.00 Granted — ​ ​ — Vested (6,834) ​ ​ 195.99 Expired — ​ ​ — Nonvested restricted stock units at December 2023 — ​ $ — ​ Restricted Stock Awards ​ At December 2023, 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) ​ Restricted Stock Awards (3) Date of award: ​ October 2021 ​ October 2022 ​ ​ October 2023 Original number of awards issued: ​ 15,100 ​ 15,100 ​ ​ 15,100 Service period: ​ 36 months ​ 36 months ​ ​ 36 months Estimated fair value of award at grant date: ​ $ 2,089,000 ​ $ 2,824,000 ​ ​ 2,762,000 Non-vested awards outstanding at December 2023: ​ ​ 5,034 ​ ​ 10,067 ​ ​ 15,100 Fair value of non-vested awards at December 2023 of approximately: ​ $ 982,000 ​ $ 1,963,000 ​ ​ 2,945,000 ​ ​ (1) 10,066 of the restricted stock awards were vested as of December 2023. The remaining 5,034 restricted stock awards will vest in October 2024. (2) 5,033 of the restricted stock awards were vested as of December 2023. 5,033 restricted stock awards will vest in October 2024 and 5,034 will vest in October 2025. (3) The 15,100 restricted stock awards will vest in equal amounts in October 2024, October 2025 and October 2026. ​ 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 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted ​ ​ of ​ Average ​ Shares Fair Value Nonvested restricted stock awards at September 2023 25,167 ​ $ 206.00 Granted 15,100 ​ ​ 182.89 Vested (10,066) ​ ​ 189.87 Expired — ​ ​ — Nonvested restricted stock awards at December 2023 30,201 ​ $ 195.00 ​ Income from operations before income taxes included compensation expense related to the amortization of the Company’s restricted stock awards of approximately $0.6 million and $0.4 million during Q1 2024 and Q1 2023, respectively. Total unamortized compensation expense related to these awards at December 2023 and September 2023 was approximately $4.7 million and $2.6 million, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Dec. 31, 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 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 DECEMBER 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 395,668,708 ​ $ — ​ $ — ​ $ 395,668,708 Tobacco ​ ​ 121,351,701 ​ ​ — ​ ​ — ​ ​ 121,351,701 Confectionery ​ ​ 40,043,130 ​ ​ — ​ ​ — ​ ​ 40,043,130 Health food ​ ​ — ​ ​ 10,689,429 ​ ​ — ​ ​ 10,689,429 Foodservice & other ​ ​ 77,206,105 ​ ​ — ​ ​ — ​ ​ 77,206,105 Total external revenue ​ ​ 634,269,644 ​ ​ 10,689,429 ​ ​ — ​ ​ 644,959,073 Depreciation ​ ​ 1,855,746 ​ ​ 228,997 ​ ​ — ​ ​ 2,084,743 Amortization ​ ​ 134,425 ​ ​ — ​ ​ — ​ ​ 134,425 Operating income (loss) ​ ​ 6,970,125 ​ ​ (16,476) ​ ​ (3,130,572) ​ ​ 3,823,077 Interest expense ​ ​ — ​ ​ — ​ ​ 2,311,513 ​ ​ 2,311,513 Income (loss) from operations before taxes ​ ​ 6,775,098 ​ ​ 541,948 ​ ​ (5,442,085) ​ ​ 1,874,961 Total assets ​ ​ 345,011,110 ​ ​ 16,574,317 ​ ​ 787,500 ​ ​ 362,372,927 Capital expenditures ​ ​ 2,980,331 ​ ​ 299,169 ​ ​ — ​ ​ 3,279,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ — ​ ​ — ​ ​ 1,694,158 ​ ​ 1,694,158 Income (loss) from operations before taxes ​ ​ 8,324,827 ​ ​ (242,500) ​ ​ (4,148,526) ​ ​ 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 ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
WHOLESALE SEGMENT AND RETAIL SEGMENT	AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ​ ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 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 15 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 7,000 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,000 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 2023, 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 nine 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 1.3 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. ​ 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 15 retail health food stores as Chamberlin’s Natural Foods, Akin’s Natural Foods, and Earth Origins Market. These stores carry over 36,000 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 ​ Accounting Pronouncement Adopted ​ 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 requires 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. The Company adopted ASU 2016-13 on October 1, 2023. The adoption of ASU 2016-13 did not have a material effect on the Company’s consolidated financial statements. ​ Accounts Receivable: ​ In accordance with the Company’s accounts receivable policy, accounts receivable primarily consists of customer trade receivables arising in the ordinary course of business. These receivables are recorded net of an allowance for expected credit losses. The Company evaluates the expected uncollectibility of accounts receivable based on a combination of factors, including but not limited to, past collection history, customer credit terms, industry, regulatory and economic conditions, and any customer specific risks, including credit concentration risks. The Company determines the past due status of trade receivables based on our payment terms with each customer. If the Company becomes aware of a specific customer’s inability to meet its financial obligations, such as bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company may record a specific reserve for expected credit losses to reduce the related receivable to the amount it reasonably believes is collectible. Account balances are charged off against the allowance for credit losses when collection efforts have been exhausted and the account receivable is deemed worthless. Any subsequent recoveries of charged off account balances are recorded as income in the period received. ​ Recent Accounting Pronouncements ​ In December 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. This guidance is effective for fiscal years beginning after December 15, 2023 (fiscal 2025 for the Company), and interim periods within fiscal years beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. ​ In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures”, which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This guidance is effective for annual periods beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ December September ​ ​ 2023 ​ 2023 Wholesale Segment ​ $ 5,778,325 ​ $ 5,778,325
Schedule of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December September ​ ​ 2023 ​ 2023 Customer lists (Wholesale Segment) (less accumulated amortization of $0.3 million at December 2023 and $0.2 million at September 2023) ​ $ 3,168,947 ​ $ 3,226,480 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.1 million at both December 2023 and September 2023) ​ ​ 176,253 ​ ​ 199,503 Tradename (Wholesale Segment) (less accumulated amortization of $0.2 million at December 2023 and $0.1 million at September 2023) ​ ​ 1,305,310 ​ ​ 1,358,952 Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 5,150,510 ​ $ 5,284,935
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 2023: ​ ​ ​ ​ ​ ​ December ​ 2023 Fiscal 2024 (1) ​ $ 403,276 Fiscal 2025 ​ ​ 506,869 Fiscal 2026 ​ ​ 463,703 Fiscal 2027 ​ ​ 463,703 Fiscal 2028 ​ ​ 451,043 Fiscal 2029 and thereafter ​ ​ 2,361,916 ​ ​ $ 4,650,510 (1) Represents amortization for the remaining nine months of Fiscal 2024.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Dec. 31, 2023
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended December ​ ​ 2023 ​ 2022 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 595,623 ​ ​ 595,623 ​ ​ 581,612 ​ ​ 581,612 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 7,677 ​ ​ — ​ ​ 8,269 Weighted average number of shares outstanding ​ ​ 595,623 ​ ​ 603,300 ​ ​ 581,612 ​ ​ 589,881 Net income available to common shareholders ​ $ 1,070,961 ​ $ 1,070,961 ​ $ 2,629,001 ​ $ 2,629,001 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 1.80 ​ $ 1.78 ​ $ 4.52 ​ $ 4.46 ​ (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
	Dec. 31, 2023
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST
Schedule of mandatorily redeemable non-controlling interest	​ ​ ​ ​ ​ Fair value of MRNCI as of September 2023 $ 9,490,831 Redemption of non-controlling interests ​ ​ — Distributions to non-controlling interest ​ ​ — Change in fair value ​ ​ 199,744 Fair value of MRNCI as of December 2023 ​ $ 9,690,575 Less current portion at fair value ​ ​ (1,757,236) ​ ​ $ 7,933,339 ​

EQUITY-BASED INCENTIVE AWARDS (

EQUITY-BASED INCENTIVE AWARDS (Tables)	3 Months Ended
	Dec. 31, 2023
EQUITY-BASED INCENTIVE AWARDS
Summary of restricted stock unit awards activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted ​ ​ of ​ Average ​ Shares Fair Value Nonvested restricted stock units at September 2023 6,834 ​ $ 206.00 Granted — ​ ​ — Vested (6,834) ​ ​ 195.99 Expired — ​ ​ — Nonvested restricted stock units at December 2023 — ​ $ —
Schedule of restricted stock awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Stock Awards (1) Restricted Stock Awards (2) ​ Restricted Stock Awards (3) Date of award: ​ October 2021 ​ October 2022 ​ ​ October 2023 Original number of awards issued: ​ 15,100 ​ 15,100 ​ ​ 15,100 Service period: ​ 36 months ​ 36 months ​ ​ 36 months Estimated fair value of award at grant date: ​ $ 2,089,000 ​ $ 2,824,000 ​ ​ 2,762,000 Non-vested awards outstanding at December 2023: ​ ​ 5,034 ​ ​ 10,067 ​ ​ 15,100 Fair value of non-vested awards at December 2023 of approximately: ​ $ 982,000 ​ $ 1,963,000 ​ ​ 2,945,000 ​ ​ (1) 10,066 of the restricted stock awards were vested as of December 2023. The remaining 5,034 restricted stock awards will vest in October 2024. (2) 5,033 of the restricted stock awards were vested as of December 2023. 5,033 restricted stock awards will vest in October 2024 and 5,034 will vest in October 2025. (3) The 15,100 restricted stock awards will vest in equal amounts in October 2024, October 2025 and October 2026.
Summary of restricted stock awards activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted ​ ​ of ​ Average ​ Shares Fair Value Nonvested restricted stock awards at September 2023 25,167 ​ $ 206.00 Granted 15,100 ​ ​ 182.89 Vested (10,066) ​ ​ 189.87 Expired — ​ ​ — Nonvested restricted stock awards at December 2023 30,201 ​ $ 195.00

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Dec. 31, 2023
BUSINESS SEGMENTS
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED DECEMBER 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 395,668,708 ​ $ — ​ $ — ​ $ 395,668,708 Tobacco ​ ​ 121,351,701 ​ ​ — ​ ​ — ​ ​ 121,351,701 Confectionery ​ ​ 40,043,130 ​ ​ — ​ ​ — ​ ​ 40,043,130 Health food ​ ​ — ​ ​ 10,689,429 ​ ​ — ​ ​ 10,689,429 Foodservice & other ​ ​ 77,206,105 ​ ​ — ​ ​ — ​ ​ 77,206,105 Total external revenue ​ ​ 634,269,644 ​ ​ 10,689,429 ​ ​ — ​ ​ 644,959,073 Depreciation ​ ​ 1,855,746 ​ ​ 228,997 ​ ​ — ​ ​ 2,084,743 Amortization ​ ​ 134,425 ​ ​ — ​ ​ — ​ ​ 134,425 Operating income (loss) ​ ​ 6,970,125 ​ ​ (16,476) ​ ​ (3,130,572) ​ ​ 3,823,077 Interest expense ​ ​ — ​ ​ — ​ ​ 2,311,513 ​ ​ 2,311,513 Income (loss) from operations before taxes ​ ​ 6,775,098 ​ ​ 541,948 ​ ​ (5,442,085) ​ ​ 1,874,961 Total assets ​ ​ 345,011,110 ​ ​ 16,574,317 ​ ​ 787,500 ​ ​ 362,372,927 Capital expenditures ​ ​ 2,980,331 ​ ​ 299,169 ​ ​ — ​ ​ 3,279,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ — ​ ​ — ​ ​ 1,694,158 ​ ​ 1,694,158 Income (loss) from operations before taxes ​ ​ 8,324,827 ​ ​ (242,500) ​ ​ (4,148,526) ​ ​ 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

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details) ft² in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2023 ft² item	Dec. 31, 2023 ft² state item segment
Number of business segments | segment		2
Wholesale Segment
Number of states served | state		31
Number of retail outlets served		7,000
Number of products sold or distributed		20,000
Rank assigned by Convenience Store News	6
Number of distribution centers		9
Floor space occupied by distribution centers (in square feet) | ft²	1.3	1.3
Retail Segment
Number of operating health food retail stores	15	15
Number of products sold or distributed		36,000

INVENTORIES (Details)

INVENTORIES (Details) $ in Millions	Dec. 31, 2023 USD ($)
INVENTORIES
Total reserves on finished goods	$ 1.2

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	Dec. 31, 2023	Sep. 30, 2023
Goodwill by reporting segment
Goodwill	$ 5,778,325	$ 5,778,325
Wholesale Segment
Goodwill by reporting segment
Goodwill	$ 5,778,325	$ 5,778,325

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Dec. 31, 2023	Sep. 30, 2023
Other intangible assets, net	$ 5,150,510	$ 5,284,935
Trademarks and tradenames | Retail Segment
Other intangible assets, net	500,000	500,000
Customer lists | Wholesale Segment
Other intangible assets, net	3,168,947	3,226,480
Accumulated amortization	300,000	200,000
Non-competition agreements | Wholesale Segment
Other intangible assets, net	176,253	199,503
Accumulated amortization	100,000	100,000
Trade name | Wholesale Segment
Other intangible assets, net	1,305,310	1,358,952
Accumulated amortization	$ 200,000	$ 100,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Goodwill	$ 5,778,325		$ 5,778,325
Amortization expense related to finite-lived intangible assets	$ 100,000
Maximum
Amortization expense related to finite-lived intangible assets		$ 100,000
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
Wholesale Segment | Trade name
Amortization period (in years)	7 years

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details)	Dec. 31, 2023 USD ($)
Estimated future amortization expense related to identifiable intangible assets with finite lives
Fiscal 2024	$ 403,276
Fiscal 2025	506,869
Fiscal 2026	463,703
Fiscal 2027	463,703
Fiscal 2028	451,043
Fiscal 2029 and thereafter	2,361,916
Total	$ 4,650,510

DIVIDENDS (Details)

DIVIDENDS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Dividend paid		$ 113,466		$ 111,220
Cash dividend
Dividend paid		100,000		$ 100,000
Special dividend
Dividend declared		$ 200,000
Dividend declared (in USD per share)		$ 0.28		$ 5
Dividend paid	$ 200,000		$ 3,100,000	$ 3,100,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	595,623	581,612
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock	7,677	8,269
Weighted average number of shares outstanding, Diluted	603,300	589,881
Net income available to common shareholders, Basic	$ 1,070,961	$ 2,629,001
Net income available to common shareholders, Diluted	$ 1,070,961	$ 2,629,001
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 1.80	$ 4.52
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 1.78	$ 4.46

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($) item
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	228.6
Outstanding borrowings	140.1
Credit available	$ 88.5
Average interest rate	7.17%
Peak borrowings	$ 156.8
Average borrowings	125.2
Average availability	86.8
Line of credit facility financial covenant excess capacity falls	$ 1.1

MANDATORILY REDEEMABLE NON-CO_3

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST (Details) - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Difference between the contractual amount due and the fair value	$ 800,000
Fair value of MRNCI as of September 2023	9,490,831
Redemption of non-controlling interests	0
Distributions to non-controlling interest	0
Change in fair value	199,744	$ (54,916)
Fair value of MRNCI as of December 2023	9,690,575
Less current portion at fair value	(1,757,236)		$ (1,703,604)
Noncurrent portion at fair value	$ 7,933,339
Team Sledd
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest own (as a percent)	64%

EQUITY-BASED INCENTIVE AWARDS -

EQUITY-BASED INCENTIVE AWARDS - Omnibus Plans (Details) - Omnibus Plans	Dec. 31, 2023 item shares
EQUITY-BASED INCENTIVE AWARD
Number of incentive plans | item	3
Number of shares of the company's common stock permitted for issuance under the plan	195,000
Number of shares awarded pursuant to the plan	140,837
Number of additional shares that may be awarded under the plan	54,163

EQUITY-BASED INCENTIVE AWARDS_2

EQUITY-BASED INCENTIVE AWARDS - Authorized and Approved Restricted Stock Units/Restricted Stock Awards (Details) - USD ($)	1 Months Ended			3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Vest in October 2024
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				5,033
Restricted Stock Units
EQUITY-BASED INCENTIVE AWARD
Non-vested awards outstanding at the end of the period (in shares)				0		6,834
Vested during the period (in shares)	6,834			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)				30,201		25,167
Vested during the period (in shares)				10,066
Direct cost to the recipients of the restricted stock units				$ 0
Compensation expense				600,000	$ 400,000
Total unamortized compensation expense				$ 4,700,000		$ 2,600,000
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)				5,034
Fair value of non-vested awards at the end of the period				$ 982,000
Vested during the period (in shares)				10,066
Restricted Stock Awards October 2021 | Vest in October 2024
EQUITY-BASED INCENTIVE AWARD
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)				10,067
Fair value of non-vested awards at the end of the period				$ 1,963,000
Vested during the period (in shares)				5,033
Restricted Stock Awards October 2022 | Vest in October 2025
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				5,034
Restricted Stock Awards October 2023
EQUITY-BASED INCENTIVE AWARD
Original number of awards issued	15,100
Service period	36 months
Estimated fair value of award at grant date	$ 2,762,000
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				$ 2,945,000
Restricted Stock Awards October 2023 | Vest in October 2024
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				15,100
Restricted Stock Awards October 2023 | Vest in October 2025
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				15,100
Restricted Stock Awards October 2023 | Vest in October 2026
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				15,100

EQUITY-BASED INCENTIVE AWARDS_3

EQUITY-BASED INCENTIVE AWARDS - Restricted Stock Units/Restricted Stock Awards Activity (Details) - $ / shares	1 Months Ended	3 Months Ended
	Oct. 31, 2023	Dec. 31, 2023
Restricted Stock Units
Number of Shares
Nonvested restricted stock units/awards at the beginning of the period (in shares)	6,834	6,834
Vested (in shares)	(6,834)	(6,834)
Nonvested restricted stock units/awards at the end of the period (in shares)		0
Weighted Average Fair Value
Nonvested restricted stock units/awards at the beginning of the period (in dollars per share)	$ 206	$ 206
Vested (in dollars per share)		$ 195.99
Restricted Stock Awards
Number of Shares
Nonvested restricted stock units/awards at the beginning of the period (in shares)	25,167	25,167
Granted (in shares)		15,100
Vested (in shares)		(10,066)
Nonvested restricted stock units/awards at the end of the period (in shares)		30,201
Weighted Average Fair Value
Nonvested restricted stock units/awards at the beginning of the period (in dollars per share)	$ 206	$ 206
Granted (in dollars per share)		182.89
Vested (in dollars per share)		189.87
Nonvested restricted stock units/awards at the end of the period (in dollars per share)		$ 195

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
Information by business segments
Number of reportable business segments | segment	2
Total external revenue	$ 644,959,073	$ 565,989,507
Depreciation	2,084,743	1,028,353
Amortization	134,425	42,533
Operating income (loss)	3,823,077	5,519,511
Interest expense	2,311,513	1,694,158
Income from operations before income taxes	1,874,961	3,933,801
Total assets	362,372,927	330,873,949	$ 363,429,200
Capital expenditures	3,279,500	1,391,932
Cigarettes
Information by business segments
Total external revenue	395,668,708	367,689,677
Tobacco
Information by business segments
Total external revenue	121,351,701	104,039,120
Confectionery
Information by business segments
Total external revenue	40,043,130	32,558,996
Health food
Information by business segments
Total external revenue	10,689,429	10,261,873
Foodservice & other
Information by business segments
Total external revenue	77,206,105	51,439,841
Other
Information by business segments
Operating income (loss)	(3,130,572)	(2,454,368)
Interest expense	2,311,513	1,694,158
Income from operations before income taxes	(5,442,085)	(4,148,526)
Total assets	787,500	687,291
Wholesale Segment | Segments
Information by business segments
Total external revenue	634,269,644	555,727,634
Depreciation	1,855,746	750,130
Amortization	134,425	42,533
Operating income (loss)	6,970,125	8,240,495
Income from operations before income taxes	6,775,098	8,324,827
Total assets	345,011,110	313,505,013
Capital expenditures	2,980,331	1,248,067
Wholesale Segment | Segments | Cigarettes
Information by business segments
Total external revenue	395,668,708	367,689,677
Wholesale Segment | Segments | Tobacco
Information by business segments
Total external revenue	121,351,701	104,039,120
Wholesale Segment | Segments | Confectionery
Information by business segments
Total external revenue	40,043,130	32,558,996
Wholesale Segment | Segments | Foodservice & other
Information by business segments
Total external revenue	77,206,105	51,439,841
Retail Segment | Segments
Information by business segments
Total external revenue	10,689,429	10,261,873
Depreciation	228,997	278,223
Operating income (loss)	(16,476)	(266,616)
Income from operations before income taxes	541,948	(242,500)
Total assets	16,574,317	16,681,645
Capital expenditures	299,169	143,865
Retail Segment | Segments | Health food
Information by business segments
Total external revenue	$ 10,689,429	$ 10,261,873

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,070,961	$ 2,629,001

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

N-2

N-2	3 Months Ended
	Dec. 31, 2023
Cover [Abstract]
Entity Central Index Key	0000928465
Amendment Flag	false
Securities Act File Number	1-15589
Document Type	10-Q
Entity Registrant Name	AMCON DISTRIBUTING CO
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
Entity Emerging Growth Company	false