AMCON Distributing (DIT) 10-Q18 Jul 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 17, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		630,362
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Current assets:
Cash	$ 719,342	$ 790,931
Accounts receivable, less allowance for credit losses of $2.5 million at June 2024 and $2.4 million at September 2023	80,469,376	70,878,420
Inventories, net	160,778,835	158,582,816
Income taxes receivable	330,170	1,854,484
Prepaid expenses and other current assets	15,991,451	13,564,056
Total current assets	258,289,174	245,670,707
Property and equipment, net	103,989,865	80,607,451
Operating lease right-of-use assets, net	24,710,670	23,173,287
Goodwill	5,778,325	5,778,325
Other intangible assets, net	4,881,659	5,284,935
Other assets	2,954,262	2,914,495
Total assets	400,603,955	363,429,200
Current liabilities:
Accounts payable	46,249,366	43,099,326
Accrued expenses	16,590,155	14,922,279
Accrued wages, salaries and bonuses	8,168,882	8,886,529
Current operating lease liabilities	6,662,109	6,063,048
Current maturities of long-term debt	5,335,127	1,955,065
Current mandatorily redeemable non-controlling interest	1,651,608	1,703,604
Total current liabilities	84,657,247	76,629,851
Credit facilities	156,941,944	140,437,989
Deferred income tax liability, net	4,594,841	4,917,960
Long-term operating lease liabilities	18,358,088	17,408,758
Long-term debt, less current maturities	17,917,378	11,675,439
Mandatorily redeemable non-controlling interest, less current portion	6,497,523	7,787,227
Other long-term liabilities	1,669,817	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 June 2024 and 608,689 shares outstanding at September 2023	9,648	9,431
Additional paid-in capital	33,800,187	30,585,388
Retained earnings	107,429,445	104,846,438
Treasury stock at cost	(31,272,163)	(31,272,163)
Total shareholders' equity	109,967,117	104,169,094
Total liabilities and shareholders' equity	$ 400,603,955	$ 363,429,200

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 2.5	$ 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		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Unaudited Statements of Operations
Sales (including excise taxes of $150.2 and $153.7 million, and $415.7 and $414.9 million, respectively)	$ 717,852,293	$ 696,489,427	$ 1,964,688,673	$ 1,847,472,782
Cost of sales	669,893,539	649,623,651	1,831,118,129	1,724,504,862
Gross profit	47,958,754	46,865,776	133,570,544	122,967,920
Selling, general and administrative expenses	39,920,976	36,851,520	113,857,467	99,227,695
Depreciation and amortization	2,415,158	2,103,429	6,923,716	4,982,068
Total operating expenses	42,336,134	38,954,949	120,781,183	104,209,763
Operating income	5,622,620	7,910,827	12,789,361	18,758,157
Other expense (income):
Interest expense	2,903,925	2,385,842	7,463,175	6,249,540
Change in fair value of mandatorily redeemable non-controlling interest	393,324	698,571	727,457	864,684
Other (income), net	(78,903)	(931,765)	(833,050)	(1,159,021)
Total other expenses (income)	3,218,346	2,152,648	7,357,582	5,955,203
Income from operations before income taxes	2,404,274	5,758,179	5,431,779	12,802,954
Income tax expense	914,875	1,813,800	2,331,875	4,164,000
Net income available to common shareholders	$ 1,489,399	$ 3,944,379	$ 3,099,904	$ 8,638,954
Basic earnings per share available to common shareholders	$ 2.48	$ 6.74	$ 5.18	$ 14.78
Diluted earnings per share available to common shareholders	$ 2.46	$ 6.59	$ 5.11	$ 14.56
Basic weighted average shares outstanding	600,161	585,625	598,637	584,359
Diluted weighted average shares outstanding	606,252	598,590	606,151	593,480
Dividends paid per common share	$ 0.18	$ 0.18	$ 0.82	$ 5.54

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Unaudited Statements of Operations
Sales, excise taxes	$ 150.2	$ 153.7	$ 415.7	$ 414.9

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				(3,423,089)	(3,423,089)
Compensation expense and issuance of stock in connection with equity-based awards	$ 263		3,272,776		3,273,039
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	26,263
Committed repurchase of treasury stock		$ (404,876)			(404,876)
Committed repurchase of treasury stock (in shares)		(2,363)
Net income available to common shareholders				8,638,954	8,638,954
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
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 issuance of stock in connection with equity-based awards			409,411		409,411
Committed repurchase of treasury stock		$ (404,876)			(404,876)
Committed repurchase of treasury stock (in shares)		(2,363)
Net income available to common shareholders				3,944,379	3,944,379
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
Balance (in shares) at Jun. 30, 2023		(334,583)
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				(516,897)	$ (516,897)
Compensation expense and issuance of stock in connection with equity-based awards	$ 217		3,214,799		3,215,016
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	21,673
Net income available to common shareholders				3,099,904	3,099,904
Balance at Jun. 30, 2024	$ 9,648	$ (31,272,163)	33,800,187	107,429,445	$ 109,967,117
Balance (in shares) at Jun. 30, 2024	964,945				630,362
Balance (in shares) at Jun. 30, 2024		(334,583)
Balance at Mar. 31, 2024	$ 9,648	$ (31,272,163)	33,160,639	106,053,510	$ 107,951,634
Balance (in shares) at Mar. 31, 2024	964,945
Balance (in shares) at Mar. 31, 2024		(334,583)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(113,464)	(113,464)
Compensation expense and issuance of stock in connection with equity-based awards			639,548		639,548
Net income available to common shareholders				1,489,399	1,489,399
Balance at Jun. 30, 2024	$ 9,648	$ (31,272,163)	$ 33,800,187	$ 107,429,445	$ 109,967,117
Balance (in shares) at Jun. 30, 2024	964,945				630,362
Balance (in shares) at Jun. 30, 2024		(334,583)

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Unaudited Statements of Shareholders Equity
Dividends on common stock	$ 0.18	$ 0.18	$ 0.82	$ 5.54

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$ 3,099,904	$ 8,638,954
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation	6,520,440	4,701,316
Amortization	403,276	280,752
(Gain) loss on sales of property and equipment	(141,522)	(133,159)
Equity-based compensation	1,850,233	1,940,631
Deferred income taxes	(323,119)	809,616
Provision for credit losses	131,132	(7,697)
Inventory allowance	175,706	442,603
Change in fair value of contingent consideration	45,362
Change in fair value of mandatorily redeemable non-controlling interest	727,457	864,684
Changes in assets and liabilities, net of effects of business combinations:
Accounts receivable	(4,110,926)	(8,026,950)
Inventories	12,365,936	(12,294,118)
Prepaid and other current assets	(999,319)	(745,490)
Other assets	(39,767)	(569,683)
Accounts payable	4,082,394	10,360,228
Accrued expenses and accrued wages, salaries and bonuses	1,112,351	1,487,971
Other long-term liabilities	446,831	185,704
Income taxes payable and receivable	1,524,314	1,572,253
Net cash flows from (used in) operating activities	26,870,683	9,507,615
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(16,793,486)	(6,759,929)
Proceeds from sales of property and equipment	306,748	151,307
Net cash flows from (used in) investing activities	(38,582,174)	(61,473,925)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	1,845,255,576	1,863,027,754
Repayments under revolving credit facilities	(1,828,751,621)	(1,810,914,231)
Proceeds from borrowings on long-term debt		7,000,000
Principal payments on long-term debt	(2,277,999)	(1,011,559)
Dividends on common stock	(516,897)	(3,423,089)
Redemption and distributions to non-controlling interest	(2,069,157)	(2,405,128)
Net cash flows from (used in) financing activities	11,639,902	52,273,747
Net change in cash	(71,589)	307,437
Cash, beginning of period	790,931	431,576
Cash, end of period	719,342	739,013
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	6,976,501	5,824,144
Cash paid during the period for income taxes, net of refunds	1,066,105	1,780,000
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	83,180	1,622,224
Committed repurchase of treasury stock		404,876
Purchase of property financed with promissory note	8,000,000
Portion of Burklund acquisition financed with promissory note	3,900,000
Portion of Burklund acquisition financed with contingent consideration	1,578,444
Issuance of common stock in connection with the vesting of equity-based awards	1,296,372	2,044,805
Burklund Distributors, Inc
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition	(15,464,397)
Richmond Master Distributors, Inc
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition	$ (6,631,039)
Henry's
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition		$ (54,865,303)

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	9 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	AMCON Distributing Company and Subsidiaries Notes to Condensed Consolidated Unaudited Financial Statements 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) serves customers in 33 states through two business segments: ● Our wholesale distribution segment, which includes our Team Sledd, LLC (“Team Sledd”) and Henry’s Foods, Inc. (“Henry’s) subsidiaries (“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 primarily in the Central, Rocky Mountain, Great Lakes, 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 7,900 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 13 distribution centers located in Colorado, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.7 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellanova, 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. During Q2 2024, the Company purchased a distribution facility in Colorado City, Colorado for $10.0 million, funded with $2.0 million in cash and an $8.0 million note payable. In addition, during Q3 2024, the Company closed on its previously announced acquisitions of Burklund Distributors, Inc. (“Burklund”) and Richmond Master Distributors, Inc. (“Richmond Master”). 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 nationally 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. During Q3 2024, the Company opened a new retail store under the Chamberlin’s Natural Foods banner in Lakewood Ranch, Florida. 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 November 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.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
ACQUISITIONS	Jun. 30, 2024
ACQUISITIONS
ACQUISITIONS	2. ACQUISITIONS Burklund Distributors, Inc. On April 5, 2024, the Company acquired substantially all of the net operating assets of Burklund, a wholesale distributor to convenience stores operating in Illinois, Missouri, Indiana and Iowa, for approximately $20.9 million, consisting of $15.4 million in cash, a $3.9 million promissory note payable in quarterly installments over five years at an annual rate of 5.75% , and additional contingent consideration with an acquisition date fair value of $1.6 million. Pursuant to the transaction, contingent consideration of up to $3.0 million in cash could be payable in two installments on the one-year and two-year anniversaries of the acquisition date based on certain sales thresholds. The short-term and long-term portions of the contingent consideration are recorded in accrued expenses and other long-term liabilities, respectively, on the condensed consolidated balance sheets and are re-measured to fair value at each reporting period. The periodic change in fair value is recorded in selling, general and administrative expenses on the condensed consolidated statements of operations. In addition, the Company also assumed certain operating liabilities totaling approximately $0.3 million. The cash portion of 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. The acquisition of Burklund aligns with the Company’s long-term growth strategy by expanding its regional footprint, will provide customers with an enhanced range of products and services over time. Richmond Master Distributors, Inc. On June 21, 2024, the Company acquired substantially all of the net operating assets of Richmond Master, a wholesale distributor to convenience stores operating in Illinois, Indiana and Michigan, for approximately $6.6 million in cash. In connection with the transaction, the Company assumed certain operating liabilities totaling approximately $0.6 million, including approximately $0.5 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. The acquisition of Richmond Master provides access to new markets and improved service capability for accounts in our existing service area. For the two transactions described above, the Company paid consideration in the forms of cash, debt and contingent consideration for the net acquired assets and their related values as of the respective acquisition dates, measured in accordance with FASB Accounting Standard Codification (“ASC”) 805 – Business Combinations conditions, working capital requirements and various other operational considerations. As a result of the valuation process, no value was assigned to any identifiable intangible assets and no value was assigned to goodwill in either transaction. Burklund and Richmond Master will both be reported as part of the Company’s Wholesale Segment. The consideration paid for each transaction is as follows: Richmond Burklund Master Total Cash $ 15,464,397 $ 6,631,039 $ 22,095,436 Note payable 3,900,000 — 3,900,000 Contingent consideration at fair value 1,578,444 — 1,578,444 Total consideration $ 20,942,841 $ 6,631,039 $ 27,573,880 The following purchase price allocations reflect the Company’s provisional (preliminary) estimates and analyses and are subject to change during the relevant measurement periods, which are generally one year from the respective acquisition dates. All amounts are provisional and incomplete at the reporting date and may change in subsequent reporting periods during the relevant measurement periods as additional information is obtained, particularly as it relates to certain accounts receivable, property and equipment, inventory, 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 for each transaction are as follows: Richmond Burklund Master Total Accounts receivable $ 3,338,217 $ 2,272,945 $ 5,611,162 Inventories 10,987,058 3,750,603 14,737,661 Prepaid and other assets 955,965 472,111 1,428,076 Property and equipment 5,956,948 250,000 6,206,948 Operating lease right-of use assets — 506,356 506,356 Liabilities assumed (295,347) (620,976) (916,323) Total identifiable net assets $ 20,942,841 $ 6,631,039 $ 27,573,880 Total identifiable net assets $ 20,942,841 $ 6,631,039 $ 27,573,880 Goodwill — — — Total consideration $ 20,942,841 $ 6,631,039 $ 27,573,880 Accounts receivable were recorded at their fair values representing the amounts we expect to collect, which also approximated the gross contractual values of such receivables at the respective acquisition dates. The transactions did not result in the acquisition of any identifiable intangible assets, nor did they result in any goodwill. The following table sets forth the unaudited supplemental financial data for Burklund and Richmond Master from the respective acquisition dates through June 2024, which are included in the Company’s consolidated results for the three and nine months ended June 2024. Richmond Burklund Master Total Revenue $ 35,346,670 $ 1,704,094 $ 37,050,764 Net income (loss) available to common shareholders $ (46,673) $ 2,925 $ (43,748) The following table presents unaudited supplemental pro forma financial information assuming the Company acquired Burklund, Richmond Master and Henry’s on October 1, 2022, in addition to holding a 76% interest in Team Sledd on October 1, 2022. 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 2024 For the three months ended June 2023 For the nine months ended June 2024 For the nine months ended June 2023 Revenue $ 740,987,579 $ 757,935,426 $ 2,104,449,141 $ 2,132,932,656 Net income available to common shareholders $ 1,332,203 $ 4,280,426 $ 2,969,780 $ 9,324,239

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Jun. 30, 2024
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 $1.3 million at June 2024 and $1.2 million at 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	9 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Jun. 30, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	4. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill at June 2024 and September 2023 was as follows: June September 2024 2023 Wholesale Segment $ 5,778,325 $ 5,778,325 Other intangible assets at June 2024 and September 2023 consisted of the following: June September 2024 2023 Customer lists (Wholesale Segment) (less accumulated amortization of $0.4 million at June 2024 and $0.2 million at September 2023) $ 3,053,881 $ 3,226,480 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at June 2024 and $0.1 million at September 2023) 129,754 199,503 Tradename (Wholesale Segment) (less accumulated amortization of $0.3 million at June 2024 and $0.1 million at September 2023) 1,198,024 1,358,952 Trademarks and tradenames (Retail Segment) 500,000 500,000 $ 4,881,659 $ 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 June 2024 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 June 2024, 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 $0.4 million for the three- and nine-month periods ended June 2024, respectively, and 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 2024: June 2024 Fiscal 2024 (1) $ 134,425 Fiscal 2025 506,869 Fiscal 2026 463,703 Fiscal 2027 463,703 Fiscal 2028 451,043 Fiscal 2029 and thereafter 2,361,916 $ 4,381,659 (1) Represents amortization for the remaining three months of Fiscal 2024.

DIVIDENDS

DIVIDENDS	9 Months Ended
DIVIDENDS	Jun. 30, 2024
DIVIDENDS
DIVIDENDS	5. DIVIDENDS The Company paid cash dividends on its common stock totaling $0.1 million and $0.5 million for the three- and nine-month periods ended June 2024, respectively, and $0.1 million and $3.4 million for the three- and nine-month periods ended June 2023, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Jun. 30, 2024
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 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 600,161 600,161 585,625 585,625 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 6,091 — 12,965 Weighted average number of shares outstanding 600,161 606,252 585,625 598,590 Net income available to common shareholders $ 1,489,399 $ 1,489,399 $ 3,944,379 $ 3,944,379 Net earnings per share available to common shareholders $ 2.48 $ 2.46 $ 6.74 $ 6.59 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. For the nine months ended June 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 598,637 598,637 584,359 584,359 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 7,514 — 9,121 Weighted average number of shares outstanding 598,637 606,151 584,359 593,480 Net income available to common shareholders $ 3,099,904 $ 3,099,904 $ 8,638,954 $ 8,638,954 Net earnings per share available to common shareholders $ 5.18 $ 5.11 $ 14.78 $ 14.56 (1)

DEBT

DEBT	9 Months Ended
DEBT	Jun. 30, 2024
DEBT
DEBT	7. 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 June 2024, 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 June 2024 was $239.2 million, of which $156.9 million was outstanding, leaving $82.3 million available. The average interest rate of the Facilities was 6.99% at June 2024. For the nine months ended June 2024, the peak borrowings under the Facilities was $181.8 million, and the average borrowings and average availability under the Facilities was $129.4 million and $80.9 million, respectively. LONG-TERM DEBT In addition to the Facilities, the Company also had the following long-term debt obligations at June 2024 and September 2023. June 2024 September 2023 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 4,849,552 5,174,188 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 1,783,307 1,891,638 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 2024, collateralized by certain of Team Sledd's equipment 216,827 288,237 Note payable, interest payable at a fixed rate of 6.04% with monthly installments of principal and interest of $130,036 through February 2028, collateralized by certain of Henry's equipment 5,120,560 6,276,441 Unsecured note payable, interest payable at a fixed rate of 5.50% with quarterly installments of principal and interest of $727,741 through February 2027 7,382,259 — Unsecured note payable, interest payable at a fixed rate of 5.75% with quarterly installments of principal and interest of $225,761 through April 2029 3,900,000 — 23,252,505 13,630,504 Less current maturities (5,335,127) (1,955,065) $ 17,917,378 $ 11,675,439 The aggregate minimum principal maturities of the long-term debt for each of the next five fiscal years are as follows: Fiscal Year Ending 2024 (1) $ 1,281,540 2025 5,398,998 2026 5,497,913 2027 4,340,960 2028 2,154,577 2029 and thereafter 4,578,517 $ 23,252,505 (1) 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 June 2024. 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 June 2024. Other The Company has issued letters of credit totaling $2.4 million to its workers’ compensation insurance carriers as part of its self-insured loss control program.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Jun. 30, 2024
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 2024 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 variances in the average effective state income tax rates between the comparative periods.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
FAIR VALUE DISCLOSURES	Jun. 30, 2024
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	9. FAIR VALUE DISCLOSURES 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. During April 2024, Team Sledd redeemed certain membership interests from its non-controlling interest, which increased the Company’s ownership interest to approximately 76% as of June 2024. The Company owned approximately 64% of Team Sledd as of September 2023. The Company has elected to present the MRNCI liability at fair value under ASC 825 – Financial Instruments The following table presents changes in the fair value of the MRNCI since September 2023: Fair value of MRNCI as of September 2023 $ 9,490,831 Redemption of non-controlling interests (1,812,558) Distributions to non-controlling interest (256,599) Change in fair value 727,457 Fair value of MRNCI as of June 2024 $ 8,149,131 Less current portion at fair value (1,651,608) $ 6,497,523 Contingent Consideration As described in Note 2, a portion of the consideration paid in the acquisition of Burklund was in the form of contingent consideration of up to $3.0 million in cash that could be payable in two installments on the one-year and two-year anniversaries of the acquisition date based on certain sales thresholds. In accordance with ASC 805, the Company recorded the contingent consideration at fair value as of the acquisition date and re-measures the liability at each reporting period. The Company calculates the estimated fair value of the contingent consideration based on a discounted cash flow valuation technique using the best information available at the reporting date, and records changes in the fair value of the contingent consideration in selling, general and administrative expenses in the condensed consolidated statements of operations. The short-term and long-term portions of the contingent consideration are recorded in accrued expenses and other long-term liabilities, respectively, on the condensed consolidated balance sheets. At each reporting date, the Company reviews certain inputs, including sales thresholds and an appropriate discount rate, based on management’s knowledge and assumptions of certain events. At June 2024, the difference between the estimated amount due under the contingent consideration arrangement and the fair value was approximately $0.3 million. The following table presents changes in the fair value of the contingent consideration: Fair value of contingent consideration at acquisition $ 1,578,444 Change in fair value 45,362 Fair value of contingent consideration as of June 2024 $ 1,623,806 Less current portion at fair value (803,702) $ 820,104

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
BUSINESS SEGMENTS	Jun. 30, 2024
BUSINESS SEGMENTS
BUSINESS SEGMENTS	10. BUSINESS SEGMENTS The Company has two reportable business segments: the wholesale distribution of consumer products (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. Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2024 External revenue: Cigarettes $ 440,843,958 $ — $ — $ 440,843,958 Tobacco 130,898,477 — — 130,898,477 Confectionery 48,595,576 — — 48,595,576 Health food — 10,195,162 — 10,195,162 Foodservice & other 87,319,120 — — 87,319,120 Total external revenue 707,657,131 10,195,162 — 717,852,293 Depreciation 2,041,507 239,226 — 2,280,733 Amortization 134,425 — — 134,425 Operating income (loss) 9,333,724 (65,363) (3,645,741) 5,622,620 Interest expense — — 2,903,925 2,903,925 Income (loss) from operations before taxes 8,994,641 (40,702) (6,549,665) 2,404,274 Total assets 382,254,911 17,098,132 1,250,912 400,603,955 Capital expenditures 4,959,809 664,555 — 5,624,364 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 NINE MONTHS ENDED JUNE 2024 External revenue: Cigarettes $ 1,204,391,205 $ — $ — $ 1,204,391,205 Tobacco 367,082,329 — — 367,082,329 Confectionery 126,501,145 — — 126,501,145 Health food — 32,108,920 — 32,108,920 Foodservice & other 234,605,074 — — 234,605,074 Total external revenue 1,932,579,753 32,108,920 — 1,964,688,673 Depreciation 5,838,096 682,344 — 6,520,440 Amortization 403,276 — — 403,276 Operating income (loss) 22,117,203 374,883 (9,702,725) 12,789,361 Interest expense — — 7,463,175 7,463,175 Income (loss) from operations before taxes 21,612,902 984,776 (17,165,899) 5,431,779 Total assets 382,254,911 17,098,132 1,250,912 400,603,955 Capital expenditures (1) 22,170,916 1,690,218 — 23,861,134 (1) 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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,489,399	$ 3,944,379	$ 3,099,904	$ 8,638,954

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
WHOLESALE SEGMENT AND RETAIL SEGMENT	AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) serves customers in 33 states through two business segments: ● Our wholesale distribution segment, which includes our Team Sledd, LLC (“Team Sledd”) and Henry’s Foods, Inc. (“Henry’s) subsidiaries (“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 primarily in the Central, Rocky Mountain, Great Lakes, 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 7,900 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 13 distribution centers located in Colorado, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.7 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellanova, 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. During Q2 2024, the Company purchased a distribution facility in Colorado City, Colorado for $10.0 million, funded with $2.0 million in cash and an $8.0 million note payable. In addition, during Q3 2024, the Company closed on its previously announced acquisitions of Burklund Distributors, Inc. (“Burklund”) and Richmond Master Distributors, Inc. (“Richmond Master”). 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 nationally 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. During Q3 2024, the Company opened a new retail store under the Chamberlin’s Natural Foods banner in Lakewood Ranch, Florida.
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 November 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.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
ACQUISITIONS (Tables)	Jun. 30, 2024
ACQUISITIONS
Schedule of consideration paid for each business acquisition transaction	Richmond Burklund Master Total Cash $ 15,464,397 $ 6,631,039 $ 22,095,436 Note payable 3,900,000 — 3,900,000 Contingent consideration at fair value 1,578,444 — 1,578,444 Total consideration $ 20,942,841 $ 6,631,039 $ 27,573,880
Schedule of identifiable assets and liabilities assumed	Richmond Burklund Master Total Accounts receivable $ 3,338,217 $ 2,272,945 $ 5,611,162 Inventories 10,987,058 3,750,603 14,737,661 Prepaid and other assets 955,965 472,111 1,428,076 Property and equipment 5,956,948 250,000 6,206,948 Operating lease right-of use assets — 506,356 506,356 Liabilities assumed (295,347) (620,976) (916,323) Total identifiable net assets $ 20,942,841 $ 6,631,039 $ 27,573,880 Total identifiable net assets $ 20,942,841 $ 6,631,039 $ 27,573,880 Goodwill — — — Total consideration $ 20,942,841 $ 6,631,039 $ 27,573,880
Schedule of unaudited supplemental financial data	Richmond Burklund Master Total Revenue $ 35,346,670 $ 1,704,094 $ 37,050,764 Net income (loss) available to common shareholders $ (46,673) $ 2,925 $ (43,748)
Schedule of unaudited supplemental pro forma information	For the three months ended June 2024 For the three months ended June 2023 For the nine months ended June 2024 For the nine months ended June 2023 Revenue $ 740,987,579 $ 757,935,426 $ 2,104,449,141 $ 2,132,932,656 Net income available to common shareholders $ 1,332,203 $ 4,280,426 $ 2,969,780 $ 9,324,239

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Jun. 30, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	June September 2024 2023 Wholesale Segment $ 5,778,325 $ 5,778,325
Schedule of other intangible assets	June September 2024 2023 Customer lists (Wholesale Segment) (less accumulated amortization of $0.4 million at June 2024 and $0.2 million at September 2023) $ 3,053,881 $ 3,226,480 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at June 2024 and $0.1 million at September 2023) 129,754 199,503 Tradename (Wholesale Segment) (less accumulated amortization of $0.3 million at June 2024 and $0.1 million at September 2023) 1,198,024 1,358,952 Trademarks and tradenames (Retail Segment) 500,000 500,000 $ 4,881,659 $ 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 June 2024: June 2024 Fiscal 2024 (1) $ 134,425 Fiscal 2025 506,869 Fiscal 2026 463,703 Fiscal 2027 463,703 Fiscal 2028 451,043 Fiscal 2029 and thereafter 2,361,916 $ 4,381,659 (1) Represents amortization for the remaining three months of Fiscal 2024.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2024
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	For the three months ended June 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 600,161 600,161 585,625 585,625 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 6,091 — 12,965 Weighted average number of shares outstanding 600,161 606,252 585,625 598,590 Net income available to common shareholders $ 1,489,399 $ 1,489,399 $ 3,944,379 $ 3,944,379 Net earnings per share available to common shareholders $ 2.48 $ 2.46 $ 6.74 $ 6.59 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. For the nine months ended June 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 598,637 598,637 584,359 584,359 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 7,514 — 9,121 Weighted average number of shares outstanding 598,637 606,151 584,359 593,480 Net income available to common shareholders $ 3,099,904 $ 3,099,904 $ 8,638,954 $ 8,638,954 Net earnings per share available to common shareholders $ 5.18 $ 5.11 $ 14.78 $ 14.56 (1)

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Jun. 30, 2024
DEBT
Schedule of long-term obligations	June 2024 September 2023 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 4,849,552 5,174,188 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 1,783,307 1,891,638 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 2024, collateralized by certain of Team Sledd's equipment 216,827 288,237 Note payable, interest payable at a fixed rate of 6.04% with monthly installments of principal and interest of $130,036 through February 2028, collateralized by certain of Henry's equipment 5,120,560 6,276,441 Unsecured note payable, interest payable at a fixed rate of 5.50% with quarterly installments of principal and interest of $727,741 through February 2027 7,382,259 — Unsecured note payable, interest payable at a fixed rate of 5.75% with quarterly installments of principal and interest of $225,761 through April 2029 3,900,000 — 23,252,505 13,630,504 Less current maturities (5,335,127) (1,955,065) $ 17,917,378 $ 11,675,439
Schedule of minimum principal maturities of the long-term debt	Fiscal Year Ending 2024 (1) $ 1,281,540 2025 5,398,998 2026 5,497,913 2027 4,340,960 2028 2,154,577 2029 and thereafter 4,578,517 $ 23,252,505 (1)

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Jun. 30, 2024
FAIR VALUE DISCLOSURES
Schedule of mandatorily redeemable non-controlling interest	Fair value of MRNCI as of September 2023 $ 9,490,831 Redemption of non-controlling interests (1,812,558) Distributions to non-controlling interest (256,599) Change in fair value 727,457 Fair value of MRNCI as of June 2024 $ 8,149,131 Less current portion at fair value (1,651,608) $ 6,497,523
Schedule of changes in the fair value of the contingent consideration	Fair value of contingent consideration at acquisition $ 1,578,444 Change in fair value 45,362 Fair value of contingent consideration as of June 2024 $ 1,623,806 Less current portion at fair value (803,702) $ 820,104

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
BUSINESS SEGMENTS (Tables)	Jun. 30, 2024
BUSINESS SEGMENTS
Schedule of segment information	Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED JUNE 2024 External revenue: Cigarettes $ 440,843,958 $ — $ — $ 440,843,958 Tobacco 130,898,477 — — 130,898,477 Confectionery 48,595,576 — — 48,595,576 Health food — 10,195,162 — 10,195,162 Foodservice & other 87,319,120 — — 87,319,120 Total external revenue 707,657,131 10,195,162 — 717,852,293 Depreciation 2,041,507 239,226 — 2,280,733 Amortization 134,425 — — 134,425 Operating income (loss) 9,333,724 (65,363) (3,645,741) 5,622,620 Interest expense — — 2,903,925 2,903,925 Income (loss) from operations before taxes 8,994,641 (40,702) (6,549,665) 2,404,274 Total assets 382,254,911 17,098,132 1,250,912 400,603,955 Capital expenditures 4,959,809 664,555 — 5,624,364 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 NINE MONTHS ENDED JUNE 2024 External revenue: Cigarettes $ 1,204,391,205 $ — $ — $ 1,204,391,205 Tobacco 367,082,329 — — 367,082,329 Confectionery 126,501,145 — — 126,501,145 Health food — 32,108,920 — 32,108,920 Foodservice & other 234,605,074 — — 234,605,074 Total external revenue 1,932,579,753 32,108,920 — 1,964,688,673 Depreciation 5,838,096 682,344 — 6,520,440 Amortization 403,276 — — 403,276 Operating income (loss) 22,117,203 374,883 (9,702,725) 12,789,361 Interest expense — — 7,463,175 7,463,175 Income (loss) from operations before taxes 21,612,902 984,776 (17,165,899) 5,431,779 Total assets 382,254,911 17,098,132 1,250,912 400,603,955 Capital expenditures (1) 22,170,916 1,690,218 — 23,861,134 (1) 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

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details) ft² in Millions, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2023 item	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) ft² item state segment
Number of business segments \| segment			2
Consideration of asset purchase \| $		$ 10
Payments to acquire productive assets \| $		2
Asset acquisition, consideration transferred, liabilities incurred \| $		$ 8
Wholesale Segment
Number of states served \| state			33
Number of retail outlets served			7,900
Number of products sold or distributed			20,000
Rank assigned by Convenience Store News	6
Number of distribution centers			13
Floor space occupied by distribution centers (in square feet) \| ft²			1.7
Wholesale Segment \| Distribution Facility in Colorado City, Colorado
Consideration of asset purchase \| $			$ 10
Retail Segment
Number of operating health food retail stores			15
Number of products sold or distributed			36,000

ACQUISITIONS (Details)

ACQUISITIONS (Details)			9 Months Ended
ACQUISITIONS (Details)	Jun. 21, 2024 USD ($)	Apr. 05, 2024 USD ($) installment	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Total consideration and recognized amounts of identifiable assets acquired
Contingent consideration, number of installments \| installment		2
Goodwill			$ 5,778,325	$ 5,778,325
Burklund Distributors, Inc and Richmond Master Distributors, Inc
Total consideration and recognized amounts of identifiable assets acquired
Fair value			27,573,880
Payments in cash			22,095,436
Purchase consideration, promissory notes			3,900,000
Contingent consideration			1,578,444
Liabilities assumed			916,323
Other intangible assets	$ 0
Goodwill	0
Burklund Distributors, Inc.
Total consideration and recognized amounts of identifiable assets acquired
Fair value		$ 20,942,841
Payments in cash		15,464,397	15,464,397
Purchase consideration, promissory notes		$ 3,900,000
Promissory note, payment period		5 years
Promissory note, annual interest rate		5.75%
Contingent consideration		$ 1,578,444
Contingent consideration payable in cash		$ 3,000,000
Contingent consideration, number of installments \| installment		2
Liabilities assumed		$ 295,347
Richmond Master Distributors, Inc.
Total consideration and recognized amounts of identifiable assets acquired
Fair value	6,631,039
Payments in cash	6,631,039		$ 6,631,039
Liabilities assumed	620,976
Operating leases assumed	$ 500,000

ACQUISITIONS - Purchase conside

ACQUISITIONS - Purchase consideration (Details) - USD ($)			9 Months Ended
ACQUISITIONS - Purchase consideration (Details) - USD ($)	Jun. 21, 2024	Apr. 05, 2024	Jun. 30, 2024
Burklund Distributors, Inc and Richmond Master Distributors, Inc
Total consideration and recognized amounts of identifiable assets acquired
Payment to acquire			$ 22,095,436
Notes payable			3,900,000
Contingent consideration at fair value			1,578,444
Total fair value of consideration transferred			27,573,880
Burklund Distributors, Inc.
Total consideration and recognized amounts of identifiable assets acquired
Payment to acquire		$ 15,464,397	15,464,397
Payment to acquire		15,400,000
Notes payable		3,900,000
Contingent consideration at fair value		1,578,444
Total fair value of consideration transferred		$ 20,942,841
Richmond Master Distributors, Inc.
Total consideration and recognized amounts of identifiable assets acquired
Payment to acquire	$ 6,631,039		$ 6,631,039
Total fair value of consideration transferred	$ 6,631,039

ACQUISITIONS - Identifiable Ass

ACQUISITIONS - Identifiable Assets and Liabilities and Goodwill (Details) - USD ($)	Jun. 30, 2024	Jun. 21, 2024	Apr. 05, 2024	Sep. 30, 2023
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Goodwill	$ 5,778,325			$ 5,778,325
Burklund Distributors, Inc and Richmond Master Distributors, Inc
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Accounts receivable	5,611,162
Inventories	14,737,661
Prepaid and other assets	1,428,076
Property and equipment	6,206,948
Operating lease right-of use assets	506,356
Other intangible assets		$ 0
Liabilities assumed	(916,323)
Total identifiable net assets	27,573,880
Goodwill		0
Consideration transferred	$ 27,573,880
Burklund Distributors, Inc
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Accounts receivable			$ 3,338,217
Inventories			10,987,058
Prepaid and other assets			955,965
Property and equipment			5,956,948
Liabilities assumed			(295,347)
Total identifiable net assets			20,942,841
Consideration transferred			$ 20,942,841
Richmond Master
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Accounts receivable		2,272,945
Inventories		3,750,603
Prepaid and other assets		472,111
Property and equipment		250,000
Operating lease right-of use assets		506,356
Liabilities assumed		(620,976)
Total identifiable net assets		6,631,039
Consideration transferred		$ 6,631,039

ACQUISITIONS - Unaudited Supple

ACQUISITIONS - Unaudited Supplemental Financial Data (Details)	9 Months Ended
	Jun. 30, 2024 USD ($)
Burklund Distributors, Inc and Richmond Master Distributors, Inc
Business Acquisition [Line Items]
Revenue	$ 37,050,764
Net income available to common shareholders	(43,748)
Burklund
Business Acquisition [Line Items]
Revenue	35,346,670
Net income available to common shareholders	(46,673)
Richmond Master
Business Acquisition [Line Items]
Revenue	1,704,094
Net income available to common shareholders	$ 2,925

ACQUISITIONS - Unaudited Supp_2

ACQUISITIONS - Unaudited Supplemental Pro Forma Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Oct. 01, 2021
Business Acquisition [Line Items]
Revenue	$ 740,987,579	$ 757,935,426	$ 2,104,449,141	$ 2,132,932,656
Net income available to common shareholders	$ 1,332,203	$ 4,280,426	$ 2,969,780	$ 9,324,239
Team Sledd
Business Acquisition [Line Items]
Controlling interest (as a percent)					76%

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2023
INVENTORIES
Total reserves on finished goods	$ 1.3	$ 1.2

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	Jun. 30, 2024	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 ($)	Jun. 30, 2024	Sep. 30, 2023
Other intangible assets, net	$ 4,881,659	$ 5,284,935
Trademarks and tradenames
Other intangible assets, net	500,000	500,000
Customer lists
Other intangible assets, net	3,053,881	3,226,480
Customer lists \| Wholesale Segment
Accumulated amortization	400,000	200,000
Non-competition agreements
Other intangible assets, net	129,754	199,503
Non-competition agreements \| Wholesale Segment
Accumulated amortization	200,000	100,000
Trade name
Other intangible assets, net	1,198,024	1,358,952
Trade name \| Wholesale Segment
Accumulated amortization	$ 300,000	$ 100,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Goodwill	$ 5,778,325		$ 5,778,325		$ 5,778,325
Amortization expense related to finite-lived intangible assets	$ 100,000	$ 100,000	$ 400,000	$ 300,000
Customer lists
Amortization period (in years)	15 years		15 years
Non-competition agreements \| Minimum
Amortization period (in years)	3 years		3 years
Non-competition agreements \| Maximum
Amortization period (in years)	5 years		5 years
Wholesale Segment
Goodwill	$ 5,778,325		$ 5,778,325		$ 5,778,325
Wholesale Segment \| Trade name
Amortization period (in years)	7 years		7 years

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details)	Jun. 30, 2024 USD ($)
Estimated future amortization expense related to identifiable intangible assets with finite lives
Fiscal 2024	$ 134,425
Fiscal 2025	506,869
Fiscal 2026	463,703
Fiscal 2027	463,703
Fiscal 2028	451,043
Fiscal 2029 and thereafter	2,361,916
Total	$ 4,381,659

DIVIDENDS (Details)

DIVIDENDS (Details) - USD ($)	3 Months Ended		9 Months Ended
DIVIDENDS (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividend paid			$ 516,897	$ 3,423,089
Q3 2024 - Cash Dividend
Dividend paid	$ 100,000
Q3(YTD) 2024 - Cash Dividend
Dividend paid			$ 500,000
Q3 2023 - Cash Dividend
Dividend paid		$ 100,000
Q3(YTD) 2023 - Cash Dividend
Dividend paid				$ 3,400,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	600,161	585,625	598,637	584,359
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock	6,091	12,965	7,514	9,121
Weighted average number of shares outstanding, Diluted	606,252	598,590	606,151	593,480
Net income available to common shareholders, Basic	$ 1,489,399	$ 3,944,379	$ 3,099,904	$ 8,638,954
Net income available to common shareholders, Diluted	$ 1,489,399	$ 3,944,379	$ 3,099,904	$ 8,638,954
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 2.48	$ 6.74	$ 5.18	$ 14.78
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 2.46	$ 6.59	$ 5.11	$ 14.56

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Millions	9 Months Ended
DEBT - Credit Facilities (Details) $ in Millions	Jun. 30, 2024 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	239.2
Outstanding borrowings	156.9
Credit available	$ 82.3
Average interest rate	6.99%
Peak borrowings	$ 181.8
Average borrowings	129.4
Average availability	80.9
Line of credit facility financial covenant excess capacity falls	$ 2.4

DEBT - Long-Term Debt (Details)

DEBT - Long-Term Debt (Details) - USD ($)	9 Months Ended	12 Months Ended
DEBT - Long-Term Debt (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Long-term obligations
Long-term debt	$ 23,252,505	$ 13,630,504
Less current maturities	(5,335,127)	(1,955,065)
Long-term debt less current maturities	17,917,378	11,675,439
4.10% Note Payable
Long-term obligations
Long-term debt	$ 4,849,552	$ 5,174,188
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	$ 1,783,307	$ 1,891,638
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	216,827	288,237
Periodic installments of principal and interest	$ 7,934	$ 7,934
Variable rate	7.28%	7.28%
6.04% Note Payable
Long-term obligations
Long-term debt	$ 5,120,560	$ 6,276,441
Fixed interest rate (as a percent)	6.04%	6.04%
Periodic installments of principal and interest	$ 130,036	$ 130,036
5.50% Unsecured Note Payable
Long-term obligations
Long-term debt	$ 7,382,259
Fixed interest rate (as a percent)	5.50%
Periodic installments of principal and interest	$ 727,741
5.75% Unsecured Note Payable
Long-term obligations
Long-term debt	$ 3,900,000
Fixed interest rate (as a percent)	5.75%
Periodic installments of principal and interest	$ 225,761

DEBT - Aggregate Minimum Princi

DEBT - Aggregate Minimum Principal Maturities (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Minimum principal maturities
2024 (1)	$ 1,281,540
2025	5,398,998
2026	5,497,913
2027	4,340,960
2028	2,154,577
2029 and thereafter	4,578,517
Long-term debt	$ 23,252,505	$ 13,630,504

FAIR VALUE DISCLOSURES - Mandat

FAIR VALUE DISCLOSURES - Mandatorily Redeemable Non-Controlling Interest (Details) - USD ($)	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Oct. 01, 2021
Changes in the fair value of the contingent consideration:
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense
Less current portion at fair value	$ (1,651,608)	$ (1,703,604)
Noncurrent portion at fair value	6,497,523	$ 7,787,227
Team Sledd
Changes in the fair value of the contingent consideration:
Interest own (as a percent)			76%
Mandatorily Redeemable Non-Controlling Interest
Changes in the fair value of the contingent consideration:
Difference between the contractual amount due and the fair value	700,000
Fair value of contingent consideration at acquisition	9,490,831
Redemption of non-controlling interests	1,812,558
Distributions of non-controlling interests	256,599
Change in fair value	$ 727,457
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in Fair Value of Mandatorily Redeemable Non-controlling Interest
Fair value of contingent consideration as of June 2024	$ 8,149,131
Less current portion at fair value	(1,651,608)
Noncurrent portion at fair value	$ 6,497,523
Mandatorily Redeemable Non-Controlling Interest \| Team Sledd
Changes in the fair value of the contingent consideration:
Interest own (as a percent)	76%	64%

FAIR VALUE DISCLOSURES - Contin

FAIR VALUE DISCLOSURES - Contingent Consideration (Details)		3 Months Ended	9 Months Ended
FAIR VALUE DISCLOSURES - Contingent Consideration (Details)	Apr. 05, 2024 USD ($) installment	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Changes in the fair value of the contingent consideration:
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, General and Administrative Expense
Contingent consideration, number of installments \| installment	2
Burklund Distributors, Inc
Changes in the fair value of the contingent consideration:
Change in fair value		$ 45,362
Fair value of contingent consideration as of June 2024	$ 1,578,444	1,623,806	$ 1,623,806
Less current portion at fair value		(803,702)	(803,702)
Noncurrent portion at fair value		820,104	820,104
Contingent consideration payable in cash	$ 3,000,000
Contingent consideration, number of installments \| installment	2
Difference in fair value and estimated due		$ 300,000	$ 300,000

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended			9 Months Ended
BUSINESS SEGMENTS (Details)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Information by business segments
Number of reportable business segments \| segment				2
Total external revenue	$ 717,852,293		$ 696,489,427	$ 1,964,688,673	$ 1,847,472,782
Depreciation	2,280,733		1,969,004	6,520,440	4,701,316
Amortization	134,425		134,425	403,276	280,752
Operating income (loss)	5,622,620		7,910,827	12,789,361	18,758,157
Interest expense	2,903,925		2,385,842	7,463,175	6,249,540
Income from operations before income taxes	2,404,274		5,758,179	5,431,779	12,802,954
Total assets	400,603,955		368,707,355	400,603,955	368,707,355	$ 363,429,200
Capital expenditures	5,624,364		5,488,691	23,861,134	8,290,497
Asset Acquisition, Consideration Transferred		$ 10,000,000
Cigarettes
Information by business segments
Total external revenue	440,843,958		429,431,319	1,204,391,205	1,161,352,954
Tobacco
Information by business segments
Total external revenue	130,898,477		124,894,734	367,082,329	339,356,268
Confectionery
Information by business segments
Total external revenue	48,595,576		46,624,371	126,501,145	115,820,426
Health food
Information by business segments
Total external revenue	10,195,162		10,745,108	32,108,920	32,354,992
Foodservice & other
Information by business segments
Total external revenue	87,319,120		84,793,895	234,605,074	198,588,142
Other
Information by business segments
Operating income (loss)	(3,645,741)		(3,564,070)	(9,702,725)	(9,783,740)
Interest expense	2,903,925		2,385,842	7,463,175	6,249,540
Income from operations before income taxes	(6,549,665)		(5,949,913)	(17,165,899)	(16,033,281)
Total assets	1,250,912		1,133,985	1,250,912	1,133,985
Wholesale Segment \| Segments
Information by business segments
Total external revenue	707,657,131		685,744,319	1,932,579,753	1,815,117,790
Depreciation	2,041,507		1,690,452	5,838,096	3,884,128
Amortization	134,425		134,425	403,276	280,752
Operating income (loss)	9,333,724		11,772,692	22,117,203	28,934,860
Income from operations before income taxes	8,994,641		11,148,619	21,612,902	28,321,283
Total assets	382,254,911		349,564,773	382,254,911	349,564,773
Capital expenditures	4,959,809		5,082,997	22,170,916	7,499,029
Wholesale Segment \| Segments \| Cigarettes
Information by business segments
Total external revenue	440,843,958		429,431,319	1,204,391,205	1,161,352,954
Wholesale Segment \| Segments \| Tobacco
Information by business segments
Total external revenue	130,898,477		124,894,734	367,082,329	339,356,268
Wholesale Segment \| Segments \| Confectionery
Information by business segments
Total external revenue	48,595,576		46,624,371	126,501,145	115,820,426
Wholesale Segment \| Segments \| Foodservice & other
Information by business segments
Total external revenue	87,319,120		84,793,895	234,605,074	198,588,142
Wholesale Segment \| Distribution Facility in Colorado City, Colorado
Information by business segments
Asset Acquisition, Consideration Transferred				10,000,000
Retail Segment \| Segments
Information by business segments
Total external revenue	10,195,162		10,745,108	32,108,920	32,354,992
Depreciation	239,226		278,552	682,344	817,188
Operating income (loss)	(65,363)		(297,795)	374,883	(392,963)
Income from operations before income taxes	(40,702)		559,473	984,776	514,952
Total assets	17,098,132		18,008,597	17,098,132	18,008,597
Capital expenditures	664,555		405,694	1,690,218	791,468
Retail Segment \| Segments \| Health food
Information by business segments
Total external revenue	$ 10,195,162		$ 10,745,108	$ 32,108,920	$ 32,354,992