AMCON Distributing (DIT) 10-K 8 Nov 24 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2024	Nov. 06, 2024	Mar. 31, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 28,141,512
Entity Common Stock, Shares Outstanding		645,462
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	RSM US LLP
Auditor Location	Omaha, Nebraska
Auditor Firm ID	49

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Current assets:
Cash	$ 672,788	$ 790,931
Accounts receivable, less allowance for credit losses of $2.3 million at September 2024 and $2.4 million at September 2023	70,653,907	70,878,420
Inventories, net	144,254,843	158,582,816
Income taxes receivable	718,645	1,854,484
Prepaid expenses and other current assets	12,765,088	13,564,056
Total current assets	229,065,271	245,670,707
Property and equipment, net	106,049,061	80,607,451
Operating lease right-of-use assets, net	25,514,731	23,173,287
Goodwill	5,778,325	5,778,325
Other intangible assets, net	4,747,234	5,284,935
Other assets	2,952,688	2,914,495
Total assets	374,107,310	363,429,200
Current liabilities:
Accounts payable	54,498,225	43,099,326
Accrued expenses	15,802,727	14,922,279
Accrued wages, salaries and bonuses	8,989,355	8,886,529
Current operating lease liabilities	7,036,751	6,063,048
Current maturities of long-term debt	5,202,443	1,955,065
Current mandatorily redeemable non-controlling interest	1,703,604	1,703,604
Total current liabilities	93,233,105	76,629,851
Credit facilities	121,272,004	140,437,989
Deferred income tax liability, net	4,374,316	4,917,960
Long-term operating lease liabilities	18,770,001	17,408,758
Long-term debt, less current maturities	16,562,908	11,675,439
Mandatorily redeemable non-controlling interest, less current portion	6,507,896	7,787,227
Other long-term liabilities	1,657,295	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 September 2024 and 608,689 shares outstanding at September 2023	9,648	9,431
Additional paid-in capital	34,439,735	30,585,388
Retained earnings	108,552,565	104,846,438
Treasury stock at cost	(31,272,163)	(31,272,163)
Total shareholders' equity	111,729,785	104,169,094
Total liabilities and shareholders' equity	$ 374,107,310	$ 363,429,200

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Sales (including excise taxes of $569.5 million and $564.6 million, respectively)	$ 2,710,981,108	$ 2,539,994,999
Cost of sales	2,528,626,652	2,369,150,102
Gross profit	182,354,456	170,844,897
Selling, general and administrative expenses	154,878,763	137,301,668
Depreciation and amortization	9,495,179	7,576,646
Total operating expenses	164,373,942	144,878,314
Operating income	17,980,514	25,966,583
Other expense (income):
Interest expense	10,413,228	8,550,431
Change in fair value of mandatorily redeemable non-controlling interest	1,040,968	1,307,599
Other (income), net	(936,171)	(1,193,840)
Total other expenses (income)	10,518,025	8,664,190
Income (loss) from operations before income taxes	7,462,489	17,302,393
Income tax expense	3,126,000	5,706,000
Net income available to common shareholders	$ 4,336,489	$ 11,596,393
Basic earnings per share available to common shareholders	$ 7.24	$ 19.85
Diluted earnings per share available to common shareholders	$ 7.15	$ 19.46
Basic weighted average shares outstanding	599,020	584,148
Diluted weighted average shares outstanding	606,782	595,850
Dividends paid per common share	$ 1	$ 5.72

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Sales, excise taxes	$ 569.5	$ 564.6

Condensed Consolidated Unaudite

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				(3,534,308)	(3,534,308)
Compensation expense and issuance of stock in connection with equity-based awards	$ 263		3,682,187		$ 3,682,450
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	26,263
Repurchase of common stock (in shares)		(2,363)			(2,363)
Repurchase of common stock		$ (404,876)			$ (404,876)
Net income available to common shareholders				11,596,393	11,596,393
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				(630,362)	$ (630,362)
Compensation expense and issuance of stock in connection with equity-based awards	$ 217		3,854,347		$ 3,854,564
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	21,673
Repurchase of common stock (in shares)					0
Net income available to common shareholders				4,336,489	$ 4,336,489
Balance at Sep. 30, 2024	$ 9,648	$ (31,272,163)	$ 34,439,735	$ 108,552,565	$ 111,729,785
Balance (in shares) at Sep. 30, 2024	964,945				630,362
Balance (in shares) at Sep. 30, 2024		(334,583)

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Shareholders Equity (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Unaudited Statements of Shareholders Equity
Dividends on common stock	$ 1	$ 5.72

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$ 4,336,489	$ 11,596,393
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation	8,957,478	7,161,468
Amortization	537,701	415,178
(Gain) loss on sales of property and equipment	(177,467)	(133,659)
Equity-based compensation	2,489,781	2,717,370
Deferred income taxes	(543,644)	2,589,372
Provision for credit losses	(64,705)	(133,924)
Inventory allowance	62,349	(138,820)
Change in fair value of contingent consideration	(124,992)
Change in fair value of mandatorily redeemable non-controlling interest	1,040,968	1,307,599
Changes in assets and liabilities, net of effects of business combinations:
Accounts receivable	5,900,380	(138,956)
Inventories	29,003,285	(7,728,394)
Prepaid and other current assets	2,227,044	(679,229)
Other assets	(38,193)	(163,340)
Accounts payable	11,397,485	2,213,085
Accrued expenses and accrued wages, salaries and bonuses	1,221,322	1,574,050
Other long-term liabilities	511,231	298,914
Income taxes payable and receivable	1,135,839	(1,034,889)
Net cash flows from (used in) operating activities	67,872,351	19,722,218
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(20,429,805)	(11,561,347)
Proceeds from sales of property and equipment	416,546	151,808
Net cash flows from (used in) investing activities	(42,108,695)	(66,274,842)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	2,517,192,464	2,512,309,723
Repayments under revolving credit facilities	(2,536,358,449)	(2,463,134,172)
Proceeds from borrowings on long-term debt		7,000,000
Principal payments on long-term debt	(3,765,153)	(2,349,065)
Repurchase of common stock		(404,876)
Dividends on common stock	(630,362)	(3,534,308)
Redemption and distributions to non-controlling interest	(2,320,299)	(2,975,323)
Net cash flows from (used in) financing activities	(25,881,799)	46,911,979
Net change in cash	(118,143)	359,355
Cash, beginning of period	790,931	431,576
Cash, end of period	672,788	790,931
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	9,985,313	8,311,375
Cash paid during the period for income taxes, net of refunds	2,520,127	4,141,370
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	1,016,948	1,015,534
Purchase of property financed with promissory note	8,000,000
Portion of Burklund acquisition financed with promissory note (See Note 2)	3,900,000
Portion of Burklund acquisition financed with contingent consideration (See Note 2)	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	12 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (a) Company Operations: AMCON Distributing Company and Subsidiaries (“AMCON” or “the Company”) serves customers in 33 states and is primarily engaged in the wholesale distribution of consumer products in the Central, Rocky Mountain, Great Lakes, Mid-South and Mid-Atlantic regions of the United States. AMCON’s wholesale distribution business which includes our Team Sledd, LLC (“Team Sledd”) and Henry’s Foods, Inc. (“Henry’s) subsidiaries (“Wholesale Segment”), operates 13 distribution centers that sell over 20,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. The Company distributes products primarily to retailers such as convenience stores, discount and general merchandise stores, grocery stores, drug stores, and gas stations. In addition, the Company services institutional customers, including restaurants and bars, schools, sports complexes, as well as other wholesalers. AMCON, through its Healthy Edge Inc. subsidiary, operates 15 retail health food stores as Chamberlin’s Natural Foods, Akin’s Natural Foods, and Earth Origins Market (“Retail Segment”). These stores carry natural supplements, organic and natural groceries, health and beauty care products, and other food items. The Company’s operations are subject to a number of factors which are beyond the control of management, such as changes in manufacturers’ cigarette pricing, state excise tax increases, or the opening of competing retail stores in close proximity to the Company’s retail stores. While the Company sells a diversified product line, it remains dependent upon the sale of cigarettes which accounted for approximately 62% of the Company’s consolidated revenue during both fiscal 2024 and fiscal 2023, and 18% and 19% of the Company’s consolidated gross profit during fiscal 2024 and fiscal 2023, respectively. (b) Accounting Period: The Company’s fiscal year ends on September 30 th (c) Principles of Consolidation and Basis of Presentation: The Consolidated Financial Statements include the accounts of AMCON and its wholly-owned subsidiaries including Henry’s since February 2023 and its non-wholly-owned equity investment in Team Sledd. All significant intercompany accounts and transactions have been eliminated. (d) Cash and Accounts Payable: AMCON utilizes a cash management system under which an overdraft is the normal book balance in the primary disbursing accounts. Overdrafts included in accounts payable at September 2024 and September 2023 totaled approximately $3.9 million and $3.3 million, respectively, and reflect checks drawn on the disbursing accounts that have been issued but have not yet cleared through the banking system. The Company’s policy has been to fund these outstanding checks as they clear with borrowings under its revolving credit facilities (see Note 7). These outstanding checks (book overdrafts) are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. (e) Accounts Receivable: Accounts receivable primarily consists of customer trade receivables arising in the ordinary course of business and other receivables primarily related to various rebate and promotional incentives with the Company’s suppliers. 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. As of September 2024 and September 2023, receivables from transactions with customers, less allowance for expected credit losses were $68.1 million and $69.4 million, respectively. (f) Inventories: At September 2024 and September 2023, 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 September 2024 and September 2023. These reserves include the Company’s obsolescence allowance, which reflects estimated unsaleable or non-refundable inventory based upon an evaluation of slow moving and discontinued products. (g) Prepaid Expenses and Other Current Assets: A summary of prepaid expenses and other current assets is as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 2024 September 2023 Prepaid expenses ​ $ 5.5 ​ $ 4.3 Prepaid inventory ​ 7.3 ​ 9.3 ​ ​ $ 12.8 ​ $ 13.6 ​ Prepaid inventory represents inventory in-transit that has been paid for but not received. (h) Property and Equipment: Property and equipment are stated at cost less accumulated depreciation or amortization. Major renewals and improvements are capitalized and charged to expense over their useful lives through depreciation or amortization charges. Repairs and maintenance are charged to expense in the period incurred. The straight-line method of depreciation is used to depreciate assets over the estimated useful lives as follows: ​ ​ ​ ​ ​ ​ ​ Years Land improvements ​ 9 - 15 Buildings and improvements ​ 5 - 40 Warehouse equipment ​ 2 - 20 Furniture, fixtures and leasehold improvements ​ 1 - 12 Vehicles ​ 1 - 10 ​ Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts, and the resulting gains or losses are reported as a component of operating income. The Company reviews property and equipment for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the asset group are estimated over the asset’s useful life of the primary asset and based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the asset group may not be recoverable, the potential impairment is determined based on the amount by which the carrying value of the asset group exceeds the fair value of the asset group. There was no impairment of any property and equipment during either fiscal 2024 or fiscal 2023. (i) Leases: Lease liabilities are equal to the present value of the remaining fixed lease payments. Right-of-use (“ROU”) assets are determined based on the amount of the lease liability, plus initial direct costs incurred less lease incentives. The Company determines its incremental borrowing rates based on information available at the lease commencement date in calculating the present value of its lease payments. The Company does not recognize assets or liabilities for leases with an initial term of twelve months or less and these short-term lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term. The Company elected the practical expedient to account for non-lease components as part of the lease for all asset classes. The Company reviews its ROU lease assets for indicators of impairment in the same manner as its other property and equipment as described above in (h) Property and Equipment (j) Goodwill and Intangible Assets: Goodwill consists of the excess purchase price paid in certain business combinations over the fair value of assets acquired and generally represents synergies and economies of scale generated through reductions in selling, general, and administrative expenses. Intangible assets consist of trademarks, tradenames, and customer relationships acquired as part of acquisitions in addition to certain non-competition agreements. Goodwill and the trademarks and tradenames for our Retail Segment are considered to have indefinite lives. Goodwill and intangible assets having indefinite useful lives are not amortized into the results of operations, but instead are reviewed annually or more frequently if events or changes in circumstances indicate that the assets might be impaired, to assess whether their fair value exceeds their carrying value. The Company performs its annual goodwill and intangible asset impairment assessment during the fourth fiscal quarter of each year. When evaluating the potential impairment of non-amortizable indefinite lived assets and goodwill, the Company first assesses a range of qualitative factors, including but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, market prices, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and the overall financial performance for each of the Company’s reporting units. If after completing this assessment, the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative evaluation is performed using the income approach (discounted cash flow method). A discounted cash flow methodology requires the estimation of a wide range of factors including but not limited to: (i) forecasting future earnings and cash flows, (ii) determining the discount rate applicable to the earnings stream being discounted, and (iii) computing a terminal value at some point in the future. These estimations require significant judgment and include making assumptions such as sales growth rates including the addition of new retail stores, future store profitability, planned capital expenditures, our ability to control costs, the successful implementation of initiatives designed to enhance sales and improve inventory management, gross profit estimates, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions. The use of different assumptions or estimates for future cash flows could produce different results. For goodwill impairment testing, the Company utilizes the guidance in Accounting Standards Codification (“ASC”) 350 - Intangibles - Goodwill and Other The Company’s identifiable intangible assets with finite lives are amortized over their estimated useful lives and are assessed for impairment whenever events or circumstances change which may indicate that the carrying amount of the assets may not be recoverable. Identifiable intangible assets which are subject to amortization are evaluated for impairment using a process similar to that used in evaluating the elements of property and equipment. If impaired, the related assets are written down to their estimated fair value. (k) Equity Method Investment: The Company uses the equity method to account for its investment in an investee if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss (net of income taxes) of the investee is included in consolidated net earnings. Judgment regarding the level of influence over its equity method investment includes considering key factors such as the Company’s ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. The Company evaluates its equity method investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing its equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and future prospects, and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than-temporary is recognized in the period identified. (l) Revenue Recognition: The Company recognizes revenues when the performance obligation is satisfied, which is the point where control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For the majority of the Company’s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered, as that is generally when legal title, physical possession and risks and rewards of goods/services transfers to the customer. The timing of satisfaction of the performance obligation is not subject to significant judgment due to the simultaneous nature of the Company’s customer arrangements (same day creation and fulfillment). After the completion of its performance obligations, the Company has an unconditional right of payment from customers with varying collection and payment terms based on region, credit risk, and other situational factors . Customer receivables are included on the consolidated balance sheets less an allowance for doubtful accounts. The Company has elected the practical expedient permitting it to disregard financing components which may be deemed to be part of its transaction price as its customary payments terms are less than one year . (m) Insurance: The Company’s insurance for employee-related health care benefits, workers’ compensation, and general liability is provided through high-deductible or self-insured programs. The Company accrues for employee-related health care costs utilizing a claims reserve methodology and prepays insurance carriers for all workers’ compensation and general liability coverage as part of its insurance program. The Company accrues for employee-related health care claims based upon a reserve analysis for claims incurred, but not reported, utilizing the Company’s historical claims experience rate, plus specific reserves for large claims. The reserves associated with the exposure to these liabilities are reviewed by management for adequacy at the end of each reporting period. The Company has issued letters of credit to insurance carriers as part of its loss control program totaling $2.4 million and $0.5 million as of September 2024 and September 2023, respectively. (n) Income Taxes: The Company uses the asset and liability method to calculate deferred income taxes. Deferred tax assets and liabilities are recognized on temporary differences between financial statement and tax bases of assets and liabilities using enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when we do not consider it more likely than not that some portion or all of the deferred tax assets will be realized. (o) Share-Based Compensation: The Company recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The fair value of stock options are estimated at the date of grant using the Black-Scholes option pricing model. Option pricing methods require the input of highly subjective assumptions, including the expected stock price volatility. The fair value of restricted stock units and restricted stock awards is based on the period ending closing price of the Company’s common stock. Measured compensation cost is recognized ratably over the vesting period of the related share-based compensation award and is reflected in our Consolidated Statement of Operations under “Selling, general and administrative expenses.” (p) Customer Sales Incentives: The Company provides consideration to customers, such as sales allowances or discounts on a regular basis. In accordance with ASC 606, the Company estimates customer sales incentives due as sales are made and records them as a reduction of net sales. (q) Excise Taxes: Under ASC 606, the Company is primarily responsible for excise taxes levied on cigarette and other tobacco products and presents excise taxes as a component of revenue. (r) Contract Costs: Under ASC 606, the Company expenses as incurred any incremental costs to obtain and fulfill customer contracts as the related amortization period would be one year or less. (s) Per-share Results: Basic earnings or loss per share data are based on the weighted-average number of common shares outstanding during each period. Diluted earnings or loss per share data are based on the weighted-average number of common shares outstanding and the effect of all dilutive potential common shares including stock options, restricted stock units and restricted stock awards. (t) Use of Estimates: The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (u) Fair Value Measurements: The Company’s financial assets and liabilities are recognized or disclosed at fair value in the financial statements on a recurring basis. The carrying amount of trade accounts receivable, other receivables, accounts payable and other accrued liabilities approximates fair value because of the short maturity of these financial instruments. The carrying amount of the Company’s variable and fixed rate debt also approximates fair value. ​ (v) Mandatorily Redeemable Non-Controlling Interest: ​ Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s consolidated balance sheets represents the fair value of the non-controlling interest in the Company’s strategic investment in Team Sledd. The Company has elected to present the MRNCI liability at fair value under ASC 825 – Financial Instruments including the timing of any future redemptions and an appropriate discount rate. The MRNCI is classified as Level 3 because of the Company’s reliance on unobservable assumptions. ​ (w) Contingent Consideration: ​ Contingent consideration recorded on the Company’s consolidated balance sheets represents the fair value of a portion of the consideration paid in the acquisition of Burklund Distributors, Inc. (“Burklund”) (see Note 2). In accordance with Financial Accounting Standards Board (“FASB”) ASC 805 – Business Combinations ​ (x) Business Combinations: ​ The acquisition method of accounting for business combinations under ASC 805 requires management to use significant estimates and assumptions, including fair value estimates, as of the business combination date and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the Company is allowed to adjust the provisional amounts recognized for a business combination). ​ (y) Accounting Pronouncements: Accounting Pronouncements Adopted ​ In June 2016, the 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. ​ 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. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements. ​ 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. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Sep. 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 and 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 ASC 805. In valuing any potential identifiable intangible assets, the Company estimated the fair value using a discounted cash flows methodology with the assistance of an independent valuation advisor. Inputs and projections used to measure the fair value as of the acquisition dates included, but were not limited to, sales growth, gross profit estimates, economic and industry 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 amounts of identifiable assets and liabilities assumed for each transaction: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 2024, which are included in the Company’s consolidated results for fiscal 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Richmond ​ ​ ​ ​ ​ ​ Burklund ​ ​ Master ​ ​ Total Revenue ​ $ 73,396,615 ​ $ 25,194,245 ​ $ 98,590,860 Net income (loss) available to common shareholders ​ $ (496) ​ $ 61,544 ​ $ 61,048 ​ Henry’s Foods, Inc. ​ On February 3, 2023, the Company, through its wholly owned subsidiary, LOL Foods, Inc., paid approximately $54.9 million in cash to acquire substantially all of the operating assets of Henry’s, a wholesale distributor to convenience stores and other retail formats operating in Minnesota, North Dakota, South Dakota, Iowa, and Wisconsin. In connection with the transaction, the Company also assumed certain operating liabilities totaling approximately $1.2 million, including approximately $0.2 million of operating leases. The transaction was funded with borrowings from the Company’s existing bank group. Costs to effectuate the acquisition were not significant and were expensed as incurred. Strategically, the acquisition expands the Company’s footprint in the North Central portion of the United States and enhances the product and service offerings available to its customer base. ​ The Company paid cash consideration for the net acquired assets and their related values as of the acquisition date, measured in accordance with FASB ASC 805. In valuing identifiable intangible assets, the Company has estimated the fair value using the discounted cash flows methodology with the assistance of an independent valuation advisor. Inputs and projections used to measure the fair value as of the acquisition date included, but were not limited to, sales growth, gross profit estimates, royalty and customer retention rates, economic and industry conditions, working capital requirements and various other operational considerations. Henry’s is being reported as a component of the Company’s Wholesale Segment. ​ ​ The following purchase price allocation reflects the amounts of identifiable assets and liabilities assumed: ​ ​ ​ ​ ​ Accounts receivable ​ $ 8,237,652 Inventories ​ ​ 16,060,965 Prepaid and other assets ​ ​ 400,964 Property and equipment ​ ​ 27,216,323 Other intangible assets ​ ​ 3,607,000 Liabilities assumed ​ ​ (1,157,976) Total identifiable net assets ​ $ 54,364,928 ​ ​ ​ ​ Total identifiable net assets ​ $ 54,364,928 Goodwill ​ ​ 500,375 Consideration transferred ​ $ 54,865,303 ​ Accounts receivable were recorded at their fair value representing the amount we expect to collect, which also approximated the gross contractual values of such receivables at the acquisition date. Goodwill totaling approximately $0.5 million arose from the acquisition and primarily represents synergies and economies of scale generated through reductions in selling, general, and administrative expenses. This goodwill has been assigned to the Company’s Wholesale Segment and is expected to be deductible for tax purposes. ​ Other intangible assets acquired consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-Date Useful Life Other Intangible Asset ​ Fair Value ​ (Years) Customer list ​ $ 2,010,000 ​ ​ 15 Non-competition agreement ​ ​ 95,000 ​ ​ 5 Trade name ​ ​ 1,502,000 ​ ​ 7 ​ ​ $ 3,607,000 ​ ​ ​ ​ The following table sets forth the unaudited supplemental financial data for Henry’s from the acquisition date through September 2023, which is included in the Company’s consolidated results for fiscal 2023. ​ ​ ​ ​ ​ Revenue ​ $ 220,636,797 Net income available to common shareholders ​ $ 2,448,853 ​ 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 year ended September 2024 For the year ended September 2023 Revenue ​ $ 2,854,752,348 ​ $ 2,892,363,498 Net income available to common shareholders ​ $ 3,823,775 ​ $ 12,435,254 ​ ​

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Sep. 30, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	3. EARNINGS PER SHARE: Basic earnings per share available to common shareholders is calculated by dividing net income by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations by the sum of the weighted average number of common shares outstanding and the weighted average dilutive equity awards. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Years ​ ​ 2024 2023 ​ Basic ​ Basic Weighted average number of common shares outstanding ​ 599,020 ​ 584,148 Net income available to common shareholders ​ $ 4,336,489 ​ $ 11,596,393 Net earnings per share available to common shareholders ​ $ 7.24 ​ $ 19.85 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Years ​ ​ 2024 2023 ​ Diluted ​ Diluted Weighted average number of common shares outstanding ​ 599,020 ​ 584,148 Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ 7,762 ​ 11,702 Weighted average number of shares outstanding ​ 606,782 ​ 595,850 Net income available to common shareholders ​ $ 4,336,489 ​ $ 11,596,393 Net earnings per share available to common shareholders ​ $ 7.15 ​ $ 19.46 ​ (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​ ​

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Sep. 30, 2024
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	4. PROPERTY AND EQUIPMENT, NET: Property and equipment at September 2024 and September 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Land and improvements ​ $ 5,619,034 ​ $ 4,292,142 ​ Buildings and improvements ​ 67,813,750 ​ 43,963,416 ​ Warehouse equipment ​ 25,509,993 ​ 23,894,049 ​ Furniture, fixtures and leasehold improvements ​ 19,970,335 ​ 16,869,932 ​ Vehicles ​ 14,040,286 ​ 12,962,265 ​ Construction in progress ​ 20,905,740 ​ 18,798,343 ​ ​ ​ 153,859,138 ​ 120,780,147 ​ Less accumulated depreciation: ​ (47,810,077) ​ (40,172,696) ​ Property and equipment, net ​ $ 106,049,061 ​ $ 80,607,451 ​ ​ During fiscal 2024 and fiscal 2023, respectively, the Company capitalized approximately $0.9 million and $0.8 million of interest on funds borrowed to finance certain capital expenditures. Capitalized interest is recorded as part of an asset’s cost and will be depreciated over the asset’s useful life.

LEASES

LEASES	12 Months Ended
	Sep. 30, 2024
LEASES
LEASES	5. LEASES: ​ The Company’s Wholesale Segment leases certain warehouse facilities, office space, vehicles and office equipment. The Company’s Retail Segment leases store space in various shopping center complexes and certain office space. Certain of the warehouse and retail store leases include one or more options to renew or terminate the applicable lease agreement, with the exercise of such options at the Company’s discretion. The Company’s leases do not contain any significant residual value guarantees nor do they impose any significant restrictions or covenants other than those customarily found in similar types of leases. ​ The operating ROU lease assets and liabilities recorded on the Company’s consolidated balance sheets consist of fixed lease payments. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets and are expensed on a straight-line basis over the lease term. Additionally, certain leases contain variable payments such as vehicle leases with per-mile charges or retail leases with an additional rent payment based on store performance. These variable payments are expensed as incurred. The Company combines lease components and non-lease components for all asset classes for purposes of recognizing lease assets and liabilities. The Company determines its incremental borrowing rates based on information available at the lease commencement date in calculating the present value of lease payments. The Company reviews its ROU lease assets for indicators of impairment in the same manner as its other property and equipment as described in Note 1. ​ Leases consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Classification September 2024 September 2023 Operating ​ Operating lease right-of-use assets ​ $ 25,514,731 ​ $ 23,173,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Operating lease liabilities ​ $ 7,036,751 ​ $ 6,063,048 Non-current: ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Long-term operating lease liabilities ​ ​ 18,770,001 ​ ​ 17,408,758 Total lease liabilities ​ ​ ​ $ 25,806,752 ​ $ 23,471,806 ​ The components of lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year 2024 Fiscal Year 2023 Operating lease cost ​ $ 8,012,939 ​ $ 7,673,309 Short-term lease cost ​ ​ 372,387 ​ ​ 500,372 Variable lease cost ​ ​ 602,246 ​ ​ 467,164 Net lease cost ​ $ 8,987,572 ​ $ 8,640,845 ​ Maturities of lease liabilities as of September 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases 2025 ​ ​ ​ ​ $ 8,342,930 2026 ​ ​ ​ ​ ​ 6,847,341 2027 ​ ​ ​ ​ ​ 5,196,498 2028 ​ ​ ​ ​ ​ 3,455,810 2029 ​ ​ ​ ​ ​ 1,989,904 2030 and thereafter ​ ​ ​ ​ ​ 4,055,263 Total lease payments ​ ​ ​ ​ ​ 29,887,746 Less: interest ​ ​ ​ ​ ​ (4,080,994) Present value of lease liabilities ​ ​ ​ ​ $ 25,806,752 ​ Weighted-average remaining lease term and weighted-average discount rate information regarding the Company’s leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Term September 2024 September 2023 Weighted-average remaining lease term (years): ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ 5.0 ​ ​ 5.2 ​ Discount Rate ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ 5.91 % ​ 4.97 % ​ Other information regarding the Company’s leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year 2024 Fiscal Year 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows used by operating leases ​ $ 7,997,795 ​ $ 7,642,556 Lease liabilities arising from obtaining new ROU assets: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 8,547,877 ​ $ 5,541,096 ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Sep. 30, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill at September 2024 and September 2023 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September September ​ ​ 2024 ​ 2023 Balance, beginning of period ​ $ 5,778,325 ​ $ 5,277,950 Acquisition of Henry's ​ — ​ 500,375 Balance, end of period ​ $ 5,778,325 ​ $ 5,778,325 ​ Other intangible assets at September 2024 and September 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September September ​ ​ 2024 ​ 2023 Customer lists (Wholesale Segment) (less accumulated amortization of $0.5 million at September 2024 and $0.2 million at September 2023) ​ $ 2,996,348 ​ $ 3,226,480 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at September 2024 and $0.1 million at September 2023) ​ ​ 106,505 ​ ​ 199,503 Tradename (Wholesale Segment) (less accumulated amortization of $0.4 million at September 2024 and $0.1 million at September 2023) ​ ​ 1,144,381 ​ ​ 1,358,952 Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 4,747,234 ​ $ 5,284,935 ​ Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. Goodwill recorded on the Company’s consolidated balance sheets represents amounts allocated to its wholesale reporting unit which totaled approximately $5.8 million at both September 2024 and September 2023. The Company determined that the estimated fair value of its wholesale reporting unit exceeded its carrying value at both September 2024 and September 2023. ​ At September 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 $0.5 million and $0.4 million during fiscal 2024 and fiscal 2023, respectively. ​ Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at September 2024: ​ ​ ​ ​ ​ ​ ​ September ​ 2024 Fiscal 2025 ​ $ 506,869 Fiscal 2026 ​ ​ 463,703 Fiscal 2027 ​ ​ 463,703 Fiscal 2028 ​ ​ 451,043 Fiscal 2029 ​ ​ 444,703 Fiscal 2030 and thereafter ​ ​ 1,917,213 ​ ​ $ 4,247,234 ​

DEBT

DEBT	12 Months Ended
	Sep. 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”), and collectively together (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 September 2024, the Facilities had a total combined borrowing capacity of $300.0 million, including provisions for up to $30.0 million in credit advances for certain inventory purchases, which are limited by accounts receivable and inventory qualifications, and the value of certain real estate collateral. The Henry’s Facility matures in February 2026, the AMCON Facility matures in June 2027 and the Team Sledd Facility matures in March 2028, each without a penalty for prepayment. Obligations under the Facilities are collateralized by substantially all of the Company’s respective equipment, intangibles, inventories, accounts receivable, and certain real estate. The Facilities each feature an unused commitment fee and springing financial covenants. Borrowings under the Facilities bear interest at either the bank’s prime rate or the Secured Overnight Financing Rate (“SOFR”), plus any applicable spreads. The amount available for use from the Facilities at any given time is subject to a number of factors, including eligible accounts receivable and inventory balances that fluctuate day-to-day, as well as the value of certain real estate collateral. Based on the collateral and loan limits as defined in the Facility agreements, the credit limit of the combined Facilities at September 2024 was $212.4 million, of which $121.3 million was outstanding, leaving $91.1 million available. The average interest rate of the Facilities was 6.82% at September 2024. During fiscal 2024, the peak borrowings under the Facilities was $181.8 million, and the average borrowings and average availability under the Facilities was $134.5 million and $81.0 million, respectively. ​ ​ LONG-TERM DEBT In addition to the Facilities, the Company also had the following long-term obligations at September 2024 and September 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 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 ​ ​ 4,739,192 ​ ​ 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 ​ ​ 1,746,606 ​ ​ 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 7.58% at September 2023, collateralized by certain of Team Sledd's equipment ​ ​ — ​ ​ 288,237 Note payable, interest payable at a fixed rate of 6.04% with monthly installments of principal and interest of $129,685 through February 2028, collateralized by certain of Henry's equipment ​ 4,793,228 ​ 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 ​ ​ 6,756,024 ​ ​ — 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 ​ ​ 3,730,301 ​ ​ — ​ ​ 21,765,351 ​ 13,630,504 Less current maturities ​ (5,202,443) ​ (1,955,065) ​ ​ $ 16,562,908 ​ $ 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 ​ ​ 2025 ​ $ 5,202,443 2026 ​ ​ 5,494,162 2027 ​ ​ 4,336,975 2028 ​ 2,152,843 2029 ​ ​ 1,364,320 2030 and thereafter ​ 3,214,608 ​ ​ $ 21,765,351 ​ Market rate risk for fixed rate debt is estimated as the potential increase in fair value of debt obligations resulting from decreases in interest rates. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of the Company’s long-term debt approximated its carrying value at September 2024. ​ Cross Default and Co-Terminus Provisions ​ Team Sledd’s two 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 September 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 September 2024. ​ Other ​ The Company has issued letters of credit to its workers’ compensation insurance carriers as part of its self-insured loss control program totaling $2.4 million and $0.5 million as of September 2024 and September 2023, respectively

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2024
INCOME TAXES
INCOME TAXES	8. INCOME TAXES: ​ The components of income tax expense from operations for fiscal 2024 and fiscal 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Current: Federal ​ $ 2,998,194 ​ $ 2,324,897 Current: State ​ 671,450 ​ 791,731 ​ ​ 3,669,644 ​ 3,116,628 Deferred: Federal ​ (461,826) ​ 2,199,672 Deferred: State ​ (81,818) ​ 389,700 ​ ​ (543,644) ​ 2,589,372 Income tax expense ​ $ 3,126,000 ​ $ 5,706,000 ​ The difference between the Company’s income tax expense in the accompanying consolidated financial statements and the amount that would be calculated using the statutory income tax rate of 21% for both fiscal 2024 and fiscal 2023 on income from operations before income taxes is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Tax at statutory rate ​ $ 1,567,122 ​ $ 3,633,503 Nondeductible business expenses ​ 1,162,221 ​ 1,313,864 State income taxes, net of federal tax benefit ​ 472,853 ​ 924,567 Tax attributable to non-controlling interest ​ ​ (203,757) ​ ​ (443,831) Other ​ 127,561 ​ 277,897 ​ ​ $ 3,126,000 ​ $ 5,706,000 ​ Temporary differences between the financial statement carrying balances and tax basis of assets and liabilities giving rise to net deferred tax assets (liabilities) at September 2024 and September 2023 relates to the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ Allowance for expected credit losses ​ $ 252,263 ​ $ 253,252 Accrued expenses ​ — ​ 273,313 Inventory ​ 559,277 ​ 533,723 Other ​ 838,158 ​ 618,256 Interest expense limitation ​ ​ 1,667,806 ​ ​ 753,451 Net operating loss carry forwards - state ​ 697,013 ​ 697,013 Total gross deferred tax assets ​ 4,014,517 ​ 3,129,008 Less: Valuation allowance ​ (697,013) ​ (697,013) Total net deferred tax assets ​ ​ 3,317,504 ​ ​ 2,431,995 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Trade discounts ​ ​ 554,066 ​ ​ 471,126 Operating lease, right-of-use assets ​ ​ 99,488 ​ ​ 97,468 Property and equipment ​ 5,834,321 ​ 5,725,493 Goodwill ​ 921,799 ​ 921,799 Accrued expenses ​ ​ 117,878 ​ ​ — Intangible assets ​ 164,268 ​ 134,069 Total deferred tax liabilities ​ ​ 7,691,820 ​ ​ 7,349,955 Total net deferred income tax liability ​ $ 4,374,316 ​ $ 4,917,960 ​ ​ The Company had a valuation allowance of approximately $0.7 million at both September 2024 and September 2023, against certain state net operating losses, which more likely than not will not be utilized. The Company had no material unrecognized tax benefits, interest, or penalties during fiscal 2024 or fiscal 2023, and the Company does not anticipate any such items during the next twelve months. The Company’s policy is to record interest and penalties directly related to income taxes as income tax expense in the Consolidated Statements of Operations. The Company files income tax returns in the U.S. and various states and the tax years 2021 and forward remain open under U.S. and state statutes.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Sep. 30, 2024
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	9. FAIR VALUE DISCLOSURES ​ Mandatorily Redeemable Non-Controlling Interest ​ MRNCI recorded on the Company’s 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 September 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 as it believes this best represents the potential future liability and cash flows. As such, the MRNCI balance at both September 2024 and September 2023 represents the fair value of the remaining future membership interest redemptions and other amounts due to noncontrolling interest holders through April 2026. At both September 2024 and September 2023, the difference between the contractual amount due under the MRNCI and the fair value was approximately $0.7 million. The following table presents changes in the fair value of the MRNCI during each of fiscal years 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended September 30, ​ ​ 2024 ​ 2023 Fair value of MRNCI, beginning of period $ 9,490,831 $ 11,158,555 Redemption of non-controlling interests ​ ​ (1,812,558) ​ ​ (1,812,558) Distributions to non-controlling interest ​ ​ (507,741) ​ ​ (1,162,765) Change in fair value ​ ​ 1,040,968 ​ ​ 1,307,599 Fair value of MRNCI, end of period ​ $ 8,211,500 ​ $ 9,490,831 Less current portion at fair value ​ ​ (1,703,604) ​ ​ (1,703,604) ​ ​ $ 6,507,896 ​ $ 7,787,227 ​ 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, respectively, 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 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 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 September 2024, the difference between the estimated amount due under the contingent consideration arrangement and the fair value was approximately $0.2 million. The contingent consideration liability is classified as Level 3 because of the Company’s reliance on unobservable assumptions. ​ ​ The following table presents changes in the fair value of the contingent consideration: ​ ​ ​ ​ ​ Fair value of contingent consideration at acquisition $ 1,578,444 Change in fair value ​ ​ (124,992) Fair value of contingent consideration as of September 2024 ​ $ 1,453,452 Less current portion at fair value ​ ​ (710,270) ​ ​ $ 743,182 ​

PROFIT SHARING PLANS

PROFIT SHARING PLANS	12 Months Ended
	Sep. 30, 2024
PROFIT SHARING PLANS
PROFIT SHARING PLANS	10. PROFIT SHARING PLANS: The Company sponsors two profit sharing plans (i.e., section 401(k) plans) covering substantially all employees. One plan (“the AMCON Plan”) covers the employees not employed by Team Sledd. The other plan (the “Team Sledd Plan” and together with the AMCON Plan, “the Plans”) covers the employees of Team Sledd. The Plans allow employees to make voluntary contributions up to 100% of their compensation, subject to Internal Revenue Service limits. Under the AMCON Plan, the Company matches 100% of the first 2% contributed and 50% of the next 4% contributed for a maximum match of 4% of employee compensation. Under the Team Sledd Plan, the Company matches 100% of employee contributions up to 5%. The Company made matching contributions (net of employee forfeitures) to the Plans of approximately $2.0 million in fiscal 2024 and $1.6 million in fiscal 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES: Liability Insurance The Company carries property, general liability, vehicle liability, directors’ and officers’ liability and workers’ compensation insurance. Additionally, the Company carries an umbrella liability policy to provide excess coverage over the underlying limits of the aforementioned primary policies. The Company’s insurance programs for workers’ compensation, general liability, and employee related health care benefits are provided through high deductible or self-insured programs. Claims in excess of self-insurance levels are fully insured subject to policy limits. Accruals are based on historical claims experience, actual claims filed, and estimates of claims incurred but not reported. The Company’s liabilities for unpaid and incurred, but not reported claims, for health insurance, workers’ compensation, and general liability, was $1.5 million at September 2024 and $2.2 million at September 2023. These amounts are included in accrued expenses in the accompanying Consolidated Balance Sheets. While the ultimate amount of claims incurred is dependent on future developments, in the Company’s opinion, recorded reserves are adequate to cover the future payment of claims previously incurred. However, it is possible that recorded reserves may not be adequate to cover the future payment of claims. Adjustments, if any, to claims estimates previously recorded, resulting from actual claim payments, are reflected in operations in the periods in which such adjustments are known. A summary of the activity in the Company’s self-insured liabilities reserve is set forth below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Beginning balance ​ $ 2.2 ​ $ 1.9 Charged to expense ​ 11.8 ​ 11.7 Payments ​ (12.5) ​ (11.4) Ending balance ​ $ 1.5 ​ $ 2.2 ​

EQUITY-BASED INCENTIVE AWARDS

EQUITY-BASED INCENTIVE AWARDS	12 Months Ended
	Sep. 30, 2024
EQUITY-BASED INCENTIVE AWARDS
EQUITY-BASED INCENTIVE AWARDS	12. EQUITY-BASED INCENTIVE AWARDS: ​ Omnibus Plans ​ The Company has three equity-based incentive plans, the 2014 Omnibus Incentive Plan, the 2018 Omnibus Incentive Plan, and the 2022 Omnibus Incentive Plan (collectively “the Omnibus Plans”), which provide for equity incentives to employees. Each Omnibus Plan was designed with the intent of encouraging employees to acquire a vested interest in the growth and performance of the Company. The Omnibus Plans together permit the issuance of up to 195,000 shares of the Company’s common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plans is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. At September 2024, 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 No restricted stock unit awards were issued during fiscal 2024 or fiscal 2023. At September 2024, the Company had no restricted stock unit awards outstanding. ​ The following summarizes restricted stock unit activity under the Omnibus Plans during fiscal 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 September 2024 — ​ $ — ​ Restricted Stock Awards ​ At September 2024, 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 September 2024: ​ ​ 5,034 ​ ​ 10,067 ​ ​ 15,100 Fair value of non-vested awards at September 2024 of approximately: ​ $ 730,000 ​ $ 1,459,000 ​ ​ 2,189,000 (1) 10,066 of the restricted stock awards were vested as of September 2024. The remaining 5,034 restricted stock awards will vest in October 2024. (2) 5,033 of the restricted stock awards were vested as of September 2024. 5,033 restricted stock awards will vest in October 2024 and 5,034 will vest in October 2025. (3) The 15,100 restricted awards There is no direct cost to the recipients of the restricted stock awards, except for any applicable taxes. The restricted stock awards provide that the recipients receive common stock in the Company, subject to certain restrictions until such time as the awards vest. The recipients of the restricted stock awards are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. The compensation expense recorded in the Company’s Statement of Operations reflects the straight-line amortized fair value. ​ The following summarizes restricted stock award activity under the Omnibus Plans during fiscal 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 September 2024 30,201 ​ $ 144.95 ​ Income from operations before income taxes included compensation expense related to the amortization of the Company’s restricted stock awards of approximately $2.6 million during fiscal 2024 and $1.6 million during fiscal 2023. The tax benefit related to this compensation expense was approximately $0.7 million in fiscal 2024 and $0.4 million in fiscal 2023. At September 2024, total unamortized compensation expense related to restricted stock awards was approximately $2.8 million. This unamortized compensation expense is expected to be amortized over approximately the next 16 months.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Sep. 30, 2024
BUSINESS SEGMENTS
BUSINESS SEGMENTS	13. 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 FISCAL YEAR ENDED 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,669,390,346 ​ $ — ​ $ — ​ $ 1,669,390,346 Tobacco ​ ​ 499,869,540 ​ ​ — ​ ​ — ​ ​ 499,869,540 Confectionery ​ ​ 174,952,982 ​ ​ — ​ ​ — ​ ​ 174,952,982 Health food ​ ​ — ​ ​ 42,494,231 ​ ​ — ​ ​ 42,494,231 Foodservice & other ​ ​ 324,274,009 ​ ​ — ​ ​ — ​ ​ 324,274,009 Total external revenue ​ ​ 2,668,486,877 ​ ​ 42,494,231 ​ ​ — ​ ​ 2,710,981,108 Depreciation ​ ​ 7,983,266 ​ ​ 974,212 ​ ​ — ​ ​ 8,957,478 Amortization ​ ​ 537,701 ​ ​ — ​ ​ — ​ ​ 537,701 Operating income (loss) ​ ​ 31,255,079 ​ ​ 112,831 ​ ​ (13,387,396) ​ ​ 17,980,514 Interest expense ​ ​ — ​ ​ — ​ ​ 10,413,228 ​ ​ 10,413,228 Income (loss) from operations before taxes ​ ​ 30,685,132 ​ ​ 745,893 ​ ​ (23,968,536) ​ ​ 7,462,489 Total assets ​ ​ 356,187,395 ​ ​ 16,713,578 ​ ​ 1,206,337 ​ ​ 374,107,310 Capital expenditures (1) ​ ​ 26,573,247 ​ ​ 1,857,972 ​ ​ — ​ ​ 28,431,219 ​ (1) Includes $10.0 million purchase of a distribution facility in Colorado City, Colorado. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated FISCAL YEAR ENDED 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,586,303,595 ​ $ — ​ $ — ​ $ 1,586,303,595 Tobacco ​ ​ 462,509,541 ​ ​ — ​ ​ — ​ ​ 462,509,541 Confectionery ​ ​ 162,614,409 ​ ​ — ​ ​ — ​ ​ 162,614,409 Health food ​ ​ — ​ ​ 43,119,285 ​ ​ — ​ ​ 43,119,285 Foodservice & other ​ ​ 285,448,169 ​ ​ — ​ ​ — ​ ​ 285,448,169 Total external revenue ​ ​ 2,496,875,714 ​ ​ 43,119,285 ​ ​ — ​ ​ 2,539,994,999 Depreciation ​ ​ 5,856,980 ​ ​ 1,304,488 ​ ​ — ​ ​ 7,161,468 Amortization ​ ​ 415,178 ​ ​ — ​ ​ — ​ ​ 415,178 Operating income (loss) ​ ​ 39,701,536 ​ ​ (720,104) ​ ​ (13,014,849) ​ ​ 25,966,583 Interest expense ​ ​ — ​ ​ — ​ ​ 8,550,431 ​ ​ 8,550,431 Income (loss) from operations before taxes ​ ​ 38,653,470 ​ ​ 214,203 ​ ​ (21,565,280) ​ ​ 17,302,393 Total assets ​ ​ 345,459,274 ​ ​ 16,985,699 ​ ​ 984,227 ​ ​ 363,429,200 Capital expenditures ​ ​ 11,413,999 ​ ​ 1,071,226 ​ ​ — ​ ​ 12,485,225 ​

TREASURY STOCK

TREASURY STOCK	12 Months Ended
	Sep. 30, 2024
TREASURY STOCK
TREASURY STOCK	14. TREASURY STOCK: The Company did not repurchase any shares of its common stock during fiscal 2024. The Company repurchased a total of 2,363 shares of its common stock during fiscal 2023 for cash totaling approximately $0.4 million. All repurchased shares were recorded in treasury stock at cost.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS: On October 22, 2024, the Compensation Committee of the Company’s Board of Directors awarded 15,100 shares of restricted stock to members of the Company’s executive management team, which are subject to a three-year graded vesting schedule. ​ On October 24, 2024, the Company amended the Henry’s Facility, increasing its aggregate borrowing capacity from $40.0 million to $45.0 million and extending the maturity date to February 2028. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,336,489	$ 11,596,393

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	12 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
Company Operations	(a) Company Operations: AMCON Distributing Company and Subsidiaries (“AMCON” or “the Company”) serves customers in 33 states and is primarily engaged in the wholesale distribution of consumer products in the Central, Rocky Mountain, Great Lakes, Mid-South and Mid-Atlantic regions of the United States. AMCON’s wholesale distribution business which includes our Team Sledd, LLC (“Team Sledd”) and Henry’s Foods, Inc. (“Henry’s) subsidiaries (“Wholesale Segment”), operates 13 distribution centers that sell over 20,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. The Company distributes products primarily to retailers such as convenience stores, discount and general merchandise stores, grocery stores, drug stores, and gas stations. In addition, the Company services institutional customers, including restaurants and bars, schools, sports complexes, as well as other wholesalers. AMCON, through its Healthy Edge Inc. subsidiary, operates 15 retail health food stores as Chamberlin’s Natural Foods, Akin’s Natural Foods, and Earth Origins Market (“Retail Segment”). These stores carry natural supplements, organic and natural groceries, health and beauty care products, and other food items. The Company’s operations are subject to a number of factors which are beyond the control of management, such as changes in manufacturers’ cigarette pricing, state excise tax increases, or the opening of competing retail stores in close proximity to the Company’s retail stores. While the Company sells a diversified product line, it remains dependent upon the sale of cigarettes which accounted for approximately 62% of the Company’s consolidated revenue during both fiscal 2024 and fiscal 2023, and 18% and 19% of the Company’s consolidated gross profit during fiscal 2024 and fiscal 2023, respectively.
Accounting Period	(b) Accounting Period: The Company’s fiscal year ends on September 30 th
Principles of Consolidation and Basis of Presentation	(c) Principles of Consolidation and Basis of Presentation: The Consolidated Financial Statements include the accounts of AMCON and its wholly-owned subsidiaries including Henry’s since February 2023 and its non-wholly-owned equity investment in Team Sledd. All significant intercompany accounts and transactions have been eliminated.
Cash and Accounts Payable	(d) Cash and Accounts Payable: AMCON utilizes a cash management system under which an overdraft is the normal book balance in the primary disbursing accounts. Overdrafts included in accounts payable at September 2024 and September 2023 totaled approximately $3.9 million and $3.3 million, respectively, and reflect checks drawn on the disbursing accounts that have been issued but have not yet cleared through the banking system. The Company’s policy has been to fund these outstanding checks as they clear with borrowings under its revolving credit facilities (see Note 7). These outstanding checks (book overdrafts) are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows.
Accounts Receivable	(e) Accounts Receivable: Accounts receivable primarily consists of customer trade receivables arising in the ordinary course of business and other receivables primarily related to various rebate and promotional incentives with the Company’s suppliers. 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. As of September 2024 and September 2023, receivables from transactions with customers, less allowance for expected credit losses were $68.1 million and $69.4 million, respectively.
Inventories	(f) Inventories: At September 2024 and September 2023, 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 September 2024 and September 2023. These reserves include the Company’s obsolescence allowance, which reflects estimated unsaleable or non-refundable inventory based upon an evaluation of slow moving and discontinued products.
Prepaid Expenses and Other Current Assets	(g) Prepaid Expenses and Other Current Assets: A summary of prepaid expenses and other current assets is as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 2024 September 2023 Prepaid expenses ​ $ 5.5 ​ $ 4.3 Prepaid inventory ​ 7.3 ​ 9.3 ​ ​ $ 12.8 ​ $ 13.6 ​ Prepaid inventory represents inventory in-transit that has been paid for but not received.
Property and Equipment	(h) Property and Equipment: Property and equipment are stated at cost less accumulated depreciation or amortization. Major renewals and improvements are capitalized and charged to expense over their useful lives through depreciation or amortization charges. Repairs and maintenance are charged to expense in the period incurred. The straight-line method of depreciation is used to depreciate assets over the estimated useful lives as follows: ​ ​ ​ ​ ​ ​ ​ Years Land improvements ​ 9 - 15 Buildings and improvements ​ 5 - 40 Warehouse equipment ​ 2 - 20 Furniture, fixtures and leasehold improvements ​ 1 - 12 Vehicles ​ 1 - 10 ​ Costs and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts, and the resulting gains or losses are reported as a component of operating income. The Company reviews property and equipment for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the asset group are estimated over the asset’s useful life of the primary asset and based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the asset group may not be recoverable, the potential impairment is determined based on the amount by which the carrying value of the asset group exceeds the fair value of the asset group. There was no impairment of any property and equipment during either fiscal 2024 or fiscal 2023.
Leases	(i) Leases: Lease liabilities are equal to the present value of the remaining fixed lease payments. Right-of-use (“ROU”) assets are determined based on the amount of the lease liability, plus initial direct costs incurred less lease incentives. The Company determines its incremental borrowing rates based on information available at the lease commencement date in calculating the present value of its lease payments. The Company does not recognize assets or liabilities for leases with an initial term of twelve months or less and these short-term lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term. The Company elected the practical expedient to account for non-lease components as part of the lease for all asset classes. The Company reviews its ROU lease assets for indicators of impairment in the same manner as its other property and equipment as described above in (h) Property and Equipment
Goodwill and Intangible Assets	(j) Goodwill and Intangible Assets: Goodwill consists of the excess purchase price paid in certain business combinations over the fair value of assets acquired and generally represents synergies and economies of scale generated through reductions in selling, general, and administrative expenses. Intangible assets consist of trademarks, tradenames, and customer relationships acquired as part of acquisitions in addition to certain non-competition agreements. Goodwill and the trademarks and tradenames for our Retail Segment are considered to have indefinite lives. Goodwill and intangible assets having indefinite useful lives are not amortized into the results of operations, but instead are reviewed annually or more frequently if events or changes in circumstances indicate that the assets might be impaired, to assess whether their fair value exceeds their carrying value. The Company performs its annual goodwill and intangible asset impairment assessment during the fourth fiscal quarter of each year. When evaluating the potential impairment of non-amortizable indefinite lived assets and goodwill, the Company first assesses a range of qualitative factors, including but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, market prices, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and the overall financial performance for each of the Company’s reporting units. If after completing this assessment, the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative evaluation is performed using the income approach (discounted cash flow method). A discounted cash flow methodology requires the estimation of a wide range of factors including but not limited to: (i) forecasting future earnings and cash flows, (ii) determining the discount rate applicable to the earnings stream being discounted, and (iii) computing a terminal value at some point in the future. These estimations require significant judgment and include making assumptions such as sales growth rates including the addition of new retail stores, future store profitability, planned capital expenditures, our ability to control costs, the successful implementation of initiatives designed to enhance sales and improve inventory management, gross profit estimates, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions. The use of different assumptions or estimates for future cash flows could produce different results. For goodwill impairment testing, the Company utilizes the guidance in Accounting Standards Codification (“ASC”) 350 - Intangibles - Goodwill and Other The Company’s identifiable intangible assets with finite lives are amortized over their estimated useful lives and are assessed for impairment whenever events or circumstances change which may indicate that the carrying amount of the assets may not be recoverable. Identifiable intangible assets which are subject to amortization are evaluated for impairment using a process similar to that used in evaluating the elements of property and equipment. If impaired, the related assets are written down to their estimated fair value.
Equity Method Investment	(k) Equity Method Investment: The Company uses the equity method to account for its investment in an investee if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss (net of income taxes) of the investee is included in consolidated net earnings. Judgment regarding the level of influence over its equity method investment includes considering key factors such as the Company’s ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. The Company evaluates its equity method investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing its equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and future prospects, and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than-temporary is recognized in the period identified.
Revenue Recognition	(l) Revenue Recognition: The Company recognizes revenues when the performance obligation is satisfied, which is the point where control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. For the majority of the Company’s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered, as that is generally when legal title, physical possession and risks and rewards of goods/services transfers to the customer. The timing of satisfaction of the performance obligation is not subject to significant judgment due to the simultaneous nature of the Company’s customer arrangements (same day creation and fulfillment). After the completion of its performance obligations, the Company has an unconditional right of payment from customers with varying collection and payment terms based on region, credit risk, and other situational factors . Customer receivables are included on the consolidated balance sheets less an allowance for doubtful accounts. The Company has elected the practical expedient permitting it to disregard financing components which may be deemed to be part of its transaction price as its customary payments terms are less than one year .
Insurance	(m) Insurance: The Company’s insurance for employee-related health care benefits, workers’ compensation, and general liability is provided through high-deductible or self-insured programs. The Company accrues for employee-related health care costs utilizing a claims reserve methodology and prepays insurance carriers for all workers’ compensation and general liability coverage as part of its insurance program. The Company accrues for employee-related health care claims based upon a reserve analysis for claims incurred, but not reported, utilizing the Company’s historical claims experience rate, plus specific reserves for large claims. The reserves associated with the exposure to these liabilities are reviewed by management for adequacy at the end of each reporting period. The Company has issued letters of credit to insurance carriers as part of its loss control program totaling $2.4 million and $0.5 million as of September 2024 and September 2023, respectively.
Income Taxes	(n) Income Taxes: The Company uses the asset and liability method to calculate deferred income taxes. Deferred tax assets and liabilities are recognized on temporary differences between financial statement and tax bases of assets and liabilities using enacted tax rates. The effect of tax rate changes on deferred tax assets and liabilities is recognized in income during the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when we do not consider it more likely than not that some portion or all of the deferred tax assets will be realized.
Share-Based Compensation	(o) Share-Based Compensation: The Company recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The fair value of stock options are estimated at the date of grant using the Black-Scholes option pricing model. Option pricing methods require the input of highly subjective assumptions, including the expected stock price volatility. The fair value of restricted stock units and restricted stock awards is based on the period ending closing price of the Company’s common stock. Measured compensation cost is recognized ratably over the vesting period of the related share-based compensation award and is reflected in our Consolidated Statement of Operations under “Selling, general and administrative expenses.”
Customer Sales Incentives	(p) Customer Sales Incentives: The Company provides consideration to customers, such as sales allowances or discounts on a regular basis. In accordance with ASC 606, the Company estimates customer sales incentives due as sales are made and records them as a reduction of net sales.
Excise Taxes	(q) Excise Taxes: Under ASC 606, the Company is primarily responsible for excise taxes levied on cigarette and other tobacco products and presents excise taxes as a component of revenue.
Contract Costs	(r) Contract Costs: Under ASC 606, the Company expenses as incurred any incremental costs to obtain and fulfill customer contracts as the related amortization period would be one year or less.
Per-share Results	(s) Per-share Results: Basic earnings or loss per share data are based on the weighted-average number of common shares outstanding during each period. Diluted earnings or loss per share data are based on the weighted-average number of common shares outstanding and the effect of all dilutive potential common shares including stock options, restricted stock units and restricted stock awards.
Use of Estimates	(t) Use of Estimates: The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurements	(u) Fair Value Measurements: The Company’s financial assets and liabilities are recognized or disclosed at fair value in the financial statements on a recurring basis. The carrying amount of trade accounts receivable, other receivables, accounts payable and other accrued liabilities approximates fair value because of the short maturity of these financial instruments. The carrying amount of the Company’s variable and fixed rate debt also approximates fair value.
Mandatorily Redeemable Non-Controlling Interest	(v) Mandatorily Redeemable Non-Controlling Interest: ​ Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s consolidated balance sheets represents the fair value of the non-controlling interest in the Company’s strategic investment in Team Sledd. The Company has elected to present the MRNCI liability at fair value under ASC 825 – Financial Instruments including the timing of any future redemptions and an appropriate discount rate. The MRNCI is classified as Level 3 because of the Company’s reliance on unobservable assumptions. ​ (w) Contingent Consideration: ​ Contingent consideration recorded on the Company’s consolidated balance sheets represents the fair value of a portion of the consideration paid in the acquisition of Burklund Distributors, Inc. (“Burklund”) (see Note 2). In accordance with Financial Accounting Standards Board (“FASB”) ASC 805 – Business Combinations ​
Business Combinations	(x) Business Combinations: ​ The acquisition method of accounting for business combinations under ASC 805 requires management to use significant estimates and assumptions, including fair value estimates, as of the business combination date and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the Company is allowed to adjust the provisional amounts recognized for a business combination).
ACCOUNTING PRONOUNCEMENTS	(y) Accounting Pronouncements: Accounting Pronouncements Adopted ​ In June 2016, the 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. ​ 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. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements. ​ 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. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
Summary of prepaid expenses and other current assets	A summary of prepaid expenses and other current assets is as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 2024 September 2023 Prepaid expenses ​ $ 5.5 ​ $ 4.3 Prepaid inventory ​ 7.3 ​ 9.3 ​ ​ $ 12.8 ​ $ 13.6
Schedule of estimated useful lives of property and equipment	​ ​ ​ ​ ​ ​ ​ Years Land improvements ​ 9 - 15 Buildings and improvements ​ 5 - 40 Warehouse equipment ​ 2 - 20 Furniture, fixtures and leasehold improvements ​ 1 - 12 Vehicles ​ 1 - 10

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Sep. 30, 2024
Business Acquisition [Line Items]
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	The following table sets forth the unaudited supplemental financial data for Burklund and Richmond Master from the respective acquisition dates through September 2024, which are included in the Company’s consolidated results for fiscal 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Richmond ​ ​ ​ ​ ​ ​ Burklund ​ ​ Master ​ ​ Total Revenue ​ $ 73,396,615 ​ $ 25,194,245 ​ $ 98,590,860 Net income (loss) available to common shareholders ​ $ (496) ​ $ 61,544 ​ $ 61,048
Schedule of unaudited supplemental pro forma information	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended September 2024 For the year ended September 2023 Revenue ​ $ 2,854,752,348 ​ $ 2,892,363,498 Net income available to common shareholders ​ $ 3,823,775 ​ $ 12,435,254
Henry's
Business Acquisition [Line Items]
Schedule of identifiable assets and liabilities assumed	​ ​ ​ ​ ​ Accounts receivable ​ $ 8,237,652 Inventories ​ ​ 16,060,965 Prepaid and other assets ​ ​ 400,964 Property and equipment ​ ​ 27,216,323 Other intangible assets ​ ​ 3,607,000 Liabilities assumed ​ ​ (1,157,976) Total identifiable net assets ​ $ 54,364,928 ​ ​ ​ ​ Total identifiable net assets ​ $ 54,364,928 Goodwill ​ ​ 500,375 Consideration transferred ​ $ 54,865,303
Schedule of other intangible assets acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-Date Useful Life Other Intangible Asset ​ Fair Value ​ (Years) Customer list ​ $ 2,010,000 ​ ​ 15 Non-competition agreement ​ ​ 95,000 ​ ​ 5 Trade name ​ ​ 1,502,000 ​ ​ 7 ​ ​ $ 3,607,000 ​ ​ ​
Schedule of unaudited supplemental financial data	The following table sets forth the unaudited supplemental financial data for Henry’s from the acquisition date through September 2023, which is included in the Company’s consolidated results for fiscal 2023. ​ ​ ​ ​ ​ Revenue ​ $ 220,636,797 Net income available to common shareholders ​ $ 2,448,853

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Sep. 30, 2024
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Years ​ ​ 2024 2023 ​ Basic ​ Basic Weighted average number of common shares outstanding ​ 599,020 ​ 584,148 Net income available to common shareholders ​ $ 4,336,489 ​ $ 11,596,393 Net earnings per share available to common shareholders ​ $ 7.24 ​ $ 19.85 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Fiscal Years ​ ​ 2024 2023 ​ Diluted ​ Diluted Weighted average number of common shares outstanding ​ 599,020 ​ 584,148 Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ 7,762 ​ 11,702 Weighted average number of shares outstanding ​ 606,782 ​ 595,850 Net income available to common shareholders ​ $ 4,336,489 ​ $ 11,596,393 Net earnings per share available to common shareholders ​ $ 7.15 ​ $ 19.46 ​ (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Sep. 30, 2024
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Land and improvements ​ $ 5,619,034 ​ $ 4,292,142 ​ Buildings and improvements ​ 67,813,750 ​ 43,963,416 ​ Warehouse equipment ​ 25,509,993 ​ 23,894,049 ​ Furniture, fixtures and leasehold improvements ​ 19,970,335 ​ 16,869,932 ​ Vehicles ​ 14,040,286 ​ 12,962,265 ​ Construction in progress ​ 20,905,740 ​ 18,798,343 ​ ​ ​ 153,859,138 ​ 120,780,147 ​ Less accumulated depreciation: ​ (47,810,077) ​ (40,172,696) ​ Property and equipment, net ​ $ 106,049,061 ​ $ 80,607,451 ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Sep. 30, 2024
LEASES
Schedule of leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Classification September 2024 September 2023 Operating ​ Operating lease right-of-use assets ​ $ 25,514,731 ​ $ 23,173,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Operating lease liabilities ​ $ 7,036,751 ​ $ 6,063,048 Non-current: ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Long-term operating lease liabilities ​ ​ 18,770,001 ​ ​ 17,408,758 Total lease liabilities ​ ​ ​ $ 25,806,752 ​ $ 23,471,806
Schedule of components of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year 2024 Fiscal Year 2023 Operating lease cost ​ $ 8,012,939 ​ $ 7,673,309 Short-term lease cost ​ ​ 372,387 ​ ​ 500,372 Variable lease cost ​ ​ 602,246 ​ ​ 467,164 Net lease cost ​ $ 8,987,572 ​ $ 8,640,845
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases 2025 ​ ​ ​ ​ $ 8,342,930 2026 ​ ​ ​ ​ ​ 6,847,341 2027 ​ ​ ​ ​ ​ 5,196,498 2028 ​ ​ ​ ​ ​ 3,455,810 2029 ​ ​ ​ ​ ​ 1,989,904 2030 and thereafter ​ ​ ​ ​ ​ 4,055,263 Total lease payments ​ ​ ​ ​ ​ 29,887,746 Less: interest ​ ​ ​ ​ ​ (4,080,994) Present value of lease liabilities ​ ​ ​ ​ $ 25,806,752
Schedule of weighted-average remaining lease term and weighted-average discount rate	​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Term September 2024 September 2023 Weighted-average remaining lease term (years): ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ 5.0 ​ ​ 5.2 ​ Discount Rate ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ 5.91 % ​ 4.97 %
Schedule of other information regarding the Company's leases	​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year 2024 Fiscal Year 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows used by operating leases ​ $ 7,997,795 ​ $ 7,642,556 Lease liabilities arising from obtaining new ROU assets: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 8,547,877 ​ $ 5,541,096 ​

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Sep. 30, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ September September ​ ​ 2024 ​ 2023 Balance, beginning of period ​ $ 5,778,325 ​ $ 5,277,950 Acquisition of Henry's ​ — ​ 500,375 Balance, end of period ​ $ 5,778,325 ​ $ 5,778,325
Schedule of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September September ​ ​ 2024 ​ 2023 Customer lists (Wholesale Segment) (less accumulated amortization of $0.5 million at September 2024 and $0.2 million at September 2023) ​ $ 2,996,348 ​ $ 3,226,480 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at September 2024 and $0.1 million at September 2023) ​ ​ 106,505 ​ ​ 199,503 Tradename (Wholesale Segment) (less accumulated amortization of $0.4 million at September 2024 and $0.1 million at September 2023) ​ ​ 1,144,381 ​ ​ 1,358,952 Trademarks and tradenames (Retail Segment) ​ ​ 500,000 ​ ​ 500,000 ​ ​ $ 4,747,234 ​ $ 5,284,935
Schedule of estimated future amortization expense related to identifiable intangible assets with finite lives	​ ​ ​ ​ ​ ​ ​ September ​ 2024 Fiscal 2025 ​ $ 506,869 Fiscal 2026 ​ ​ 463,703 Fiscal 2027 ​ ​ 463,703 Fiscal 2028 ​ ​ 451,043 Fiscal 2029 ​ ​ 444,703 Fiscal 2030 and thereafter ​ ​ 1,917,213 ​ ​ $ 4,247,234 ​

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Sep. 30, 2024
DEBT
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 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 ​ ​ 4,739,192 ​ ​ 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 ​ ​ 1,746,606 ​ ​ 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 7.58% at September 2023, collateralized by certain of Team Sledd's equipment ​ ​ — ​ ​ 288,237 Note payable, interest payable at a fixed rate of 6.04% with monthly installments of principal and interest of $129,685 through February 2028, collateralized by certain of Henry's equipment ​ 4,793,228 ​ 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 ​ ​ 6,756,024 ​ ​ — 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 ​ ​ 3,730,301 ​ ​ — ​ ​ 21,765,351 ​ 13,630,504 Less current maturities ​ (5,202,443) ​ (1,955,065) ​ ​ $ 16,562,908 ​ $ 11,675,439
Schedule of minimum principal maturities of the long-term debt	​ ​ ​ ​ ​ Fiscal Year Ending ​ ​ 2025 ​ $ 5,202,443 2026 ​ ​ 5,494,162 2027 ​ ​ 4,336,975 2028 ​ 2,152,843 2029 ​ ​ 1,364,320 2030 and thereafter ​ 3,214,608 ​ ​ $ 21,765,351

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2024
INCOME TAXES
Schedule of components of income tax expense from operations	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Current: Federal ​ $ 2,998,194 ​ $ 2,324,897 Current: State ​ 671,450 ​ 791,731 ​ ​ 3,669,644 ​ 3,116,628 Deferred: Federal ​ (461,826) ​ 2,199,672 Deferred: State ​ (81,818) ​ 389,700 ​ ​ (543,644) ​ 2,589,372 Income tax expense ​ $ 3,126,000 ​ $ 5,706,000
Schedule of difference between the income tax expense and that which would be calculated using the statutory income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Tax at statutory rate ​ $ 1,567,122 ​ $ 3,633,503 Nondeductible business expenses ​ 1,162,221 ​ 1,313,864 State income taxes, net of federal tax benefit ​ 472,853 ​ 924,567 Tax attributable to non-controlling interest ​ ​ (203,757) ​ ​ (443,831) Other ​ 127,561 ​ 277,897 ​ ​ $ 3,126,000 ​ $ 5,706,000
Schedule of temporary differences between the financial statement carrying balances and tax basis of assets and liabilities giving rise to a net deferred tax asset (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ Allowance for expected credit losses ​ $ 252,263 ​ $ 253,252 Accrued expenses ​ — ​ 273,313 Inventory ​ 559,277 ​ 533,723 Other ​ 838,158 ​ 618,256 Interest expense limitation ​ ​ 1,667,806 ​ ​ 753,451 Net operating loss carry forwards - state ​ 697,013 ​ 697,013 Total gross deferred tax assets ​ 4,014,517 ​ 3,129,008 Less: Valuation allowance ​ (697,013) ​ (697,013) Total net deferred tax assets ​ ​ 3,317,504 ​ ​ 2,431,995 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Trade discounts ​ ​ 554,066 ​ ​ 471,126 Operating lease, right-of-use assets ​ ​ 99,488 ​ ​ 97,468 Property and equipment ​ 5,834,321 ​ 5,725,493 Goodwill ​ 921,799 ​ 921,799 Accrued expenses ​ ​ 117,878 ​ ​ — Intangible assets ​ 164,268 ​ 134,069 Total deferred tax liabilities ​ ​ 7,691,820 ​ ​ 7,349,955 Total net deferred income tax liability ​ $ 4,374,316 ​ $ 4,917,960

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Sep. 30, 2024
FAIR VALUE DISCLOSURES
Schedule of mandatorily redeemable non-controlling interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended September 30, ​ ​ 2024 ​ 2023 Fair value of MRNCI, beginning of period $ 9,490,831 $ 11,158,555 Redemption of non-controlling interests ​ ​ (1,812,558) ​ ​ (1,812,558) Distributions to non-controlling interest ​ ​ (507,741) ​ ​ (1,162,765) Change in fair value ​ ​ 1,040,968 ​ ​ 1,307,599 Fair value of MRNCI, end of period ​ $ 8,211,500 ​ $ 9,490,831 Less current portion at fair value ​ ​ (1,703,604) ​ ​ (1,703,604) ​ ​ $ 6,507,896 ​ $ 7,787,227
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 ​ ​ (124,992) Fair value of contingent consideration as of September 2024 ​ $ 1,453,452 Less current portion at fair value ​ ​ (710,270) ​ ​ $ 743,182 ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES.
Summary of self-insured liabilities reserve	A summary of the activity in the Company’s self-insured liabilities reserve is set forth below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Beginning balance ​ $ 2.2 ​ $ 1.9 Charged to expense ​ 11.8 ​ 11.7 Payments ​ (12.5) ​ (11.4) Ending balance ​ $ 1.5 ​ $ 2.2 ​

EQUITY-BASED INCENTIVE AWARDS (

EQUITY-BASED INCENTIVE AWARDS (Tables)	12 Months Ended
	Sep. 30, 2024
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 September 2024 — ​ $ —
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 September 2024: ​ ​ 5,034 ​ ​ 10,067 ​ ​ 15,100 Fair value of non-vested awards at September 2024 of approximately: ​ $ 730,000 ​ $ 1,459,000 ​ ​ 2,189,000 (1) 10,066 of the restricted stock awards were vested as of September 2024. The remaining 5,034 restricted stock awards will vest in October 2024. (2) 5,033 of the restricted stock awards were vested as of September 2024. 5,033 restricted stock awards will vest in October 2024 and 5,034 will vest in October 2025. (3) The 15,100 restricted awards
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 September 2024 30,201 ​ $ 144.95

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Sep. 30, 2024
BUSINESS SEGMENTS
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated FISCAL YEAR ENDED 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,669,390,346 ​ $ — ​ $ — ​ $ 1,669,390,346 Tobacco ​ ​ 499,869,540 ​ ​ — ​ ​ — ​ ​ 499,869,540 Confectionery ​ ​ 174,952,982 ​ ​ — ​ ​ — ​ ​ 174,952,982 Health food ​ ​ — ​ ​ 42,494,231 ​ ​ — ​ ​ 42,494,231 Foodservice & other ​ ​ 324,274,009 ​ ​ — ​ ​ — ​ ​ 324,274,009 Total external revenue ​ ​ 2,668,486,877 ​ ​ 42,494,231 ​ ​ — ​ ​ 2,710,981,108 Depreciation ​ ​ 7,983,266 ​ ​ 974,212 ​ ​ — ​ ​ 8,957,478 Amortization ​ ​ 537,701 ​ ​ — ​ ​ — ​ ​ 537,701 Operating income (loss) ​ ​ 31,255,079 ​ ​ 112,831 ​ ​ (13,387,396) ​ ​ 17,980,514 Interest expense ​ ​ — ​ ​ — ​ ​ 10,413,228 ​ ​ 10,413,228 Income (loss) from operations before taxes ​ ​ 30,685,132 ​ ​ 745,893 ​ ​ (23,968,536) ​ ​ 7,462,489 Total assets ​ ​ 356,187,395 ​ ​ 16,713,578 ​ ​ 1,206,337 ​ ​ 374,107,310 Capital expenditures (1) ​ ​ 26,573,247 ​ ​ 1,857,972 ​ ​ — ​ ​ 28,431,219 ​ (1) Includes $10.0 million purchase of a distribution facility in Colorado City, Colorado. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated FISCAL YEAR ENDED 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 1,586,303,595 ​ $ — ​ $ — ​ $ 1,586,303,595 Tobacco ​ ​ 462,509,541 ​ ​ — ​ ​ — ​ ​ 462,509,541 Confectionery ​ ​ 162,614,409 ​ ​ — ​ ​ — ​ ​ 162,614,409 Health food ​ ​ — ​ ​ 43,119,285 ​ ​ — ​ ​ 43,119,285 Foodservice & other ​ ​ 285,448,169 ​ ​ — ​ ​ — ​ ​ 285,448,169 Total external revenue ​ ​ 2,496,875,714 ​ ​ 43,119,285 ​ ​ — ​ ​ 2,539,994,999 Depreciation ​ ​ 5,856,980 ​ ​ 1,304,488 ​ ​ — ​ ​ 7,161,468 Amortization ​ ​ 415,178 ​ ​ — ​ ​ — ​ ​ 415,178 Operating income (loss) ​ ​ 39,701,536 ​ ​ (720,104) ​ ​ (13,014,849) ​ ​ 25,966,583 Interest expense ​ ​ — ​ ​ — ​ ​ 8,550,431 ​ ​ 8,550,431 Income (loss) from operations before taxes ​ ​ 38,653,470 ​ ​ 214,203 ​ ​ (21,565,280) ​ ​ 17,302,393 Total assets ​ ​ 345,459,274 ​ ​ 16,985,699 ​ ​ 984,227 ​ ​ 363,429,200 Capital expenditures ​ ​ 11,413,999 ​ ​ 1,071,226 ​ ​ — ​ ​ 12,485,225 ​

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Sep. 30, 2024 USD ($) item store state	Sep. 30, 2023 USD ($)
Number of states served | state	33
Accounts Receivable
Receivables from transactions with customers, less allowance for doubtful accounts	$ 68,100,000	$ 69,400,000
Inventories
Total reserves on finished goods	1,200,000	1,200,000
Prepaid Expenses and Other Current Assets
Prepaid expenses	5,500,000	4,300,000
Prepaid inventory	7,300,000	9,300,000
Prepaid expenses and other current assets	12,765,088	13,564,056
Accounts payable
Cash and Accounts Payable
Overdrafts	$ 3,900,000	$ 3,300,000
Cigarettes Product | Percentage of consolidated revenue | Product concentration risk
Concentration of cigarette sales	62%
Cigarettes Product | Percentage of consolidated gross profit | Product concentration risk
Concentration of cigarette sales	18%	19%
Wholesale Segment
Number of distribution centers | item	13
Number of products sold or distributed | item	20,000
Retail Segment
Number of operating health food retail stores | store	15

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment to Accounting Pronouncements (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property and Equipment
Impairment of property and equipment	$ 0	$ 0
Revenue Recognition
Practical expedient, financing components	true
Insurance
Letter of credit issued for worker's compensation insurance carrier as part of the entity's self-insured loss control program	$ 2.4	0.5
Contract Costs
Practical expedient to expense as incurred any incremental costs to obtain and fulfill customer contracts	true
Facilities
Insurance
Line Of Credit Facility Financial Covenant Excess Capacity Availability Fall	$ 2.4	$ 0.5
Land improvements | Minimum
Property and Equipment
Estimated useful lives	9 years
Land improvements | Maximum
Property and Equipment
Estimated useful lives	15 years
Buildings and improvements | Minimum
Property and Equipment
Estimated useful lives	5 years
Buildings and improvements | Maximum
Property and Equipment
Estimated useful lives	40 years
Warehouse equipment | Minimum
Property and Equipment
Estimated useful lives	2 years
Warehouse equipment | Maximum
Property and Equipment
Estimated useful lives	20 years
Furniture, fixtures and leasehold improvements | Minimum
Property and Equipment
Estimated useful lives	1 year
Furniture, fixtures and leasehold improvements | Maximum
Property and Equipment
Estimated useful lives	12 years
Vehicles | Minimum
Property and Equipment
Estimated useful lives	1 year
Vehicles | Maximum
Property and Equipment
Estimated useful lives	10 years

ACQUISITIONS (Details)

ACQUISITIONS (Details)				12 Months Ended
	Jun. 21, 2024 USD ($)	Apr. 05, 2024 USD ($) installment	Feb. 03, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Total consideration and recognized amounts of identifiable assets acquired
Goodwill				$ 5,778,325	$ 5,778,325	$ 5,277,950
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
Henry's
Total consideration and recognized amounts of identifiable assets acquired
Payments in cash			$ 54,900,000		$ 54,865,303
Liabilities assumed			1,157,976
Other intangible assets			3,607,000
Goodwill			$ 500,375
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 ($)			12 Months Ended
	Jun. 21, 2024	Apr. 05, 2024	Sep. 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 ($)	Feb. 03, 2023	Sep. 30, 2024	Jun. 21, 2024	Apr. 05, 2024	Sep. 30, 2023	Sep. 30, 2022
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Goodwill		$ 5,778,325			$ 5,778,325	$ 5,277,950
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
Henry's
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Accounts receivable	$ 8,237,652
Inventories	16,060,965
Prepaid and other assets	400,964
Property and equipment	27,216,323
Other intangible assets	3,607,000
Liabilities assumed	(1,157,976)
Operating leases	200,000
Total identifiable net assets	54,364,928
Goodwill	500,375
Consideration transferred	54,865,303
Henry's | Customer lists
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Other intangible assets	$ 2,010,000
Useful Life (Years)	15 years
Henry's | Trade name
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Other intangible assets	$ 1,502,000
Useful Life (Years)	7 years
Henry's | Non-competition agreements
Provisional (preliminary) amounts of identifiable assets and liabilities at fair value:
Other intangible assets	$ 95,000
Useful Life (Years)	5 years

ACQUISITIONS - Unaudited Supple

ACQUISITIONS - Unaudited Supplemental Financial Data (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Burklund Distributors, Inc and Richmond Master Distributors, Inc
Business Acquisition [Line Items]
Revenue	$ 98,590,860
Net income available to common shareholders	61,048
Burklund
Business Acquisition [Line Items]
Revenue	73,396,615
Net income available to common shareholders	(496)
Richmond Master
Business Acquisition [Line Items]
Revenue	25,194,245
Net income available to common shareholders	$ 61,544
Henry's
Business Acquisition [Line Items]
Revenue		$ 220,636,797
Net income available to common shareholders		$ 2,448,853

ACQUISITIONS - Unaudited Supp_2

ACQUISITIONS - Unaudited Supplemental Pro Forma Information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Oct. 01, 2022
Business Acquisition [Line Items]
Revenue	$ 2,854,752,348	$ 2,892,363,498
Net income available to common shareholders	$ 3,823,775	$ 12,435,254
Team Sledd
Business Acquisition [Line Items]
Controlling interest (as a percent)	76%	64%	76%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	599,020	584,148
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock	7,762	11,702
Weighted average number of shares outstanding, Diluted	606,782	595,850
Net income available to common shareholders, Basic	$ 4,336,489	$ 11,596,393
Net income available to common shareholders, Diluted	$ 4,336,489	$ 11,596,393
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 7.24	$ 19.85
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 7.15	$ 19.46

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 153,859,138	$ 120,780,147
Less accumulated depreciation:	(47,810,077)	(40,172,696)
Property and equipment, net	106,049,061	80,607,451
Interest costs capitalized	900,000	800,000
Land and improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	5,619,034	4,292,142
Buildings and improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	67,813,750	43,963,416
Warehouse equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	25,509,993	23,894,049
Furniture, fixtures and leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	19,970,335	16,869,932
Vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	14,040,286	12,962,265
Construction in progress
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 20,905,740	$ 18,798,343

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
LEASES
Options to renew	true
Options to terminate	true
Operating lease right-of-use assets, net	$ 25,514,731	$ 23,173,287
Current operating lease liabilities	7,036,751	6,063,048
Non-current operating lease liabilities	18,770,001	17,408,758
Total lease liabilities	$ 25,806,752	$ 23,471,806

LEASES - Components of lease co

LEASES - Components of lease costs (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
LEASES
Operating lease cost	$ 8,012,939	$ 7,673,309
Short-term lease cost	372,387	500,372
Variable lease cost	602,246	467,164
Net lease cost	$ 8,987,572	$ 8,640,845

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Operating Leases
2025	$ 8,342,930
2026	6,847,341
2027	5,196,498
2028	3,455,810
2029	1,989,904
2030 and thereafter	4,055,263
Total lease payments	29,887,746
Less: interest	(4,080,994)
Present value of lease liabilities	$ 25,806,752	$ 23,471,806

LEASES - Weighted-average remai

LEASES - Weighted-average remaining lease term and weighted-average discount rate (Details)	Sep. 30, 2024	Sep. 30, 2023
LEASES
Operating, weighted-average remaining lease term	5 years	5 years 2 months 12 days
Operating, weighted-average discount rate	5.91%	4.97%

LEASES - Other information (Det

LEASES - Other information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$ 7,997,795	$ 7,642,556
Lease liabilities arising from obtaining new ROU assets:
Operating leases	$ 8,547,877	$ 5,541,096

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details)	12 Months Ended
	Sep. 30, 2023 USD ($)
GOODWILL AND OTHER INTANGIBLE ASSETS
Balance, beginning of period	$ 5,277,950
Acquisitions (See Note 2)	500,375
Balance, end of period	$ 5,778,325

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Other intangible assets, net	$ 4,747,234	$ 5,284,935
Trademarks and tradenames | Retail Segment
Other intangible assets, net	500,000	500,000
Customer lists | Wholesale Segment
Other intangible assets, net	2,996,348	3,226,480
Accumulated amortization	500,000
Customer lists | Wholesale Segment | Maximum
Accumulated amortization		200,000
Non-competition agreements | Wholesale Segment
Other intangible assets, net	106,505	199,503
Accumulated amortization	200,000
Non-competition agreements | Wholesale Segment | Maximum
Accumulated amortization		100,000
Trade name | Wholesale Segment
Other intangible assets, net	1,144,381	1,358,952
Accumulated amortization	$ 400,000	$ 100,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Goodwill	$ 5,778,325	$ 5,778,325	$ 5,277,950
Amortization expense related to finite-lived intangible assets	$ 500,000	400,000
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	$ 5,800,000	$ 5,800,000
Wholesale Segment | Trade name
Amortization period (in years)	7 years

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details)	Sep. 30, 2024 USD ($)
Estimated future amortization expense related to identifiable intangible assets with finite lives
Fiscal 2025	$ 506,869
Fiscal 2026	463,703
Fiscal 2027	463,703
Fiscal 2028	451,043
Fiscal 2029	444,703
Fiscal 2030 and thereafter	1,917,213
Total	$ 4,247,234

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($) item
Revolving credit facility
Number of credit facility agreements | item	3
Cross default provisions	$ 0
Facilities
Revolving credit facility
Borrowing capacity	300
Maximum credit advances for certain inventory purchases under the facilities	30
Credit limit	212.4
Outstanding borrowings	121.3
Credit available	$ 91.1
Average interest rate	6.82%
Peak borrowings	$ 181.8
Average borrowings	134.5
Average availability	$ 81

DEBT - Long-Term Debt (Details)

DEBT - Long-Term Debt (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Long-term obligations
Long-term debt	$ 21,765,351	$ 13,630,504
Less current maturities	(5,202,443)	(1,955,065)
Long-term debt less current maturities	16,562,908	11,675,439
4.10% Note Payable
Long-term obligations
Long-term debt	$ 4,739,192	$ 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	$ 1,746,606	$ 1,891,638
Fixed interest rate (as a percent)	3.25%	3.25%
Periodic installments of principal and interest	$ 17,016	$ 17,016
6.04% Note Payable
Long-term obligations
Long-term debt	$ 4,793,228	$ 6,276,441
Fixed interest rate (as a percent)	6.04%	6.04%
Periodic installments of principal and interest	$ 129,685	$ 129,685
5.50% Unsecured Note Payable
Long-term obligations
Long-term debt	$ 6,756,024
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	$ 3,730,301
Fixed interest rate (as a percent)	5.75%
Periodic installments of principal and interest	$ 225,761
7.58% Notes Payable
Long-term obligations
Long-term debt		288,237
Periodic installments of principal and interest		$ 7,934
Variable rate		7.58%

DEBT - Cross Default and Co-Ter

DEBT - Cross Default and Co-Terminus Provisions and Other (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)
DEBT
Letter of credit issued for worker's compensation insurance carrier as part of the entity's self-insured loss control program | $	$ 2.4	$ 0.5
Number of notes payable containing cross default provisions | item	2
Number of cross defaults | item	0
Cross default provisions | $	$ 0

DEBT - Aggregate Minimum Princi

DEBT - Aggregate Minimum Principal Maturities (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Minimum principal maturities
2025	$ 5,202,443
2026	5,494,162
2027	4,336,975
2028	2,152,843
2029	1,364,320
2030 and thereafter	3,214,608
Long-term debt	$ 21,765,351	$ 13,630,504

INCOME TAXES - Components of in

INCOME TAXES - Components of income Tax Expense (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Components of income tax expense from operations
Current: Federal	$ 2,998,194	$ 2,324,897
Current: State	671,450	791,731
Current income tax expense	3,669,644	3,116,628
Deferred: Federal	(461,826)	2,199,672
Deferred: State	(81,818)	389,700
Deferred income tax expense	(543,644)	2,589,372
Income tax expense	$ 3,126,000	$ 5,706,000

INCOME TAXES - Tax Expenses Rec

INCOME TAXES - Tax Expenses Reconciliation (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income tax rate (as a percent)
Statutory income tax rate (as a percent)	21%	21%
Summary of difference between the Company's income tax expense in the accompanying consolidated financial statements and that which would be calculated using the statutory income tax rate
Tax at statutory rate	$ 1,567,122	$ 3,633,503
Nondeductible business expenses	1,162,221	1,313,864
State income taxes, net of federal tax benefit	472,853	924,567
Tax attributable to non-controlling interest	(203,757)	(443,831)
Other	127,561	277,897
Income tax expense	$ 3,126,000	$ 5,706,000

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Deferred tax assets:
Allowance for expected credit losses	$ 252,263	$ 253,252
Accrued expenses		273,313
Inventory	559,277	533,723
Other	838,158	618,256
Interest expense limitation	1,667,806	753,451
Net operating loss carry forwards - state	697,013	697,013
Total gross deferred tax assets	4,014,517	3,129,008
Less: Valuation allowance	(697,013)	(697,013)
Total net deferred tax assets	3,317,504	2,431,995
Deferred tax liabilities:
Trade discounts	554,066	471,126
Operating lease, right-of-use assets	99,488	97,468
Property and equipment	5,834,321	5,725,493
Goodwill	921,799	921,799
Accrued expenses	117,878
Intangible assets	164,268	134,069
Total deferred tax liabilities	7,691,820	7,349,955
Total net deferred income tax liability	$ 4,374,316	$ 4,917,960

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
INCOME TAXES
Valuation allowance against net operating losses	$ 0.7	$ 0.7

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Oct. 01, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Difference between the contractual amount due and the fair value	$ 700,000
Fair value of MRNCI beginning of period	9,490,831	$ 11,158,555
Redemption of non-controlling interests	(1,812,558)	(1,812,558)
Distributions to non-controlling interest	(507,741)	(1,162,765)
Change in fair value	$ 1,040,968	$ 1,307,599
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Fair value of MRNCI end of period	$ 8,211,500	$ 9,490,831
Less current portion at fair value	(1,703,604)	(1,703,604)
Noncurrent portion at fair value	$ 6,507,896	$ 7,787,227
Team Sledd
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest own (as a percent)	76%	64%	76%

FAIR VALUE DISCLOSURES - Contin

FAIR VALUE DISCLOSURES - Contingent Consideration (Details)		12 Months Ended
	Apr. 05, 2024 USD ($) installment	Sep. 30, 2024 USD ($)	Sep. 30, 2023
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	Selling, General and Administrative Expense
Burklund Distributors, Inc
Changes in the fair value of the contingent consideration:
Change in fair value		$ (124,992)
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 September 2024	$ 1,578,444	$ 1,453,452
Less current portion at fair value		(710,270)
Noncurrent portion at fair value		743,182
Contingent consideration payable in cash	$ 3,000,000
Contingent consideration, number of installments | installment	2
Difference in fair value and estimated due		$ 200,000

PROFIT SHARING PLANS (Details)

PROFIT SHARING PLANS (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($) plan	Sep. 30, 2023 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Number of profit sharing plans | plan	2
Employee's maximum voluntary contribution as percentage of their compensation	100%
Company's matching contributions to the profit sharing plan (net of employee forfeitures) | $	$ 2	$ 1.6
AMCON Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of employer's contribution matching first 2 percent of employee's compensation	100%
Percentage of first portion of employee's compensation eligible for employer's matching contribution	2%
Percentage of employer's contribution matching next 4 percent of employee's compensation	50%
Percentage of second portion of employee's compensation eligible for employer's matching contribution	4%
Maximum matching percentage of employee compensation	4%
Sledd Plan
Defined Contribution Plan Disclosure [Line Items]
Maximum matching percentage of employee compensation	5%
Team Sledd Plan
Defined Contribution Plan Disclosure [Line Items]
Employee matching contribution	100%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Liability Insurance
Liabilities for workers' compensation, general liability and health insurance	$ 1.5	$ 2.2
Self-insured liabilities reserve
Beginning balance	2.2	1.9
Charged to expense	11.8	11.7
Payments	(12.5)	(11.4)
Ending balance	$ 1.5	$ 2.2

EQUITY-BASED INCENTIVE AWARDS -

EQUITY-BASED INCENTIVE AWARDS - Omnibus Plans (Details) - Omnibus Plans	Sep. 30, 2024 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 - Restricted Stock Units (Details) - Restricted Stock Units - shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
EQUITY-BASED INCENTIVE AWARD
Awards granted (in shares)	0	0
Award outstanding at the end of the period (in shares)	0	6,834

EQUITY-BASED INCENTIVE AWARDS_3

EQUITY-BASED INCENTIVE AWARDS - Authorized and Approved Restricted Stock Units/Restricted Stock Awards (Details) - USD ($)	1 Months Ended			12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock Units
EQUITY-BASED INCENTIVE AWARD
Original number of awards issued				0	0
Non-vested awards outstanding at the end of the period (in shares)				0	6,834
Vested during the period (in shares)				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				2,600,000	$ 1,600,000
Tax benefit related to compensation expense				700,000	$ 400,000
Total unamortized compensation expense				$ 2,800,000
Period over which unamortized compensation expense is expected to be amortized				16 months
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				$ 730,000
Vested as of the end of 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				$ 1,459,000
Vested during the period (in shares)				5,033
Restricted Stock Awards October 2022 | Vest in October 2024
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				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				$ 2,189,000
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_4

EQUITY-BASED INCENTIVE AWARDS - Restricted Stock Units/Restricted Stock Awards Activity (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock Units
Number of Shares
Nonvested restricted stock units/awards at the beginning of the period (in shares)	6,834
Granted (in shares)	0	0
Vested (in shares)	(6,834)
Nonvested restricted stock units/awards at the end of the period (in shares)	0	6,834
Weighted Average Fair Value
Nonvested restricted stock units/awards at the beginning of the period (in dollars per share)	$ 206
Vested (in dollars per share)	$ 195.99
Nonvested restricted stock units/awards at the end of the period (in dollars per share)		$ 206
Restricted Stock Awards
Number of Shares
Nonvested restricted stock units/awards at the beginning of the period (in shares)	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	25,167
Weighted Average Fair Value
Nonvested restricted stock units/awards at the beginning of the period (in dollars per share)	$ 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)	$ 144.95	$ 206

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	12 Months Ended
	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Information by business segments
Number of reportable business segments | segment	2
Total external revenue	$ 2,710,981,108	$ 2,539,994,999
Depreciation	8,957,478	7,161,468
Amortization	537,701	415,178
Operating income (loss)	17,980,514	25,966,583
Interest expense	10,413,228	8,550,431
Income (loss) from operations before income taxes	7,462,489	17,302,393
Total assets	374,107,310	363,429,200
Capital expenditures	28,431,219	12,485,225
Cigarettes
Information by business segments
Total external revenue	1,669,390,346	1,586,303,595
Tobacco
Information by business segments
Total external revenue	499,869,540	462,509,541
Confectionery
Information by business segments
Total external revenue	174,952,982	162,614,409
Health food
Information by business segments
Total external revenue	42,494,231	43,119,285
Foodservice & other
Information by business segments
Total external revenue	324,274,009	285,448,169
Other
Information by business segments
Operating income (loss)	(13,387,396)	(13,014,849)
Interest expense	10,413,228	8,550,431
Income (loss) from operations before income taxes	(23,968,536)	(21,565,280)
Total assets	1,206,337	984,227
Wholesale Segment | Segments
Information by business segments
Total external revenue	2,668,486,877	2,496,875,714
Depreciation	7,983,266	5,856,980
Amortization	537,701	415,178
Operating income (loss)	31,255,079	39,701,536
Income (loss) from operations before income taxes	30,685,132	38,653,470
Total assets	356,187,395	345,459,274
Capital expenditures	26,573,247	11,413,999
Wholesale Segment | Segments | Cigarettes
Information by business segments
Total external revenue	1,669,390,346	1,586,303,595
Wholesale Segment | Segments | Tobacco
Information by business segments
Total external revenue	499,869,540	462,509,541
Wholesale Segment | Segments | Confectionery
Information by business segments
Total external revenue	174,952,982	162,614,409
Wholesale Segment | Segments | Foodservice & other
Information by business segments
Total external revenue	324,274,009	285,448,169
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	42,494,231	43,119,285
Depreciation	974,212	1,304,488
Operating income (loss)	112,831	(720,104)
Income (loss) from operations before income taxes	745,893	214,203
Total assets	16,713,578	16,985,699
Capital expenditures	1,857,972	1,071,226
Retail Segment | Segments | Health food
Information by business segments
Total external revenue	$ 42,494,231	$ 43,119,285

TREASURY STOCK (Details)

TREASURY STOCK (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
TREASURY STOCK
Number of shares of common stock repurchased	0	2,363
Value of shares of common stock repurchased		$ 404,876

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 22, 2024	Sep. 30, 2024	Oct. 24, 2024	Oct. 23, 2024
Restricted stock
SUBSEQUENT EVENTS
Original number of awards issued		15,100
Facilities
SUBSEQUENT EVENTS
Borrowing capacity		$ 300
Subsequent event.
SUBSEQUENT EVENTS
Borrowing capacity			$ 45	$ 40
Subsequent event. | Restricted stock
SUBSEQUENT EVENTS
Original number of awards issued	15,100
Vesting period	3 years