AMCON Distributing (DIT) 10-Q21 Jan 252025 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2024	Jan. 17, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	1-15589
Entity Registrant Name	AMCON DISTRIBUTING CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0702918
Entity Address, Address Line One	7405 Irvington Road
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68122
City Area Code	402
Local Phone Number	331-3727
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	DIT
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		645,462
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2024	Sep. 30, 2024
Current assets:
Cash	$ 535,862	$ 672,788
Accounts receivable, less allowance for credit losses of $2.4 million at December 2024 and $2.3 million at September 2024	70,590,733	70,653,907
Inventories, net	174,523,527	144,254,843
Income taxes receivable	396,222	718,645
Prepaid expenses and other current assets	12,096,904	12,765,088
Total current assets	258,143,248	229,065,271
Property and equipment, net	106,745,867	106,049,061
Operating lease right-of-use assets, net	26,246,028	25,514,731
Goodwill	5,778,325	5,778,325
Other intangible assets, net	4,612,808	4,747,234
Other assets	3,142,994	2,952,688
Total assets	404,669,270	374,107,310
Current liabilities:
Accounts payable	47,342,697	54,498,225
Accrued expenses	14,947,716	15,802,727
Accrued wages, salaries and bonuses	3,256,748	8,989,355
Current operating lease liabilities	7,337,464	7,036,751
Current maturities of long-term debt	5,248,488	5,202,443
Current mandatorily redeemable non-controlling interest	1,757,237	1,703,604
Total current liabilities	79,890,350	93,233,105
Credit facilities	165,900,612	121,272,004
Deferred income tax liability, net	4,443,893	4,374,316
Long-term operating lease liabilities	19,203,592	18,770,001
Long-term debt, less current maturities	15,176,659	16,562,908
Mandatorily redeemable non-controlling interest, less current portion	6,649,075	6,507,896
Other long-term liabilities	985,936	1,657,295
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 645,462 shares outstanding at December 2024 and 630,362 shares outstanding at September 2024	9,799	9,648
Additional paid-in capital	35,077,446	34,439,735
Retained earnings	108,604,071	108,552,565
Treasury stock at cost	(31,272,163)	(31,272,163)
Total shareholders' equity	112,419,153	111,729,785
Total liabilities and shareholders' equity	$ 404,669,270	$ 374,107,310

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 2.4	$ 2.3
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)	645,462	630,362

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Operations - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Condensed Consolidated Unaudited Statements of Operations
Sales (including excise taxes of $143.5 million and $138.1 million, respectively)	$ 711,273,256	$ 644,959,073
Cost of sales	664,379,704	601,658,151
Gross profit	46,893,552	43,300,922
Selling, general and administrative expenses	40,587,630	37,258,677
Depreciation and amortization	2,635,601	2,219,168
Total operating expenses	43,223,231	39,477,845
Operating income	3,670,321	3,823,077
Other expense (income):
Interest expense	2,846,621	2,311,513
Change in fair value of mandatorily redeemable non-controlling interest	194,812	199,744
Other (income), net	(111,531)	(563,141)
Total other expenses (income)	2,929,902	1,948,116
Income from operations before income taxes	740,419	1,874,961
Income tax expense	392,000	804,000
Net income available to common shareholders	$ 348,419	$ 1,070,961
Basic earnings per share available to common shareholders	$ 0.57	$ 1.80
Diluted earnings per share available to common shareholders	$ 0.57	$ 1.78
Basic weighted average shares outstanding	611,322	595,623
Diluted weighted average shares outstanding	613,573	603,300
Dividends paid per common share	$ 0.18	$ 0.18

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Condensed Consolidated Unaudited Statements of Operations
Sales, excise taxes	$ 143.4	$ 138.1

Condensed Consolidated Unaudi_3

Condensed Consolidated Unaudited Statements of Shareholders' Equity - USD ($)	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Total
Balance at Sep. 30, 2023	$ 9,431	$ (31,272,163)	$ 30,585,388	$ 104,846,438	$ 104,169,094
Balance (in shares) at Sep. 30, 2023	943,272
Balance (in shares) at Sep. 30, 2023		(334,583)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(289,967)	(289,967)
Compensation expense and issuance of stock in connection with equity-based awards	$ 217		1,935,703		1,935,920
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	21,673
Net income available to common shareholders				1,070,961	1,070,961
Balance at Dec. 31, 2023	$ 9,648	$ (31,272,163)	32,521,091	105,627,432	106,886,008
Balance (in shares) at Dec. 31, 2023	964,945
Balance (in shares) at Dec. 31, 2023		(334,583)
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)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(296,913)	$ (296,913)
Compensation expense and issuance of stock in connection with equity-based awards	$ 151		637,711		637,862
Compensation expense and issuance of stock in connection with equity-based awards (in shares)	15,100
Net income available to common shareholders				348,419	348,419
Balance at Dec. 31, 2024	$ 9,799	$ (31,272,163)	$ 35,077,446	$ 108,604,071	$ 112,419,153
Balance (in shares) at Dec. 31, 2024	980,045				645,462
Balance (in shares) at Dec. 31, 2024		(334,583)

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Condensed Consolidated Unaudited Statements of Shareholders' Equity
Dividends on common stock	$ 0.46	$ 0.46

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$ 348,419	$ 1,070,961
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation	2,501,175	2,084,743
Amortization	134,426	134,425
(Gain) loss on sales of property and equipment	(840)	(53,287)
Equity-based compensation	637,862	571,137
Deferred income taxes	69,577	467,203
Provision for credit losses	112,746	(91,969)
Inventory allowance	24,405	30,988
Change in fair value of contingent consideration	(1,453,452)
Change in fair value of mandatorily redeemable non-controlling interest	194,812	199,744
Changes in assets and liabilities:
Accounts receivable	(49,572)	2,147,484
Inventories	(30,293,089)	384,466
Prepaid and other current assets	668,184	(362,792)
Other assets	(190,306)	(22,366)
Accounts payable	(6,911,400)	1,627,403
Accrued expenses and accrued wages, salaries and bonuses	(6,055,070)	(3,649,088)
Other long-term liabilities	71,823	120,275
Income taxes payable and receivable	322,423	336,797
Net cash flows from (used in) operating activities	(39,867,877)	4,996,124
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(3,453,711)	(3,947,143)
Proceeds from sales of property and equipment	12,442	124,803
Net cash flows from (used in) investing activities	(3,441,269)	(3,822,340)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	713,853,301	603,650,771
Repayments under revolving credit facilities	(669,224,693)	(604,014,807)
Principal payments on long-term debt	(1,340,204)	(490,518)
Dividends on common stock	(116,184)	(113,466)
Net cash flows from (used in) financing activities	43,172,220	(968,020)
Net change in cash	(136,926)	205,764
Cash, beginning of period	672,788	790,931
Cash, end of period	535,862	996,695
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	2,815,683	2,235,562
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	772,820	347,891
Issuance of common stock in connection with the vesting of equity-based awards		1,296,372
Dividends declared, not paid	$ 180,729	$ 176,501

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	3 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) serves customers in 34 states through two business segments: ● Our wholesale distribution segment (the “Wholesale Segment”), which includes our Team Sledd, LLC (“Team Sledd”) and Henry’s Foods, Inc. (“Henry’s”) subsidiaries, distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers primarily in the Central, Rocky Mountain, Great Lakes, Mid-South and Mid-Atlantic regions of the United States. ● Our retail health food segment (the “Retail Segment”) operates 15 health food retail stores located throughout the Midwest and Florida. WHOLESALE SEGMENT Our Wholesale Segment is one of the largest wholesale distributors in the United States, serving approximately 7,900 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery products, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. We have licenses, and operate, in 34 states, and are the third (3rd) largest convenience store distributor by geographic territory served. Our Wholesale Segment offers retailers the ability to take advantage of manufacturer- and Company-sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distribution capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. Our Wholesale Segment operates 14 distribution centers located in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.7 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellanova, Kraft Heinz, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. RETAIL SEGMENT Our Retail Segment, through our Healthy Edge Retail Group Market banners. We operate within the natural products retail industry, which is a subset of the United States grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. These stores carry over 32,000 different nationally and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise. FINANCIAL STATEMENTS The Company’s fiscal year ends on September 30 th ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. This guidance is effective for fiscal years beginning after December 15, 2023 (fiscal 2025 for the Company), and interim periods within fiscal years beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures”, which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This guidance is effective for annual periods beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures”, which improves disclosure requirements and provides more detailed information about an entity’s expenses, specifically amounts related to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses, along with qualitative descriptions of certain other types of expenses. This guidance is effective for fiscal years beginning after December 15, 2026 (fiscal 2028 for the Company), and interim periods within fiscal years beginning after December 15, 2027 (fiscal 2029 for the Company), with early adoption permitted.

INVENTORIES

INVENTORIES	3 Months Ended
INVENTORIES	Dec. 31, 2024
INVENTORIES
INVENTORIES	2. INVENTORIES Inventories in our Wholesale Segment consisted of finished goods and are stated at the lower of cost or net realizable value, utilizing FIFO and average cost methods. Inventories in our Retail Segment consisted of finished goods and are stated at the lower of cost or market using the retail method. The wholesale distribution and retail health food segment inventories consist of finished products purchased in bulk quantities to be redistributed to the Company’s customers or sold at retail. Finished goods included total reserves of approximately $1.2 million at both December 2024 and September 2024. These reserves include the Company’s obsolescence allowance, which reflects estimated unsalable or non-refundable inventory based upon an evaluation of slow-moving and discontinued products.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Dec. 31, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	3. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill at December 2024 and September 2024 was as follows: December September 2024 2024 Wholesale Segment $ 5,778,325 $ 5,778,325 Other intangible assets at December 2024 and September 2024 consisted of the following: December September 2024 2024 Customer lists (Wholesale Segment) (less accumulated amortization of $0.5 million at December 2024 and $0.5 million at September 2024) $ 2,938,815 $ 2,996,348 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at December 2024 and $0.2 million at September 2024) 83,255 106,505 Tradename (Wholesale Segment) (less accumulated amortization of $0.4 million at December 2024 and $0.4 million at September 2024) 1,090,738 1,144,381 Trademarks and tradenames (Retail Segment) 500,000 500,000 $ 4,612,808 $ 4,747,234 Goodwill and Retail Segment trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. Goodwill recorded on the Company’s consolidated balance sheets represent amounts allocated to its wholesale reporting unit which totaled approximately $5.8 million at both December 2024 and September 2024. The Company performs its annual impairment testing during the fourth fiscal quarter of each year or as circumstances change or necessitate. There have been no material changes to the Company’s impairment assessments since its fiscal year ended September 2024. At December 2024, identifiable intangible assets considered to have finite lives were represented by customer lists which are being amortized over 15 years , a non-competition agreement which is being amortized over three years , a non-competition agreement which is being amortized over five years , and a tradename in our Wholesale Segment that is being amortized over seven years . These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets was approximately $0.1 million for each of the three-month periods ended December 2024 and December 2023. Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at December 2024: December 2024 Fiscal 2025 (1) $ 372,444 Fiscal 2026 463,703 Fiscal 2027 463,703 Fiscal 2028 451,043 Fiscal 2029 444,703 Fiscal 2030 and thereafter 1,917,212 $ 4,112,808 (1) Represents amortization for the remaining nine months of Fiscal 2025.

DIVIDENDS

DIVIDENDS	3 Months Ended
DIVIDENDS	Dec. 31, 2024
DIVIDENDS
DIVIDENDS	4. DIVIDENDS The Company paid cash dividends on its common stock totaling $0.1 million in each of the three-month periods ended December 2024 and December 2023. During Q1 2025, the Company declared a $0.28 per share special dividend totaling approximately $0.2 million that was included in accrued expenses on the condensed consolidated balance sheet at December 2024 and will be paid in Q2 2025. During Q1 2024, the Company declared a $0.28 per share special dividend totaling approximately $0.2 million that was paid in Q2 2024.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Dec. 31, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	5. EARNINGS PER SHARE Basic earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the sum of the weighted average number of common shares outstanding and the weighted average dilutive equity awards. For the three months ended December 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 611,322 611,322 595,623 595,623 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 2,251 — 7,677 Weighted average number of shares outstanding 611,322 613,573 595,623 603,300 Net income available to common shareholders $ 348,419 $ 348,419 $ 1,070,961 $ 1,070,961 Net earnings per share available to common shareholders $ 0.57 $ 0.57 $ 1.80 $ 1.78 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

DEBT

DEBT	3 Months Ended
DEBT	Dec. 31, 2024
DEBT
DEBT	6. DEBT The Company primarily finances its operations through three credit facility agreements (a) a facility that is an obligation of AMCON Distributing Company (the “AMCON Facility”), (b) a facility that is an obligation of Team Sledd (the “Team Sledd Facility”) and (c) a facility that is an obligation of Henry’s (the “Henry’s Facility” and, collectively, the “Facilities”) and long-term debt agreements with banks. The Team Sledd Facility and the Henry’s Facility are non-recourse to AMCON Distributing Company, are not guaranteed by AMCON Distributing Company and have no cross default provisions applicable to AMCON Distributing Company. In Q1 2025, 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. In Q1 2025, the Company amended the Team Sledd Facility to designate the Secured Overnight Financing Rate (“SOFR”) as the primary borrowing rate. At December 2024, the Facilities had a total combined borrowing capacity of $305.0 million, which includes provisions for up to $30.0 million in credit advances for certain inventory purchases, which are limited by accounts receivable and inventory qualifications, and the value of certain real estate collateral. The AMCON Facility matures in June 2027, the Henry’s Facility matures in February 2028, 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 SOFR, plus any applicable spreads. The amount available for use from the Facilities at any given time is subject to a number of factors, including eligible accounts receivable and inventory balances that fluctuate day-to-day, as well as the value of certain real estate collateral. Based on the collateral and loan limits as defined in the Facility agreements, the credit limit of the combined Facilities at December 2024 was $247.5 million, of which $165.9 million was outstanding, leaving $81.6 million available. The average interest rate of the Facilities was 5.96% at December 2024. For the three months ended December 2024, the peak borrowings under the Facilities was $197.1 million, and the average borrowings and average availability under the Facilities was $162.1 million and $73.4 million, respectively. 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 December 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 December 2024. Other The Company has issued letters of credit totaling $2.0 million to its workers’ compensation insurance carriers as part of its self-insured loss control program.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Dec. 31, 2024
INCOME TAXES
INCOME TAXES	7. INCOME TAXES The change in the Company’s effective income tax rate for the three-month period ended December 2024 as compared to the respective prior year period was primarily related to non-deductible compensation expense in relation to the amount of income from operations before income tax expense and variances in the average effective state income tax rates between the comparative periods.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
FAIR VALUE DISCLOSURES	Dec. 31, 2024
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	8. FAIR VALUE DISCLOSURES Mandatorily Redeemable Non-Controlling Interest Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s condensed consolidated balance sheets represents the fair value of the non-controlling interest in the Company’s strategic investment in Team Sledd. The Company owned approximately 76% of Team Sledd as of both December 2024 and September 2024. The Company has elected to present the MRNCI liability at fair value under Accounting Standards Codification (“ASC”) 825 – Financial Instruments A summary of the MRNCI activity is as follows: For the Three Months Ended December 31, 2024 2023 Fair value, beginning of period $ 8,211,500 $ 9,490,831 Redemption of non-controlling interests — — Distributions to non-controlling interest — — Change in fair value 194,812 199,744 Fair value, end of period $ 8,406,312 $ 9,690,575 Contingent Consideration On April 5, 2024, the Company acquired substantially all of the net operating assets of Burklund Distributors, Inc. (“Burklund”). A portion of the consideration exchanged in the acquisition of Burklund was in the form of contingent consideration of up to $3.0 million in cash that could be payable in two installments on the one-year and two-year anniversaries of the acquisition date based on certain sales thresholds. In accordance with ASC 805, the Company recorded the contingent consideration at fair value as of the acquisition date and re-measures the liability at each reporting period. The Company calculates the estimated fair value of the contingent consideration based on a discounted cash flow valuation technique using the best information available at the reporting date, and records changes in the fair value of the contingent consideration in selling, general and administrative expenses in the condensed consolidated statements of operations. The short-term and long-term portions of the contingent consideration are recorded in accrued expenses and other long-term liabilities, respectively, on the condensed consolidated balance sheets. The contingent consideration liability is classified as Level 3 because of the Company’s reliance on unobservable assumptions. 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 following table presents changes in the fair value of the contingent consideration since September 2024: Current portion of contingent consideration at fair value as of September 2024 $ 710,270 Long-term portion of contingent consideration at fair value as of September 2024 743,182 Fair value of contingent consideration as of September 2024 $ 1,453,452 Change in fair value (1,453,452) Fair value of contingent consideration as of December 2024 $ —

EQUITY-BASED INCENTIVE AWARDS

EQUITY-BASED INCENTIVE AWARDS	3 Months Ended
EQUITY-BASED INCENTIVE AWARDS	Dec. 31, 2024
EQUITY-BASED INCENTIVE AWARDS
EQUITY-BASED INCENTIVE AWARDS	9. EQUITY-BASED INCENTIVE AWARDS The Company has two equity-based incentive plans, 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 is 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 120,000 shares of the Company’s common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plans is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. At December 2024, awards with respect to a total of 83,307 shares, net of forfeitures, have been awarded pursuant to the Omnibus Plans, and awards with respect to another 36,693 shares may be awarded under the Omnibus Plans. Restricted Stock Awards At December 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 2022 October 2023 October 2024 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: $ 2,824,000 $ 2,762,000 2,069,000 Non-vested awards outstanding at December 2024: 5,034 10,067 15,100 Fair value of non-vested awards at December 2024 of approximately: $ 645,000 $ 1,290,000 1,935,000 (1) 10,066 of the restricted stock awards were vested as of December 2024. The remaining 5,034 restricted stock awards will vest in October 2025. (2) 5,033 of the restricted stock awards were vested as of December 2024. 5,033 restricted stock awards will vest in October 2025 and 5,034 will vest in October 2026. (3) The 15,100 restricted stock awards will vest in equal amounts in October 2025, October 2026 and October 2027. There is no direct cost to the recipients of the restricted stock awards, except for any applicable taxes. The restricted stock awards provide that the recipients receive common stock in the Company, subject to certain restrictions, until such time as the awards vest. The recipients of the restricted stock awards are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. The compensation expense recorded in the Company’s Statement of Operations reflects the straight-line amortized fair value. The following summarizes restricted stock award activity under the Omnibus Plans during Q1 2025: Number Weighted of Average Shares Fair Value Nonvested restricted stock awards at September 2024 30,201 $ 144.95 Granted 15,100 137.00 Vested (15,100) 135.33 Expired — — Nonvested restricted stock awards at December 2024 30,201 $ 128.16 Income from operations before income taxes included compensation expense related to the amortization of the Company’s restricted stock awards of approximately $0.6 million during both Q1 2025 and Q1 2024. Total unamortized compensation expense related to these awards at December 2024 and September 2024 was approximately $4.2 million and $2.8 million, respectively.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
BUSINESS SEGMENTS	Dec. 31, 2024
BUSINESS SEGMENTS
BUSINESS SEGMENTS	10. BUSINESS SEGMENTS The Company has two reportable business segments: the wholesale distribution of consumer products (the Wholesale Segment), and the retail sale of health and natural food products (the Retail Segment). The aggregation of the Company’s business operations into these business segments was based on a range of considerations, including but not limited to the characteristics of each business, similarities in the nature and type of products sold, customer classes, methods used to sell the products and economic profiles. Included in the “Other” column are intercompany eliminations and assets held and charges incurred and income earned by our holding company. The segments are evaluated on revenues, gross margins, operating income (loss), and income (loss) from operations before taxes. Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED DECEMBER 2024 External revenue: Cigarettes $ 438,021,998 $ — $ — $ 438,021,998 Tobacco 135,897,478 — — 135,897,478 Confectionery 44,033,179 — — 44,033,179 Health food — 10,525,335 — 10,525,335 Foodservice & other 82,795,266 — — 82,795,266 Total external revenue 700,747,921 10,525,335 — 711,273,256 Depreciation 2,236,483 264,692 — 2,501,175 Amortization 134,426 — — 134,426 Operating income (loss) 6,551,532 (330,822) (2,550,389) 3,670,321 Interest expense — — 2,846,621 2,846,621 Income (loss) from operations before taxes 6,445,335 (307,907) (5,397,009) 740,419 Total assets 386,653,248 16,815,247 1,200,775 404,669,270 Capital expenditures 3,109,807 99,776 — 3,209,583 Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED DECEMBER 2023 External revenue: Cigarettes $ 395,668,708 $ — $ — $ 395,668,708 Tobacco 121,351,701 — — 121,351,701 Confectionery 40,043,130 — — 40,043,130 Health food — 10,689,429 — 10,689,429 Foodservice & other 77,206,105 — — 77,206,105 Total external revenue 634,269,644 10,689,429 — 644,959,073 Depreciation 1,855,746 228,997 — 2,084,743 Amortization 134,425 — — 134,425 Operating income (loss) 6,970,125 (16,476) (3,130,572) 3,823,077 Interest expense — — 2,311,513 2,311,513 Income (loss) from operations before taxes 6,775,098 541,948 (5,442,085) 1,874,961 Total assets 345,011,110 16,574,317 787,500 362,372,927 Capital expenditures 2,980,331 299,169 — 3,279,500

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
SUBSEQUENT EVENT	Dec. 31, 2024
SUBSEQUENT EVENT
SUBSEQUENT EVENT	11. SUBSEQUENT EVENT On January 17, 2025, the Company closed on its previously disclosed acquisition of Arrowrock Supply (“Arrowrock”). The Company paid approximately $6.1 million in cash for substantially all of the net operating assets of Arrowrock, primarily consisting of inventory and Arrowrock’s distribution center in Boise, Idaho.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 348,419	$ 1,070,961

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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)	3 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
WHOLESALE SEGMENT AND RETAIL SEGMENT	AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) serves customers in 34 states through two business segments: ● Our wholesale distribution segment (the “Wholesale Segment”), which includes our Team Sledd, LLC (“Team Sledd”) and Henry’s Foods, Inc. (“Henry’s”) subsidiaries, distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers primarily in the Central, Rocky Mountain, Great Lakes, Mid-South and Mid-Atlantic regions of the United States. ● Our retail health food segment (the “Retail Segment”) operates 15 health food retail stores located throughout the Midwest and Florida. WHOLESALE SEGMENT Our Wholesale Segment is one of the largest wholesale distributors in the United States, serving approximately 7,900 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery products, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. We have licenses, and operate, in 34 states, and are the third (3rd) largest convenience store distributor by geographic territory served. Our Wholesale Segment offers retailers the ability to take advantage of manufacturer- and Company-sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distribution capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. Our Wholesale Segment operates 14 distribution centers located in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.7 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellanova, Kraft Heinz, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. RETAIL SEGMENT Our Retail Segment, through our Healthy Edge Retail Group Market banners. We operate within the natural products retail industry, which is a subset of the United States grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. These stores carry over 32,000 different nationally and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise.
FINANCIAL STATEMENTS	FINANCIAL STATEMENTS The Company’s fiscal year ends on September 30 th
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. This guidance is effective for fiscal years beginning after December 15, 2023 (fiscal 2025 for the Company), and interim periods within fiscal years beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures”, which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This guidance is effective for annual periods beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures”, which improves disclosure requirements and provides more detailed information about an entity’s expenses, specifically amounts related to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses, along with qualitative descriptions of certain other types of expenses. This guidance is effective for fiscal years beginning after December 15, 2026 (fiscal 2028 for the Company), and interim periods within fiscal years beginning after December 15, 2027 (fiscal 2029 for the Company), with early adoption permitted.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Dec. 31, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	December September 2024 2024 Wholesale Segment $ 5,778,325 $ 5,778,325
Schedule of other intangible assets	December September 2024 2024 Customer lists (Wholesale Segment) (less accumulated amortization of $0.5 million at December 2024 and $0.5 million at September 2024) $ 2,938,815 $ 2,996,348 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at December 2024 and $0.2 million at September 2024) 83,255 106,505 Tradename (Wholesale Segment) (less accumulated amortization of $0.4 million at December 2024 and $0.4 million at September 2024) 1,090,738 1,144,381 Trademarks and tradenames (Retail Segment) 500,000 500,000 $ 4,612,808 $ 4,747,234
Schedule of estimated future amortization expense related to identifiable intangible assets with finite lives	December 2024 Fiscal 2025 (1) $ 372,444 Fiscal 2026 463,703 Fiscal 2027 463,703 Fiscal 2028 451,043 Fiscal 2029 444,703 Fiscal 2030 and thereafter 1,917,212 $ 4,112,808 (1) Represents amortization for the remaining nine months of Fiscal 2025.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2024
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	For the three months ended December 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 611,322 611,322 595,623 595,623 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 2,251 — 7,677 Weighted average number of shares outstanding 611,322 613,573 595,623 603,300 Net income available to common shareholders $ 348,419 $ 348,419 $ 1,070,961 $ 1,070,961 Net earnings per share available to common shareholders $ 0.57 $ 0.57 $ 1.80 $ 1.78 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Dec. 31, 2024
FAIR VALUE DISCLOSURES
Schedule of mandatorily redeemable non-controlling interest	For the Three Months Ended December 31, 2024 2023 Fair value, beginning of period $ 8,211,500 $ 9,490,831 Redemption of non-controlling interests — — Distributions to non-controlling interest — — Change in fair value 194,812 199,744 Fair value, end of period $ 8,406,312 $ 9,690,575
Schedule of changes in the fair value of the contingent consideration	Current portion of contingent consideration at fair value as of September 2024 $ 710,270 Long-term portion of contingent consideration at fair value as of September 2024 743,182 Fair value of contingent consideration as of September 2024 $ 1,453,452 Change in fair value (1,453,452) Fair value of contingent consideration as of December 2024 $ —

EQUITY-BASED INCENTIVE AWARDS (

EQUITY-BASED INCENTIVE AWARDS (Tables)	3 Months Ended
EQUITY-BASED INCENTIVE AWARDS (Tables)	Dec. 31, 2024
EQUITY-BASED INCENTIVE AWARDS
Schedule of restricted stock awards	Restricted Stock Awards (1) Restricted Stock Awards (2) Restricted Stock Awards (3) Date of award: October 2022 October 2023 October 2024 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: $ 2,824,000 $ 2,762,000 2,069,000 Non-vested awards outstanding at December 2024: 5,034 10,067 15,100 Fair value of non-vested awards at December 2024 of approximately: $ 645,000 $ 1,290,000 1,935,000 (1) 10,066 of the restricted stock awards were vested as of December 2024. The remaining 5,034 restricted stock awards will vest in October 2025. (2) 5,033 of the restricted stock awards were vested as of December 2024. 5,033 restricted stock awards will vest in October 2025 and 5,034 will vest in October 2026. (3) The 15,100 restricted stock awards will vest in equal amounts in October 2025, October 2026 and October 2027.
Summary of restricted stock awards activity	Number Weighted of Average Shares Fair Value Nonvested restricted stock awards at September 2024 30,201 $ 144.95 Granted 15,100 137.00 Vested (15,100) 135.33 Expired — — Nonvested restricted stock awards at December 2024 30,201 $ 128.16

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
BUSINESS SEGMENTS (Tables)	Dec. 31, 2024
BUSINESS SEGMENTS
Schedule of segment information	Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED DECEMBER 2024 External revenue: Cigarettes $ 438,021,998 $ — $ — $ 438,021,998 Tobacco 135,897,478 — — 135,897,478 Confectionery 44,033,179 — — 44,033,179 Health food — 10,525,335 — 10,525,335 Foodservice & other 82,795,266 — — 82,795,266 Total external revenue 700,747,921 10,525,335 — 711,273,256 Depreciation 2,236,483 264,692 — 2,501,175 Amortization 134,426 — — 134,426 Operating income (loss) 6,551,532 (330,822) (2,550,389) 3,670,321 Interest expense — — 2,846,621 2,846,621 Income (loss) from operations before taxes 6,445,335 (307,907) (5,397,009) 740,419 Total assets 386,653,248 16,815,247 1,200,775 404,669,270 Capital expenditures 3,109,807 99,776 — 3,209,583 Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED DECEMBER 2023 External revenue: Cigarettes $ 395,668,708 $ — $ — $ 395,668,708 Tobacco 121,351,701 — — 121,351,701 Confectionery 40,043,130 — — 40,043,130 Health food — 10,689,429 — 10,689,429 Foodservice & other 77,206,105 — — 77,206,105 Total external revenue 634,269,644 10,689,429 — 644,959,073 Depreciation 1,855,746 228,997 — 2,084,743 Amortization 134,425 — — 134,425 Operating income (loss) 6,970,125 (16,476) (3,130,572) 3,823,077 Interest expense — — 2,311,513 2,311,513 Income (loss) from operations before taxes 6,775,098 541,948 (5,442,085) 1,874,961 Total assets 345,011,110 16,574,317 787,500 362,372,927 Capital expenditures 2,980,331 299,169 — 3,279,500

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details) - 3 months ended Dec. 31, 2024 ft² in Millions	state item segment	item	ft²	store
Number of business segments \| segment	2
Number of states served \| state	34
Wholesale Segment
Number of retail outlets served	7,900
Number of products sold or distributed	20,000
Number of states \| state	34
Number of distribution centers	14
Floor space occupied by distribution centers (in square feet) \| ft²			1.7
Retail Segment
Number of operating health food retail stores		15		15
Number of products sold or distributed	32,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
INVENTORIES
Total reserves on finished goods	$ 1.2	$ 1.2

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details)	Dec. 31, 2024 USD ($)
GOODWILL AND OTHER INTANGIBLE ASSETS
Balance, beginning of period	$ 5,778,325
Balance, end of period	$ 5,778,325

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
Other intangible assets, net	$ 4,612,808	$ 4,747,234
Trademarks and tradenames \| Retail Segment
Other intangible assets, net	500,000	500,000
Customer lists \| Wholesale Segment
Other intangible assets, net	2,938,815	2,996,348
Accumulated amortization	500,000	500,000
Non-competition agreements \| Wholesale Segment
Other intangible assets, net	83,255	106,505
Accumulated amortization	200,000	200,000
Trade name \| Wholesale Segment
Other intangible assets, net	1,090,738	1,144,381
Accumulated amortization	$ 400,000	$ 400,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Goodwill	$ 5,778,325		$ 5,778,325
Amortization expense related to finite-lived intangible assets	$ 100,000	$ 100,000
Customer lists
Amortization period (in years)	15 years
Non-competition agreements \| Minimum
Amortization period (in years)	3 years
Non-competition agreements \| Maximum
Amortization period (in years)	5 years
Wholesale Segment
Goodwill	$ 5,778,325		$ 5,778,325
Wholesale Segment \| Trade name
Amortization period (in years)	7 years

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details)	Dec. 31, 2024 USD ($)
Estimated future amortization expense related to identifiable intangible assets with finite lives
Fiscal 2025	$ 372,444
Fiscal 2026	463,703
Fiscal 2027	463,703
Fiscal 2028	451,043
Fiscal 2029	444,703
Fiscal 2030 and thereafter	1,917,212
Total	$ 4,112,808

DIVIDENDS (Details)

DIVIDENDS (Details) - USD ($)	3 Months Ended
DIVIDENDS (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Dividend paid		$ 116,184		$ 113,466
Q1 2024 - Cash Dividend
Dividend paid		100,000
Q1 2023 - Cash Dividend
Dividend paid				100,000
Q1 2025 - Special dividend
Dividend declared		$ 200,000
Dividend declared (in USD per share)		$ 0.28
Dividend paid	$ 200,000
Q1 2024 - Special dividend
Dividend declared				$ 200,000
Dividend declared (in USD per share)				$ 0.28
Dividend paid			$ 200,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	611,322	595,623
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock	2,251	7,677
Weighted average number of shares outstanding, Diluted	613,573	603,300
Net income available to common shareholders, Basic	$ 348,419	$ 1,070,961
Net income available to common shareholders, Diluted	$ 348,419	$ 1,070,961
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 0.57	$ 1.80
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 0.57	$ 1.78

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Millions	3 Months Ended
DEBT - Credit Facilities (Details) $ in Millions	Dec. 31, 2024 USD ($) item	Sep. 30, 2024 USD ($)
Revolving credit facility
Number of credit facility agreements \| item	3
Borrowing capacity	$ 45	$ 40
Facilities
Revolving credit facility
Borrowing capacity	305
Maximum credit advances for certain inventory purchases under the facilities	30
Credit limit	247.5
Outstanding borrowings	165.9
Credit available	$ 81.6
Average interest rate	5.96%
Peak borrowings	$ 197.1
Average borrowings	162.1
Average availability	73.4
Line of credit facility financial covenant excess capacity falls	$ 2

FAIR VALUE DISCLOSURES - Mandat

FAIR VALUE DISCLOSURES - Mandatorily Redeemable Non-Controlling Interest (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Changes in the fair value of the contingent consideration:
Discount rate	13.20%
Fair value of MRNCI as of September 2024		$ 9,490,831
Change in fair value		199,744
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense
Fair value of MRNCI as of December 2024		$ 9,690,575
Less current portion at fair value	$ (1,757,237)		$ (1,703,604)
Noncurrent portion at fair value	$ 6,649,075		$ 6,507,896
Team Sledd
Changes in the fair value of the contingent consideration:
Interest own (as a percent)	76%		76%
Mandatorily Redeemable Non-Controlling Interest
Changes in the fair value of the contingent consideration:
Difference between the contractual amount due and the fair value	$ 600,000		$ 700,000
Fair value of MRNCI as of September 2024	8,211,500
Redemption of non-controlling interests	0
Distributions of non-controlling interests	0
Change in fair value	$ 194,812
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 MRNCI as of December 2024	$ 8,406,312

FAIR VALUE DISCLOSURES - Contin

FAIR VALUE DISCLOSURES - Contingent Consideration (Details)		3 Months Ended
FAIR VALUE DISCLOSURES - Contingent Consideration (Details)	Apr. 05, 2024 USD ($) installment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)
Changes in the fair value of the contingent consideration:
Fair value of MRNCI as of September 2024			$ 9,490,831
Change in fair value			199,744
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Selling, General and Administrative Expense
Fair value of MRNCI as of December 2024			$ 9,690,575
Operating income		$ (1,453,452)
Burklund Distributors, Inc
Changes in the fair value of the contingent consideration:
Fair value of MRNCI as of September 2024		1,453,452
Change in fair value		(1,453,452)
Current portion of contingent consideration at fair value as of September 2024				$ 710,270
Noncurrent portion at fair value				$ 743,182
Contingent consideration payable in cash	$ 3,000,000
Contingent consideration, number of installments \| installment	2
Operating income		1,500,000
Difference in fair value and estimated due		$ 200,000

EQUITY-BASED INCENTIVE AWARDS -

EQUITY-BASED INCENTIVE AWARDS - Omnibus Plans (Details) - Omnibus Plans	Dec. 31, 2024 item shares
EQUITY-BASED INCENTIVE AWARD
Number of incentive plans \| item	2
Number of shares of the company's common stock permitted for issuance under the plan	120,000
Number of shares awarded pursuant to the plan	83,307
Number of additional shares that may be awarded under the plan	36,693

EQUITY-BASED INCENTIVE AWARDS_2

EQUITY-BASED INCENTIVE AWARDS - Authorized and Approved Restricted Stock Units/Restricted Stock Awards (Details) - USD ($)	1 Months Ended			3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
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		30,201
Vested during the period (in shares)				15,100
Direct cost to the recipients of the restricted stock units				$ 0
Compensation expense				600,000	$ 600,000
Total unamortized compensation expense				$ 4,200,000		$ 2,800,000
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)				5,034
Fair value of non-vested awards at the end of the period				$ 645,000
Vested as of the end of the period (in shares)				10,066
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)				10,067
Fair value of non-vested awards at the end of the period				$ 1,290,000
Vested during the period (in shares)				5,033
Restricted Stock Awards October 2023 \| Vest in October 2025
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				5,033
Restricted Stock Awards October 2023 \| Vest in October 2026
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				5,034
Restricted Stock Awards October 2024
EQUITY-BASED INCENTIVE AWARD
Original number of awards issued	15,100
Service period	36 months
Estimated fair value of award at grant date	$ 2,069,000
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				$ 1,935,000
Restricted Stock Awards October 2024 \| Vest in October 2025
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				15,100
Restricted Stock Awards October 2024 \| Vest in October 2026
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				15,100
Restricted Stock Awards October 2024 \| Vest in October 2027
EQUITY-BASED INCENTIVE AWARD
Scheduled to vest				15,100

EQUITY-BASED INCENTIVE AWARDS_3

EQUITY-BASED INCENTIVE AWARDS - Restricted Stock Units/Restricted Stock Awards Activity (Details) - Restricted Stock Awards	3 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Shares
Nonvested restricted stock units/awards at the beginning of the period (in shares) \| shares	30,201
Granted (in shares) \| shares	15,100
Vested (in shares) \| shares	(15,100)
Nonvested restricted stock units/awards at the end of the period (in shares) \| shares	30,201
Weighted Average Fair Value
Nonvested restricted stock units/awards at the beginning of the period (in dollars per share) \| $ / shares	$ 144.95
Granted (in dollars per share) \| $ / shares	137
Vested (in dollars per share) \| $ / shares	135.33
Nonvested restricted stock units/awards at the end of the period (in dollars per share) \| $ / shares	$ 128.16

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended
BUSINESS SEGMENTS (Details)	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)
Information by business segments
Number of reportable business segments \| segment	2
Total external revenue	$ 711,273,256	$ 644,959,073
Depreciation	2,501,175	2,084,743
Amortization	134,426	134,425
Operating income (loss)	3,670,321	3,823,077
Interest expense	2,846,621	2,311,513
Income from operations before income taxes	740,419	1,874,961
Total assets	404,669,270	362,372,927	$ 374,107,310
Capital expenditures	3,209,583	3,279,500
Cigarettes
Information by business segments
Total external revenue	438,021,998	395,668,708
Tobacco
Information by business segments
Total external revenue	135,897,478	121,351,701
Confectionery
Information by business segments
Total external revenue	44,033,179	40,043,130
Health food
Information by business segments
Total external revenue	10,525,335	10,689,429
Foodservice & other
Information by business segments
Total external revenue	82,795,266	77,206,105
Other
Information by business segments
Operating income (loss)	(2,550,389)	(3,130,572)
Interest expense	2,846,621	2,311,513
Income from operations before income taxes	(5,397,009)	(5,442,085)
Total assets	1,200,775	787,500
Wholesale Segment \| Segments
Information by business segments
Total external revenue	700,747,921	634,269,644
Depreciation	2,236,483	1,855,746
Amortization	134,426	134,425
Operating income (loss)	6,551,532	6,970,125
Income from operations before income taxes	6,445,335	6,775,098
Total assets	386,653,248	345,011,110
Capital expenditures	3,109,807	2,980,331
Wholesale Segment \| Segments \| Cigarettes
Information by business segments
Total external revenue	438,021,998	395,668,708
Wholesale Segment \| Segments \| Tobacco
Information by business segments
Total external revenue	135,897,478	121,351,701
Wholesale Segment \| Segments \| Confectionery
Information by business segments
Total external revenue	44,033,179	40,043,130
Wholesale Segment \| Segments \| Foodservice & other
Information by business segments
Total external revenue	82,795,266	77,206,105
Retail Segment \| Segments
Information by business segments
Total external revenue	10,525,335	10,689,429
Depreciation	264,692	228,997
Operating income (loss)	(330,822)	(16,476)
Income from operations before income taxes	(307,907)	541,948
Total assets	16,815,247	16,574,317
Capital expenditures	99,776	299,169
Retail Segment \| Segments \| Health food
Information by business segments
Total external revenue	$ 10,525,335	$ 10,689,429

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) $ in Millions	Jan. 17, 2025 USD ($)
Subsequent event. \| Arrowrock Supply
SUBSEQUENT EVENT
Payment to acquire	$ 6.1