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MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST | 6 Months Ended
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Mar. 31, 2024
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST |
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST | 8. MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST ​ Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s condensed consolidated balance sheets represents the fair value of the non-controlling interest in the Company’s strategic investment in Team Sledd. The Company owned approximately 64% of Team Sledd as of both March 2024 and September 2023. The Company has elected to present the MRNCI liability at fair value under ASC 825 – Financial Instruments as it believes this best represents the potential future liability and cash flows. As such, the MRNCI balance at March 2024 represents the fair value of the remaining future membership interest redemptions and other amounts due to noncontrolling interest holders through April 2026. The Company calculates the estimated fair value of the MRNCI 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 MRNCI as a component of other expense (income) in the Condensed Consolidated Statements of Operations. The Company estimates the probability and timing of future redemptions and earnings of Team Sledd based on management’s knowledge and assumptions of certain events as of each reporting date, including the timing of any future redemptions and an appropriate discount rate. At March 2024, the difference between the contractual amount due under the MRNCI and the fair value was approximately $0.8 million. The MRNCI 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 MRNCI since September 2023: ​
​ | ​ | ​ | ​
Fair value of MRNCI as of September 2023 |  | $ | 9,490,831
Redemption of non-controlling interests | ​ | ​ | —
Distributions to non-controlling interest | ​ | ​ | —
Change in fair value | ​ | ​ | 334,133
Fair value of MRNCI as of March 2024 | ​ | $ | 9,824,964
Less current portion at fair value | ​ | ​ | (1,812,558)
​ | ​ | $ | 8,012,406
​ During April 2024, subsequent to Q2 2024, certain membership interests in Team Sledd were redeemed, which resulted in AMCON’s ownership of Team Sledd’s outstanding equity increasing to approximately 75%.

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