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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-QSB
 þ
    
    Quarterly report under Section 13 or 15(d) of the Securities
Exchange Act of 1934.
 For the quarterly period ended June 30, 2005
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from to .
 COMMISSION FILE NUMBER 333-123473
 SIOUXLAND ETHANOL, LLC
  Nebraska
(State or other jurisdiction of
incorporation or organization)
    
    22-3902184
(I.R.S. Employer
Identification No.)
 110 East Elk Street, Jackson, Nebraska 68743
 (402) 632-2676
 o ý
 o ý
  o ý




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INDEX







Page No.PART I. FINANCIAL INFORMATION
    3Item 1. Financial Statements
    3Item 2.
Managements Discussion and Analysis and Plan of Operation
    10Item 3. Controls and Procedures
    16PART II. OTHER INFORMATION
    16Item 1.
Legal Proceedings
    16Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
    16Item 3. Defaults Upon Senior Securities
    17Item 4.
Submission of Matters to a Vote of Security Holders
    18Item 5. Other Information
    18Item 6.
Exhibits
    18SIGNATURES
    18CertificateCertificateCertificateCertificate






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PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 SIOUXLAND ETHANOL, LLC
  June 30,ASSETS


    2005(Unaudited)Current AssetsCash
    
    $
    558,849Prepaid and other
    
    
    186Total current assets
    
    
    559,035Property And EquipmentOffice equipment
    
    
    4,805Less accumulated depreciation
    
    
    (326
    )Net property and equipment
    
    
    4,479Other AssetsDeferred offering costs
    
    
    260,931Land options
    
    
    7,000267,931Total Assets
    
    $
    831,445June 30,LIABILITIES
AND EQUITY


    2005(Unaudited)Current LiabilitiesAccounts payable
    
    $
    101,701Accrued expenses
    
    
    2,857Total current liabilities
    
    
    104,558Commitments And ContingenciesMembers EquityMember contributions, 195 units outstanding
at June 30, 2005
    
    
    975,000Deficit accumulated during development stage
    
    
    (248,113
    )Total members equity
    
    
    726,887Total Liabilities And Members Equity
    
    $
    831,445
  3




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SIOUXLAND ETHANOL, LLC
   Quarter Ended
    
    
    Nine Months Ended
    
    
    From InceptionJune 30,
    
    
    June 30,
    
    
    (August 12, 2004)2005


2005


to June 30, 2005(Unaudited)
    
    
    (Unaudited)
    
    (Unaudited)Revenues
    
    $
    
    
    
    $
    
    
    
    $
    Operating ExpensesProfessional fees
    
    
    70,474
    
    
    
    176,072
    
    
    
    208,702General and administrative
    
    
    16,594
    
    
    
    39,124
    
    
    
    39,411Total
    
    
    87,068
    
    
    
    215,196
    
    
    
    248,113Operating Loss
    
    
    (87,068
    )
    
    
    (215,196
    )
    
    
    (248,113
    )Net Loss
    
    $
    (87,068
    )
    
    $
    (215,196
    )
    
    $
    (248,113
    )Net Loss Per Unit (195, 169, and
144 weighted average units outstanding, respectively)
    
    $
    (446.50
    )
    
    $
    (1,273.35
    )
    
    $
    (1,723.01
    )
  4




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SIOUXLAND ETHANOL, LLC
 
 Nine Months Ended
    
    
    From InceptionJune 30,
    
    
    (August 12, 2004)2005



    to June 30, 2005(Unaudited)
    
    (Unaudited)Cash Flows From Operating ActivitiesNet loss
    
    $
    (215,196
    )
    
    $
    (248,113
    )Adjustments to reconcile net loss to net cash from operations:Depreciation
    
    
    326
    
    
    
    326Change in assets and liabilitiesPrepaid and other
    
    
    (186
    )
    
    
    (186
    )Accounts payable
    
    
    25,633
    
    
    
    57,013Accrued expenses
    
    
    2,857
    
    
    
    2,857Net cash used in operating activities
    
    
    (186,566
    )
    
    
    (188,103
    )Cash Flows from Investing ActivitiesPayment for land options
    
    
    (7,000
    )
    
    
    (7,000
    )Capital expenditures
    
    
    (4,805
    )
    
    
    (4,805
    )Net cash used in investing activities
    
    
    (11,805
    )
    
    
    (11,805
    )Cash Flows from Financing ActivitiesMember contributions
    
    
    925,000
    
    
    
    975,000Payments for deferred offering costs
    
    
    (214,993
    )
    
    
    (216,243
    )Net cash provided by financing activities
    
    
    710,007
    
    
    
    758,757Net Increase in Cash
    
    
    511,636
    
    
    
    558,849Cash  Beginning of Period
    
    
    47,213
    
    
    
    Cash  End of Period
    
    $
    558,849
    
    
    $
    558,849Supplemental
Disclosure of Noncash
Investing and Financing ActivitiesDeferred offering costs included in accounts payable
    
    $
    44,688
    
    
    $
    44,688
  5




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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
   Nature of Business
  Fiscal Reporting Period
  Accounting Estimates
   Cash
  Equipment
  6




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Deferred Offering Costs
  Income Taxes
  Recently Issued Accounting Pronouncements
 .
  2. DEVELOPMENT STAGE ENTERPRISE
   3. MEMBERS EQUITY
  Registration Statement
   7




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4. COMMITMENTS AND CONTINGENCIES
 Design build letter of intent
  Land contracts
     Consulting contracts
  8




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Utility and construction contracts
     9




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Item 2. Managements Discussion and Analysis and Plan of Operations.
 Forward Looking Statements
  
    
    Investors ability to pay the outstanding balances on promissory notes after the closing
of the offering;
    
    Our ability to obtain the debt financing necessary to construct and operate our plant;
    
    Our ability to enter into binding agreements with Fagen, Inc. and ICM, Inc. to build our
plant;
    
    Changes in our business strategy, capital improvements or development plans;
    
    Construction delays and technical difficulties in constructing the plant;.
    
    Changes in the environmental regulations that apply to our plant site and operations;
    
    Ability to secure marketing services;
    
    Changes in general economic conditions or the occurrence of certain events causing an
economic impact in the agriculture, oil or automobile industries;
    
    Changes in the availability and price of natural gas and the market for distillers grains;
    
    Changes in federal and/or state laws (including the elimination of any federal and/or
state ethanol tax incentives);
    
    Changes and advances in ethanol production technology; and
    
    Competition from alternative fuel additives.
  Overview
  10




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Plan of Operations to Start-Up of the Ethanol Plant
  Plan of Operations Before Completion of the Offering
   11




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Plan of Operations After Completion of the Offering and Before Receipt of Debt Financing
Fun ds
   
    
    commence construction of the plant using all or a part of the equity funds raised while
we seek another debt financing source;
    
    hold the equity funds raised indefinitely in an interest-bearing account while we seek
another debt financing source;
    
    return the equity funds, if any, to investors with accrued interest, after deducting the
currently indeterminate expenses of operating our business or partially constructing the
plant before we return the funds.
  12




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Plan of Operations After Completion of Offering and Receipt of Debt Financing
    Operating Expenses
  Employees
   13




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Position
    
    Full-TimePersonnelGeneral Manager
    
    
    1Plant Manager
    
    
    1Commodities Manager
    
    
    1Controller
    
    
    1Lab Manager
    
    
    1Lab Technician
    
    
    2Secretary/Clerical
    
    
    3Shift Supervisors
    
    
    4Office Manager
    
    
    1Maintenance Supervisor
    
    
    1Maintenance Craftsmen
    
    
    4Plant Operators
    
    
    12TOTAL
    
    
    32
 Liquidity and Capital Resources
 Sources of Funds
  Uses of Proceeds
  Use of Proceeds
    
    Amount
    
    
    Percent of TotalPlant Construction
    
    $
    56,619,000
    
    
    
    70.33
    %Land and Site Development Costs
    
    
    5,230,000
    
    
    
    6.50
    %Railroad
    
    
    2,760,000
    
    
    
    3.43
    %Fire Protection/Water Supply
    
    
    2,480,000
    
    
    
    3.08
    %Administrative Building
    
    
    265,000
    
    
    
    0.33
    %Office Equipment
    
    
    66,000
    
    
    
    0.08
    %Computers, Software, Network
    
    
    140,000
    
    
    
    0.17
    %Construction Manager Fees
    
    
    80,000
    
    
    
    0.10
    %Construction Insurance costs
    
    
    100,000
    
    
    
    0.12
    %Construction Contingency
    
    
    2,810,000
    
    
    
    3.49
    %Capitalized Interest
    
    
    1,100,000
    
    
    
    1.37
    %Rolling stock
    
    
    290,000
    
    
    
    0.36
    %Start up Costs:Financing costs
    
    
    610,000
    
    
    
    0.76
    %Organization costs
    
    
    1,000,000
    
    
    
    1.24
    %
 14




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Pre Production Period Costs
    
    
    750,000
    
    
    
    0.93
    %Inventory  Spare Parts
    
    
    500,000
    
    
    
    0.62
    %Working capital
    
    
    3,000,000
    
    
    
    3.73
    %Inventory  Corn
    
    
    1,200,000
    
    
    
    1.49
    %Inventory  Chemicals and ingredients
    
    
    250,000
    
    
    
    0.31
    %Inventory  Ethanol and DDGS
    
    
    750,000
    
    
    
    0.93
    %Inventory  Corn Hedged
    
    
    500,000
    
    
    
    0.62
    %Total
    
    $
    80,500,000
    
    
    
    100
    %
 Quarterly Financial Results
    Trends Impacting the Ethanol Industry
    15




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Off-Balance Sheet Arrangements
  
 Item 3. Controls and Procedures
   
 PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
  16




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
    
    Cash proceeds from unit sales deposited in the escrow account equals or exceeds the
minimum offering amount of $15,000,000, exclusive of interest;
    
    We obtain a written debt financing commitment for debt financing ranging from
$33,525,000 to $64,525,000 less any grants and/or tax increment financing we are
awarded;
    
    We elect, in writing, to terminate the escrow agreement;
    
    The escrow agent provides to each state securities department in which the Company
has registered its securities for sale an affidavit stating that the foregoing
requirements have been satisfied; and
    
    The state securities commissioners have consented to release of the funds on
deposit.
  
 Item 3. Defaults Upon Senior Securities
  17




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Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  
 Item 6. Exhibits
  31.1
    
    Certificate Pursuant to 17 CFR 240.13a-14(a).31.2
    
    Certificate Pursuant to 17 CFR 240.13a-14(a).32.1
    
    Certificate Pursuant to 18 U.S.C. § 1350.32.2
    
    Certificate Pursuant to 18 U.S.C. § 1350.
 
 SIGNATURES
  SIOUXLAND ETHANOL, LLCDate:  September 22, 2005
    /s/ Tom LynchTom LynchChairman and President (Principal Executive Officer)Date:  September 22, 2005
    /s/ John KingsburyJohn KingsburyTreasurer  (Principal Financial and Accounting Officer) 18