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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 fiscal quarter ended March 31, 2007
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from           to            .
 COMMISSION FILE NUMBER 000-52420
 SIOUXLAND ETHANOL, LLC
  Nebraska
    
    22-3902184(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)
 1501 Knox Boulevard
Jackson, NE 58743
 (402) 632-2676
 þ o
 o þ
  o þ




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Page No.PART I. FINANCIAL INFORMATION
    
    
    1Item 1. Financial Statements
    
    
    1Item 2. Managements Discussion and Analysis and Plan of Operations
    
    
    14Item 3. Controls and Procedures
    
    
    17PART II. OTHER INFORMATION
    
    
    18Item 1. Legal Proceedings
    
    
    18Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    18Item 3. Defaults Upon Senior Securities
    
    
    18Item 4. Submission of Matters to a Vote of Security Holders
    
    
    18Item 5. Other Information
    
    
    18Item 6. Exhibits
    
    
    18SIGNATURES
    
    
    19Power Purchase AgreementSection 302 CertificationSection 302 CertificationSection 1350 CertificationSection 1350 Certification
  Information Regarding Forward Looking Statements
  
    
    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;
    
    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 corn
    
    Changes in the markets for ethanol and distillers grains, including the effects of
possible overproduction of ethanol or distillers grain;
    
    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;
    
    Competition from alternative fuel additives; and
    
    Changes in interest rates on our variable rate borrowings.




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PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 SIOUXLAND ETHANOL, LLC
  March 31,2007(Unaudited)ASSETSCurrent AssetsCash and equivalents
    
    $
    1,594,774Restricted cash
    
    
    819,646Other receivables
    
    
    8,246Prepaid and other
    
    
    153,483Total current assets
    
    
    2,576,149Property and EquipmentLand
    
    
    752,302Office equipment
    
    
    143,243Construction in progress
    
    
    72,030,64972,926,194Less accumulated depreciation
    
    
    (9,000
    )Net property and equipment
    
    
    72,917,194Other AssetsRestricted cash
    
    
    408,748Expansion deposit
    
    
    509,250Debt issuance costs, net of amortization
    
    
    563,7621,481,760Total Assets
    
    $
    76,975,103LIABILITIES AND EQUITYCurrent LiabilitiesCurrent maturities of long-term debt
    
    $
    2,151,250Accounts payable
    
    
    194,077Accrued expenses
    
    
    56,919Derivative instruments
    
    
    1,123,949Construction payable
    
    
    4,977,030Total current liabilities
    
    
    8,503,225Long-Term Debt, less current maturities
    
    
    32,653,750Commitments and ContingenciesMembers EquityMember contributions, 3,789 units outstanding
    
    
    36,491,418Deficit accumulated during development stage
    
    
    (673,290
    )Total members equity
    
    
    35,818,128Total Liabilities and Members Equity
    
    $
    76,975,103
  1




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SIOUXLAND ETHANOL, LLC
  Quarter Ended
    
    
    Quarter EndedMarch 31,
    
    
    March 31,2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    
    
    
    $
    Operating ExpensesProfessional fees
    
    
    36,769
    
    
    
    115,489General and administrative
    
    
    450,162
    
    
    
    52,673Total operating expenses
    
    
    486,931
    
    
    
    168,162Operating Loss
    
    
    (486,931
    )
    
    
    (168,162
    )Other Income (Expense)Interest income
    
    
    22,880
    
    
    
    320,765Other income
    
    
    65,888
    
    
    
    478Loss on derivative instruments
    
    
    (156,792
    )
    
    
    Total other income, net
    
    
    (68,024
    )
    
    
    321,243Net Income (Loss)
    
    $
    (554,955
    )
    
    $
    153,081Weighted Average Units Outstanding
    
    
    3,789
    
    
    
    3,783Net Income (Loss) Per Unit
    
    $
    (146.46
    )
    
    $
    40.47
  2




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SIOUXLAND ETHANOL, LLC
  Six Months Ended
    
    
    Six Months Ended
    
    
    From InceptionMarch 31,
    
    
    March 31,
    
    
    (August 12, 2004) to2007
    
    
    2006
    
    
    March 31, 2007(Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    
    
    
    $
    
    
    
    $
    Operating ExpensesProfessional fees
    
    
    108,717
    
    
    
    222,266
    
    
    
    842,075General and administrative
    
    
    584,894
    
    
    
    128,621
    
    
    
    953,870Total operating expenses
    
    
    693,611
    
    
    
    350,887
    
    
    
    1,795,945Operating Loss
    
    
    (693,611
    )
    
    
    (350,887
    )
    
    
    (1,795,945
    )Other Income (Expense)Interest income
    
    
    41,789
    
    
    
    513,107
    
    
    
    930,425Other income
    
    
    65,888
    
    
    
    1,453
    
    
    
    69,470Gain on derivative instruments
    
    
    126,283
    
    
    
    
    
    
    
    126,283Interest expense
    
    
    
    
    
    
    (3,523
    )
    
    
    (3,523
    )Total other income, net
    
    
    233,960
    
    
    
    511,037
    
    
    
    1,122,655Net Income (Loss)
    
    $
    (459,651
    )
    
    $
    160,150
    
    
    $
    (673,290
    )Weighted Average Units Outstanding
    
    
    3,789
    
    
    
    3,113
    
    
    
    2,094Net Income (Loss) Per Unit
    
    $
    (121.31
    )
    
    $
    51.45
    
    
    $
    (321.53
    )
  3




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SIOUXLAND ETHANOL, LLC
  Six Months Ended
    
    
    Six Months Ended
    
    
    From InceptionMarch 31,
    
    
    March 31,
    
    
    (August 12, 2004) to2007
    
    
    2006
    
    
    March 31, 2007(Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)Cash Flows from Operating ActivitiesNet income (loss)
    
    $
    (459,651
    )
    
    $
    160,150
    
    
    $
    (673,290
    )Adjustments to reconcile net income (loss) to net cash from operations:Depreciation and amortization
    
    
    29,885
    
    
    
    1,105
    
    
    
    30,975Equity units exhanged for services
    
    
    
    
    
    
    
    
    
    
    60,000Change in assets and liabilitiesRestricted cash
    
    
    (390,646
    )
    
    
    
    
    
    
    (1,228,394
    )Derivative instruments
    
    
    1,123,949
    
    
    
    
    
    
    
    1,123,949Other receivable
    
    
    (2,809
    )
    
    
    
    
    
    
    (8,246
    )Prepaid and other
    
    
    (112,315
    )
    
    
    (463
    )
    
    
    (148,983
    )Accounts payable
    
    
    51,244
    
    
    
    (56,660
    )
    
    
    194,077Accrued expenses
    
    
    47,838
    
    
    
    61,380
    
    
    
    56,919Net cash provided by (used in) operating activities
    
    
    287,495
    
    
    
    165,512
    
    
    
    (592,993
    )Cash Flows from Investing ActivitiesCapital expenditures
    
    
    (28,046,840
    )
    
    
    (8,175,388
    )
    
    
    (67,944,664
    )Payments for expansion deposit
    
    
    (509,250
    )
    
    
    
    
    
    
    (509,250
    )Payment for land options and other
    
    
    
    
    
    
    
    
    
    
    (7,000
    )Net cash used in investing activities
    
    
    (28,556,090
    )
    
    
    (8,175,388
    )
    
    
    (68,460,914
    )Cash Flows from Financing ActivitiesProceeds from bridge financing loan
    
    
    
    
    
    
    760,000
    
    
    
    760,000Payments on bridge financing loan
    
    
    
    
    
    
    (760,000
    )
    
    
    (760,000
    )Proceeds from long-term debt
    
    
    25,775,000
    
    
    
    
    
    
    
    30,930,142Payments for financing costs and other
    
    
    (71,884
    )
    
    
    (57,093
    )
    
    
    (587,737
    )Proceeds from TIF financing
    
    
    
    
    
    
    
    
    
    
    3,874,858Member contributions
    
    
    
    
    
    
    35,880,000
    
    
    
    36,855,000Payments for deferred offering costs
    
    
    
    
    
    
    (36,449
    )
    
    
    (423,582
    )Net cash provided by financing activities
    
    
    25,703,116
    
    
    
    35,786,458
    
    
    
    70,648,681Net Increase (Decrease) in Cash and Equivalents
    
    
    (2,565,479
    )
    
    
    27,776,582
    
    
    
    1,594,774Cash and Equivalents  Beginning of Period
    
    
    4,160,253
    
    
    
    213,598
    
    
    
    Cash and Equivalents  End of Period
    
    $
    1,594,774
    
    
    $
    27,990,180
    
    
    $
    1,594,774Supplemental Cash Flow InformationCash paid for interest
    
    $
    896,371
    
    
    $
    
    
    
    $
    899,894Supplemental Disclosure of Noncash Investing and Financing ActivitiesConstruction in progress in construction payable
    
    $
    4,977,030
    
    
    $
    6,105,819
    
    
    $
    4,977,030Land options exercised for land purchased
    
    $
    
    
    
    $
    4,500
    
    
    $
    4,500Debt issuance costs financed with TIF financing
    
    $
    282
    
    
    $
    
    
    
    $
    205,891Deferred offering costs offset against member contributions
    
    $
    
    
    
    $
    423,582
    
    
    $
    423,582Equity units exchanged for services
    
    $
    
    
    
    $
    
    
    
    $
    60,000Debt issuance costs in accounts payable
    
    $
    
    
    
    $
    6,628
    
    
    $
    
  4




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SIOUXLAND ETHANOL, LLC
   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Basis of Presentation
   Nature of Business
  Fiscal Reporting Period
  Accounting Estimates
  Cash and Equivalents
   5




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SIOUXLAND ETHANOL, LLC
   Restricted Cash
  Derivative Instruments
 Accounting for Derivative Instruments and Hedging Activities
  Property and Equipment
  Debt Issuance Costs
  6




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SIOUXLAND ETHANOL, LLC
   Fair Value of Financial Instruments
   Recently Issued Accounting Pronouncements
   2. MEMBERS EQUITY
     3. DERIVATIVE INSTRUMENTS
  7




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SIOUXLAND ETHANOL, LLC
   4. CONSTRUCTION IN PROGRESS
  Construction costs
    
    $
    70,883,445Capitalized interest
    
    
    920,345Insurance and other costs
    
    
    226,859$
    72,030,649
  5. REVOLVING TERM NOTE
  8




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SIOUXLAND ETHANOL, LLC
   6. BANK FINANCING
  Term note payable to lending institution, see terms below
    
    $
    30,775,000Tax increment financing, see terms below
    
    
    4,030,000Total long-term debt
    
    $
    34,805,000
 Term Note
   Revolving Promissory Note
  9




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SIOUXLAND ETHANOL, LLC
   Tax Increment Financing (TIF)
       10




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SIOUXLAND ETHANOL, LLC
    2008
    
    $
    2,151,2502009
    
    
    4,312,5002010
    
    
    4,447,5002011
    
    
    4,467,500After 2011
    
    
    19,426,250Total long-term debt
    
    $
    34,805,000
 7. COMMITMENTS AND CONTINGENCIES
 Construction Contracts
  Expansion Design Build Letter of Intent
  Rail Service and Construction Agreement
  11




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SIOUXLAND ETHANOL, LLC
    Marketing agreements
   Utility contracts
    Landfill gas contract
  12




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SIOUXLAND ETHANOL, LLC
    Rail Car Lease Agreement
  Grant
  Forward Contracts
  13




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Item 2. Managements Discussion and Analysis and Plan of Operations.
 Overview
  Results of Operation
  Liquidity and Capital Resources
   Equity Financing
 Credit Facility
 14




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1
    Tax Increment Financing
    15




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Employment and Investment Growth Act Project Agreement.
 16




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Application of Critical Accounting Estimates
  Off-Balance Sheet Arrangements
  
 Item 3. Controls and Procedures
   17




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PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  
 Item 6. Exhibits
  10.1
    
    Power Purchase Agreement, dated February 2, 2007, between the
Company and Northeast Nebraska Public Power District.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.
 18




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SIGNATURES
  SIOUXLAND ETHANOL, LLCDate:
May 20, 2007
    
    /s/ Tom Lynch

Tom LynchChairman and President (Principal Executive Officer)Date:
May 20, 2007
    
    /s/ John Kingsbury

John KingsburyTreasurer (Principal Financial and Accounting Officer)
 19