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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 June 30, 2006
 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
    
    22-3902184(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)
 110 East Elk Street, Jackson, Nebraska 68743
 (402) 632-2676
 þ o
 o þ
  o þ




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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 Operations
    
    
    13Item 3. Controls and Procedures
    
    
    21PART II. OTHER INFORMATION
    
    
    21Item 1. Legal Proceedings
    
    
    22Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    22Item 3. Defaults Upon Senior Securities
    
    
    22Item 4. Submission of Matters to a Vote of Security Holders
    
    
    22Item 5. Other Information
    
    
    22Item 6. Exhibits
    
    
    22SIGNATURES
    
    
    23Standard Form of AgreementContract AgreementStandard Form of AgreementStandard Form fo AgreementLandfill Gas Purchase and Sale AgreementSection 302 CertificationSection 302 CertificationSection 1350 CertificationSection 1350 Certification
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PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 SIOUXLAND ETHANOL, LLC
  June 30,2006(Unaudited)ASSETSCurrent AssetsCash and equivalents
    
    $
    10,206,633Other interest receivable
    
    
    51,018Prepaid and other
    
    
    459Total current assets
    
    
    10,258,110Property and EquipmentLand
    
    
    752,302Office equipment
    
    
    11,042Construction in progress
    
    
    27,849,88628,613,230Less accumulated depreciation
    
    
    (2,283
    )Net property and equipment
    
    
    28,610,947Other AssetsDeferred financing costs and other
    
    
    357,286Total Assets
    
    $
    39,226,343LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable
    
    $
    35,541Accrued expenses
    
    
    66,570Construction payable
    
    
    2,763,320Total current liabilities
    
    
    2,865,431Commitments and ContingenciesMembers EquityMember contributions, net of cost of raising capital,
3,783 units outstanding at June 30, 2006
    
    
    36,431,418Deficit accumulated during development stage
    
    
    (70,506
    )Total members equity
    
    
    36,360,912Total Liabilities and Members Equity
    
    $
    39,226,343
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SIOUXLAND ETHANOL, LLC
  Quarter Ended
    
    
    Quarter EndedJune 30,
    
    
    June 30,2006
    
    
    2005(Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    
    
    
    $
    Operating ExpensesProfessional fees
    
    
    38,193
    
    
    
    70,474General and administrative
    
    
    42,100
    
    
    
    16,594Total operating expenses
    
    
    80,293
    
    
    
    87,068Operating Loss
    
    
    (80,293
    )
    
    
    (87,068
    )Other Income (Expense)Interest income
    
    
    309,720
    
    
    
    Other income
    
    
    10
    
    
    
    Total other income, net
    
    
    309,730
    
    
    
    Net Income (Loss)
    
    $
    229,437
    
    
    $
    (87,068
    )Weighted Average Units Outstanding
    
    
    3,783
    
    
    
    195Net Income (Loss) Per Unit
    
    $
    60.65
    
    
    $
    (446.50
    )
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SIOUXLAND ETHANOL, LLC
  Nine Months Ended
    
    
    Nine Months Ended
    
    
    From InceptionJune 30,
    
    
    June 30,
    
    
    (August 12, 2004) to2006
    
    
    2005
    
    
    June 30, 2006(Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    
    
    
    $
    
    
    
    $
    Operating ExpensesProfessional fees
    
    
    260,459
    
    
    
    176,072
    
    
    
    631,142General and administrative
    
    
    170,721
    
    
    
    39,124
    
    
    
    262,250Total operating expenses
    
    
    431,180
    
    
    
    215,196
    
    
    
    893,392Operating Loss
    
    
    (431,180
    )
    
    
    (215,196
    )
    
    
    (893,392
    )Other Income (Expense)Interest income
    
    
    822,827
    
    
    
    
    
    
    
    822,827Other income
    
    
    1,463
    
    
    
    
    
    
    
    3,582Interest expense
    
    
    (3,523
    )
    
    
    
    
    
    
    (3,523
    )Total other income, net
    
    
    820,767
    
    
    
    
    
    
    
    822,886Net Income (Loss)
    
    $
    389,587
    
    
    $
    (215,196
    )
    
    $
    (70,506
    )Weighted Average Units Outstanding
    
    
    3,336
    
    
    
    169
    
    
    
    1,419Net Income (Loss) Per Unit
    
    $
    116.78
    
    
    $
    (1,273.35
    )
    
    $
    (49.69
    )
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SIOUXLAND ETHANOL, LLC
  Nine Months Ended
    
    
    Nine Months Ended
    
    
    From InceptionJune 30,
    
    
    June 30,
    
    
    (August 12, 2004) to2006
    
    
    2005
    
    
    June 30, 2006(Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)Cash Flows from Operating ActivitiesNet income (loss)
    
    $
    389,587
    
    
    $
    (215,196
    )
    
    $
    (70,506
    )Adjustments to reconcile net loss to net cash from operations:Depreciation
    
    
    1,657
    
    
    
    326
    
    
    
    2,283Change in assets and liabilitiesOther receivable
    
    
    (51,018
    )
    
    
    
    
    
    
    (51,018
    )Prepaid and other
    
    
    30,961
    
    
    
    (186
    )
    
    
    41Accounts payable
    
    
    (88,765
    )
    
    
    25,633
    
    
    
    35,541Accrued expenses
    
    
    64,119
    
    
    
    2,857
    
    
    
    66,570Net cash provided by (used in) operating activities
    
    
    346,541
    
    
    
    (186,566
    )
    
    
    (17,089
    )Cash Flows from Investing ActivitiesPayment for land options and other
    
    
    
    
    
    
    (7,000
    )
    
    
    (7,000
    )Capital expenditures
    
    
    (25,834,368
    )
    
    
    (4,805
    )
    
    
    (25,845,410
    )Net cash used in investing activities
    
    
    (25,834,368
    )
    
    
    (11,805
    )
    
    
    (25,852,410
    )Cash Flows from Financing ActivitiesProceeds from bridge financing loan
    
    
    760,000
    
    
    
    
    
    
    
    760,000Payments on bridge financing loan
    
    
    (760,000
    )
    
    
    
    
    
    
    (760,000
    )Payments for financing costs and other
    
    
    (357,286
    )
    
    
    
    
    
    
    (355,286
    )Member contributions
    
    
    35,880,000
    
    
    
    925,000
    
    
    
    36,855,000Payments for deferred offering costs
    
    
    (41,852
    )
    
    
    (214,993
    )
    
    
    (423,582
    )Net cash provided by financing activities
    
    
    35,480,862
    
    
    
    710,007
    
    
    
    36,076,132Net Increase in Cash and Equivalents
    
    
    9,993,035
    
    
    
    511,636
    
    
    
    10,206,633Cash and Equivalents  Beginning of Period
    
    
    213,598
    
    
    
    47,213
    
    
    
    Cash and Equivalents  End of Period
    
    $
    10,206,633
    
    
    $
    558,849
    
    
    $
    10,206,633Supplemental Cash Flow InformationCash paid during the period for:Interest
    
    $
    3,523
    
    
    $
    
    
    
    $
    3,523Supplemental Disclosure of Noncash Investing and Financing ActivitiesLand options exercised for land purchased
    
    $
    4,500
    
    
    $
    
    
    
    $
    4,500Construction in progress in construction payable
    
    $
    2,763,320
    
    
    $
    
    
    
    $
    2,763,320Deferred offering costs offset against member contributions
    
    $
    423,582
    
    
    $
    
    
    
    $
    423,582Deferred offering costs included in accounts payable
    
    $
    
    
    
    $
    44,688
    
    
    $
    
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SIOUXLAND ETHANOL, LLC
   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
   Nature of Business
  Fiscal Reporting Period
  Accounting Estimates
  Property and Equipment
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SIOUXLAND ETHANOL, LLC
   Deferred Financing Costs
  Deferred Offering Costs
  Grants
  Recently Issued Accounting Pronouncements
  2. DEVELOPMENT STAGE ENTERPRISE
    3. MEMBERS EQUITY
  4. FINANCING
   8




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SIOUXLAND ETHANOL, LLC
      5. COMMITMENTS AND CONTINGENCIES
 Construction contracts
     9




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SIOUXLAND ETHANOL, LLC
      Consulting contracts
      Rail Car Lease
  10




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SIOUXLAND ETHANOL, LLC
    Tax increment revenue note
  Marketing agreements
   Utility contract
  Grants
  5. SUBSEQUENT EVENTS
 Landfill gas contract
  11




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SIOUXLAND ETHANOL, LLC
    12




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Item 2. Managements Discussion and Analysis and Plan of Operations.
 Forward Looking Statements
  
    
    Overcapacity in the ethanol industry leading to an oversupply of ethanol;
    
    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 the price of crude oil;
    
    Changes in the price of corn;
    
    Our ability to hire and retain key employees for the operation of the plant;
    
    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
  13




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Plan of Operations to Start-Up of the Ethanol Plant
  Project Capitalization
      14




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Plant Construction Activity
   Earthwork and Site Preparation
  Plant Construction
   Administrative Building Construction
  15




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Grain Handling & Storage System, Auger Cast Piling and Soil Stabilization
  Natural Gas Throughput Service
  Landfill Gas
  Precast Concrete Bridge Construction
  Rail Spur Construction
  Observation and Design Services
  16




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Utilities
   Other Material Contracts Related to Future Plant Operations
 Road Construction Grant
  Technology License
  Distillers Grain Marketing Agreement
  Ethanol Marketing Agreement
  17




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Operating Expenses
  Employees
   Full-TimePosition

    
    PersonnelGeneral Manager
    
    
    1Plant Manager
    
    
    1Commodities Manager
    
    
    1Controller
    
    
    1Lab Manager
    
    
    1Lab Technician
    
    
    2Secretary/Clerical
    
    
    3Shift Supervisors
    
    
    4Office Manager
    
    
    1Maintenance Supervisor
    
    
    1Maintenance Craftsmen
    
    
    4Plant Operators
    
    
    12TOTAL
    
    
    32
 Employment and Investment Growth Act Project Agreement
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Liquidity and Capital Resources
 Sources of Funds
   Uses of Proceeds
  Percent ofUse of Proceeds
    
    Amount

    
    
    TotalPlant construction(1)
    
    $
    56,619,000
    
    
    
    70.33
    %Land & 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
    %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
    
    
    
    0.63
    %Total
    
    $
    80,500,000
    
    
    
    100
    %
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(1)
    
    Change orders are not included in our current estimate of costs. If we
execute change orders that materially impact our estimated plant construction cost, the
budget will be revised to reflect such impact. Quarterly Financial Results
    Trends and Uncertainties Impacting the Ethanol Industry and Our Future Operations
      20




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Trends and Uncertainties Impacting the Corn and Natural Gas Markets and Our Future Cost of Goods
Sold
    Application of Critical Accounting Estimates
  Off-Balance Sheet Arrangements
  
 Item 3. Controls and Procedures
   
 PART II.OTHER INFORMATION
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Item 1. Legal Proceedings
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
   Aggregate price ofAmount
    
    the amount
    
    
    
    
    
    Aggregate price ofRegistered
    
    registered
    
    Amount Sold
    
    the amount sold4,600
    
    $
    46,000,000
    
    
    
    3,588
    
    
    $
    35,880,000
   Plant Construction
    
    $
    20,899,705Site Costs
    
    $
    4,680,504Railroad
    
    $
    64,434Fire Protection
    
    $
    180,375Rolling Stock
    
    $
    12,944Financing Costs
    
    $
    301,419Organizational Costs
    
    $
    625,619Total
    
    $
    26,765,000
  
 Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  
 Item 6. Exhibits
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10.1
    
    Standard Form of Agreement and General Conditions between Owner
and Contractor for Grain Handling and Storage System Auger Piling and Soil
Stabilization dated April 13, 2006, with McCormick Construction10.2
    
    Contract Agreement dated May 1, 2006 with Walsh-Hohenstein and
Hohenstein Construction Co.10.3
    
    Standard Form of Agreement and General Conditions between Owner
and Contractor for Rail Spur Track Construction dated June 13, 2006 with
Volkmann Railroad Builders10.4
    
    Standard Form of Agreement and General Conditions between Owner
and Contractor for Site Primary Electrical Distribution System with Thompson
Electric Co.10.5
    
    Landfill Gas Purchase and Sale Agreement dated July 28, 2006 with L.P. Gill, Inc.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: August ___, 2006
    
    /s/ Tom LynchTom LynchChairman and President (Principal Executive Officer)Date: August ___, 2006
    
    /s/ John KingsburyJohn KingsburyTreasurer (Principal Financial and Accounting Officer)
 23