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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, 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
(State or other jurisdiction of incorporation or organization)
    
    22-3902184
(I.R.S. Employer Identification No.)
 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
    
    
    17Item 1. Legal Proceedings
    
    
    17Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    17Item 3. Defaults Upon Senior Securities
    
    
    17Item 4. Submission of Matters to a Vote of Security Holders
    
    
    17Item 5. Other Information
    
    
    17Item 6. Exhibits
    
    
    17SIGNATURES
    
    
    18Section 302 CertificationSection 302 CertificationSection 1350 CertificationSection 1350 Certification
  Information Regarding Forward Looking Statements
  
    
    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 markets for ethanol and distillers grains, including the effects of
possible overproduction of ethanol or distillers grain;
    
    Changes in the availability and price of natural gas, corn and other inputs;
    
    Changes in federal and/or state laws (including the elimination of federal and/or
state ethanol tax incentives);
    
    Changes in our business strategy, capital improvements or plans for additional
development;
    
    Changes in the environmental regulations that apply to our plant site and operations;
    
    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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ALL REFERENCES TO WE, US, OUR AND THE COMPANY IN THIS REPORT REFER TO
SIOUXLAND ETHANOL, LLC.




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PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 SIOUXLAND ETHANOL, LLC
  June 30,2007(Unaudited)ASSETSCurrent AssetsCash and equivalents
    
    $
    3,933,385Restricted cash
    
    
    382,366Accounts receivable
    
    
    3,944,500Inventory
    
    
    4,223,978Prepaid and other
    
    
    229,018Total current assets
    
    
    12,713,247Property and EquipmentLand and land improvements
    
    
    7,328,165Buildings and equipment
    
    
    71,147,313Office equipment
    
    
    179,54678,655,024Less accumulated depreciation
    
    
    (634,407
    )Net property and equipment
    
    
    78,020,617Other AssetsRestricted cash
    
    
    403,000Expansion deposit
    
    
    527,750Debt issuance costs, net of amortization
    
    
    589,5481,520,298Total Assets
    
    $
    92,254,162LIABILITIES AND EQUITYCurrent LiabilitiesCurrent maturities of long-term debt
    
    $
    3,569,375Line of credit
    
    
    964,025Accounts payable
    
    
    2,555,048Accrued expenses
    
    
    214,247Derivative instruments
    
    
    425,075Construction payable
    
    
    3,850,040Total current liabilities
    
    
    11,577,810Long-Term Debt, less current maturities
    
    
    43,335,625Commitments and ContingenciesMembers Equity, 3,789 units issued and outstanding
    
    
    37,340,727Total Liabilities and Members Equity
    
    $
    92,254,162




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SIOUXLAND ETHANOL, LLC
 Quarter Ended
    
    
    Quarter EndedJune 30,
    
    
    June 30,2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    14,045,171
    
    
    $
    Cost of Goods Sold
    
    
    11,316,274Gross Margin
    
    
    2,728,897
    
    
    
    Selling, General, and Administrative
Expenses
    
    
    750,033
    
    
    
    80,293Operating
Income (Loss)
    
    
    1,978,864
    
    
    
    (80,293
    )Other Income (Expense)Interest income
    
    
    5,720
    
    
    
    309,720Interest expense
    
    
    (462,985
    )
    
    
    Other income
    
    
    1,000
    
    
    
    10Total other income (expense)
    
    
    (456,265
    )
    
    
    309,730Net Income
    
    $
    1,522,599
    
    
    $
    229,437Weighted Average Units Outstanding
    
    
    3,789
    
    
    
    3,783Net Income Per Unit
    
    $
    401.85
    
    
    $
    60.65
  2




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SIOUXLAND ETHANOL, LLC
  Nine Months Ended
    
    
    Nine Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    14,045,171
    
    
    $
    Cost of Goods Sold
    
    
    11,189,991
    
    
    
    Gross Margin
    
    
    2,855,180
    
    
    
    Selling, General, and Administrative Expenses
    
    
    1,443,644
    
    
    
    431,180Operating
Income (Loss)
    
    
    1,411,536
    
    
    
    (431,180
    )Other Income (Expense)Interest income
    
    
    47,509
    
    
    
    822,827Interest expense
    
    
    (462,985
    )
    
    
    (3,523
    )Other income
    
    
    66,888
    
    
    
    1,463Total other income (expense)
    
    
    (348,588
    )
    
    
    820,767Net Income
    
    $
    1,062,948
    
    
    $
    389,587Weighted Average Units Outstanding
    
    
    3,789
    
    
    
    3,336Net Income Per Unit
    
    $
    280.54
    
    
    $
    116.78
  3




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SIOUXLAND ETHANOL, LLC
  Nine Months
    
    
    Nine MonthsEnded
    
    
    EndedJune 30,
    
    
    June 30,2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)Cash Flows from Operating ActivitiesNet income
    
    $
    1,062,948
    
    
    $
    389,587Adjustments to reconcile net income to net cash from
operations:Depreciation and amortization
    
    
    669,433
    
    
    
    1,657Change in assets and liabilitiesRestricted cash
    
    
    52,382
    
    
    
    Accounts receivable
    
    
    (3,944,500
    )
    
    
    Other receivables
    
    
    5,437
    
    
    
    (51,018
    )Inventory
    
    
    (4,223,978
    )
    
    
    Derivative instruments
    
    
    425,075Prepaid and other
    
    
    (187,850
    )
    
    
    30,961Accounts payable
    
    
    2,412,215
    
    
    
    (88,765
    )Accrued expenses
    
    
    205,166
    
    
    
    64,119Net cash provided by (used in) operating activities
    
    
    (3,523,672
    )
    
    
    346,541Cash Flows from Investing ActivitiesCapital expenditures
    
    
    (34,902,660
    )
    
    
    (25,834,368
    )Payments for expansion deposit
    
    
    (527,750
    )
    
    
    Net cash used in investing activities
    
    
    (35,430,410
    )
    
    
    (25,834,368
    )Cash Flows from Financing ActivitiesProceeds from bridge financing loan
    
    
    
    
    
    
    760,000Payments on bridge financing loan
    
    
    
    
    
    
    (760,000
    )Proceeds from long-term debt
    
    
    38,838,743
    
    
    
    Payments for financing costs and other
    
    
    (111,529
    )
    
    
    (357,286
    )Member contributions
    
    
    
    
    
    
    35,880,000Payments for deferred offering costs
    
    
    
    
    
    
    (41,852
    )Net cash provided by financing activities
    
    
    38,727,214
    
    
    
    35,480,862Net Increase (Decrease) in Cash and Equivalents
    
    
    (226,868
    )
    
    
    9,993,035Cash and Equivalents  Beginning of Period
    
    
    4,160,253
    
    
    
    213,598Cash and Equivalents  End of Period
    
    $
    3,933,385
    
    
    $
    10,206,633Supplemental Cash Flow InformationCash paid for interest
    
    $
    896,371
    
    
    $
    3,523Supplemental Disclosure of Noncash Investing and
Financing ActivitiesConstruction in progress in construction payable
    
    $
    3,850,040
    
    
    $
    2,763,320Land options exercised for land purchased
    
    $
    
    
    
    $
    4,500Debt issuance costs financed with TIF financing
    
    $
    282
    
    
    $
    Deferred offering costs offset against member
contributions
    
    $
    
    
    
    $
    423,582
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SIOUXLAND ETHANOL, LLC
   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Basis of Presentation
   Nature of Business
  Accounting Estimates
  Revenue Recognition
   Restricted Cash
  Accounts Receivable
  5




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SIOUXLAND ETHANOL, LLC
    Inventory
  Property and Equipment
    Derivative Instruments
 Accounting for
Derivative Instruments and Hedging Activities
   6




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SIOUXLAND ETHANOL, LLC
    Debt Issuance Costs
  Fair Value of Financial Instruments
    Environmental Liabilities
  Reclassifications
  Recently Issued Accounting Pronouncements
  7




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SIOUXLAND ETHANOL, LLC
     2. INVENTORY
  Raw materials
    
    $
    1,154,031Supplies
    
    
    264,896Work in process
    
    
    1,059,492Finished goods
    
    
    1,745,559Total
    
    $
    4,223,978
 3. DERIVATIVE INSTRUMENTS
  4. LINE OF CREDIT
  8




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SIOUXLAND ETHANOL, LLC
   5. LONG-TERM DEBT
  Term note payable to lending institution, see terms below
    
    $
    34,368,750Revolving promissory note to lending institution, see terms below
    
    
    8,506,250Tax increment financing, see terms below
    
    
    4,030,000Total long-term debt
    
    $
    46,905,000
 Term Note
   Revolving Promissory Note
  Tax Increment Financing (TIF)
  9




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SIOUXLAND ETHANOL, LLC
        10
    Table of Contents   SIOUXLAND ETHANOL, LLC
    2008
    
    $
    3,569,3752009
    
    
    4,827,5002010
    
    
    4,907,5002011
    
    
    4,922,5002012
    
    
    4,937,500After 2012
    
    
    23,740,625Total long-term debt
    
    $
    46,905,000
 6. LEASES
  7. COMMITMENTS AND CONTINGENCIES
 Construction Contracts
  Expansion Design Build Letter of Intent
  11    Table of Contents  SIOUXLAND ETHANOL, LLC
   Rail Service and Construction Agreement
  Marketing Agreements
   Utility contracts
    12
    Table of Contents  SIOUXLAND ETHANOL, LLC
   Landfill gas contract
  Grant
  Forward Contracts
 
 13
    Table of Contents  Item 2. Managements Discussion and Analysis and Plan of Operations.
 Overview
    Results of Operations
  Three Months EndedJune 30, 2007(Unaudited)Amount
    
    
    PercentIncome Statement DataRevenue
    
    $
    14,045,171
    
    
    
    100.0
    %Cost of Sales
    
    
    11,316,274
    
    
    
    80.6
    %Gross Profit
    
    
    2,278,897
    
    
    
    19.4
    %Operating Expenses
    
    
    750,033
    
    
    
    5.3
    %Operating Income
    
    
    1,978,864
    
    
    
    14.1
    %Interest Income
    
    
    5,720
    
    
    
    0.0
    %Other Income
    
    
    1,000
    
    
    
    0.0
    %Interest Expense
    
    
    (462,985
    )
    
    
    3.3
    %Net Income
    
    $
    1,522,599
    
    
    
    10.8
    %
 14
    Table of Contents  Revenues
   Cost of Sales
   Operating Expense
  15
    Table of Contents  Interest Expense and Interest Income
  Plan of Operations for the Next 12 Months
   Application of Critical Accounting Estimates
  Off-Balance Sheet Arrangements
  16
    Table of Contents  Item 3. Controls and Procedures
   
 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
  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.
 17
    Table of Contents  SIGNATURES
  SIOUXLAND ETHANOL, LLCDate: August 14, 2007
    /s/ Tom LynchTom LynchChairman and President (Principal Executive Officer)Date: August 14, 2007
    /s/ John KingsburyJohn KingsburyTreasurer  (Principal Financial and Accounting Officer) 18