##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-KSB
 
 þ
    
    Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For
the fiscal year ended September 30, 2005
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 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 St.
Jackson, NE 58743
  (402) 632-2676
  None
  None
 o þ
 o þ
 þ o
 þ
 o þ
 None
    o þ




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TABLE OF CONTENTS  PART IItem 1. DESCRIPTION OF BUSINESSItem 2. DESCRIPTION OF PROPERTYItem 3. LEGAL PROCEEDINGSItem 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSPART IIItem 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERSItem 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONSItem 7. FINANCIAL STATEMENTSItem 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSUREItem 8A. CONTROLS AND PROCEDURESItem 8B. OTHER INFORMATIONPART IIIItem 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACTItem 10. EXECUTIVE COMPENSATIONItem 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERSItem 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONSItem 13. EXHIBITSItem 14. PRINCIPAL ACCOUNTANT FEES AND SERVICESSIGNATURESPhase I Grading and Drainage ContractPromissory Note (Installment Loan) and Loan AgreementPhase I and II Engineering Services AgreementCode of EthicsSection 302 CertificationSection 302 CertificationSection 1350 CertificationSection 1350 Certification    Table of Contents  
 PART I
 
 Item 1. DESCRIPTION OF BUSINESS.
  Principal Products and Markets
  Local ethanol markets
 Regional ethanol markets
   2




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National ethanol markets
    Distribution of Principal Products
    3




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General Ethanol Demand and Supply
   Federal Ethanol Supports
     4




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##### Table of Contents



Competition
     million gallons per year (mmgy)
 UnderCurrent
    
    Construction/Capacity
    
    ExpansionsCOMPANY
    
    LOCATION
    
    FEEDSTOCK
    
    (mmgy)
    
    (mmgy)Abengoa Bioenergy Corp.
    
    York, NE
    
    Corn/milo
    
    
    55Colwich, KS
    
    
    
    
    25Portales, NM
    
    
    
    
    30
 5




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##### Table of Contents



UnderCurrent
    
    Construction/Capacity
    
    ExpansionsCOMPANY
    
    LOCATION
    
    FEEDSTOCK
    
    (mmgy)
    
    (mmgy)ACE Ethanol, LLC
    
    Stanley, WI
    
    Corn
    
    
    39Adkins Energy, LLC*
    
    Lena, IL
    
    Corn
    
    
    40Advanced Bioenergy
    
    Fairmont, NE
    
    Corn
    
    
    
    
    
    
    100AGP*
    
    Hastings, NE
    
    Corn
    
    
    52Agra Resources Coop. d.b.a EXOL*
    
    Albert Lea, MN
    
    Corn
    
    
    40
    
    
    
    8Agri-Energy, LLC*
    
    Luverne, MN
    
    Corn
    
    
    21Alchem Ltd. LLLP
    
    Grafton, ND
    
    Corn
    
    
    10.5Al-Corn Clean Fuel*
    
    Claremont, MN
    
    Corn
    
    
    35Amaizing Energy, LLC*
    
    Denison, IA
    
    Corn
    
    
    40Archer Daniels Midland
    
    Decatur, IL
    
    Corn
    
    
    1070Cedar Rapids, IA
    
    CornClinton, IA
    
    CornColumbus, NE
    
    CornMarshall, MN
    
    CornPeoria, IL
    
    CornWallhalla, ND
    
    Corn/barleyAventine Renewable Energy, Inc.
    
    Pekin, IL
    
    Corn
    
    
    100
    
    
    
    57Aurora, NE
    
    Corn
    
    
    50Badger State Ethanol, LLC*
    
    Monroe, WI
    
    Corn
    
    
    48Big River Resources, LLC *
    
    West Burlington, IA
    
    Corn
    
    
    40Broin Enterprises, Inc.
    
    Scotland, SD
    
    Corn
    
    
    9Bushmills Ethanol*
    
    Atwater, MN
    
    Corn
    
    
    
    
    
    
    40Cargill, Inc.
    
    Blair, NE
    
    Corn
    
    
    85Eddyville, IA
    
    Corn
    
    
    35Central Indiana Ethanol, LLC
    
    Marion, IA
    
    Corn
    
    
    
    
    
    
    40Central MN Ethanol Coop*
    
    Little Falls, MN
    
    Corn
    
    
    21.5Central Wisconsin Alcohol
    
    Plover, WI
    
    Seed corn
    
    
    4Chief Ethanol
    
    Hastings, NE
    
    Corn
    
    
    62Chippewa Valley Ethanol Co.*
    
    Benson, MN
    
    Corn
    
    
    45Commonwealth Agri-Energy, LLC*
    
    Hopkinsville, KY
    
    Corn
    
    
    24
    
    
    
    9Corn, LP*
    
    Goldfield, IA
    
    Corn
    
    
    
    
    
    
    50Corn Plus, LLP*
    
    Winnebago, MN
    
    Corn
    
    
    44Dakota Ethanol, LLC*
    
    Wentworth, SD
    
    Corn
    
    
    50DENCO, LLC*
    
    Morris, MN
    
    Corn
    
    
    21.53E Biofuels
    
    Mead, NE
    
    Corn
    
    
    
    
    
    
    24East Kansas Agri-Energy, LLC*
    
    Garnett, KS
    
    Corn
    
    
    35ESE Alcohol Inc.
    
    Leoti, KS
    
    Seed corn
    
    
    1.5Ethanol2000, LLP*
    
    Bingham Lake, MN
    
    Corn
    
    
    32Frontier Ethanol, LLC
    
    Gowrie, IA
    
    Corn
    
    
    
    
    
    
    60Front Range Energy, LLC
    
    Windsor, CO
    
    Corn
    
    
    
    
    
    
    40Glacial Lakes Energy, LLC*
    
    Watertown, SD
    
    Corn
    
    
    50Golden Cheese Company of California*
    
    Corona, CA
    
    Cheese whey
    
    
    5Golden Grain Energy L.L.C.*
    
    Mason City, IA
    
    Corn
    
    
    40Golden Triangle Energy, LLC*
    
    Craig, MO
    
    Corn
    
    
    20Grain Processing Corp.
    
    Muscatine, IA
    
    Corn
    
    
    20Granite Falls Energy, LLC
    
    Granite Falls, MN
    
    Corn
    
    
    45Great Plains Ethanol, LLC*
    
    Chancellor, SD
    
    Corn
    
    
    50Green Plains Renewable Energy
    
    Shenandoah, IA
    
    Corn
    
    
    
    
    
    
    50Hawkeye Renewables, LLC
    
    Iowa Falls, IA
    
    Corn
    
    
    50
    
    
    
    50Fairbank, IA
    
    Corn
    
    
    
    
    
    
    100Heartland Corn Products*
    
    Winthrop, MN
    
    Corn
    
    
    36Heartland Grain Fuels, LP*
    
    Aberdeen, SD
    
    Corn
    
    
    9Huron, SD
    
    Corn
    
    
    12
    
    
    
    18
 6




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##### Table of Contents



UnderCurrent
    
    Construction/Capacity
    
    ExpansionsCOMPANY
    
    LOCATION
    
    FEEDSTOCK
    
    (mmgy)
    
    (mmgy)Heron Lake BioEnergy, LLC
    
    Heron Lake, MN
    
    Corn
    
    
    
    
    
    
    50Horizon Ethanol, LLC
    
    Jewell, IA
    
    Corn
    
    
    
    
    
    
    60Husker Ag, LLC*
    
    Plainview, NE
    
    Corn
    
    
    26.5Illinois River Energy, LLC
    
    Rochelle, IL
    
    Corn
    
    
    
    
    
    
    50Iowa Ethanol, LLC*
    
    Hanlontown, IA
    
    Corn
    
    
    50Iroquois Bio-Energy Company, LLC
    
    Rensselaer, IN
    
    Corn
    
    
    
    
    
    
    40James Valley Ethanol, LLC
    
    Groton, SD
    
    Corn
    
    
    50KAAPA Ethanol, LLC*
    
    Minden, NE
    
    Corn
    
    
    40Land O Lakes*
    
    Melrose, MN
    
    Cheese whey
    
    
    2.6Lincolnland Agri-Energy, LLC*
    
    Palestine, IL
    
    Corn
    
    
    48Lincolnway Energy, LLC*
    
    Nevada, IA
    
    Corn
    
    
    
    
    
    
    50Liquid Resources of Ohio
    
    Medina, OH
    
    Waste beverage
    
    
    3Little Sioux Corn Processors, LP*
    
    Marcus, IA
    
    Corn
    
    
    52Merrick/Coors
    
    Golden, CO
    
    Waste beer
    
    
    1.5
    
    
    
    1.5MGP Ingredients, Inc.
    
    Pekin, IL
    
    Corn/wheat starch
    
    
    78Atchison, KSMichigan Ethanol, LLC
    
    Caro, MI
    
    Corn
    
    
    50Mid-Missouri Energy, Inc.*
    
    Malta Bend, MO
    
    Corn
    
    
    45Midwest Grain Processors*
    
    Lakota, IA
    
    Corn
    
    
    50
    
    
    
    45Riga, MI
    
    Corn
    
    
    
    
    
    
    57Midwest Renewable Energy, LLC
    
    Sutherland, NE
    
    Corn
    
    
    17.5
    
    
    
    4.5Minnesota Energy*
    
    Buffalo Lake, MN
    
    Corn
    
    
    18Missouri Ethanol
    
    Laddonia, MO
    
    Corn
    
    
    
    
    
    
    45New Energy Corp.
    
    South Bend, IN
    
    Corn
    
    
    102North Country Ethanol, LLC*
    
    Rosholt, SD
    
    Corn
    
    
    20Northeast Missouri Grain, LLC*
    
    Macon, MO
    
    Corn
    
    
    45Northern Lights Ethanol, LLC*
    
    Big Stone City, SD
    
    Corn
    
    
    50Northstar Ethanol, LLC
    
    Lake Crystal, MN
    
    Corn
    
    
    52Otter Creek Ethanol, LLC*
    
    Ashton, IA
    
    Corn
    
    
    55Panhandle Energies of Dumas, LP
    
    Dumas, TX
    
    Corn/Grain Sorghum
    
    
    
    
    
    
    30Parallel Products
    
    Louisville, KY
    
    Beverage Waste
    
    
    5.4R. Cucamonga, CAPermeate Refining
    
    Hopkinton, IA
    
    Sugars & starches
    
    
    1.5Phoenix Biofuels
    
    Goshen, CA
    
    Corn
    
    
    25Pine Lake Corn Processors, LLC*
    
    Steamboat Rock, IA
    
    Corn
    
    
    20Platte Valley Fuel Ethanol, L.L.C.
    
    Central City, NE
    
    Corn
    
    
    40Prairie Ethanol, LLC
    
    Loomis, SD
    
    Corn
    
    
    
    
    
    
    60Prairie Horizon Agri-Energy, LLC
    
    Phillipsburg, KS
    
    Corn
    
    
    
    
    
    
    40Pro-Corn, LLC*
    
    Preston, MN
    
    Corn
    
    
    42Quad-County Corn Processors*
    
    Galva, IA
    
    Corn
    
    
    27Red Trail Energy, LLC
    
    Richardton, ND
    
    Corn
    
    
    
    
    
    
    50Redfield Energy, Inc.
    
    Redfield, SD
    
    Corn
    
    
    
    
    
    
    50Reeve Agri-Energy
    
    Garden City, KS
    
    Corn/milo
    
    
    12Siouxland Energy & Livestock Coop*
    
    Sioux Center, IA
    
    Corn
    
    
    25Siouxland Ethanol, LLC
    
    Jackson, NE
    
    Corn
    
    
    
    
    
    
    50Sioux River Ethanol, LLC*
    
    Hudson, SD
    
    Corn
    
    
    55Sterling Ethanol, LLC
    
    Sterling, CO
    
    Corn
    
    
    42Tall Corn Ethanol, LLC*
    
    Coon Rapids, IA
    
    Corn
    
    
    49
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UnderCurrent
    
    Construction/Capacity
    
    ExpansionsCOMPANY
    
    LOCATION
    
    FEEDSTOCK
    
    (mmgy)
    
    (mmgy)Tate & Lyle
    
    Loudon, TN
    
    Corn
    
    
    67The Anderson Albion Ethanol LLC
    
    Albion, MI
    
    Corn
    
    
    
    
    
    
    55Trenton Agri Products, LLC
    
    Trenton, NE
    
    Corn
    
    
    35
    
    
    
    10United WI Grain Producers, LLC*
    
    Friesland, WI
    
    Corn
    
    
    49US BioEnergy Corp.
    
    Albert City, IA
    
    Corn
    
    
    
    
    
    
    100Lake Odessa, MI
    
    Corn
    
    
    
    
    
    
    45U.S. Energy Partners, LLC
    
    Russell, KS
    
    Milo/wheat starch
    
    
    48Utica Energy, LLC
    
    Oshkosh, WI
    
    Corn
    
    
    48VeraSun Energy Corporation
    
    Aurora, SD
    
    Corn
    
    
    120VeraSun Fort Dodge, LLC
    
    Ft. Dodge, IA
    
    Corn
    
    
    110Voyager Ethanol, LLC*
    
    Emmetsburg, IA
    
    Corn
    
    
    52Western Plains Energy, LLC*
    
    Campus, KS
    
    Corn
    
    
    45Western Wisconsin Renewable Energy, LLC*
    
    Boyceville, WI
    
    Corn
    
    
    
    
    
    
    40Wind Gap Farms
    
    Baconton, GA
    
    Brewery Waste
    
    
    0.4Wyoming Ethanol
    
    Torrington, WY
    
    Corn
    
    
    5Xethanol BioFuels, LLC
    
    Blairston, IA
    
    Corn
    
    
    5Total Existing Capacity
    
    
    
    
    
    
    4286.4Total Under Construction/ Expansions
    
    
    
    
    
    
    
    
    
    
    1619Total Capacity
    
    
    
    
    
    
    5905.4
 
 *
    
    farmer-owned            Renewable Fuels AssociationLast Updated: December 2005  Source of Raw Materials  Corn Feedstock Supply
  2003 Corn
    
    2002 Corn
    
    2001 Corn
    
    2000 CornProduction
    
    Production
    
    Production
    
    ProductionCounty
    
    (bushels)
    
    (bushels)
    
    (bushels)
    
    (bushels)Woodbury, IA
    
    
    28,100,000
    
    
    
    29,240,000
    
    
    
    23,528,000
    
    
    
    20,881,000Cedar, NE
    
    
    16,799,000
    
    
    
    13,273,000
    
    
    
    18,953,000
    
    
    
    15,842,000Dakota, NE
    
    
    8,626,000
    
    
    
    6,230,000
    
    
    
    7,526,000
    
    
    
    6,412,000Dixon, NE
    
    
    9,477,000
    
    
    
    8,773,000
    
    
    
    9,765,000
    
    
    
    9,025,000Thurston, NE
    
    
    13,008,000
    
    
    
    9,832,000
    
    
    
    11,166,000
    
    
    
    8,476,000Wayne, NE
    
    
    14,701,000
    
    
    
    11,362,000
    
    
    
    14,840,000
    
    
    
    8,874,000Total
    
    
    90,711,000
    
    
    
    78,710,000
    
    
    
    85,778,000
    
    
    
    69,510,000
  8




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10-Year AverageCounty
    
    Corn Price ($/Bu.)Woodbury, IA
    
    $
    2.26Cedar, NE
    
    $
    2.32Dakota, NE
    
    $
    2.30Dixon, NE
    
    $
    2.20Thurston, NE
    
    $
    2.23Wayne. NE
    
    $
    2.25Total / Avg.
    
    $
    2.26
  Grain origination and risk management
   Utilities
  9




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Natural Gas
   Electricity
  Water
   Dependence on One or a Few Major Customers
  10




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Material Contracts
 Phase I and II Engineering Services Agreement
  
    
    A Property Layout Drawing
    
    Grading, Drainage and Erosion Control Plan Drawing
    
    Roadway Alignment Drawing;
    
    Culvert Cross Sections and Details; and
    
    Seeding and Landscaping (if required).
  
    
    Property Layout Drawing;
    
    Final Interior Plant Grading;
    
    Roadway Alignment;
    
    Utility Layout (Fire Loop);
    
    Utility Layout (Potable Water);
    
    Utility Layout (Well Water) (if using on-site wells);
    
    Utility Layout (Sanitary Sewer);
    
    Utility Layout (Utility Water Blowdown);
    
    Utility Layout (Natural Gas);
    
    Geometric Layout;
    
    Site Utility Piping Tables Drawing;
    
    Tank Farm Layout Drawing;
    
    Tank Farm Details Drawing;
    
    Sections and Details Drawing (if required); and
    
    Miscellaneous Details Drawing (if required).
  Grading and Drainage Contract
  
    
    Site clearing/grading;
    
    Construction of plant roads;
    
    Spur track subgrade grading and subballast; and
    
    Installation of underground drainage piping.
 Interim Lending Agreements
  11




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Costs and Effects of Compliance with Environmental Laws
    Employees
  
 Item 2. DESCRIPTION OF PROPERTY.
    12




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Item 3. LEGAL PROCEEDINGS.
  
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
  
 PART II
 
 Item 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
         13




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Item 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.
 Forward Looking Statements
  
    
    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 corn, 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);
    
    Overcapacity within the ethanol industry;
    
    Changes and advances in ethanol production technology; and
    
    Competition from alternative fuel additives.
  Overview
   14




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Plan of Operations to Start-Up of the Ethanol Plant
  Plan of Operations Before Receipt of Debt Financing Funds
    15




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Plan of Operations After Receipt of Debt Financing
    Plant Construction Activity
   Permitting and Regulatory Activities
 Minor Construction Permit for Air Emissions
  Waste Water National Pollutant Discharge Elimination System Permits (INPDES Permit)
  Storm Water Discharge Permit and Storm Water Pollution Prevention Program (General NPDES Permits)
  Spill prevention, control and countermeasures plan and risk management plan
  Alcohol and Tobacco Tax and Trade Bureau Requirements
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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
 Application of Critical Accounting Policies
  Liquidity and Capital Resources
 Sources of Funds
   Estimated
Uses of Proceeds
  17




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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
    %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
    %
 Financial Results
    Trends Impacting the Ethanol Industry
  18




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Off-Balance Sheet Arrangements
  19




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Item 7. FINANCIAL STATEMENTS.
  
    /s/ Boulay, Heutmaker, Zibell & Co. P.L.L.P.Certified Public Accountants
 
 20




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SIOUXLAND ETHANOL, LLC
  September 30
    
    
    September 302005
    
    
    2004ASSETSCurrent AssetsCash and equivalents
    
    $
    213,598
    
    
    $
    47,213Prepaids
    
    
    28,920
    
    
    
    Total current assets
    
    
    242,518
    
    
    
    47,213Property and EquipmentOffice equipment
    
    
    11,042
    
    
    
    Accumulated depreciation
    
    
    (626
    )
    
    
    Net property and equipment
    
    
    10,416
    
    
    
    Other AssetsDeferred offering costs
    
    
    387,133
    
    
    
    3,274Land options
and other
    
    
    7,000
    
    
    
    394,133
    
    
    
    3,274Total Assets
    
    $
    647,067
    
    
    $
    50,487LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable
    
    $
    129,709
    
    
    $
    33,404Accrued expenses
    
    
    2,451
    
    
    
    Total current liabilities
    
    
    132,160
    
    
    
    33,404Commitments and ContingenciesMembers EquityMember
contributions, 195 units and 10 units outstanding at
September 30, 2005 and 2004, respectively
    
    
    975,000
    
    
    
    50,000Deficit accumulated during development stage
    
    
    (460,093
    )
    
    
    (32,917
    )Total members equity
    
    
    514,907
    
    
    
    17,083Total
Liabilities and Members Equity
    
    $
    647,067
    
    
    $
    50,487
  21




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SIOUXLAND ETHANOL, LLC
  Year Ended
    
    
    Year Ended
    
    
    From InceptionSeptember 30
    
    
    September 30
    
    
    (August 12, 2004)2005
    
    
    2004
    
    
    to September 30, 2005Revenues
    
    $
    
    
    
    $
    
    
    
    $
    Operating ExpensesProfessional fees
    
    
    338,053
    
    
    
    32,630
    
    
    
    370,683General and administrative
    
    
    91,242
    
    
    
    287
    
    
    
    91,529Total
    
    
    429,295
    
    
    
    32,917
    
    
    
    462,212Operating Loss
    
    
    (429,295
    )
    
    
    (32,917
    )
    
    
    (462,212
    )Other Income (Expense)Other income
    
    
    2,119
    
    
    
    
    
    
    
    2,119Total other income
    
    
    2,119
    
    
    
    
    
    
    
    2,119Basic and Diluted Net Loss
    
    $
    (427,176
    )
    
    $
    (32,917
    )
    
    $
    (460,093
    )Basic and Diluted Net Loss Per Unit (175,
10, and 156 weighted average units
outstanding, respectively)
    
    $
    (2,441.01
    )
    
    $
    (3,291.70
    )
    
    $
    (2,949.31
    )
  22




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##### Table of Contents



SIOUXLAND ETHANOL, LLC
  Balance  August 12, 2004
    
    $
    Capital contributions - 10 units, $5,000 per unit, August 2004
    
    
    50,000Net loss for the year ended September 30, 2004
    
    
    (32,917
    )Balance  September 30, 2004
    
    
    17,083Capital contributions - 185 units, $5,000 per unit, November 2004
    
    
    925,000Net loss for
the year ended September 30, 2005
    
    
    (427,176
    )Balance  September 30, 2005
    
    $
    514,907
  23




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##### Table of Contents



SIOUXLAND ETHANOL, LLC
  Year Ended
    
    
    Year Ended
    
    
    From InceptionSeptember 30
    
    
    September 30
    
    
    (August 12, 2004)2005
    
    
    2004
    
    
    to September 30, 2005Cash Flows from Operating ActivitiesNet loss
    
    $
    (427,176
    )
    
    $
    (32,917
    )
    
    $
    (460,093
    )Adjustments to reconcile net loss to net cash from
operations:Depreciation
    
    
    626
    
    
    
    
    
    
    
    626Change in
assets and liabilities:Prepaids
    
    
    (28,920
    )
    
    
    
    
    
    
    (28,920
    )Accounts payable
    
    
    92,926
    
    
    
    31,380
    
    
    
    124,306Accrued expenses
    
    
    2,451
    
    
    
    
    
    
    
    2,451Net cash used in operating activities
    
    
    (360,093
    )
    
    
    (1,537
    )
    
    
    (361,630
    )Cash Flows from Investing ActivitiesPayment for land options and other
    
    
    (7,000
    )
    
    
    
    
    
    
    (7,000
    )Capital expenditures
    
    
    (11,042
    )
    
    
    
    
    
    
    (11,042
    )Net cash used in investing activities
    
    
    (18,042
    )
    
    
    
    
    
    
    (18,042
    )Cash Flows from Financing ActivitiesMember contributions
    
    
    925,000
    
    
    
    50,000
    
    
    
    975,000Payments for deferred offering costs
    
    
    (380,480
    )
    
    
    (1,250
    )
    
    
    (381,730
    )Net cash provided by financing activities
    
    
    544,520
    
    
    
    48,750
    
    
    
    593,270Net Increase in Cash and Equivalents
    
    
    166,385
    
    
    
    47,213
    
    
    
    213,598Cash and
Equivalents  Beginning of Period
    
    
    47,213
    
    
    
    
    
    
    
    Cash and
Equivlents  End of Period
    
    $
    213,598
    
    
    $
    47,213
    
    
    $
    213,598Supplemental
Disclosure of Noncash Investing and Financing ActivitiesDeferred offering costs included in accounts payable
    
    $
    5,403
    
    
    $
    2,024
    
    
    $
    5,403
  24




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##### Table of Contents



SIOUXLAND ETHANOL, LLC
  1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Nature of Business
  Fiscal Reporting Period
  Accounting Estimates
  Cash and Equivalents
  Equipment
  Deferred Offering Costs
  Grants
  25




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##### Table of Contents



Income Taxes
  Recently Issued Accounting Pronouncements
  2. DEVELOPMENT STAGE ENTERPRISE
   3. MEMBERS EQUITY
  Registration Statement
   4. INCOME TAXES
 
 September 30,
    
    
    September 30,2005
    
    
    2004Financial statement basis of total assets
    
    $
    647,067
    
    
    $
    50,487Organizational costs expensed for
financial reporting purposes
    
    
    456,456
    
    
    
    32,917Taxable income tax basis of total assets
    
    $
    1,103,523
    
    
    $
    83,404
  26




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##### Table of Contents



5. COMMITMENTS AND CONTINGENCIES
 Design build letter of intent
   Land contracts
     27




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##### Table of Contents



Consulting contracts
       6. SUBSEQUENT EVENTS
 Consulting contracts
  Construction contracts
  Bridge financing loan
  28




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##### Table of Contents



Conditional debt financing commitment
  29




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##### Table of Contents



Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
  
 Item 8A. CONTROLS AND PROCEDURES.
   
 Item 8B. OTHER INFORMATION.
  
 PART III
 
 Item 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION
16(A) OF THE EXCHANGE ACT.
 Identification of Directors, Executive Officers and Significant Employees
  Tom Lynch, Chairman, President and Director,
    Pam Miller, Vice Chairperson, Vice President and Director,
   30




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##### Table of Contents



John Kingsbury, Director and Treasurer,
    Doug Garwood, Secretary and Director
    Ronald Wetherell, Director,
    Darrell Downs, Director,
   31




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##### Table of Contents



Shennen Saltzman, Director,
    Donald Skip Meisner, Director,
    Mark Peterson, Director,
    Matt Sederstrom, Director,
   32




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##### Table of Contents



Bill Riechers, Director
    Craig Ebberson, Director
    David Bailey Aalfs
    Adoption of Code of Ethics
   33




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##### Table of Contents



Identification of Audit Committee
  Audit Committee Financial Expert
  
 Item 10. EXECUTIVE COMPENSATION.
   
 Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS.
 Equity Compensation Plans
   Number of securitiesremaining available forNumber of Securities to
    
    
    
    
    
    future issuance underbe issued upon the
    
    Weighted-average
    
    equity compensationexercise of outstanding
    
    exercise price of
    
    plans (excludingoptions, warrants and
    
    outstanding options,
    
    securities reflected inPlan Category
    
    rights
    
    warrants and rights
    
    column (a))Equity compensation
plans approved by
security holders
    
    
    
    
    
    
    n/a
    
    
    
    Equity compensation
plans not approved
by security holders
    
    
    6
    
    
    
    n/a
    
    
    
    0
 Security Ownership of Certain Beneficial Owners
  34




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##### Table of Contents



(3) Amount and(2) Name and Address of
    
    Nature of(1) Title of Class
    
    Beneficial Owner
    
    Beneficial Ownership
    
    (4) Percent of ClassMembership Units
    
    David Bailey and Kathleen M. Aalfs920 Quail Hollow CircleDakota Dunes, SD 57047
    
    300 units
    
    
    7.93
    %
 Security Ownership of Management
  (3) Amount andNature ofBeneficial
    
    (4) Percent of(1) Title of Class
    
    (2) Name and Address of Beneficial Owner
    
    Ownership
    
    ClassMembership Units
    
    Tom LynchChairman, President and Director1221 Monona Blvd.Jackson, NE 68743
    
    14 units
    
    
    0.37
    %Membership Units
    
    Pam Miller, Vice Chairman, VicePresident and Director414 Howard St.Homer, NE 68030
    
    6 units
    
    
    0.16
    %Membership Units
    
    John Kingsbury, Treasurer and DirectorP.O. Box 570Ponca, NE 68770
    
    12 units
    
    
    0.32
    %Membership Units
    
    Doug Garwood, Secretary and Director520 Timberline Dr.South Sioux City, NE 68776
    
    21 units
    
    
    0.56
    %Membership Units
    
    Ronald Wetherell, DirectorP.O. Box 188Cleghorn, IA 51015
    
    15 units
    
    
    0.40
    %Membership Units
    
    Darrell Downs, DirectorP.O. Box 103Marcus, IA 51035
    
    4 units
    
    
    0.11
    %Membership Units
    
    Shennen Saltzman, Director729 E. 7th St., Suite 2South Sioux City, NE 68776
    
    65 units
    
    
    1.72
    %Membership Units
    
    Donald Skip Meisner, Director3116 Everett St.Sioux City, IA 51106
    
    9 units
    
    
    0.24
    %Membership Units
    
    Matt Sederstrom, Director1005 Boxelder Ave.Marshall, MN 56258
    
    6 units
    
    
    0.16
    %Membership Units
    
    Bill Riechers, Director504 AstrachanVolga, SD 57071
    
    4 units
    
    
    0.11
    %Membership Units
    
    Craig Ebberson, Director56521 870th Rd.Belden, NE 68716
    
    37 units
    
    
    0.98
    %Membership Units
    
    David Bailey Aalfs920 Quail Hollow CircleDakota Dunes, SD 57047
    
    300 units
    
    
    7.93
    %
 
 Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
 35




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##### Table of Contents



Transactions with Fagen, Inc.
  
    
    Providing a preliminary schedule and guaranteed maximum price and
design-build agreement for the design and construction of our plant;
    
    Assisting in all phases of the permitting process, including taking a
lead role in obtaining all required permits for the construction and
operation of the proposed plant;
    
    Designing and building the proposed plant in accordance with a
design-build contract, based upon the Design-Build Institute of America
form contract; and
    
    Assisting in identifying appropriate operational management for our plant.
 Transactions with directors, Bill Riechers and Darrell Downs
  
    
    Assist in negotiations of contracts with various service and product providers;
    
    Assist in the planning of our equity marketing effort, including preparation of written and
visual equity marketing materials and training our officers and directors to conduct our
equity marketing effort;
    
    Assist in the securing of debt financing for, and commencement of, construction of our plant;
    
    Assist in the education of local lenders including, the preparation of a bankers book
tailored to our project; and
    
    Perform such other reasonably necessary duties as we may request for the timely and
successful securing of debt financing and commencement of construction of the project.
    36




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##### Table of Contents



Item 13. EXHIBITS.
 Exhibit No.
    
    Exhibit3.1
    
    Articles of Organization of Siouxland Ethanol, LLC. Filed as Exhibit 3.1 to
the Companys registration statement on Form SB-2 (Commission File
333-123473) and incorporated by reference herein.3.2
    
    Amended and Restated Operating Agreement of Siouxland Ethanol, LLC. Filed
as Exhibit 3.2 to the Companys registration statement on Form SB-2
(Commission File 333-123473) and incorporated by reference herein.4.1
    
    Form of Membership Certificate. Filed as Exhibit 4.1 to the Companys
registration statement on Form SB-2 (Commission File 333-123473) and
incorporated by reference herein.4.2
    
    Form of Subscription Agreement. Filed as Exhibit 4.2 to the Companys
registration statement on Form SB-2 (Commission File 333-123473) and
incorporated by reference herein.4.3
    
    Amended and Restated Escrow Agreement. Filed as Exhibit 4.3 to
Pre-Effective Amendment No. 3 to the Companys registration statement on
Form SB-2 (Commission File 333-123473) dated July 22, 2005 and incorporated
by reference herein.10.1
    
    Phase I Grading and Drainage Contract dated October 14, 2005.10.2
    
    Promissory Note (Installment Loan) and Loan Agreement dated October 14, 2005.10.3
    
    Phase I and II Engineering Services Agreement dated November 11, 2005.14.1
    
    Code of Ethics of Siouxland Ethanol, LLC.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.
 
 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
  Category
    
    Year
    
    FeesAudit Fees
    
    
    2005
    
    
    $
    57,1742004
    
    
    $
    14,995Audit-Related Fees
    
    
    2005
    
    
    
    2004
    
    
    
    Tax Fees
    
    
    2005
    
    
    
    2004
    
    
    
    All Other Fees
    
    
    2005
    
    
    
    2004
    
    
    
    
 37




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##### Table of Contents



SIGNATURES
  SIOUXLAND ETHANOL, LLCDate: December 15, 2005
    
    /s/ Tom LynchTom LynchChairman and President (Principal Executive Officer)Date: December 15, 2005
    
    /s/ John KingsburyJohn KingsburyTreasurer (Principal Financial and Accounting Officer)
  Date: December 15, 2005
    
    /s/ Tom LynchTom Lynch, Chairman, President and DirectorDate: December 15, 2005
    
    /s/ Pam MillerPam Miller, Vice Chairman, Vice President and DirectorDate: December 15, 2005
    
    /s/ John KingsburyJohn Kingsbury, Treasurer and DirectorDate: December 15, 2005
    
    /s/ Doug GarwoodDoug Garwood, Secretary and DirectorDate: December 15, 2005
    
    /s/ Ronald WetherellRonald Wetherell, DirectorDate: December 15, 2005
    
    /s/ Darrell DownsDarrell Downs, Director
 38




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##### Table of Contents



Date: December 15, 2005
    
    /s/ Shennen SaltzmanShennen Saltzman, DirectorDate: December 15, 2005
    
    /s/ Donald MeisnerDonald Meisner, DirectorDate: December 15, 2005
    
    /s/ Bill RiechersBill Riechers, DirectorDate: December 15, 2005
    
    /s/ Craig EbbersonCraig Ebberson, DirectorDate: December 15, 2005
    
    /s/ David B. AalfsDavid Bailey. Aalfs, Director
 39