##### Table of Contents



NOTES TO UNAUDITED FINANCIAL STATEMENTS
MARCH 31, 2009
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For the quarter ended March 31, 2009
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from  to    Commission file number 000-52617
 WESTERN DUBUQUE BIODIESEL, LLC
  Iowa
(State or other jurisdiction of organization)
    
    20-3857933
(I.R.S. Employer Identification No.)
 904 Jamesmeier Rd.
P.O. Box 82
Farley, IA 52046
 (563) 744-3554
 þ o
 o þ
  Yes
o No
o
  Large Accelerated Filer o
    
    Accelerated Filer o
    
    Non-Accelerated Filer o
    
    Smaller Reporting Company þ




---



##### 



INDEX
 Page No.PART I. FINANCIAL INFORMATION
    
    
    2Item 1. Financial Statements
    
    
    2Item 2. Managements Discussion and Analysis or Plan of Operations
    
    
    17Item 3. Quantitative and Qualitative Disclosures about Market Risks
    
    
    23Item 4. Controls and Procedures
    
    
    24PART II. OTHER INFORMATION
    
    
    25Item 1. Legal Proceedings
    
    
    25Item 1A. Risk Factors
    
    
    25Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    26Item 3. Defaults Upon Senior Securities
    
    
    26Item 4. Submission of Matters to Security Holders
    
    
    26Item 5. Other Information
    
    
    26Item 6. Exhibits
    
    
    27SIGNATURES
    
    
    27Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 WESTERN DUBUQUE BIODIESEL, LLC
BALANCE SHEET
 March 31,
    
    
    December 31,2009
    
    
    2008UNAUDITEDASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    6,713,820
    
    
    $
    7,553,554Margin deposits
    
    
    48,850
    
    
    
    5,000Accounts receivable  related party
    
    
    57,327
    
    
    
    1,525,310Other receivables
    
    
    4,000
    
    
    
    Inventory
    
    
    781,224
    
    
    
    542,401Derivative instruments
    
    
    10,886
    
    
    
    Prepaid expenses
    
    
    269,217
    
    
    
    84,444Total current assets
    
    
    7,885,324
    
    
    
    9,710,709PROPERTY, PLANT AND EQUIPMENTLand and land improvements
    
    
    3,091,093
    
    
    
    3,091,093Office building and equipment
    
    
    407,203
    
    
    
    407,203Plant and process equipment
    
    
    37,758,600
    
    
    
    37,758,600Vehicles
    
    
    42,537
    
    
    
    42,537Construction in progress
    
    
    7,391
    
    
    
    Total, at cost
    
    
    41,306,824
    
    
    
    41,299,433Less accumulated depreciation
    
    
    3,651,891
    
    
    
    3,104,761Total property, plant and equipment
    
    
    37,654,933
    
    
    
    38,194,672OTHER ASSETSRestricted cash
    
    
    406,784
    
    
    
    337,337Loan origination fees, net of amortization
    
    
    356,847
    
    
    
    380,637Total other assets
    
    
    763,631
    
    
    
    717,974TOTAL ASSETS
    
    $
    46,303,888
    
    
    $
    48,623,355LIABILITIES AND MEMBERS EQUITYCURRENT LIABILITIESAccounts payable:Trade
    
    $
    344,754
    
    
    $
    506,615Related party
    
    
    75,404
    
    
    
    241,545Current portion of long-term debt
    
    
    27,263,040
    
    
    
    28,097,365Accrued interest
    
    
    13,823
    
    
    
    16,346Accrued liabilities
    
    
    88,348
    
    
    
    141,348Deferred rent
    
    
    9,350
    
    
    
    Total current liabilities
    
    
    27,794,719
    
    
    
    29,003,219LONG-TERM LIABILITIESLong-term debt, less current portion above
    
    
    
    
    
    
    Total liabilities
    
    
    27,794,719
    
    
    
    29,003,219MEMBERS EQUITYContributed capital
    
    
    26,230,096
    
    
    
    26,230,096Accumulated deficit
    
    
    (7,720,927
    )
    
    
    (6,609,960
    )Total members equity
    
    
    18,509,169
    
    
    
    19,620,136TOTAL LIABILITIES AND MEMBERS EQUITY
    
    $
    46,303,888
    
    
    $
    48,623,355
  2




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Three Months EndedMarch 31, 2009
    
    
    March 31, 2008REVENUESBiodiesel and by product sales  related party
    
    $
    45,534
    
    
    $
    4,535,877Tolling services  related party
    
    
    1,030,385
    
    
    
    24,843Incentive funds
    
    
    
    
    
    
    1,523,084Total revenues
    
    
    1,075,919
    
    
    
    6,083,804COST OF SALESMaterials, labor and overhead
    
    
    1,835,352
    
    
    
    6,278,277Net losses (gains) on derivative instruments
    
    
    (10,736
    )
    
    
    292,118Total cost of sales
    
    
    1,824,616
    
    
    
    6,570,395Gross loss
    
    
    (748,697
    )
    
    
    (486,591
    )OPERATING EXPENSESConsulting and professional fees
    
    
    70,202
    
    
    
    81,430Office and administrative expenses
    
    
    63,002
    
    
    
    134,784Total operating expenses
    
    
    133,204
    
    
    
    216,214OTHER INCOME (EXPENSE)Other income
    
    
    650
    
    
    
    Interest income
    
    
    32,139
    
    
    
    27,029Interest expense
    
    
    (261,855
    )
    
    
    (537,548
    )Total other income (expense)
    
    
    (229,066
    )
    
    
    (510,519
    )NET LOSS
    
    $
    (1,110,967
    )
    
    $
    (1,213,324
    )BASIC AND DILUTED LOSS PER UNIT
    
    $
    (37.31
    )
    
    $
    (40.86
    )WEIGHTED AVERAGE UNITS OUTSTANDING,
BASIC AND DILUTED
    
    
    29,779
    
    
    
    29,697
   3




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
STATEMENTS OF CASH FLOWS
 Three Months Ended
    
    
    Three Months EndedMarch 31, 2009
    
    
    March 31, 2008CASH FLOWS FROM OPERATING ACTIVITIESNet loss
    
    $
    (1,110,967
    )
    
    $
    (1,213,324
    )Adjustments to reconcile net loss to net cash
provided by operating activitiesDepreciation
    
    
    547,130
    
    
    
    548,160Amortization
    
    
    23,790
    
    
    
    23,790Effects of changes in operating assets and liabilitiesMargin deposits
    
    
    (43,850
    )
    
    
    1,559,853Accounts receivable  related party
    
    
    1,467,983
    
    
    
    1,015,336Other receivables
    
    
    (4,000
    )
    
    
    148,826Incentive receivables
    
    
    
    
    
    
    672,807Inventory
    
    
    (238,823
    )
    
    
    1,471,505Prepaid expenses
    
    
    (184,773
    )
    
    
    (314,585
    )Derivative instruments
    
    
    (10,886
    )
    
    
    (1,292,736
    )Accounts payable
    
    
    (328,002
    )
    
    
    (664,183
    )Accrued liabilities
    
    
    (53,000
    )
    
    
    (169,957
    )Deferred rent
    
    
    9,350
    
    
    
    Net cash provided by operating activities
    
    
    73,952
    
    
    
    1,785,492CASH FLOWS FROM INVESTING ACTIVITIESPayments for property, plant and equipment,
including construction in progress
    
    
    (7,391
    )
    
    
    (16,039
    )Increase in restricted cash
    
    
    (69,447
    )
    
    
    Net cash used in investing activities
    
    
    (76,838
    )
    
    
    (16,039
    )CASH FLOWS FROM FINANCING ACTIVITIESProceeds from long-term debt
    
    
    
    
    
    
    939,540Payments on long-term debt
    
    
    (836,848
    )
    
    
    (380,348
    )Net cash provided by financing activities
    
    
    (836,848
    )
    
    
    559,192NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    (839,734
    )
    
    
    2,328,645CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    
    
    7,553,554
    
    
    
    2,011,841CASH AND CASH EQUIVALENTS, END OF PERIOD
    
    $
    6,713,820
    
    
    $
    4,340,486
   4




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 1    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
  Use of Estimates in Preparing Financial Statements
  Basis of Accounting
    Revenue Recognition
  Cash and Cash Equivalents
  
  5




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Restricted Cash
  Accounts Receivable
   Derivative Instruments and Hedging Activities
  Inventories
  Property and Equipment
   6




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Property and Equipment
  YearsLand improvements
    
    20  40Office equipment
    
    5  10Office building
    
    30Plant and process equipment
    
    10  40Vehicles
    
    5  7
  Loan Origination Fees
  Income Taxes
  Loss Per Unit
  Cost of Sales
 
  7




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Shipping and Handling Costs
  Environmental Liabilities
  Fair Value of Financial Instruments
  New Accounting Standards
 , Disclosures about Derivative Instruments and Hedging
Activities
 Date of FASB
Statement No. 157 Fair Value Measurements
  8




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 New Accounting Standards
 Interim Disclosures about Fair Value
of Financial Instruments
 Determining Fair Value When the Volume and Level
of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions
That Are Not Orderly
 NOTE 2  INCENTIVE PAYMENTS AND RECEIVABLE
  NOTE 3  INVENTORY
  March 31,
    
    
    December 31,2009
    
    
    2008(UNAUDITED)Raw material
    
    $
    427,763
    
    
    $
    186,306Work in progress
    
    
    219,108
    
    
    
    146,334Finished goods
    
    
    134,353
    
    
    
    209,761Total
    
    $
    781,224
    
    
    $
    542,401
  9




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 4  LONG-TERM DEBT AND FINANCING
  March 31,
    
    
    December 31,2009
    
    
    2008(UNAUDITED)Note payable to Marshall BankFirst for construction loan
 see details below
    
    $
    26,965,287
    
    
    $
    27,782,677Note payable to the Iowa Department of Economic
Development  see details below
    
    
    285,000
    
    
    
    300,000Note payable to Hodge Material Handling  see
details below
    
    
    12,753
    
    
    
    14,688Total
    
    
    27,263,040
    
    
    
    28,097,365Less current portion
    
    
    27,263,040
    
    
    
    28,097,365Long-term portion
    
    $
    
    
    
    $
    
    10




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 4  LONG-TERM DEBT AND FINANCING
    NOTE 5  MEMBERS EQUITY
   NOTE 6  CASH FLOW DISCLOSURES
  Three Months Ended
    
    
    Three Months EndedMarch 31, 2009
    
    
    March 31, 2008Cash paid for interest
    
    $
    240,588
    
    
    $
    513,758
  11




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 6  CASH FLOW DISCLOSURES
  Three Months Ended
    
    
    Three Months EndedMarch 31, 2009
    
    
    March 31, 2008Units issued in exchange for
reduction in construction
payable
    
    $
    
    
    
    $
    2,500,000Loan proceeds transferred to
debt reserve fund (restricted
cash)
    
    $
    
    
    
    $
    75,344
 NOTE 7  RELATED PARTY TRANSACTIONS
        12




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 7  RELATED PARTY TRANSACTIONS
  NOTE 8  COMMITMENTS AND CONTINGENCIES
  NOTE 9  FAIR VALUE OF FINANCIAL INSTRUMENTS
 Fair Value
Measurements
 
    
    Level 1Unadjusted quoted prices for identical assets and liabilities in active
markets;
 
    
    Level 2Quoted prices for similar assets and liabilities in active markets (other
than those included in Level 1) which are observable for the asset or liability, either
directly or indirectly; and
 
    
    Level 3Valuations derived from valuation techniques in which one or more significant
inputs or significant value drivers are unobservable.
  SignificantQuoted Prices in
    
    
    Other
    
    
    SignificantActive Markets for
    
    
    Observable
    
    
    UnobservableIdentical Assets
    
    
    Inputs
    
    
    InputsMarch 31, 2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Financial assets:Cash equivalents
    
    $
    6,473,958
    
    
    $
    6,473,958
    
    
    $
    
    
    
    $
    Commodity derivatives
    
    $
    
    
    
    $
    
    
    
    $
    10,886
    
    
    $
    
  13




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 9  FAIR VALUE OF FINANCIAL INSTRUMENTS
  NOTE 10  DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 Disclosures about Derivative Instruments and Hedging Activities Accounting for
Derivative Instruments and Hedging Activities
 Objectives and Strategies for Holding Derivative Instruments
  Commodity Risk Management
  Accounting for Derivative Instruments and Hedging Activities
 
  14




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 10  DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 Accounting for Derivative Instruments and Hedging Activities
  Fair Value of Derivative Instruments:
 Balance Sheet
    
    
    Asset Derivatives
    
    
    Liability DerivativesClassification
    
    
    March 31, 2009
    
    
    March 31, 2009Derivatives not
designated as
hedging under SFAS
133:Commodity
contracts
- Heat oil
swaps
    
    Current Assets
    
    $
    10,886
    
    
    $
    
  Location of net loss
    
    
    Net incomerecognized in
    
    
    recognized in incomeDerivatives not designated as
    
    earnings on
    
    
    on derivativehedging instruments under SFAS 133
    
    derivative activities
    
    
    activitiesCommodity contracts  Heat oil swaps
    
    Cost of sales
    
    $
    10,736
  NOTE 11  UNCERTAINTY
 
  15




---



##### Table of Contents



WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
March 31, 2009
 NOTE 11  UNCERTAINTY
    16




---



##### Table of Contents



Item 2. Managements Discussion and Analysis or Plan of Operations
  Cautionary Statements Regarding Forward-Looking Statements
  
    
    The availability and terms and conditions of credit or equity financing needed to
continue our operations in the event that income from operations is insufficient for us to
continue biodiesel production;
 
    
    Our ability to generate free cash flow to invest in our business and service our debt;
 
    
    Our ability to comply with our loan covenants and the response of our lender to our
failure to comply with such covenants;
 
    
    Continued higher than average prices of vegetable oils, particularly soybean oil, and/or
increases in the prices of other feedstock;
 
    
    Our ability to enter into toll manufacturing agreements or other arrangements that shift
responsibility for feedstock procurement and costs to other parties;
 
    
    The imposition of tariffs or other duties on biodiesel imported into Europe;
 
    
    Overcapacity within the biodiesel industry resulting in increased competition and costs
for feedstock and/or decreased prices for our biodiesel and glycerin;
 
    
    Changes in soy-based biodiesels qualification under the Renewable Fuels Standard as a
result of the Environmental Protection Agencys testing on reduction to greenhouse gas
emissions from soy-based biodiesel;
 
    
    Decreased availability of soybean oil or other feedstock for any reason, including
reduction in soybean production due to increased corn production to service the ethanol
industry;
 
    
    Our ability to locate alternative feedstock to replace soybean oil (such as refined
animal fats) if desirable or necessary, particularly since we lack pretreatment
capabilities to enable us to process raw animal fats or other crude vegetable oils at our
plant;
 
    
    Our ability to market our products and our reliance on our marketer to market our
products;
 
    
    Changes in or elimination of governmental laws, tariffs, trade or other controls or
enforcement practices such as national, state or local energy policy; federal biodiesel tax
incentives; or environmental laws and regulations that apply to our plant operations and
their enforcement; and the ability of the biodiesel industry to successfully lobby for
mandates or other legislation beneficial to the biodiesel industry;
 
    
    Fuel prices, U.S. consumption of diesel and biodiesel and consumer attitudes regarding
the use of biodiesel;
 
    
    Changes in plant production capacity or technical difficulties in operating the plant
for any reason,
including changes due to events beyond our control or as a result of intentional reductions
in production or plant shutdowns;
  17




---



##### Table of Contents




    
    Changes and advances in biodiesel production technology, including the ability of our
competitors to process raw animal fats or other feedstock which we are unable to process;
 
    
    Competition from alternative fuels; and
 
    
    Other factors described elsewhere in this report.
  Overview
      18




---



##### Table of Contents



Results of Operations for the Three Months Ended March 31, 2009
  Three Months Ended March
31, 2009
    
    
    Three Months Ended March 31, 2008(Unaudited)
    
    
    (Unaudited)Income Statement Data
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentRevenues
    
    $
    1,075,919
    
    
    
    100.00
    %
    
    $
    6,083,804
    
    
    
    100.00
    %Cost of Sales
    
    
    1,824,614
    
    
    
    169.59
    %
    
    
    6,570,395
    
    
    
    108.00
    %Gross Profit (Loss)
    
    
    (748,695
    )
    
    
    (69.59
    %)
    
    
    (486,591
    )
    
    
    (8.00
    %)Operating Expenses
    
    
    133,204
    
    
    
    12.38
    %
    
    
    216,214
    
    
    
    3.60
    %Other Income (Expense)
    
    
    (229,066
    )
    
    
    (21.29
    %)
    
    
    (510,519
    )
    
    
    (8.40
    %)Net Loss
    
    
    (1,110,966
    )
    
    
    (103.26
    %)
    
    
    (1,213,324
    )
    
    
    (19.90
    %)
 Revenues
  Three Months Ended March 31, 2009
    
    
    Three Months Ended March 31, 2008Revenue Source
    
    Amount
    
    
    % of Revenues
    
    
    Amount
    
    
    % of RevenuesBiodiesel/Glycerin Sales
    
    $
    45,534
    
    
    
    4.2
    %
    
    $
    4,535,877
    
    
    
    74.6
    %Tolling Services
    
    $
    1,030,385
    
    
    
    95.8
    %
    
    $
    24,843
    
    
    
    0.4
    %Incentive funds
    
    
    
    
    
    
    0
    %
    
    
    1,523,084
    
    
    
    25.0
    %$
    1,075,919
    
    
    
    100
    %
    
    $
    6,083,804
    
    
    
    100.00
    %
    19




---



##### Table of Contents



Cost of Sales
    Operating Expenses
  Other Income (Expenses)
  Cash Flows
 Cash Flow from Operating Activities.
 Cash Flow from Investing Activities.
 Cash Flow from Financing Activities.
 Changes in Financial Condition for the Three Months Ended March 31, 2009
  March 31, 2009
    
    
    December 31, 2008Current Assets
    
    $
    7,885,324
    
    
    $
    9,710,709Current Liabilities
    
    $
    27,794,719
    
    
    $
    29,003,219Total Members Equity
    
    $
    18,509,169
    
    
    $
    19,620,136
 Current Assets.
 Current Liabilities.
  20




---



##### Table of Contents



Members Equity.
 Plan of Operations for the Next 12 Months
  Plant Operations
  Operating Budget and Financing of Plant Operations
     21




---



##### Table of Contents



Critical Accounting Estimates
  Liquidity and Capital Resources
 Sources of Funds
 Equity Financing.
 Debt Financing
      22




---



##### Table of Contents



Government Programs and Grants
 Off-Balance Sheet Arrangements
  
 Item 3. Quantitative and Qualitative Disclosures about Market Risks
 Accounting for Derivative Instruments
and Hedging Activities
 Interest Rate Risk
 Item 2  Managements Discussion and Analysis of Financial
Condition and Results of Operations  Liquidity and Capital Resources
 Commodity Price Risk
    23




---



##### Table of Contents



Sensitivity Analysis
  Estimated
    
    
    
    
    
    
    
    
    
    
    HypotheticalVolume
    
    
    Unit of
    
    
    Price Per
    
    
    Adverse Price
    
    
    Adverse ChangeCommodity
    
    Requirements(a)
    
    
    Measure
    
    
    Unit(b)
    
    
    Change
    
    
    to IncomeNatural Gas
    
    
    83,193
    
    
    MMBTU
    
    $
    5.50
    
    
    
    10
    %
    
    $
    45,756Soybean Oil
    
    
    139,675,000
    
    
    Pounds
    
    $
    0.3385
    
    
    
    10
    %
    
    $
    4,727,999Methanol
    
    
    2,029,450
    
    
    Gallons
    
    $
    0.62
    
    
    
    10
    %
    
    $
    125,826B100 Biodiesel
    
    
    18,500,000
    
    
    Gallons
    
    $
    2.95
    (c)
    
    
    10
    %
    
    $
    5,457,500
 (a)
    
    Requirements for the next 12 months, based upon production at 60% of nameplate capacity.(b)
    
    These numbers reflect publicly-available prices as of March 31, 2009.(c)
    
    For the week of March 27, 2008 the B100 price was $2.45 to 2.95 for Iowa, according to USDA
Weekly Ag Energy RoundUp Report. 
 Item 4. Controls and Procedures
    24




---



##### Table of Contents



PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors
  There are doubts about our ability to continue as a going concern and if we are unable to
continue our business, our units may have little or no value.
 Doubts about our ability to continue as a going concern may make it difficult to obtain
additional funds in the future.
 Liquidity
issues could require us to cease operations.
 Our reliance on REG could damage our profitability.
  25




---



##### Table of Contents



The imposition of duties or tariffs by the European Commission on biodiesel imported into
Europe could cause a significant decrease in our revenues.
 If made implemented, the EPAs recent preliminary findings could reduce demand for soy-based
biodiesel and reduce our profitability.
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3. Defaults upon Senior Securities
  
 Item 4. Submission of Matters to Security Holders
  
 Item 5. Other Information
   26




---



##### Table of Contents



Item 6. Exhibits
  Exhibit
    
    
    
    Method ofNo.
    
    Description
    
    Filing31.1
    
    
    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. Section 1350
    
    *32.2
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    *
 
 (*)
    
    Filed herewith. 
 SIGNATURES
  WESTERN DUBUQUE BIODIESEL, LLCDate:      May 15, 2009
    /s/ Bruce KlostermannBruce KlostermannVice Chairman and Director
(Principal Executive Officer)Date:      May 15, 2009
    /s/ George DavisGeorge DavisTreasurer and Director
(Principal Financial and Accounting Officer)  27