##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-KSB/A
 þ
    
    Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For the fiscal year ended September 30, 2007
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from  to
 Commission file number 000-51965
 CENTRAL IOWA ENERGY, LLC
  Iowa
(State or other jurisdiction of 
incorporation or organization)
    
    71-0988301
(I.R.S. Employer Identification No.)3426 EAST 28THSTREET N. 
NEWTON, IOWA
(Address of principal executive offices)
    
    50208
(Zip Code)
 (641) 791-1010
  None
  26,672
 þ o
 þ
 o þ
    o þ




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TABLE OF CONTENTS  ITEM 7. FINANCIAL STATEMENTSITEM 13. EXHIBITSSIGNATURESEXHIBIT INDEXExhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2    Table of Contents  EXPLANATORY NOTE:




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ITEM 7. FINANCIAL STATEMENTS.
  
 Report of Independent Registered Public Accounting Firm




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CENTRAL IOWA ENERGY, LLC
  September 30,
    
    
    September 30,2007
    
    
    2006ASSETSCurrent AssetsCash and equivalents
    
    $
    2,268,725
    
    
    $
    Margin deposits
    
    
    326,072
    
    
    
    Trade accounts receivable  related party
    
    
    1,159,184
    
    
    
    Federal incentives receivable
    
    
    1,049,262
    
    
    
    Sales tax refund receivable
    
    
    461,517
    
    
    
    Prepaid expenses
    
    
    105,851
    
    
    
    588Inventories
    
    
    5,896,934
    
    
    
    Total current assets
    
    
    11,267,545
    
    
    
    588Property and EquipmentLand and improvements
    
    
    7,680,111
    
    
    
    249,742Office equipment
    
    
    40,603
    
    
    
    5,787Office building
    
    
    629,300
    
    
    
    Plant and process equipment
    
    
    32,563,620
    
    
    
    Construction in process  related party
    
    
    
    
    
    
    26,429,77440,913,634
    
    
    
    26,685,303Less accumulated depreciation
    
    
    1,248,326
    
    
    
    1,299Net property and equipment
    
    
    39,665,308
    
    
    
    26,684,004Other AssetsFinancing costs, net of amortization
    
    
    383,755
    
    
    
    368,878Total Assets
    
    $
    51,316,608
    
    
    $
    27,053,470LIABILITIES AND MEMBERS EQUITYCurrent LiabilitiesCurrent maturities of long-term debt
    
    $
    26,641,539
    
    
    $
    Revolving line of credit
    
    
    1,600,000
    
    
    
    Checks drawn in excess of bank balance
    
    
    
    
    
    
    216,613Derivative Instruments
    
    
    719,482
    
    
    
    Accounts payable
    
    
    1,096,370
    
    
    
    91,182Accounts payable  related party
    
    
    365,125Membership payable
    
    
    
    
    
    
    30,000Construction payable  related party, including retainage of $1,302,521
    
    
    
    
    
    
    5,421,743Accrued interest payable
    
    
    204,092
    
    
    
    Other accrued expenses
    
    
    87,438
    
    
    
    Total current liabilities
    
    
    30,714,046
    
    
    
    5,759,538Long-Term Debt,less current maturities
    
    
    
    
    
    
    Deferred Grant Financing
    
    
    745,000
    
    
    
    Commitments and ContingenciesMembers EquityMember contributions, net of costs related to capital contributions,
26,672 and 24,434 units outstanding at September 2007 and 2006, respectively
    
    
    23,849,120
    
    
    
    22,216,120Membership units earned but not issued
    
    
    
    
    
    
    23,000Accumulated (deficit)
    
    
    (3,991,558
    )
    
    
    (945,188
    )Total members equity
    
    
    19,857,562
    
    
    
    21,293,932Total Liabilities and Members Equity
    
    $
    51,316,608
    
    
    $
    27,053,470




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CENTRAL IOWA ENERGY, LLC
  Year Ended
    
    
    Year EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006RevenuesSales to related party
    
    $
    31,567,599
    
    
    $
    Federal incentives
    
    
    4,484,942
    
    
    
    36,052,541Cost of Goods Sold
    
    
    36,528,293
    
    
    
    Gross (Loss)
    
    
    (475,752
    )
    
    
    Operating ExpensesProfessional fees
    
    
    197,723
    
    
    
    180,167Project coordinator
    
    
    
    
    
    
    50,200General and administrative
    
    
    1,289,799
    
    
    
    73,769Equity based compensation
    
    
    
    
    
    
    600,000Total
    
    
    1,487,522
    
    
    
    904,136Operating (Loss)
    
    
    (1,963,274
    )
    
    
    (904,136
    )Other Income (Expense)Grant and other income
    
    
    
    
    
    
    10,100Interest income
    
    
    59,964
    
    
    
    403,314Interest expense
    
    
    (1,143,060
    )
    
    
    Total
    
    
    (1,083,096
    )
    
    
    413,414Net (Loss)
    
    $
    (3,046,370
    )
    
    $
    (490,722
    )Weighted Average Units Outstanding
    
    
    25,794
    
    
    
    16,825Net (Loss) Per Unit  Basic and Diluted
    
    $
    (118.10
    )
    
    $
    (29.17
    )




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CENTRAL IOWA ENERGY, LLC
  MembershipMember
    
    
    Units Earned But
    
    
    Retained
    
    
    Total MembersMembers Units
    
    
    Contributions
    
    
    Not Issued
    
    
    (Deficit)
    
    
    EquityBalance  September 30, 2005
    
    
    760
    
    
    $
    380,000
    
    
    $
    2,000
    
    
    $
    (454,466
    )
    
    $
    (72,466
    )Member contributions, net of costs of $177,880
    
    
    23,674
    
    
    
    21,236,120
    
    
    
    
    
    
    
    
    
    
    
    21,236,120Members units earned but not issued
    
    
    
    
    
    
    
    
    
    
    21,000
    
    
    
    
    
    
    
    21,000Equity based compensation
    
    
    
    
    
    
    600,000
    
    
    
    
    
    
    
    
    
    
    
    600,000Net (loss)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (490,722
    )
    
    
    (490,722
    )Balance  September 30, 2006
    
    
    24,434
    
    
    
    22,216,120
    
    
    
    23,000
    
    
    
    (945,188
    )
    
    
    21,293,932Exercise of unit options
    
    
    1,200
    
    
    
    600,000
    
    
    
    
    
    
    
    
    
    
    
    600,000Members units earned but not issued
    
    
    
    
    
    
    
    
    
    
    10,000
    
    
    
    
    
    
    
    10,000Issued 38 units earned but previously not issued
    
    
    38
    
    
    
    33,000
    
    
    
    (33,000
    )
    
    
    
    
    
    
    Equity units exchanged for services
    
    
    1,000
    
    
    
    1,000,000
    
    
    
    
    
    
    
    
    
    
    
    1,000,000Net (loss)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,046,370
    )
    
    
    (3,046,370
    )Balance  September 30, 2007
    
    
    26,672
    
    
    $
    23,849,120
    
    
    $
    
    
    
    $
    (3,991,558
    )
    
    $
    19,857,562




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CENTRAL IOWA ENERGY, LLC
  Year Ended
    
    
    Year EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006Cash Flows from Operating ActivitiesNet (loss)
    
    $
    (3,046,370
    )
    
    $
    (490,722
    )Adjustments to reconcile net (loss) to net cash
provided by (used in) operations:Depreciation
    
    
    1,247,027
    
    
    
    1,139Amortization
    
    
    19,962
    
    
    
    Membership units earned for rent
    
    
    10,000
    
    
    
    21,000Equity based compensation
    
    
    
    
    
    
    600,000Change in assets and liabilities:Margin deposits
    
    
    (326,072
    )
    
    
    Accounts receivable
    
    
    (1,159,184
    )
    
    
    Other receivable
    
    
    (1,049,262
    )
    
    
    5,000Inventories
    
    
    (5,896,934
    )
    
    
    Prepaid expenses
    
    
    (105,263
    )
    
    
    7,561Derivative instruments
    
    
    719,482
    
    
    
    Accounts payable
    
    
    1,421,764
    
    
    
    (8,755
    )Other accrued expenses
    
    
    87,438
    
    
    
    Accrued interest payable
    
    
    204,092
    
    
    
    Net cash provided by (used in) operating activities
    
    
    (7,873,320
    )
    
    
    135,223Cash Flows from Investing ActivitiesCapital expenditures
    
    
    (11,543,906
    )
    
    
    (21,009,185
    )Purchase of land
    
    
    (6,711,169
    )
    
    
    (223,942
    )Net cash used in investing activities
    
    
    (18,255,075
    )
    
    
    (21,233,127
    )Cash Flows from Financing ActivitiesIncrease (decrease) in checks drawn in excess of bank balance
    
    
    (216,613
    )
    
    
    216,613Proceeds from long-term debt
    
    
    27,000,000
    
    
    
    Payments on long-term debt
    
    
    (473,461
    )
    
    
    Proceeds from revolving line of credit
    
    
    1,600,000
    
    
    
    Payments for financing costs
    
    
    (82,806
    )
    
    
    (343,227
    )Member contributions and exercise of unit options
    
    
    600,000
    
    
    
    21,414,000Costs related to capital contributions
    
    
    
    
    
    
    (165,936
    )Other
    
    
    (30,000
    )
    
    
    (55,000
    )Net cash provided by financing activities
    
    
    28,397,120
    
    
    
    21,066,450Net Increase (Decrease) in Cash
    
    
    2,268,725
    
    
    
    (31,454
    )Cash  Beginning of Period
    
    
    
    
    
    
    31,454Cash  End of Period
    
    $
    2,268,725
    
    
    $
    Supplemental Disclosure of Cash Flow Information,cash payments for interest, net of amount capitalized
    
    $
    938,968
    
    
    $
    Supplemental Disclosure of Noncash
Investing and Financing Activities:Construction costs in accounts payable
    
    $
    
    
    
    $
    5,421,743Land purchase in accounts payable
    
    $
    
    
    
    $
    25,800Financing costs included in accounts payable
    
    $
    
    
    
    $
    25,651Membership units issued for capital expenditures
    
    $
    1,000,000
    
    
    $
    Capital lease obligations incurred for use of equipment
    
    $
    115,000
    
    
    $
    Land improvements financed by grants
    
    $
    745,000
    
    
    $
    Amortization of financing costs included in
construction in process
    
    $
    22,316
    
    
    $
    




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NOTE A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 PRINCIPAL BUSINESS ACTIVITY 
 USE OF ESTIMATES 
 REVENUE RECOGNITION 
 FEDERAL INCENTIVE PAYMENTS AND RECEIVABLES 
 CASH AND EQUIVALENTS 
  ACCOUNTS RECEIVABLE
  INVENTORIES
 DERIVATIVE INSTRUMENTS  Accounting for Derivative Instruments and Hedging Activities




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PROPERTY AND EQUIPMENT
 Land improvements
    
    15-20 yearsPlant and process equipment
    
    10-20 yearsOffice building
    
    10-20 yearsOffice equipment
    
    5 years
   FINANCING COSTS 
 FAIR VALUE OF FINANCIAL INSTRUMENTS
 DEFFERED GRANT FINANCING
 INCOME TAXES 
 UNIT OPTIONS  Accounting for Stock Issued to Employees




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Accounting for Stock-Based Compensation
  Year EndedSeptember 30,2006Net (Loss):As reported
    
    $
    (490,722
    )Deduct additional stock-based compensation expense
determined under minimum value based
method for all awards
    
    
    (19,875
    )Pro forma
    
    $
    (510,597
    )(Loss) per unit:As reported
    
    $
    (29.17
    )Pro forma
    
    $
    (30.35
    )
 Share-Based Payment
 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS  Fair Value Measurements
 The Fair Value Option for Financial Assets and
Financial Liabilities




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NOTE B: INVENTORIES
  Raw materials
    
    $
    2,420,248Work in process
    
    
    118,597Finished goods
    
    
    3,358,089Total
    
    $
    5,896,934
 NOTE C: MEMBERS EQUITY
       NOTE D: RELATED PARTY TRANSACTIONS




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NOTE E: REVOLVING LINE OF CREDIT




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NOTE F: LONG-TERM DEBT
  Mortgage Term Note payable to F & M Bank  Iowa  See details below
    
    $
    21,529,081Term Revolving Note payable to F & M Bank  Iowa  See details below
    
    
    5,000,000Equipment
capital lease, due in monthly installments of $3,345 through August 2010 with a final option payment of $11,500 for the
purchase of the equipment
    
    
    112,458$
    26,641,539
   2008
    
    $
    1,502,3862009
    
    
    1,639,7772010
    
    
    1,797,8222011
    
    
    1,912,3852012
    
    
    19,789,169Total long-term debt
    
    $
    26,641,539




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NOTE H: RETIREMENT PLAN
  NOTE I: COMMITMENTS AND CONTINGENCIES
 Purchase Contracts
  Utility Contracts
    NOTE J: GOING CONCERN




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ITEM 13. EXHIBITS.
  Exhibit No.
    
    Description
    
    Method of Filing31.1
    
    Certificate Pursuant to 17 CFR 240 15d-14(a)
    
    *31.2
    
    Certificate Pursuant to 17 CFR 240 15d-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.




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SIGNATURES
  CENTRAL IOWA ENERGY, LLCDate: 1/30/08
    
    
    
    /s/ John Van ZeeJohn Van ZeePresident and Director(Principal Executive Officer)Date: 1/30/08
    
    
    
    /s/ Kimberly SmithKimberly Smith(Principal Financial and Accounting Officer)
  Date: 1/30/08
    
    /s/ John Van ZeeJohn Van Zee, President and Director(Principal Executive Officer)Date: 1/30/08
    
    /s/ Jim JohnstonJim Johnston, Chairman and DirectorDate: 1/30/08
    
    /s/ Scot FarverScot Farver, Treasurer and DirectorDate: 1/30/08
    
    /s/ Jeremie ParrJeremie Parr, Secretary and DirectorDate: 1/30/08
    
    /s/ Craig HamiltonCraig Hamilton, DirectorDate: 1/30/08
    
    /s/ William J. HoranWilliam J. Horan, DirectorDate: 1/30/08
    
    /s/ Don HuyserDon Huyser, DirectorDate: 1/30/08
    
    /s/ Denny MauserDenny Mauser, Director




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EXHIBIT INDEX
 Exhibit No.
    
    Description
    
    Method of Filing31.1
    
    Certificate Pursuant to 17 CFR 240 15d-14(a)
    
    *31.2
    
    Certificate Pursuant to 17 CFR 240 15d-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.