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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 quarter ended March 31, 2007
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from ___to ___
 Commission file number 000-52428
 IOWA RENEWABLE ENERGY, LLC
  Iowa
(State or other jurisdiction of 
incorporation or organization)
    
    20-3386000
(I.R.S. Employer Identification No.)
 1060 W. Monroe Street
P.O. Box 2
Washington, Iowa 52353
 (319) 653-2890
 o þ
  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 or Plan of Operations
    
    
    12Item 3. Controls and Procedures
    
    
    21PART II. OTHER INFORMATION
    
    
    21Item 1. Legal Proceedings
    
    
    21Item 1A. Risk Factors
    
    
    21Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    22Item 3. Defaults Upon Senior Securities
    
    
    22Item 4. Submission of Matters to Security Holders
    
    
    22Item 5. Other Information
    
    
    22Item 6. Exhibits
    
    
    23SIGNATURES
    
    
    23CertificateCertificateSection 1350 CertificateSection 1350 Certificate
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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 Iowa Renewable Energy, LLC (A
Development Stage Company)
 Unaudited Balance Sheet
 March 31,
    
    September 30,2007
    
    2006AssetsCurrent Assets:Cash and cash equivalents
    
    $
    524,051
    
    
    $
    473,505Cash, restricted by loan agreement
    
    
    5,000,000
    
    
    
    5,524,051
    
    
    
    473,505Property and Equipment:Land
    
    
    420,000
    
    
    
    420,000Construction in progress
    
    
    35,160,509
    
    
    
    15,065,424Office equipment
    
    
    2,325
    
    
    
    2,325Equipment
    
    
    4,566
    
    
    
    4,56635,587,400
    
    
    
    15,492,315Accumulated depreciation
    
    
    (2,221
    )
    
    
    (1,460
    )35,585,179
    
    
    
    15,490,855Other Assets:Cash, restricted for construction of property and equipment
    
    
    
    
    
    
    10,263,792Financing costs, net
    
    
    593,376
    
    
    
    83,245593,376
    
    
    
    10,347,037$
    41,702,606
    
    
    $
    26,311,397Liabilities and Members EquityCurrent Liabilities:Current maturities of long-term debt
    
    $
    60,000
    
    
    $
    40,000Accounts payable and accrued expenses
    
    
    57,090
    
    
    
    10,345Construction payable, including retainage of
March 2007 $1,726,003; September 2006 $737,500
    
    
    6,836,710
    
    
    
    4,119,524Total current liabilities
    
    
    6,953,800
    
    
    
    4,169,869Long-Term Debt
    
    
    12,478,731
    
    
    
    360,000CommitmentsMembers Equity:Member contributions, net of issuance costs, units
outstanding March 2007 26,331; September 2006 25,231
    
    
    23,165,422
    
    
    
    22,615,422(Deficit) accumulated during the development stage
    
    
    (895,347
    )
    
    
    (833,894
    )22,270,075
    
    
    
    21,781,528$
    41,702,606
    
    
    $
    26,311,397
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Iowa Renewable Energy,
LLC (A Development Stage Company)
 Unaudited Statements of Operations
 April 14, 2005Three Months
    
    Three Months
    
    Six Months
    
    Six Months
    
    (Date ofEnded
    
    Ended
    
    Ended
    
    Ended
    
    Inception) toMarch 31,
    
    March 31,
    
    March 31,
    
    March 31,
    
    March 31,2007
    
    2006
    
    2007
    
    2006
    
    2007Revenues
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Expenses:Consulting fees
    
    
    
    
    
    
    8,682
    
    
    
    
    
    
    
    343,749
    
    
    
    457,344Project coordinator
    
    
    12,780
    
    
    
    13,000
    
    
    
    26,074
    
    
    
    18,000
    
    
    
    70,370General and administrative
    
    
    137,365
    
    
    
    18,287
    
    
    
    173,449
    
    
    
    19,634
    
    
    
    224,981Equity based compensation
    
    
    
    
    
    
    150,000
    
    
    
    
    
    
    
    150,000
    
    
    
    600,000Depreciation
    
    
    380
    
    
    
    633
    
    
    
    761
    
    
    
    698
    
    
    
    2,221150,525
    
    
    
    190,602
    
    
    
    200,284
    
    
    
    532,081
    
    
    
    1,354,916(Loss) before other income
    
    
    (150,525
    )
    
    
    (190,602
    )
    
    
    (200,284
    )
    
    
    (532,081
    )
    
    
    (1,354,916
    )Other income, interest
    
    
    63,843
    
    
    
    4,164
    
    
    
    138,831
    
    
    
    6,689
    
    
    
    459,569Net (loss)
    
    $
    (86,682
    )
    
    $
    (186,438
    )
    
    $
    (61,453
    )
    
    $
    (525,392
    )
    
    $
    (895,347
    )Weighted average units
outstanding
    
    
    26,331
    
    
    
    5,860
    
    
    
    26,150
    
    
    
    4,224
    
    
    
    17,155Net (loss) per unit  basic and
diluted
    
    $
    (3.29
    )
    
    $
    (31.82
    )
    
    $
    (2.35
    )
    
    $
    (124.38
    )
    
    $
    (52.19
    )
  4




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Iowa Renewable Energy, LLC
(A Development Stage Company)
 Unaudited Statements of Members Equity (Deficit)
For Period from April 14, 2005 (Date of Inception) to
     March 31, 2007
 Balance, April 14, 2005 (date of inception)
    
    $
    Issuance of 220 membership units at $500 per unit
in September 2005
    
    
    110,000Net (loss)
    
    
    (112,961
    )Balance (deficit), September 30, 2005
    
    
    (2,961
    )Issuance of 260 membership units at $500 per unit
in October 2005
    
    
    130,000Issuance of 500 membership units for consulting services
in October 2005
    
    
    250,000Issuance of 4,880 membership units at $500 per unit
in November 2005
    
    
    2,440,000Issuance of 19,371 membership units at $1,000 per
unit in May 2006
    
    
    19,371,000Offering costs
    
    
    (285,578
    )Amortization of equity based compensation
    
    
    600,000Net (loss)
    
    
    (720,933
    )Balance, September 30, 2006
    
    
    21,781,528Net (loss)
    
    
    (61,453
    )Issuance of 1,100 membership units at $500 per unit
October 2006
    
    
    550,000Balance, March 31, 2007
    
    $
    22,270,075
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Iowa Renewable Energy, LLC
(A Development Stage Company)
 Unaudited Statements of Cash Flows
 April 14, 2005Six Months
    
    Six Months
    
    (Date ofEnded
    
    Ended
    
    Inception) toMarch 31,
    
    March 31,
    
    March 31,2007
    
    2006
    
    2007Cash Flows from Operating Activities:Net (loss)
    
    $
    (61,453
    )
    
    $
    (525,392
    )
    
    $
    (895,347
    )Adjustments to reconcile net (loss) to net cash
provided by (used in) operating activities:Depreciation
    
    
    761
    
    
    
    698
    
    
    
    2,221Units issued for consulting services
    
    
    
    
    
    
    250,000
    
    
    
    250,000Equity based compensation
    
    
    
    
    
    
    150,000
    
    
    
    600,000Change in working capital components, increase
(decrease)
in accounts payable and accrued expenses
    
    
    5,940
    
    
    
    (1,358
    )
    
    
    16,285Net cash (used in) operating activities
    
    
    (54,752
    )
    
    
    (126,052
    )
    
    
    (26,841
    )Cash Flows from Investing Activities:Purchase and construction of property and equipment
    
    
    (17,294,710
    )
    
    
    (2,145,924
    )
    
    
    (28,667,501
    )(Increase) decrease in cash restricted
    
    
    5,263,792
    
    
    
    
    
    
    
    (5,000,000
    )Net cash (used in) investing activities
    
    
    (12,030,918
    )
    
    
    (2,145,924
    )
    
    
    (33,667,501
    )Cash Flows from Financing Activities:Issuance of membership units
    
    
    550,000
    
    
    
    2,570,000
    
    
    
    22,601,000Payments for offering costs
    
    
    
    
    
    
    (131,665
    )
    
    
    (285,578
    )Payments for financing costs
    
    
    (552,515
    )
    
    
    
    
    
    
    (635,760
    )Proceeds from short-term borrowings
    
    
    
    
    
    
    
    
    
    
    1,052,146Payment on short-term borrowings
    
    
    
    
    
    
    
    
    
    
    (1,052,146
    )Payment on long-term borrowings
    
    
    (25,000
    )
    
    
    
    
    
    
    (25,000
    )Proceeds from long-term borrowings
    
    
    12,163,731
    
    
    
    
    
    
    
    12,563,731Net cash provided by financing activities
    
    
    12,136,216
    
    
    
    2,438,335
    
    
    
    34,218,393Net increase in cash and cash equivalents
    
    
    50,546
    
    
    
    166,359
    
    
    
    524,051Cash and cash equivalents:Beginning
    
    
    473,505
    
    
    
    9,710
    
    
    
    Ending
    
    $
    524,051
    
    
    $
    176,069
    
    
    $
    524,051Supplemental Disclosure of Noncash Operating and Financing Activities:Construction in progress included in accounts payable
    
    $
    6,836,710
    
    
    $
    
    
    
    $
    6,836,710Amortized financing costs included in construction
in process
    
    
    42,384
    
    
    
    
    
    
    
    42,384Accrued interest included in construction in process
    
    
    40,805
    
    
    
    
    
    
    
    40,805
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Iowa Renewable Energy, LLC
(A Development Stage Company)
 Notes to Unaudited Financial Statements
 Note 1. Nature of Business, Basis of Presentation and Significant Accounting Policies
 Nature of business:
  Basis of presentation:
  Significant accounting policies:
 Use of estimates
 Concentrations of credit risk
 Cash and cash equivalents
 Restricted cash
 Financing costs
 Property and equipment
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Iowa Renewable Energy, LLC
(A Development Stage Company)
 Notes to Unaudited Financial Statements
 YearsOffice equipment
    
    
    3 - 7Equipment
    
    
    3 - 7Lab equipment
    
    
    7 - 20Buildings
    
    
    20 - 40
  Income taxes
 Earnings (loss) per unit
 Unit options Accounting for Stock Issued to Employees,
 Accounting for Stock-Based
Compensation, .
  8




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Iowa Renewable Energy, LLC
(A Development Stage Company)
 Notes to Unaudited Financial Statements
 April 14, 2005Three Months
    
    Six Months
    
    (Date ofEnded
    
    Ended
    
    Inception) toMarch 31,
    
    March 31,
    
    March 31,2006
    
    2006
    
    2007Net Loss:As Reported
    
    $
    (186,438
    )
    
    $
    (525,392
    )
    
    $
    (895,347
    )Deduct total stock-based compensation
expense
determined under the minimum value based
method for all awards
    
    
    (4,364
    )
    
    
    (4,364
    )
    
    
    (17,456
    )Pro forma
    
    $
    (190,802
    )
    
    $
    (529,756
    )
    
    $
    (912,803
    )Loss per unit:As reported
    
    $
    (31.82
    )
    
    $
    (124.38
    )
    
    $
    (52.19
    )Pro forma
    
    
    (32.56
    )
    
    
    (125.42
    )
    
    
    (53.21
    )
 Share-Based Payment
 Note 2. Members Equity
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Iowa Renewable Energy, LLC
(A Development Stage Company)
 Notes to Unaudited Financial Statements
  Note 3. Long-Term Debt
  Note payable to Marshall Bank Group for Construction loan (A)
    
    $
    12,163,731Note payable to the Iowa Department of Economic Development (B)
    
    
    375,00012,538,731Less current maturities
    
    
    60,000$
    12,478,731
 
 (A)
    
    On October 26, 2006, the Company entered into a $34,715,000 construction-term loan
agreement which will be used to complete the biodiesel project. The loan consists of two
phases: a construction phase where the Company will make periodic requests for fund
advances to meet construction obligations and at the completion of construction the loan
will convert to a senior debt instrument. The note bears interest at prime plus .75%
(9.00% as of March 31, 2007).(B)
    
    The Company has a $300,000 loan agreement and a $100,000 forgivable loan agreement with
the Iowa Department of Economic Development. The $300,000 loan is noninterest-bearing and
due in monthly payments of $5,000 beginning December 2006 for a term of 60 months with a
balance as of March 31, 2007 of $275,000. Borrowings under this agreement are
collateralized by substantially all of the Companys assets and will be subordinate to the
$34,715,000 of financial institution debt. The $100,000 loan is forgivable upon the
completion of 36 months of the 60 month term.  Note 4. Lease Commitments
  Note 5. Commitments and Contingencies
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Iowa Renewable Energy, LLC
(A Development Stage Company)
 Notes to Unaudited Financial Statements
   Note 6. Working Capital Reserve (Hedge)
  11




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Item 2. Managements Discussion and Analysis or Plan of Operations
 Forward Looking Statements
  
    
    Overcapacity within the biodiesel industry;
    
    Availability and costs of feedstock, particularly vegetable oils and animal fats;
    
    Changes in the price and market for biodiesel and glycerin;
    
    Our ability to market and our reliance on third parties to market our products;
    
    Actual biodiesel and glycerin production varying from expectations;
    
    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;
    
    Changes in the weather or general economic conditions impacting the availability and
price of vegetable oils and animal fats;
    
    Total U.S. consumption of diesel;
    
    Weather changes, strikes, transportation or production problems causing supply
interruptions or shortages affecting the availability and price of feedstock;
    
    Changes in plant production capacity or technical difficulties in operating the plant;
    
    Results of our hedging strategies;
    
    Changes in our business strategy, capital improvements or development plans;
    
    Changes in interest rates or the availability of credit;
    
    Our ability to generate free cash flow to invest in our business and service our debt;
    
    Our liability resulting from litigation;
    
    Our ability to retain key employees and maintain labor relations;
    
    Changes and advances in biodiesel production technology;
    
    Competition from alternative fuels; and
    
    Other factors described elsewhere in this report.
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Overview
       Plan of Operations for the Next 12 Months
  Plant Construction Activity
  13




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Project:
    
    Status:Dirt and Site Work
    
    Dirt work commenced on June 13, 2006
and was 98% complete on April 30,
2007. Additional landscaping and
seeding is still required which is
expected to be complete by August 1,
2007.Process Building
    
    The process building was 98% complete
on April 30, 2007. All of the
concrete and equipment for the process
building has been installed. We
anticipate equipment verification will
begin on June 15, 2007 and hot testing
production beginning on July 1, 2007.Storage Tanks
    
    As of April 30, 2007 the storage tank
farm was approximately 96% complete.
The rail tank car loading and
unloading area was 100% complete.Administration Office
    
    The REG portion of the administration
office is complete, IRE will complete
the interior finishes left to be
installed. Currently we are leasing
office space for our staff at a rate
of $450 per month. This lease will
terminate when our staff moves into
the administrative building, which we
anticipate will occur in June 2007.Truck Loading and Scale
    
    The truck loading, unloading and
scaling area construction is 97%
complete.Utilities  Electrical and Natural  Gas
    
    The electrical wiring and control
systems were approximately 96%
complete as of April 30, 2007. We
anticipate entering into an agreement with Alliant Energy to supply our
electricity and natural gas needs.Utilities  Water
    
    It is anticipated that the plant will
require 100 gallons of water per
minute. We anticipate that water will
be provided by the City of Washington.
We are currently negotiating with the
City of Washington for rates and
services but do not yet know what
price we will pay for water. A
wastewater decanter system and storage
system will be required.Railroad Siding
    
    Rail construction began in November
2006 and was approximately 98%
complete on April 30, 2007. We expect
we will enter into a contract with the
Iowa, Chicago & Eastern Railroad
regarding the use, operation, and
maintenance of our track.
  Permitting
  14




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Plant Management, Feedstock Procurement and Marketing
  Feedstock Procurement
 
    
    Provide analysis and audit of feedstock suppliers;
    
    Purchase feedstocks at competitive prices meeting specifications and in
quantities adequate to satisfy the production schedule of our plant;
    
    Negotiate for discounts on feedstocks, where obtainable;
    
    Arrange for transportation, logistics, and scheduling of feedstock deliveries; and
    
    Provide analysis and audit of bulk transportation providers.
 Chemical Inputs Procurement
 
    
    Perform due diligence requirements for investigation of suppliers of the chemical inputs;
    
    Provide analysis and audit of chemical suppliers and bulk transportation suppliers;
    
    Purchase chemical inputs at competitive prices meeting specifications for use in our plant;
    
    Negotiate for discounts on the purchase of chemical inputs, where obtainable;
    
    Procure adequate chemical inputs to meet our production schedules; and
    
    Arrange for transportation, logistics, and scheduling services for chemical
input deliveries by suppliers.
 Sales and Marketing
 
    
    Market analysis of biodiesel supply and demand;
    
    Market access to REGs developed biodiesel distribution channels;
    
    Analysis and audit of biodiesel customers, including for creditworthiness, and
bulk transportation providers;
    
    Marketing specialists and sales representatives to attain and establish sales
opportunities and relationships for our products;
    
    Arrangements for transportation, logistics, and scheduling of biodiesel shipments;
    
    Arrangements for leased tankers for rail shipments, where advantageous;
    
    Oversight and reconciliation of shipments, invoicing and payments on a weekly basis; and
    
    Provide invoicing and accounts receivable management for biodiesel shipments.
 Administrative Services
 
    
    Accounting;
    
    Human Resources;
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
    
    Information Technology;
    
    Payroll; and
    
    Communications.
   
    
    To utilize their ongoing best efforts to successfully and profitably manage
the plant in our best interests;
    
    Development of an annual budget for presentation to and approval of our board;
    
    Attend meetings of our board and provide information upon its request;
    
    Insure that all raw product costs are minimized and that all finished
product revenues are maximized;
    
    Work with us to formulate our mission and goals;
    
    Manage the plants resources to efficiently achieve such mission and goals;
    
    Manage our duties and rights under agreements with third parties relating to the plant;
    
    Assist with regulatory affairs monitoring and compliance;
    
    Hire, terminate and replace plant personnel as necessary and in all cases in
accordance with the policies of our board;
    
    Management of governmental relations, including USDAs biodiesel programs; and
    
    Such other duties as may be agreed upon.
   
    
    Planning and scheduling biodiesel production to meet our needs and marketing goals;
    
    Monitor and improve quality control;
    
    Oversee facility and equipment maintenance;
    
    Assist with budgeting and the monitoring of labor and other expenses in the operation;
    
    Implement processing changes and new technologies as they evolve, and plan
for new projects relating to biodiesel production; and
    
    Such other duties as may be agreed upon.
  
    
    Monthly Fee. For the first month in which our biodiesel is sold, and for six
months thereafter, we will pay a monthly per gallon fee based upon
the number of gallons of biodiesel sold by
REG. Thereafter, we will pay a monthly per gallon fee based upon the
number of gallons of biodiesel produced
at our plant.
    
    Net Income Bonus. We will pay an annual bonus to REG based on the amount of
our annual net income.
  16




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Administration and Employees
  JOB TITLE
    
    NUMBER EMPLOYEESProcess Operator
    
    
    15Accounting Manager
    
    
    1Mechanic
    
    
    3Shipping/Receiving
    
    
    3Operations Supervisor
    
    
    1Quality Assurance Manager
    
    
    1Laboratory Technician
    
    
    1Total
    
25
  Trends and Uncertainties Impacting the Biodiesel Industry and Our Future Operations
    17




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
    
    additional rail capacity;
    
    additional storage facilities for biodiesel;
    
    increases in truck fleets capable of transporting biodiesel within localized markets;
    
    expansion in refining and blending facilities to handle biodiesel; and
    
    growth in service stations equipped to handle biodiesel fuels.
  Critical Accounting Estimates
  Off-balance Sheet Arrangements
  Liquidity and Capital Resources
  18




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Use of Capital
   Sources of Funds
  Percent ofSource of Funds
    
    
    
    
    
    TotalMember Equity, Intrastate Offering ($1,000 per unit)
    
    $
    19,371,000
    
    
    
    33.56
    %Member Equity, Directors Exercised Options ($500 per unit)
    
    $
    550,000
    
    
    
    0.95
    %Member Equity, Seed Capital ($500 per unit)
    
    $
    2,680,000
    
    
    
    4.65
    %Debt Financing
    
    $
    34,715,000
    
    
    
    60.15
    %Loan/Grant Funding (IDED)
    
    $
    400,000
    
    
    
    0.69
    %Total Sources of Funds
    
    $
    57,716,000
    (1)
    
    
    100.00
    %
 
 (1)
    
    This amount excludes non-cash equity compensation recognized
by us in connection with
the units paid to The Biodiesel Group as compensation under their consulting agreement with
the company and the directors unit option plan. Equity Financing
  Debt Financing
 The Wall Street Journal The Wall Street Journal The Wall Street Journal
  19




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Government Programs and Grants
  Use of Proceeds
  Use of Funds:
    
    Amount Budgeted:Plant Construction
    
    $
    24,600,000Soy Pretreatment Facility
    
    $
    4,025,000Animal Fat Pretreatment Facility
    
    $
    5,980,000Land & Site Costs
    
    $
    1,505,000Admin. Building/Laboratory & Office Equip.
    
    $
    962,600Construction Per. Bond/Ins./Contingency/Fees
    
    $
    2,538,400Railroad/Fire Protection/Rolling Stock/Sales Tax
    
    $
    3,955,000Start-Up Costs
    
    $
    7,100,000Working Capital Reserve for Hedging
    
    $
    5,000,000Interest Reserve
    
    $
    1,571,062Administrative Costs
    
    $
    478,938TOTAL
    
    $
    57,716,000
 Research and Development
  20




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Costs and Effects of Compliance with Environmental Laws
   
 Item 3. Controls And Procedures
   
 PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings.
  
 Item 1A. Risk Factors.
  21




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Any operational disruption in our facility could result in a reduction of our sales volumes and
could cause us to incur substantial losses.
  Growth in the sale and distribution of biodiesel is dependent on the changes to and expansion of
related infrastructure which may not occur on a timely basis, if at all, and our operations could
be adversely affected by infrastructure disruptions.
  
    
    additional rail capacity and rail cars;
    
    additional storage facilities for biodiesel;
    
    increases in truck fleets capable of transporting biodiesel within localized markets;
    
    expansion in refining and blending facilities to handle biodiesel; and
    
    growth in service stations equipped to handle biodiesel fuels.
  
 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.
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##### Table of Contents



Item 6. Exhibits
  ExhibitNo.
    
    Description
    
    Method of 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
  IOWA RENEWABLE ENERGY, LLCDate:
May 15, 2007
    
    /s/ Michael J.
Bohannan 
 Michael J. BohannanChairman and PresidentDate:
May 15, 2007
    
    /s/ J. William
Pim 
 J. William PimTreasurer
 23