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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-KSB
 
 SPECIAL
FINANCIAL REPORT PURSUANT TO Rule 15(d) - 2
 
 þ
    
    Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 o
    
    Contains only financial statements for the fiscal year ended October 31, 2006.
 Commission file number 333-135729
 ONE EARTH ENERGY, LLC
  Illinois
    
    20-3852246(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)1306 West 8thStreet, Gibson City, IL
    
    60936(Address of principal executive offices)
    
    (Zip Code)
 (217) 784-4284
 None
 None
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 None
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ONE EARTH ENERGY, LLC
  PageExplanatory Note
    
    
    1Controls and Procedures
    
    
    1Report of Independent Registered Public Accounting Firm
    
    
    2Financial StatementsBalance Sheet
    
    
    3Statement of Operations
    
    
    4Statement of Members Equity
    
    
    5Statement of Cash Flows
    
    
    6Notes to Financial Statements
    
    
    7-11Exhibits
    
    
    12Signatures
    
    
    13CertificationCertificationCertificationCertification




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EXPLANATORY NOTE
   
 CONTROLS AND PROCEDURES
   1




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2




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ONE EARTH ENERGY, LLC
 
  October 31,2006ASSETSCurrent AssetsCash and cash equivalents
    
    $
    606,979Prepaid expenses
    
    
    33,041Total current assets
    
    
    640,020Property and EquipmentOffice equipment
    
    
    6,867Less accumulated depreciation
    
    
    (572
    )Net property and equipment
    
    
    6,295Other AssetsDeferred offering costs
    
    
    282,376Land options
    
    
    37,000Total other assets
    
    
    319,376Total Assets
    
    $
    965,691LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable
    
    $
    80,558Accrued expenses
    
    
    961Total current liabilities
    
    
    81,519Commitments and ContingenciesMembers EquityMember contributions, 855 Class A units outstanding
less costs of raising capital
    
    
    1,424,470Deficit accumulated during development stage
    
    
    (540,298
    )Total members equity
    
    
    884,172Total Liabilities and Members Equity
    
    $
    965,691
  3




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ONE EARTH ENERGY, LLC
 
  From Inception(November 28, 2005)to October 31, 2006Revenues
    
    $
    Operating ExpensesPreproduction startup costs
    
    
    271,652Professional fees
    
    
    156,434General and administrative
    
    
    163,581Total
    
    
    591,667Operating Loss
    
    
    (591,667
    )Other Income (Expense)Grant income
    
    
    20,000Other income
    
    
    5,000Interest income
    
    
    26,369Total
    
    
    51,369Net Loss
    
    $
    (540,298
    )Weighted Average Units Outstanding
    
    
    622Net Loss Per Unit
    
    $
    (869
    )
  4




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ONE EARTH ENERGY, LLC
 
  Balance  November 28, 2005 (Date of Inception)
    
    $
    Capital contributions - 855 units, $1,666.67 per unit, February 2006
    
    
    1,425,000Costs of raising capital
    
    
    (530
    )Net loss for the period from inception to October 31, 2006
    
    
    (540,298
    )Balance  October 31, 2006
    
    $
    884,172
  5




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ONE EARTH ENERGY, LLC
 
  From Inception(November 28, 2005)to October 31, 2006Cash Flows from Operating ActivitiesNet loss
    
    $
    (540,298
    )Adjustments to reconcile net loss to net cash used in
operations:Depreciation
    
    
    572Change in assets and liabilitiesPrepaid expenses
    
    
    (33,041
    )Accounts payable
    
    
    10,096Accrued expenses
    
    
    961Net cash used in operating activities
    
    
    (561,710
    )Cash Flows from Investing ActivitiesPayment for land options
    
    
    (37,000
    )Capital expenditures
    
    
    (6,867
    )Net cash used in investing activities
    
    
    (43,867
    )Cash Flows from Financing ActivitiesPayments for deferred offering costs
    
    
    (211,914
    )Payments for cost of raising capital
    
    
    (530
    )Member contributions
    
    
    1,425,000Net cash provided by financing activities
    
    
    1,212,556Net Increase in Cash and Cash Equivalents
    
    
    606,979Cash and
Cash Equivalents  Beginning of Period
    
    
    Cash and
Cash Equivalents  End of Period
    
    $
    606,979Supplemental Disclosure of Noncash
Investing and Financing ActivitiesDeferred offering costs included in accounts payable
    
    $
    70,462
  6




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ONE EARTH ENERGY, LLC
 
   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Nature of Business
  Fiscal Reporting Period
  Accounting Estimates
   Cash and Cash Equivalents
   Deferred Offering Costs
  Property and Equipment
   7




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ONE EARTH ENERGY, LLC
   Grants
  Income Taxes
  Organizational and Start Up Costs
  Fair Value of Financial Instruments
  Recently Issued Accounting Pronouncements
  2. DEVELOPMENT STAGE ENTERPRISE
    3. MEMBERS EQUITY
  8




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ONE EARTH ENERGY, LLC
    4. GRANT
  5. RELATED PARTY TRANSACTIONS
  6. INCOME TAXES
  October 31,2006Financial statement basis of assets
    
    $
    965,691Plus: organization and start-up costs capitalized
    
    
    591,667Income tax basis of assets
    
    $
    1,557,358
  7. COMMITMENTS AND CONTINGENCIES
 Plant Construction
   9




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ONE EARTH ENERGY, LLC
    Land options
       Consulting Contracts
    10




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ONE EARTH ENERGY, LLC
     Equity agreement
  Ethanol Marketing Contract
  Distillers Grains Marketing Contract
  11




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EXHIBITS
  Method ofExhibit No.
    
    Description
    
    Filing31.1
    
    Certificate Pursuant to 17 CFR 240.13(a)-14(a)
    
    *31.2
    
    Certificate Pursuant to 17 CFR 240.13(a)-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. 12




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SIGNATURES
  ONE EARTH ENERGY, LLCDate: February 2, 2007

/s/ Steve KellySteve KellyPresident & Director
(Principal Executive Officer)Date: February 4, 2007

/s/ Jack MurrayJack MurraySecretary/Treasurer & Director
(Principal Financial and Accounting Officer)  Date: February 2, 2007

/s/ Steve KellySteve Kelly, President & Director(Principal Executive Officer) Date: February 4, 2007

/s/
Jack MurrayJack Murray, Secretary/Treasurer, Director 
(Principal Financial and Accounting Officer) Date: February 2, 2007

/s/ Scott DochertyScott Docherty, Vice President and Director Date: February 2, 2007

/s/ Patrick FeeneyPatrick Feeney, Director Date: February 1, 2007

/s/ Bruce BastertBruce Bastert, Director Date: February 1, 2007

/s/ Cary HintonCary Hinton, Director Date: February 1, 2007

/s/ Robert LandauRobert Landau, Director 13




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Date: February 2, 2007

/s/ Roger MillerRoger Miller, Director Date: February 1, 2007

/s/ Patrick QuinlanPatrick Quinlan, Director Date: February 2, 2007

/s/ Louis SchwingLouis Schwing, Jr., Director 14