##### Table of Contents



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 fiscal quarter ended September 30, 2008.
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from  to  .
 COMMISSION FILE NUMBER 00051965
 WESTERN IOWA ENERGY, LLC
  Iowa
    
    41-2143913(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)
 1220 S. Center Street, P.O. Box 399
Wall Lake, Iowa 51466
 (712) 664-2173
  þ o
  o þ
    Large Accelerated Filer o
    
    Accelerated Filer o
    
    Non-Accelerated Filer þ
    
    Smaller Reporting Company o




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##### 



INDEX
 PART I  FINANCIAL INFORMATION
    
    
    3Item 1. Financial Statements
    
    
    3Item 2. Managements Discussion and Analysis or Plan of Operation
    
    
    15Item 3. Quantitative and Qualitative Disclosures About Market Risks
    
    
    23Item 4T. Controls and Procedures
    
    
    25PART II  OTHER INFORMATION
    
    
    25Item 1. Legal Proceedings
    
    
    25Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    27Item 3. Defaults Upon Senior Securities
    
    
    27Item 4. Submission of Matters to a Vote of Security Holders
    
    
    27Item 5. Other Information
    
    
    27Item 6. Exhibits
    
    
    27Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 WESTERN IOWA ENERGY, LLC
BALANCE SHEET
 September 30,
    
    
    December 31,2008
    
    
    2007(UNAUDITED)ASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    304,885
    
    
    $
    32,048Margin deposits
    
    
    794,524
    
    
    
    1,427,218Derivative instruments
    
    
    171,497
    
    
    
    Trade accounts receivable  related party
    
    
    2,240,604
    
    
    
    5,816,085Other receivables
    
    
    183,021
    
    
    
    5,997Incentive receivables
    
    
    236,014
    
    
    
    317,225Inventory
    
    
    7,999,819
    
    
    
    9,098,351Prepaid expenses
    
    
    358,933
    
    
    
    188,362Total current assets
    
    
    12,289,297
    
    
    
    16,885,286PROPERTY, PLANT AND EQUIPMENTLand and land improvements
    
    
    1,364,842
    
    
    
    1,364,842Office building and equipment
    
    
    645,542
    
    
    
    643,705Plant and process equipment
    
    
    33,404,199
    
    
    
    33,308,507Construction in progress
    
    
    168,725
    
    
    
    Total, at cost
    
    
    35,583,308
    
    
    
    35,317,054Less accumulated depreciation
    
    
    4,899,301
    
    
    
    3,261,429Total property, plant and equipment
    
    
    30,684,007
    
    
    
    32,055,625OTHER ASSETSLand options
    
    
    596
    
    
    
    596Other investments
    
    
    80,895
    
    
    
    33,810Loan origination fees, net of amortization
    
    
    91,975
    
    
    
    105,547Total other assets
    
    
    173,466
    
    
    
    139,953TOTAL ASSETS
    
    $
    43,146,770
    
    
    $
    49,080,864LIABILITIES AND MEMBERS EQUITYCURRENT LIABILITIESAccounts payable:Trade
    
    $
    1,134,502
    
    
    $
    1,747,007Related party
    
    
    603,731
    
    
    
    2,061,742Revolving line of credit
    
    
    
    
    
    
    3,800,000Current portion of long-term debt
    
    
    3,051,185
    
    
    
    1,909,722Derivative instruments
    
    
    
    
    
    
    1,936,375Accrued interest
    
    
    45,247
    
    
    
    100,542Accrued wages and benefits
    
    
    92,028
    
    
    
    56,689Accrued payroll taxes
    
    
    4,869
    
    
    
    3,255Accrued expenses  related party
    
    
    266,872
    
    
    
    Other current liabilities
    
    
    50,308
    
    
    
    12,864Total current liabilities
    
    
    5,248,742
    
    
    
    11,628,196LONG-TERM LIABILITIESLong-term debt, less current portion above
    
    
    8,631,037
    
    
    
    12,366,667Total liabilities
    
    
    13,879,779
    
    
    
    23,994,863MEMBERS EQUITYContributed capital
    
    
    23,516,376
    
    
    
    23,516,376Retained earnings
    
    
    5,750,615
    
    
    
    1,569,625Total members equity
    
    
    29,266,991
    
    
    
    25,086,001TOTAL LIABILITIES AND MEMBERS EQUITY
    
    $
    43,146,770
    
    
    $
    49,080,864
   3




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WESTERN IOWA ENERGY, LLC
STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Three Months Ended
    
    
    Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2008
    
    
    September 30, 2007
    
    
    September 30, 2008
    
    
    September 30, 2007REVENUESRelated parties
    
    $
    24,164,179
    
    
    $
    18,325,608
    
    
    $
    63,421,838
    
    
    $
    52,410,486Incentive funds
    
    
    2,074,436
    
    
    
    2,937,251
    
    
    
    8,447,601
    
    
    
    7,907,563Total revenues
    
    
    26,238,615
    
    
    
    21,262,859
    
    
    
    71,869,439
    
    
    
    60,318,049COST OF SALES
    
    
    24,146,046
    
    
    
    21,997,574
    
    
    
    65,524,809
    
    
    
    57,920,639Gross profit (loss)
    
    
    2,092,569
    
    
    
    (734,715
    )
    
    
    6,344,630
    
    
    
    2,397,410OPERATING EXPENSESConsulting and professional fees
    
    
    40,238
    
    
    
    38,810
    
    
    
    205,823
    
    
    
    246,282Office and administrative expenses
    
    
    537,128
    
    
    
    326,186
    
    
    
    1,480,403
    
    
    
    1,132,263Total operating expenses
    
    
    577,366
    
    
    
    364,996
    
    
    
    1,686,226
    
    
    
    1,378,545OTHER INCOME (EXPENSE)Interest income
    
    
    3,782
    
    
    
    1,419
    
    
    
    8,561
    
    
    
    13,504Interest expense
    
    
    (141,206
    )
    
    
    (337,772
    )
    
    
    (642,379
    )
    
    
    (1,087,321
    )Patronage dividends
    
    
    
    
    
    
    
    
    
    
    156,404
    
    
    
    105,866Total other income (expense)
    
    
    (137,424
    )
    
    
    (336,353
    )
    
    
    (477,414
    )
    
    
    (967,951
    )NET INCOME (LOSS)
    
    $
    1,377,779
    
    
    $
    (1,436,064
    )
    
    $
    4,180,990
    
    
    $
    50,914BASIC AND DILUTED EARNINGS (LOSS) PER UNIT
    
    $
    52.10
    
    
    $
    (54.30
    )
    
    $
    158.09
    
    
    $
    1.93WEIGHTED AVERAGE UNITS OUTSTANDING,
BASIC AND DILUTED
    
    
    26,447
    
    
    
    26,447
    
    
    
    26,447
    
    
    
    26,447
   4




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WESTERN IOWA ENERGY, LLC
STATEMENTS OF CASH FLOWS
 Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2008
    
    
    September 30, 2007CASH FLOWS FROM OPERATING ACTIVITIESNet income
    
    $
    4,180,990
    
    
    $
    50,914Adjustments to reconcile net income to net cash
provided by operating activitiesDepreciation and amortization
    
    
    1,651,444
    
    
    
    1,635,884Provision for bad debts
    
    
    58,424
    
    
    
    24,028Non cash portion of patronage dividends
    
    
    (47,085
    )
    
    
    (31,810
    )Effects of changes in operating assets and liabilitiesMargin deposits
    
    
    632,694
    
    
    
    (820,849
    )Trade accounts receivable  related party
    
    
    3,517,057
    
    
    
    (4,047,370
    )Other receivables
    
    
    (177,024
    )
    
    
    (2,771
    )Incentive receivables
    
    
    81,211
    
    
    
    (460,907
    )Inventory
    
    
    1,098,532
    
    
    
    704,682Derivative instruments
    
    
    (2,107,872
    )
    
    
    1,987,231Prepaid expenses and other assets
    
    
    (170,571
    )
    
    
    (148,875
    )Accounts payable
    
    
    (2,070,516
    )
    
    
    2,569,292Accrued interest
    
    
    (55,295
    )
    
    
    (7,147
    )Accrued wages and benefits
    
    
    35,339
    
    
    
    21,516Accrued payroll taxes
    
    
    1,614
    
    
    
    (29,131
    )Accrued expenses  related party
    
    
    266,872
    
    
    
    (389,401
    )Other current liabilities
    
    
    37,444
    
    
    
    6,431Net cash provided by operating activities
    
    
    6,933,258
    
    
    
    1,061,717CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and equipment, including
construction in progress
    
    
    (266,254
    )
    
    
    (1,100,582
    )Sales tax refund received on plant construction costs
    
    
    
    
    
    
    443,535Net cash used in investing activities
    
    
    (266,254
    )
    
    
    (657,047
    )CASH FLOWS FROM FINANCING ACTIVITIESNet proceeds (payments) from revolving line of credit
    
    
    (3,800,000
    )
    
    
    3,200,000Proceeds from long-term debt
    
    
    4,582,566
    
    
    
    10,109,472Payments on long-term debt
    
    
    (7,176,733
    )
    
    
    (11,593,056
    )Distribution to members
    
    
    
    
    
    
    (2,121,315
    )Net cash used in financing activities
    
    
    (6,394,167
    )
    
    
    (404,899
    )NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    272,837
    
    
    
    (229
    )CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    
    
    32,048
    
    
    
    28,322CASH AND CASH EQUIVALENTS, END OF PERIOD
    
    $
    304,885
    
    
    $
    28,093
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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2008
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
  Use of Estimates in Preparing Financial Statements
  Basis of Accounting
    Revenue Recognition
  Cash and Cash Equivalents
  Accounts Receivable
   Derivative Instruments and Hedging Activities
   6




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2008
    Inventories
  Property, Plant, and Equipment
   YearsLand improvements
    
    
    20-40Office building
    
    
    5-40Office equipment
    
    
    5-20Plant and process equipment
    
    
    10-40
  Loan Origination Fees
   7




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2008
 Other Investments
  Other Income
  Income Taxes
  Earnings Per Unit
  Cost of Sales
  Shipping and Handling Costs
  Environmental Liabilities
  New Accounting Standards
 Fair Value Measurements
  8




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2008
 Disclosures about Derivative Instruments and Hedging
Activities (SFAS No. 161)
 NOTE 2  INCENTIVE PAYMENTS AND RECEIVABLE
  NOTE 3  INVENTORY
  September 30,
    
    
    December 31,2008
    
    
    2007Raw material
    
    $
    2,092,702
    
    
    $
    2,168,644Work in process
    
    
    3,186,360
    
    
    
    1,382,679Finished goods
    
    
    2,720,757
    
    
    
    5,547,028Total
    
    $
    7,999,819
    
    
    $
    9,098,351
 NOTE 4  LAND OPTION
  NOTE 5  DEBT AND FINANCING
 Revolving Line of Credit
   9




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2008
 Long-Term Debt
  September 30,
    
    
    December 31,2008
    
    
    2007Note payable to Farm Credit Services of America and
CoBank under term note agreement  see details
below
    
    $
    4,600,000
    
    
    $
    5,950,000Note payable to Farm Credit Services of America and
CoBank under reducing revolving credit note  see
details below
    
    
    6,100,000
    
    
    
    7,260,000Note payable to the Iowa Department of Economic Development  see details below
    
    
    345,000
    
    
    
    367,500Note payable to Glidden Rural Electric Cooperative  see details below
    
    
    637,222
    
    
    
    698,889Total
    
    
    11,682,222
    
    
    
    14,276,389Less current portion
    
    
    3,051,185
    
    
    
    1,909,722Long-term portion
    
    $
    8,631,037
    
    
    $
    12,366,667
  2009
    
    $
    3,051,1852010
    
    
    1,770,7602011
    
    
    662,2222012
    
    
    2,039,7222013
    
    
    1,882,222Thereafter
    
    
    2,276,111Total
    
    $
    11,682,222
   10




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2008
      NOTE 6  MEMBERS EQUITY
   11




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2008
 NOTE 7  CASH FLOW DISCLOSURES
  Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2008
    
    
    September 30, 2007Cash paid for interest
    
    $
    697,674
    
    
    $
    1,095,010
 NOTE 8  RELATED PARTY TRANSACTIONS
    NOTE 9  LEASE COMMITMENTS
  2009
    
    $
    35,6272010
    
    
    35,6272011
    
    
    35,627Total
    
    $
    106,881
  NOTE 10  RETIREMENT AND SAVINGS PLAN
   12




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2008
 NOTE 11  FAIR VALUE OF FINANCIAL INSTRUMENTS
  
    
    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
    
    
    UnobservableSeptember 30,
    
    
    Identical Assets
    
    
    Inputs
    
    
    Inputs2008
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Financial assets:Cash equivalents
    
    $
    847,834
    
    
    $
    847,834
    
    
    $
    
    
    
    $
    Commodity derivatives
    
    $
    171,497
    
    
    $
    
    
    
    $
    171,497
    
    
    $
    
  NOTE 12  UNCERTAINTIES
   13




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WESTERN IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2008
        14




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Item 2. Managements Discussion and Analysis or Plan of Operation.
  Cautionary Statements Regarding Forward Looking Statements
  
    
    The availability and adequacy of our cash flow to meet our requirements;
    
    Changes in interest rates and the availability of credit to support capital
improvements, development, expansion and operations;
    
    Competition with other manufacturers in the biodiesel industry;
    
    Overcapacity within the biodiesel industry;
    
    Decrease in the demand for biodiesel;
    
    Actual biodiesel and glycerin production varying from expectations;
    
    Availability and cost of products and raw materials, particularly soybean oil and
animal fats;
    
    Changes in the price and market for biodiesel and its co-products;
    
    Our ability to market and our reliance on third parties to market our products;
    
    Fluctuations in petroleum prices;
    
    Changes in our business strategy, capital improvement or development plans;
    
    Changes in general economic conditions or the occurrence of certain events causing
an economic impact in the agriculture, oil or transportation industries;
    
    Changes in plant production capacity or technical difficulties in operating the
plant;
    
    Changes in the environmental regulations or in our ability to comply with the
environmental regulations that apply to our plant operations;
    
    Changes and advances in biodiesel production technology;
    
    The imposition of tariffs or other duties on biodiesel imported into Europe; and
    
    Other factors described elsewhere in this report.
   15




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Overview
        16




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Results of Operations for the Three Months Ended September 30, 2008 and 2007
  Three Months Ended
    
    
    Three Months EndedSeptember 30, 2008
    
    
    September 30, 2007(Unaudited)
    
    
    (Unaudited)Statement of Operations Data
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %Revenues
    
    $
    26,238,615
    
    
    
    100.00
    %
    
    $
    21,262,859
    
    
    
    100.00
    %Cost of Sales
    
    $
    24,146,046
    
    
    
    92.02
    %
    
    $
    21,997,574
    
    
    
    103.46
    %Gross Profit (Loss)
    
    $
    2,092,569
    
    
    
    7.98
    %
    
    $
    (734,718
    )
    
    
    (3.46
    )%Operating Expenses
    
    $
    577,366
    
    
    
    2.21
    %
    
    $
    364,996
    
    
    
    1.72
    %Other Expense
    
    $
    137,424
    
    
    
    0.52
    %
    
    $
    336,353
    
    
    
    1.58
    %Net Income (Loss)
    
    $
    1,377,779
    
    
    
    5.25
    %
    
    $
    (1,436,064
    )
    
    
    (6.75
    )%
 Revenues
  September 30, 2008
    
    
    September 30, 2007% of
    
    
    
    
    
    
    % ofRevenue Sources
    
    Amount
    
    
    Revenues
    
    
    Amount
    
    
    RevenuesBiodiesel Sales
    
    $
    25,367,193
    
    
    
    97.67
    %
    
    $
    20,898,736
    
    
    
    98.29
    %Glycerin Sales
    
    $
    361,034
    
    
    
    1.38
    %
    
    $
    307,817
    
    
    
    1.45
    %Fatty Acid Sales
 and Soapstock Sales
    
    $
    510,388
    
    
    
    1.95
    %
    
    $
    56,306
    
    
    
    0.26
    %Total Revenues
    
    $
    26,238,615
    
    
    
    100
    %
    
    $
    21,262,859
    
    
    
    100
    %
    17




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Cost of Sales
   18




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Operating Expense
  Other Expenses
   19




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Results of Operations for the Nine Months Ended September 30, 2008 and 2007
  Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2008
    
    
    September 30, 2007(Unaudited)
    
    
    (Unaudited)Statement of Operations Data
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %Revenues
    
    $
    71,869,439
    
    
    
    100
    %
    
    $
    60,318,049
    
    
    
    100
    %Cost of Sales
    
    $
    65,524,809
    
    
    
    91.17
    %
    
    $
    57,920,639
    
    
    
    96.03
    %Gross Profit
    
    $
    6,344,630
    
    
    
    8.83
    %
    
    $
    2,397,410
    
    
    
    3.97
    %Operating Expenses
    
    $
    1,686,226
    
    
    
    2.34
    %
    
    $
    1,378,545
    
    
    
    2.29
    %Other Expense
    
    $
    477,414
    
    
    
    0.66
    %
    
    $
    967,951
    
    
    
    1.60
    %Net Income
    
    $
    4,180,990
    
    
    
    5.83
    %
    
    $
    50,914
    
    
    
    0.08
    %
 Revenues
  September 30, 2008
    
    
    September 30, 2007% of
    
    
    
    
    
    
    % ofRevenue Sources
    
    Amount
    
    
    Revenues
    
    
    Amount
    
    
    RevenuesBiodiesel Sales
    
    $
    69,266,632
    
    
    
    96.38
    %
    
    $
    59,397,057
    
    
    
    98.48
    %Glycerin Sales
    
    $
    1,632,637
    
    
    
    2.27
    %
    
    $
    749,275
    
    
    
    1.24
    %Fatty Acid Sales
and Soapstock Sales
    
    $
    970,170
    
    
    
    1.35
    %
    
    $
    171,717
    
    
    
    0.28
    %Total Revenues
    
    $
    71,869,439
    
    
    
    100
    %
    
    $
    60,318,049
    
    
    
    100
    %
  Cost of Sales
  Operating Expense
   20




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Other Expenses
  Changes in Financial Condition for the Nine Months Ended September 30, 2008
  September 30,
    
    
    December 31,2008
    
    
    2007Current Assets
    
    $
    12,289,297
    
    
    $
    16,885,286Current Liabilities
    
    $
    5,248,742
    
    
    $
    11,628,196Long-Term Debt
    
    $
    8,631,037
    
    
    $
    12,366,667Members Equity
    
    $
    29,266,991
    
    
    $
    25,086,001
 Current Assets
 Current Liabilities
 Long-Term Debt
 Members Equity
 Critical Accounting Estimates
  Inventories.
 Long-Lived Assets.
  21




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Liquidity and Capital Resources
 Cash Flows
  2008
    
    
    2007Net cash provided by operating activities
    
    $
    6,933,258
    
    
    $
    1,061,717Net cash used in investing activities
    
    $
    (266,254
    )
    
    $
    (654,047
    )Net cash used in financing activities
    
    $
    (6,394,167
    )
    
    $
    (404,899
    )Net increase (decrease) in cash and equivalents
    
    $
    272,837
    
    
    $
    (229
    )
 Operating Cash Flows
  Investing Cash Flows
  Financing Cash Flows
  Indebtedness
 Short-Term Debt Sources
   22




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Long-Term Debt Sources
       Off-Balance Sheet Arrangements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risks.
 Accounting for Derivative Instruments and Hedging Activities
  23




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Interest Rate Risk
 Item 2  Managements Discussion and Analysis of Financial Condition and Results of Operations  Liquidity and Capital Resources Indebtedness .
 Commodity Price Risk
      24




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##### Table of Contents



Effect of HypotheticalAdverse Change Fair Value
    
    
    Market RiskSeptember 30, 2008
    
    $
    171,497
    
    
    $
    (17,149
    )December 31, 2007
    
    $
    (1,936,375
    )
    
    $
    (193,637
    )
 
 Item 4T. Controls and Procedures.
  Internal Control  Integrated Framework
 
 PART II  OTHER INFORMATION
 
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors
 MANAGEMENTS DISCUSSION AND ANALYSIS
  25




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Current uncertainties within the biodiesel industry may impact 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.
 An investigation by the European Commission into whether the U.S. biodiesel industry has been
engaging in unfair trade practices could lead to the imposition of duties or tariffs on biodiesel
imported into Europe, which could cause a significant decrease in our revenues.
 Because of the high cost of soybean oil, we are attempting to use alternative vegetable oil
feedstocks to produce our biodiesel, which may have risks and disadvantages of which we are not yet
fully aware.
 The VEETC, a federal biodiesel tax credit may expire on December 31, 2009.
  26




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##### Table of Contents



Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
  
 Item 3. Defaults Upon Senior Securities.
  
 Item 4. Submission of Matters to a Vote of Security Holders.
  
 Item 5. Other Information.
  
 Item 6. Exhibits.
  Exhibit No.
    
    Exhibit31.1
    
    
    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. § 1350.32.2
    
    
    Certificate Pursuant to 18 U.S.C. § 1350.
 
 SIGNATURES
  WESTERN IOWA ENERGY, LLCDate: November 13, 2008
    /s/ William J. HoranWilliam J. HoranChairman, President and Director
(Principal Executive Officer)Date: November 13, 2008
    /s/ Denny MauserDenny MauserTreasurer and Director
(Principal Financial and Accounting Officer)  27