##### Table of Contents



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 fiscal quarter ended March 31, 2007
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 Commission file number 333-135967
 HOMELAND ENERGY SOLUTIONS, LLC
  Iowa
(State or other jurisdiction of 
incorporation or organization)
    
    20-3919356
(I.R.S. Employer Identification No.)
 106 W. Main Street
Riceville, IA 50466
(Address of principal executive offices)
 (641) 985-4025
(Issuers telephone number)
 days.   þ
Yes   o No
 o þ
   o þ




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##### 



INDEX
 Page No.PART I.    FINANCIAL INFORMATIONItem 1.    Financial Statements
    
    
    3Item 2.    Managements Discussion and Analysis and Plan of Operations
    
    
    11Item 3.    Controls and Procedures
    
    
    26PART II.    OTHER INFORMATIONItem 1.    Legal Proceeding
    
    
    27Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    27Item 3.    Defaults Upon Senior Securities
    
    
    28Item 4.    Submission of Matters to a Vote of Security Holders
    
    
    28Item 5.    Other Information
    
    
    28Item 6.    Exhibits
    
    
    29SIGNATURES
    
    
    30Exhibit 10.14Exhibit 10.15Exhibit 10.16Exhibit 10.17Exhibit 10.18Exhibit 10.19Exhibit 10.20Exhibit 10.21Exhibit 10.21Exhibit 10.23Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 HOMELAND ENERGY SOLUTIONS, LLC   BALANCE SHEET (UNAUDITED)
 ASSETS
 3/31/2007CURRENT ASSETSCash and cash equivalents
    
    $
    2,111,326Certificate of deposit
    
    
    614,488Attorney escrow account
    
    
    224Accrued interest receivable
    
    
    13,701Prepaid offering costs
    
    
    235,587Prepaid expenses
    
    
    14,105Total current assets
    
    
    2,989,431PROPERTY AND EQUIPMENT, at costLand
    
    
    1,483,126Equipment
    
    
    23,816Construction in progress
    
    
    190,359Less accumulated depreciation
    
    
    (1,242
    )1,696,059OTHER ASSETSLoan fees, net of amortization $390
    
    
    17,182Land options
    
    
    24,77441,956Total Assets
    
    $
    4,727,446LIABILITIES AND MEMBERS EQUITYCURRENT LIABILITIESAccounts payable
    
    $
    82,514Notes payable
    
    
    3,517,572Accrued interest payable
    
    
    6,449Total current liabilities
    
    
    3,606,535COMMITMENTS AND CONTINGENCIES (NOTE 7)MEMBERS EQUITYCapital units, less syndication costs
    
    
    1,305,893Deficit accumulated during development stage
    
    
    (184,982
    )Total members equity
    
    
    1,120,911Total liabilities and members equity
    
    $
    4,727,446
 See Notes to the unaudited Financial Statements.
  3




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HOMELAND ENERGY SOLUTIONS, LLC   STATEMENTS OF OPERATIONS (UNAUDITED)
For the Quarter Ended March 31, 2007, for the period
from December 7, 2005 (Date of Inception) to March 31, 2007 and for the
period from December 7, 2005 (Date of Inception) to March 31, 2006
 Period from
    
    
    Period fromQuarter Ended
    
    
    inception to
    
    
    inception to3/31/2007
    
    
    3/31/2007
    
    
    3/31/2006OPERATING REVENUE
    
    $
    
    
    
    $
    
    
    
    $
    OPERATING EXPENSESProfessional expenses
    
    
    51,162
    
    
    
    128,559
    
    
    
    16,234Engineering & design
    
    
    
    
    
    
    18,652
    
    
    
    2,177Feasibility studies
    
    
    
    
    
    
    67,750
    
    
    
    6,000Filing fees/permits
    
    
    1,158
    
    
    
    12,928
    
    
    
    Land options
    
    
    
    
    
    
    1,650
    
    
    
    Insurance
    
    
    4,619
    
    
    
    6,159
    
    
    
    Office Expense
    
    
    3,169
    
    
    
    9,736
    
    
    
    Depreciation
    
    
    949
    
    
    
    1,242
    
    
    
    Amortization
    
    
    390
    
    
    
    390
    
    
    
    Rent
    
    
    1,200
    
    
    
    1,800
    
    
    
    Utilities
    
    
    3,171
    
    
    
    3,242
    
    
    
    Misc expenses
    
    
    820
    
    
    
    2,261
    
    
    
    350Total Expenses
    
    
    66,638
    
    
    
    254,369
    
    
    
    24,761OTHER INCOMEInterest income
    
    
    11,327
    
    
    
    44,387
    
    
    
    Grant income
    
    
    14,125
    
    
    
    25,000
    
    
    
    Total Other Income
    
    
    25,452
    
    
    
    69,387
    
    
    
    Net loss
during
development
stage
    
    $
    (41,186
    )
    
    $
    (184,982
    )
    
    $
    (24,761
    )Basic and
Diluted loss
per capital
unit
    
    $
    (14.45
    )Basic and
Diluted
weighted
average
captial units
O/S
    
    
    2,850
 See Notes to the unaudited Financial Statements.
  4




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HOMELAND ENERGY SOLUTIONS, LLC
(A Development Stage Company)
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Quarter Ended March 31, 2007, for the period
from December 7, 2005 (Date of Inception) to March 31, 2007 and for the
period from December 7, 2005 (Date of Inception) to March 31, 2006
 Period from
    
    
    Period fromQuarter Ended
    
    
    inception to
    
    
    inception to3/31/2007
    
    
    3/31/2007
    
    
    3/31/2006CASH FLOWS FROM OPERATING ACTIVITIESNet loss during development stage
    
    $
    (41,186
    )
    
    $
    (184,982
    )
    
    $
    (24,761
    )Depreciation and Amortization
    
    
    1,339
    
    
    
    1,632
    
    
    
    Write off land options
    
    
    
    
    
    
    1,650
    
    
    
    Adjustments to reconcile net loss
to net cash used in operating activitiesChanges in assets and liabilitiesIncrease in other current assets
    
    
    (3,710
    )
    
    
    (28,030
    )
    
    
    (11,044
    )(Decrease) increase in accounts payable
    
    
    (79,308
    )
    
    
    16,009
    
    
    
    Increase in accrued interest payable
    
    
    6,449
    
    
    
    6,449
    
    
    
    Net cash used in operating activities
    
    
    (116,416
    )
    
    
    (187,272
    )
    
    
    (35,805
    )CASH FLOWS FROM INVESTING ACTIVITIESProceeds from maturity of certificate of deposit
    
    
    
    
    
    
    600,000
    
    
    
    Purchase of certificate of deposit
    
    
    
    
    
    
    (1,214,488
    )
    
    
    Payments for construction in progress
    
    
    (123,854
    )
    
    
    (123,854
    )
    
    
    Purchase of equipment
    
    
    
    
    
    
    (23,816
    )
    
    
    Purchase of land
    
    
    (1,483,126
    )
    
    
    (1,483,126
    )
    
    
    Purchase of land options
    
    
    (11,163
    )
    
    
    (26,424
    )
    
    
    Net cash used in investing activities
    
    
    (1,618,143
    )
    
    
    (2,271,708
    )
    
    
    CASH FLOWS FROM FINANCING ACTIVITIESProceeds from short-term borrowing
    
    
    3,500,000
    
    
    
    3,500,000
    
    
    
    Payments for prepaid offering costs
    
    
    (11,824
    )
    
    
    (235,587
    )
    
    
    Contributed capital
    
    
    
    
    
    
    1,325,000
    
    
    
    200,000Payments for sydication costs on capital units issued
    
    
    
    
    
    
    (19,107
    )
    
    
    (6,222
    )Net cash provided by financing activities
    
    
    3,488,176
    
    
    
    4,570,306
    
    
    
    193,778Net change in cash
    
    
    1,753,617
    
    
    
    2,111,326
    
    
    
    157,973CASH AND CASH EQUIVALENTSBeginning of period
    
    
    357,709
    
    
    
    
    
    
    
    End of period
    
    $
    2,111,326
    
    
    $
    2,111,326
    
    
    $
    157,973SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING &
FINANCING ACTIVITIESAccounts payable related to construction in progress
    
    $
    66,505
    
    
    $
    66,505
    
    
    $
    Loan fees related to short-term borrowings
    
    $
    17,572
    
    
    $
    17,572
    
    
    $
    
 See Notes to the unaudited Financial Statements.
  5




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HOMELAND ENERGY SOLUTIONS, LLC
  1.
    
    Nature of Business
  2.
    
    Summary of Significant Accounting Policies
    Fiscal Reporting Period
  Accounting Estimates
  Cash
   Investments
   6




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HOMELAND ENERGY SOLUTIONS, LLC
  Property and Plant
   Intangible Asset
  Cost of Raising Anticipated Capital
  Organizational and Start-up Costs
  Revenue Recognition
  Income Taxes
  Recently Issued Accounting Standards
   7




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HOMELAND ENERGY SOLUTIONS, LLC
  Grant Income
   3.
    
    Development Stage Enterprise
   4.
    
    Debt
  5.
    
    Members Equity
     8




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HOMELAND ENERGY SOLUTIONS, LLC
    6.
    
    Related Party Transactions
  7.
    
    Commitments and Contingencies
          9




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HOMELAND ENERGY SOLUTIONS, LLC
     8.
    
    Subsequent Events
    10




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Item 2. Managements Discussion and Analysis and Plan of Operations.
 Forward Looking Statements
  
    
    Investors ability to pay the outstanding balances on promissory notes after the closing of the offering;
    
    Our ability to obtain the debt financing necessary to construct and operate our plant;
    
    Our ability to enter into binding agreements with Fagen, Inc. and ICM, Inc. to build our plant;
    
    Our ability to enter into a binding agreement with a Design-Build Firm to build our coal gasification
energy center;
    
    Changes in our business strategy, capital improvements or development plans;
    
    Construction delays and technical difficulties in constructing the plant;
    
    Increases in the price of corn as the corn market becomes increasingly competitive;
    
    Our inelastic demand for corn, as it is the only available feedstock for our plant;
    
    Changes in the availability and price of coal and natural gas to power our plant;
    
    Changes in the environmental regulations that apply to our plant site and operations;
    
    Ability to secure all necessary licenses and permits;
    
    Changes in federal and/or state laws (including the elimination of any federal and/or state ethanol tax
incentives);
    
    Changes and advances in ethanol production technology; and
    
    Competition in the ethanol industry and from other alternative fuel additives.
   11




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Overview
       Plan of Operations for the Next 12 Months
   12




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Project Capitalization
  Seed Capital Offering
  Registered Offering
   
    
    commence construction of the plant using all or a part of the equity funds raised
while we seek another debt financing source if the board of directors in their
discretion determines that we could likely find another debt financing source;
 
    
    hold the equity funds raised indefinitely in an interest-bearing account while we
seek another debt financing source; or
 
    
    return the equity funds, if any, to investors with accrued interest, after
deducting the currently indeterminate expenses of operating our business or partially
constructing the plant before we return the funds.
   13




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Bridge Loan
  Tax Abatement under the High Quality Jobs Program
  (1)
    
    offer a pension or profit-sharing plan for all employees;(2)
    
    produce value-added goods or be in one of 11 targeted industries;(3)
    
    provide medical and dental insurance and pay 80% of the premiums; and(4)
    
    have active productivity and worker safety improvement programs.
  (1)
    
    a local property tax exemption of up to 100% of the value added to the property for a
period not to exceed 20 years;(2)
    
    a refund of state sales, service or use taxes paid to contractors or subcontractors
during construction; and(3)
    
    an investment tax credit equal to a percentage of the qualifying investment, amortized
over 5 years.
   14




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Site Development and Construction Activities
    Letter of Intent with Fagen, Inc.
      15




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Phase I and II Engineering Services Agreement with Fagen, Inc.
  
    
    Property Layout Drawings;
    
    Grading, Drainage and Erosion Control Plan Drawings;
    
    Culvert Cross Sections and Details;
    
    Roadway Alignment;
    
    Final Interior Plant Grading;
    
    Utility Layouts for Fire Loop, Potable Water, Well Water, Sanitary Sewer, Utility Water
Blowdown, and Natural Gas;
    
    Geometric Layout;
    
    Site Utility Piping Tables Drawing;
    
    Tank Farm layout and Details Drawings;
    
    Sections and Details Drawing (if required); and
    
    Miscellaneous Details Drawing (if required).
  Design Process Engineer: ICM, Inc.
  Coal Gasification Energy Center
     16




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Project Development Agreement with Burns & McDonnell
  nd th
 Permitting and Regulatory Activities
      17




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Environmental Permits to be in Place Prior to the Start of Significant Construction
 Construction, Operation and Title V Air Permits
     Construction Site Storm Water Discharge Permit
  Environmental Permits and Plans to be in Place Prior to the Start of Operations
 
    
    Waste Water Discharge Permit
 
    
    New Source Performance Standards
 
    
    Storm Water Discharge Permit and Storm Water Pollution Prevention Plan (SWPPP Permits)
 
    
    Spill Prevention, Control and Countermeasures Plan
 
    
    High Capacity Well Permit
  18




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
    
    Alcohol Fuel Producers Permit
 
    
    Risk Management Plan
 Nuisance
   Additional Environmental Issues for Coal Gasification
    Trends and Uncertainties Impacting the Ethanol Industry and our Future Operations
   19




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th
  20




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Technology Developments
  Trends and Uncertainties impacting the Corn, Coal and Natural Gas Markets and our Future Cost of
Goods Sold.
      21




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Operating Expenses
  Liquidity and Capital Resources
   ESTIMATED SOURCES OF FUNDS
  Maximum110,000
    
    
    Percent ofSources of Funds(1)
    
    Units Sold
    
    
    TotalUnit Proceeds
    
    $
    110,000,000
    
    
    
    46.12
    %Seed Capital Proceeds
    
    $
    1,325,000
    
    
    
    0.56
    %Senior Debt Financing
    
    $
    127,160,000
    
    
    
    53.32
    %Total Sources of Funds
    
    $
    238,485,000
    
    
    
    100.00
    %
  22




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If 94,069
    
    
    Percent ofSources of Funds(1) (2)
    
    Units Sold
    
    
    TotalUnit Proceeds
    
    $
    94,069,000
    
    
    
    39.44
    %Seed Capital Proceeds
    
    $
    1,325,000
    
    
    
    0.56
    %Senior Debt Financing
    
    $
    143,091,000
    
    
    
    60.00
    %Total Sources of Funds
    
    $
    238,485,000
    
    
    
    100.00
    %
 Minimum55,000
    
    
    Percent ofSources of Funds(1)
    
    Units Sold
    
    
    TotalUnit Proceeds
    
    $
    55,000,000
    
    
    
    23.06
    %Seed Capital Proceeds
    
    $
    1,325,000
    
    
    
    0.56
    %Senior Debt Financing
    
    $
    182,160,000
    
    
    
    76.38
    %Total Sources of Funds
    
    $
    238,485,000
    
    
    
    100.00
    %
 
 (1)
    
    We may receive federal and state grants. Additionally, we may receive bond financing.
If we receive grants or bond financing, we expect to reduce the amount of equity proceeds
or senior debt financing necessary for our capitalization by the same or similar amount.(2)
    
    We have used 94,069 units as a mid-point because based on our directors past
experience with similar projects, preliminary discussions with lenders and our independent
research regarding capitalization requirements for similar ethanol plants, financing our
project with 60% in senior debt financing and the balance in equity financing is a feasible
capitalization ratio.
 ESTIMATED USE OF PROCEEDS
   Percent ofUse of Proceeds
    
    Amount
    
    
    TotalPlant construction
    
    $
    109,706,788
    
    
    
    46.00
    %CCI contingency
    
    
    8,500,000
    
    
    
    3.56
    %Coal Gasification Energy Center
    
    
    64,500,000
    
    
    
    27.05
    %Land cost
    
    
    3,500,000
    
    
    
    1.47
    %Site development costs
    
    
    7,670,000
    
    
    
    3.22
    %Pipeline costs
    
    
    4,000,000
    
    
    
    1.68
    %Construction contingency
    
    
    2,013,212
    
    
    
    0.85
    %Construction performance bond
    
    
    400,000
    
    
    
    0.17
    %Construction insurance costs
    
    
    150,000
    
    
    
    0.06
    %Construction manager fees
    
    
    125,000
    
    
    
    0.05
    %Administrative building
    
    
    760,000
    
    
    
    0.32
    %Office equipment
    
    
    85,000
    
    
    
    0.03
    %Computers, Software, Network
    
    
    175,000
    
    
    
    0.07
    %Rail Infrastructure
    
    
    12,300,000
    
    
    
    5.16
    %Rolling stock
    
    
    500,000
    
    
    
    0.21
    %Fire Protection, water supply and
water treatment
    
    
    3,500,000
    
    
    
    1.47
    %Capitalized interest
    
    
    2,000,000
    
    
    
    0.84
    %
  23




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Start up costs:Financing costs
    
    
    2,750,000
    
    
    
    1.15
    %Organization costs(1)
    
    
    1,400,000
    
    
    
    0.59
    %Pre production period costs
    
    
    950,000
    
    
    
    0.40
    %Working capital
    
    
    7,000,000
    
    
    
    2.94
    %Inventory  corn
    
    
    2,000,000
    
    
    
    0.84
    %Inventory  chemicals and ingredients
    
    
    500,000
    
    
    
    0.21
    %Inventory  Ethanol
    
    
    2,500,000
    
    
    
    1.04
    %Inventory  DDGS
    
    
    500,000
    
    
    
    0.21
    %Inventory  Coal
    
    
    250,000
    
    
    
    0.10
    %Spare parts  process equipment
    
    
    750,000
    
    
    
    0.31
    %Total
    
    $
    238,485,000
    
    
    
    100.00
    %
 
 (1)
    
    Includes estimated offering expenses of $480,000.
 Plant Construction
 CCI Contingency.
 Coal Gasification Energy Center
 Land Cost
 Site Development
 Construction Contingency
 Construction Performance Bond and Insurance Costs
  24




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Administration Building, Furnishings, Office and Computer Equipment.
 Rail Infrastructure and Rolling Stock
 Fire Protection System, Water Supply and Water Treatment System.
 Capitalized Interest
 Financing Costs
 Organizational Costs
 Pre-Production Period Costs
 Inventory.
 Financial Results for the Fiscal Quarter Ended March 31, 2007 and the period from Inception through
March 31, 2007
   25




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Employees
   # Full-TimePosition
    
    PersonnelProduction Supervisors
    
    
    4Operating Workers
    
    
    12Compliance Officers
    
    
    3Maintenance/Repair Workers
    
    
    3Welders
    
    
    3Electrical/Electronic Engineering Technicians
    
    
    2Director of Lab Operations
    
    
    1Lab Assistant
    
    
    2Laborers
    
    
    10General Manager
    
    
    1Plant/Commodity Managers
    
    
    2Director of Finance and Accounting
    
    
    1Office Clerk
    
    
    1TOTAL
    
    
    45
  Off Balance Sheet Arrangements
  
 Item 3. Controls and Procedures
     26




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PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
      27




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Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
   28




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Item 6. Exhibits
  Exhibit No.
    
    Description
    
    Method of Filing10.14
    
    
    Phase I and II Engineering Services Agreement
dated December 5, 2006 between Homeland
Energy Solutions and Fagen, Inc.
    
    *+10.15
    
    
    Business Loan Agreement dated March 23, 2007
between Homeland Energy Solutions and Home
Federal Savings Bank
    
    *10.16
    
    
    Acknowledgement of Assignment of Deposit
Account dated March 23, 2007 between Homeland
Energy Solutions and Home Federal Savings
Bank
    
    *10.17
    
    
    Assignment of Deposit Account dated March 23,
2007 between Homeland Energy Solutions and
Home Federal Savings Bank
    
    *10.18
    
    
    Assignment of Rents dated March 23, 2007
between Homeland Energy Solutions and Home
Federal Savings Bank
    
    *10.19
    
    
    Disbursement Request and Authorization dated
March 23, 2007 between Homeland Energy
Solutions and Home Federal Savings Bank
    
    *10.20
    
    
    Limited Liability Company Resolution to
Borrow/Grant Collateral dated March 23, 2007
between Homeland Energy Solutions and Home
Federal Savings Bank
    
    *10.21
    
    
    Mortgage dated March 23, 2007 between
Homeland Energy Solutions and Home Federal
Savings Bank
    
    *10.22
    
    
    Promissory Note dated March 23, 2007 between
Homeland Energy Solutions and Home Federal
Savings Bank
    
    *10.23
    
    
    Change in Terms Agreement dated April 23,
2007 between Homeland Energy Solutions and
Home Federal Savings Bank
    
    *31.1
    
    
    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.(+)
    
    Material has been omitted pursuant to a request for confidential treatment and such materials
have been filed separately with the Securities and Exchange Commission.
  29




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SIGNATURES
  HOMELAND ENERGY SOLUTIONS, LLCDate: May 15, 2007
    /s/ Stephen EastmanStephen EastmanPresident (Principal Executive Officer)Date: May  15, 2007
    /s/ Bernard RetterathBernard RetterathTreasurer  (Principal Financial and Accounting Officer)  30




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EXHIBIT INDEX
 Exhibit No.
    
    Description
    
    Method of Filing10.14
    
    
    Phase I and II Engineering Services Agreement
dated December 5, 2006 between Homeland
Energy Solutions and Fagen, Inc.
    
    *+10.15
    
    
    Business Loan Agreement dated March 23, 2007
between Homeland Energy Solutions and Home
Federal Savings Bank
    
    *10.16
    
    
    Acknowledgement of Assignment of Deposit
Account dated March 23, 2007 between Homeland
Energy Solutions and Home Federal Savings
Bank
    
    *10.17
    
    
    Assignment of Deposit Account dated March 23,
2007 between Homeland Energy Solutions and
Home Federal Savings Bank
    
    *10.18
    
    
    Assignment of Rents dated March 23, 2007
between Homeland Energy Solutions and Home
Federal Savings Bank
    
    *10.19
    
    
    Disbursement Request and Authorization dated
March 23, 2007 between Homeland Energy
Solutions and Home Federal Savings Bank
    
    *10.20
    
    
    Limited Liability Company Resolution to
Borrow/Grant Collateral dated March 23, 2007
between Homeland Energy Solutions and Home
Federal Savings Bank
    
    *10.21
    
    
    Mortgage dated March 23, 2007 between
Homeland Energy Solutions and Home Federal
Savings Bank
    
    *10.22
    
    
    Promissory Note dated March 23, 2007 between
Homeland Energy Solutions and Home Federal
Savings Bank
    
    *10.23
    
    
    Change in Terms Agreement dated April 23,
2007 between Homeland Energy Solutions and
Home Federal Savings Bank
    
    *31.1
    
    
    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.(+)
    
    Material has been omitted pursuant to a request for confidential treatment and such materials
have been filed separately with the Securities and Exchange Commission.
  31