##### 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 March 31, 2008
 o
    
    Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 Commission file number 000-53202
 HOMELAND ENERGY SOLUTIONS, LLC
  Iowa
    
    20-3919356(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer Identification No.)
 106 W. Main Street 
Riceville, IA
(Address of principal executive offices)
    
    50466
(Zip Code)
 (641) 985-4025
 o þ
  Large accelerated filer
o
    
    Accelerated filer
o
    
    Non-accelerated filer o
    
    Smaller reporting company
þ(Do not check if a smaller reporting company)
 o þ




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##### 



INDEX
 PagePART I  FINANCIAL INFORMATION
    
    
    3Item 1. Financial Statements
    
    
    3Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    16Item 3. Quantitative and Qualitative Disclosures about Market Risks
    
    
    25Item 4. Controls and Procedures
    
    
    25PART II  OTHER INFORMATION
    
    
    26Item 1. Legal Proceedings
    
    
    26Item 1A. Risk Factors
    
    
    26Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    26Item 3. Defaults Upon Senior Securities
    
    
    27Item 4. Submission of Matters to a Vote of Security Holders
    
    
    27Item 5. Other Information
    
    
    27Item 6. Exhibits
    
    
    27SIGNATURES
    
    
    28Exhibit 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
(A Development Stage Company)
 Balance Sheets
March 31, 2008 and December 31, 2007
 3/31/2008
    
    
    12/31/2007Unaudited
    
    
    AuditedASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    36,801,014
    
    
    $
    64,986,226Attorney escrow account
    
    
    527
    
    
    
    527Prepaid expenses
    
    
    269,569
    
    
    
    277,746Total current assets
    
    
    37,071,110
    
    
    
    65,264,499PROPERTY AND EQUIPMENTLand
    
    
    3,556,482
    
    
    
    3,556,482Equipment
    
    
    23,816
    
    
    
    23,816Construction in progress
    
    
    60,584,116
    
    
    
    40,044,45664,164,414
    
    
    
    43,624,754Less accumulated depreciation
    
    
    5,038
    
    
    
    4,08964,159,376
    
    
    
    43,620,665OTHER ASSETSLoan fees, net of amortization 2008 $96,690; 2007 $52,459
    
    
    1,076,282
    
    
    
    1,120,513Other assets
    
    
    361,080
    
    
    
    423,6651,437,362
    
    
    
    1,544,178$
    102,667,848
    
    
    $
    110,429,342
   3




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Homeland Energy Solutions, LLC
(A Development Stage Company)
 Balance Sheets
March 31, 2008 and December 31, 2007
 3/31/2008
    
    
    12/31/2007Unaudited
    
    
    AuditedLIABILITIES AND MEMBERS EQUITYCURRENT LIABILITIESAccounts payable
    
    $
    4,848,540
    
    
    $
    6,978,172Accounts payable, related parties
    
    
    
    
    
    
    66,400Retainage payable
    
    
    5,564,647
    
    
    
    3,592,124Rejected subscriptions payable
    
    
    
    
    
    
    7,500,000Accrued interest related to rejected subscriptions
    
    
    
    
    
    
    217,164Property tax payable
    
    
    5,836
    
    
    
    5,836Payroll tax payable
    
    
    2,458
    
    
    
    2,458Current portion of long term liabilities
    
    
    15,000
    
    
    
    15,000Total current liabilities
    
    
    10,436,481
    
    
    
    18,377,154COMMITMENTS AND CONTINGENCIES (NOTE 6)LONG-TERM DEBT, less current maturities
    
    
    185,000
    
    
    
    185,000MEMBERS EQUITYCapital units, less syndication costs
    
    
    89,572,744
    
    
    
    89,558,501Equity accumulated during development stage
    
    
    2,473,623
    
    
    
    2,308,68792,046,367
    
    
    
    91,867,188$
    102,667,848
    
    
    $
    110,429,342
   4




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Homeland Energy Solutions, LLC
(A Development Stage Company)
 Statements of Operations
 Period FromThree Months
    
    
    Three Months
    
    
    InceptionEnded
    
    
    Ended
    
    
    (12/7/2005) to3/31/2008
    
    
    3/31/2007
    
    
    3/31/2008Unaudited
    
    
    Unaudited
    
    
    UnauditedOPERATING REVENUE
    
    $
    
    
    
    $
    
    
    
    $
    OPERATING EXPENSESProfessional expenses
    
    
    143,955
    
    
    
    51,162
    
    
    
    511,705Engineering & design
    
    
    
    
    
    
    
    
    
    
    18,652Feasibility studies
    
    
    
    
    
    
    
    
    
    
    84,750Filings fees/permits
    
    
    9,192
    
    
    
    1,158
    
    
    
    32,267Land options
    
    
    
    
    
    
    
    
    
    
    1,650Insurance
    
    
    
    
    
    
    4,619
    
    
    
    23,297Office expense
    
    
    2,218
    
    
    
    3,169
    
    
    
    17,182Depreciation
    
    
    949
    
    
    
    949
    
    
    
    5,038Amortization
    
    
    
    
    
    
    390
    
    
    
    390Rent
    
    
    1,414
    
    
    
    1,200
    
    
    
    5,639Utilities
    
    
    2,036
    
    
    
    3,171
    
    
    
    8,566Wages
    
    
    7,881
    
    
    
    
    
    
    
    7,881Payroll taxes
    
    
    267
    
    
    
    
    
    
    
    267Property tax
    
    
    
    
    
    
    
    
    
    
    341Miscellaneous expense
    
    
    12,366
    
    
    
    820
    
    
    
    16,023Total operating expenses
    
    
    180,278
    
    
    
    66,638
    
    
    
    733,648OTHER INCOMEInterest income
    
    
    359,457
    
    
    
    11,327
    
    
    
    3,179,598Crop income
    
    
    
    
    
    
    
    
    
    
    2,673Grant income
    
    
    
    
    
    
    14,125
    
    
    
    25,000359,457
    
    
    
    25,452
    
    
    
    3,207,271Net income (loss)
    
    $
    179,179
    
    
    $
    (41,186
    )
    
    $
    2,473,623Income (loss) per unit
    
    $
    1.96
    
    
    $
    (14.45
    )Weighted average of units outstanding
    
    
    91,445
    
    
    
    2,850
   5




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Homeland Energy Solutions, LLC
(A Development Stage Company)
 Statement of Members Equity
For the Period from December 7, 2005 (Date of Inception)
to March 31, 2008
 UnauditedBalance, December 7, 2005
    
    $
    Capital contributions for 600 units at $333.33 per unit
    
    
    200,000Capital contributions for 2,250 units at $500 per unit
    
    
    1,125,000Syndication and offering costs
    
    
    (19,107
    )Net (loss) from inception to December 31, 2006
    
    
    (143,796
    )Balance, December 31, 2006
    
    
    1,162,097Capital contributions for 88,595 units at $1,000 per unit
    
    
    88,595,000Syndication and offering costs
    
    
    (328,149
    )Net income for the year ended December 31, 2007
    
    
    2,438,240Balance, December 31, 2007
    
    
    91,867,188Net income for the quarter ended March 31, 2008
    
    
    179,179Balance, March 31, 2008
    
    $
    92,046,367
   6




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Homeland Energy Solutions, LLC
(A Development Stage Company)
 Statements of Cash Flows
 Period FromThree Months
    
    
    Three Months
    
    
    InceptionEnded
    
    
    Ended
    
    
    (12/7/2005) to3/31/2008
    
    
    3/31/2007
    
    
    3/31/2008Unaudited
    
    
    Unaudited
    
    
    UnauditedCASH FLOWS FROM OPERATING ACTIVITIESNet income (loss)
    
    $
    179,179
    
    
    $
    (41,186
    )
    
    $
    2,473,623Adjustments to reconcile net income to net cash
(used in) operating activities:Depreciation and amortization
    
    
    949
    
    
    
    1,339
    
    
    
    5,428Write off land options
    
    
    
    
    
    
    
    
    
    
    1,650Change in working capital components:(Increase) decrease in other current assets
    
    
    
    
    
    
    (3,710
    )
    
    
    (278,273
    )Increase (decrease) in accounts payable
    
    
    (77,572
    )
    
    
    (79,308
    )
    
    
    109,975Increase (decrease) in other current liabilities
    
    
    (217,164
    )
    
    
    6,449
    
    
    
    8,294Net cash provided by (used in) operating
activities
    
    
    (114,608
    )
    
    
    (116,416
    )
    
    
    2,320,697CASH FLOWS FROM INVESTING ACTIVITIESProceeds from maturity of certificate of deposit
    
    
    
    
    
    
    
    
    
    
    1,214,488Purchase of certificate of deposit
    
    
    
    
    
    
    
    
    
    
    (1,214,488
    )Payments for construction in progress
    
    
    (20,570,604
    )
    
    
    (123,854
    )
    
    
    (50,217,356
    )Purchase of equipment
    
    
    
    
    
    
    
    
    
    
    (23,816
    )Purchase of land
    
    
    
    
    
    
    (1,483,126
    )
    
    
    (3,554,519
    )Payments for other assets
    
    
    
    
    
    
    
    
    
    
    (393,891
    )Purchase of land options
    
    
    
    
    
    
    (11,163
    )
    
    
    (33,387
    )Net cash (used in) investing activities
    
    
    (20,570,604
    )
    
    
    (1,618,143
    )
    
    
    (54,222,969
    )CASH FLOWS FROM FINANCING ACTIVITIESProceeds from short-term borrowing
    
    
    
    
    
    
    3,500,000
    
    
    
    4,883,540Payments on short-term borrowing
    
    
    
    
    
    
    
    
    
    
    (4,883,540
    )Proceeds from long-term borrowing
    
    
    
    
    
    
    
    
    
    
    200,000Payments for origination fees on long-term borrowing
    
    
    
    
    
    
    
    
    
    
    (1,150,000
    )Payments for offering costs
    
    
    
    
    
    
    (11,824
    )
    
    
    (247,607
    )Contributed capital
    
    
    
    
    
    
    
    
    
    
    89,920,000Proceeds from rejected subscription funds
    
    
    
    
    
    
    
    
    
    
    7,500,000Payments for
rejected subscriptions
    
    
    (7,500,000
    )
    
    
    
    
    
    
    (7,500,000
    )Payments for syndication costs on capital units issued
    
    
    
    
    
    
    
    
    
    
    (19,107
    )Net cash provided by (used in) financing
activities
    
    
    (7,500,000
    )
    
    
    3,488,176
    
    
    
    88,703,286Net increase (decrease) in cash
    
    
    (28,185,212
    )
    
    
    1,753,617
    
    
    
    36,801,014CASH AND CASH EQUIVALENTSBeginning
    
    
    64,986,226
    
    
    
    357,709
    
    
    
    Ending
    
    $
    36,801,014
    
    
    
    2,111,326
    
    
    
    36,801,014SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION, cash payments for interest
    
    
    217,164
    
    
    
    
    
    
    
    427,586SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND
FINANCIING ACTIVITIESAccounts payable related to construction in progress
    
    
    4,698,525
    
    
    
    66,505
    
    
    
    4,698,525Retainage payable related to construction in progress
    
    
    5,564,647
    
    
    
    
    
    
    
    5,564,647Interest capitalized
    
    
    
    
    
    
    
    
    
    
    210,422Insurance costs capitalized
    
    
    70,762
    
    
    
    
    
    
    
    120,357Loan fee amortization capitalized
    
    
    44,231
    
    
    
    
    
    
    
    96,300Loan fees related to short-term borrowings
    
    
    
    
    
    
    17,572
    
    
    
    
   7




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HOMELAND ENERGY SOLUTIONS, LLC
  Note 1. Nature of Business and Significant Accounting Policies
 Nature of business
 Significant accounting policies
    Fiscal Reporting Period:
 Accounting Estimates
 Cash and Cash Equivalents
  Property and Plant
  Intangible Asset
 Cost of Raising Capital
  8




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HOMELAND ENERGY SOLUTIONS, LLC
  Organizational and Start-up Costs
 Revenue Recognition
 Fair Value
 Grant Income
  Income Taxes
 Recently Issued Accounting Standards Effective Date of FASB Statement
No. 157
    9




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HOMELAND ENERGY SOLUTIONS, LLC
   Note 2. Development Stage Company
   Note 3. Debt
 Master Loan Agreement with Home Federal Savings Bank
  Construction Loan
  Conversion to Term Loan and Term Revolving Loan
   10




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HOMELAND ENERGY SOLUTIONS, LLC
    Revolving Line of Credit Loan
  Security Interests and Mortgages
   11




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HOMELAND ENERGY SOLUTIONS, LLC
      Year ending March 31,2009
    
    $
    15,0002010
    
    
    20,0002011
    
    
    20,0002012
    
    
    20,0002013
    
    
    20,000Thereafter
    
    
    5,000$
    100,000
 Note 4. Members Equity
     12




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HOMELAND ENERGY SOLUTIONS, LLC
  Note 5. Related Party Transactions
   Note 6. Commitments and Contingencies
   Coal to Fuel Gas Conversion Agreement between Homeland Energy Solutions, LLC and Homeland
Gasification, LLC, a joint venture of Homeland Energy Solutions, LLC and Econo Power International
Corporation
    13




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HOMELAND ENERGY SOLUTIONS, LLC
            14




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HOMELAND ENERGY SOLUTIONS, LLC
         15




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations.   Cautionary Statements Regarding Forward-Looking Statements
   
    
    Changes in our business strategy, capital improvements or development plans;
 
    
    Increases in construction costs or delays or difficulties in the construction of the
plant, resulting in a delay of start-up of plant operations;
 
    
    Changes in the availability and price of corn;
 
    
    Our inelastic demand for corn, as it is the only available feedstock for our plant;
 
    
    Lack of transport, storage and blending infrastructure preventing ethanol from
reaching available markets;
 
    
    Fluctuation in U.S. petroleum prices and corresponding oil consumption;
 
    
    Ethanol supply exceeding demand and corresponding ethanol price reductions;
 
    
    Changes in the environmental regulations or in our ability to comply with the
environmental regulations that apply to our plant site and our anticipated operations;
 
    
    Changes in general economic conditions or the occurrence of certain events causing
an economic impact in the agriculture or automobile industries;
 
    
    Changes in the availability and price of natural gas, corn, and/or coal and the
market for distillers grains;
 
    
    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;
 
    
    Additional ethanol plants or expansions of ethanol plants existing or being
constructed in close proximity to our ethanol facility in north eastern Iowa;
 
    
    Competition from alternative fuel additives; and
 
    
    Our ability to hire management personnel, as well as administrative and operational
personnel.
  Available Information
 www.homelandenergysolutions.com
  16




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Overview
      Plan of Operations for the Next 12 Months
   Site Development and Construction Activities
   17




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Employees
   18




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Permitting and Regulatory Activities
  Environmental Permits Obtained as of the Date of this Report
 
    
    Construction Air Permit
 
    
    Construction Site Storm Water Discharge Permit
 Environmental Permits and Plans yet to be Obtained or Developed that must be in Place Prior to
the Start of Operations
 
    
    Title V Operating Air Permit
 
    
    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
 
    
    Alcohol Fuel Producers Permit
 
    
    Risk Management Plan
 Plan of Operations Regarding Coal Gasification
     19




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Results of Operations for the Three Months Ended March 31, 2008
  Trends and Uncertainties Impacting our Future Operations
       20




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Trends and Uncertainties Impacting the Corn and Natural Gas Markets and Our Future Cost of Goods
Sold
  Liquidity and Capital Resources
  Financial Results for our Fiscal Quarter Ended March 31, 2008
   21




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Estimated Sources of Funds
   Sources of Funds
    
    
    
    
    
    PercentSeed Capital Proceeds (1)
    
    $
    1,325,000
    
    
    
    0.71
    %Registered Unit Proceeds (2)
    
    $
    88,595,000
    
    
    
    47.35
    %Senior Debt Financing (3)
    
    $
    94,000,000
    
    
    
    50.24
    %Interest on Registered Unit Proceeds (4)
    
    $
    3,180,000
    
    
    
    1.70
    %Total Sources of Funds (5)
    
    $
    187,100,000
    
    
    
    100.00
    %
 (1)
    
    We have issued a total of 2,850 units to our founders and seed capital investors in previous
private placement offerings in exchange for proceeds of $1,325,000.(2)
    
    As of the close of our registered offering on November 30, 2007, we issued 88,595 membership
units in exchange for proceeds of $88,595,000.(3)
    
    We have entered into a definitive agreement with Home Federal Savings Bank for a Construction
Loan of up to $94,000,000 (of which $20,000,000 may be converted into a Term Revolving Loan upon
start-up of operations). In addition, we will have available to us a Revolving Line of Credit Loan
in an amount not to exceed $6,000,000, which will be available upon start-up of operations.(4)
    
    As of March 31, 2008, we had earned approximately $3,180,000 in interest on escrow account
prior to and the money market account after, the release of our unit proceeds from escrow.(5)
    
    Our total sources of funds is expected to be sufficient to cover our estimated project cost of
$173,860,000 as well as to cover the $10,000,000 debt service reserve that we are required to
maintain under our senior debt financing with Home Federal Savings Bank. Estimated Use of Proceeds
   22




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Percent ofUse of Proceeds
    
    Amount
    
    
    TotalPlant construction(1)
    
    $
    120,812,000
    
    
    
    69.15
    %Land cost
    
    
    3,500,000
    
    
    
    2.01
    %Site development costs
    
    
    5,670,000
    
    
    
    3.26
    %Pipeline costs
    
    
    4,000,000
    
    
    
    2.30
    %Construction contingency(2)
    
    
    1,633,000
    
    
    
    1.28
    %Construction insurance costs
    
    
    380,000
    
    
    
    0.22
    %Construction manager fees
    
    
    125,000
    
    
    
    0.07
    %Administrative building
    
    
    1,020,000
    
    
    
    0.59
    %Office equipment
    
    
    85,000
    
    
    
    0.04
    %Computers, Software, Network
    
    
    175,000
    
    
    
    0.10
    %Rail Infrastructure
    
    
    11,000,000
    
    
    
    6.33
    %Rolling stock
    
    
    500,000
    
    
    
    0.29
    %Fire Protection, water supply and
water treatment
    
    
    3,500,000
    
    
    
    2.01
    %Capitalized interest
    
    
    4,000,000
    
    
    
    2.30
    %Start up costs:Financing costs
    
    
    1,200,000
    
    
    
    0.69
    %Organization costs (3)
    
    
    1,400,000
    
    
    
    0.80
    %Pre production period costs
    
    
    950,000
    
    
    
    0.56
    %Working capital
    
    
    7,000,000
    
    
    
    4.03
    %Inventory  corn
    
    
    2,660,000
    
    
    
    1.53
    %Inventory  chemicals and ingredients
    
    
    500,000
    
    
    
    0.29
    %Inventory  Ethanol
    
    
    2,500,000
    
    
    
    1.43
    %Inventory  DDGS
    
    
    500,000
    
    
    
    0.29
    %Spare parts  process equipment
    
    
    750,000
    
    
    
    0.43
    %Total
    
    $
    173,860,000
    
    
    
    100.00
    %
 (1)
    
    On March 26, 2008, we entered into a change order with our design-builder, Fagen, Inc., for
additional work, design and materials required to provide and install larger heat recovery steam
generator units, resulting in an increase in plant construction costs of approximately $587,000.(2)
    
    The construction contingency has been reduced by a corresponding $587,000 from prior budget
disclosures to account for the increase in the contract price with Fagen, Inc. as described in note
1 above.(3)
    
    Includes estimated offering expenses of $347,000. Short-Term and Long-Term Debt Sources
    23




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Grants and Government Programs
   
    
    Refund of the sales, service and use taxes paid to contractors and subcontractors
during the construction phase of the plant (estimated at $4,289,600);
 
    
    Investment tax credit up to $10,000,000 for qualifying expenditures directly related
to new jobs created by the plant; and
 
    
    Local value-added property tax exemption for all or a portion of the value added by
improvements to real property directly related to new jobs created by the plant
(estimated at $10,350,000).
  24




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Grants and Government Programs for Coal Gasification
   Critical Accounting Estimates
  Off-Balance Sheet Arrangements
  
 Item 3.
Quantitative and Qualitative Disclosures about Market Risks.
  
 Item 4. Controls and Procedures.
    25




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PART
II  OTHER INFORMATION
 
 Item 1. Legal Proceedings.
  
 Item 1A. Risk Factors.
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
  Amount
    
    Aggregate price of the
    
    
    
    
    
    
    Aggregate price of theRegistered
    

amount registered
    
    
    Amount Sold
    
    
    amount sold110,000
    
    $
    110,000,000
    
    
    
    88,595
    
    
    $
    88,595,000
  26




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approximate
 Plant Construction(1)
    
    $
    44,870,000Financing Costs(2)
    
    $
    1,173,000Real Estate Purchases and Land Improvements(3)
    
    $
    8,000,000Repayment of Indebtedness(4)
    
    $
    4,900,000Other Expenses(5)
    
    $
    545,000Total
    
    $
    59,488,000
 (1)
    
    This includes approximate expenses incurred as of March 31, 2008 for plant
construction, road construction and other miscellaneous equipment and construction costs.(2)
    
    We incurred approximately $1,173,000 in bank origination/loan fees for our senior debt
financing and bridge loan.(3)
    
    We have paid approximately $3,500,000 to purchase the land for our plant site and
approximately $4,500,000 to improve the land as of March 31, 2008.(4)
    
    We incurred approximately $4,900,000 for the repayment of our bridge loan.(5)
    
    This includes payments to director Pat Boyle under his Project Development Agreement,
as well as our employee, Deanna Eastman, and our Construction Manager, Mark W. Zeuhlke.  
 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.
    
    Description31.1
    
    
    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.
  27




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##### Table of Contents



SIGNATURES
  HOMELAND ENERGY SOLUTIONS, LLCMay 15, 2008
    /s/ Stephen K. EastmanStephen K. Eastman, Principal Executive OfficerMay 15, 2008
    /s/ Bernard RetterathBernard Retterath, Principal Financial Officer  28




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##### Table of Contents



EXHIBIT INDEX
 Exhibit No.
    
    Description31.1
    
    
    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.
  29