FORM 10-QSB

                    U.S. SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549
                            ______________________

               Quarterly Report Under Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

                 For the Quarterly Period Ended March 31, 2000

                      Commission File Number 33-55254-41

                                BIOETHICS, LTD.
            (Exact name of registrant as specified in its charter)


            Nevada                          87-0485312
(State or other jurisdiction of    (IRS Employer Identification
incorporation or organization)                 No.)


               8092 South Juniper Court, South Weber, Utah 84405
                   (Address of principal executive offices)
                                  (Zip Code)

                                (801) 476-8110
             (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

                               X Yes       No

     State the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

             Class                Outstanding as of May 6, 2000
         Common Stock                       11,000,000



<PAGE>

                        PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.












                                BIOETHICS, LTD.
                         [A Development Stage Company]

                   UNAUDITED CONDENSED FINANCIAL STATEMENTS

                                MARCH 31, 2000



























                                      2
<PAGE>

                                BIOETHICS, LTD.
                         [A Development Stage Company]




                                   CONTENTS

                                                                PAGE

             Accountants' Review Report                            4


             Unaudited Condensed Balance Sheets, March 31,
              2000 and December 31, 1999                           5


             Unaudited Condensed Statements of Operations,
              for the three months ended March 31, 2000 and
              1999 and for the period from inception on July 26,
              1990 through March 31, 2000                           6

             Unaudited Condensed Statements of Cash Flows,
              for the three months ended March 31, 2000 and
              1999 and for the period from inception on July 26,
              1990 through March 31, 2000                           7


              Notes to Unaudited Condensed Financial Statements   8 - 10











                                          3
<PAGE>
                          ACCOUNTANTS' REVIEW REPORT



Board of Directors
BIOETHICS, LTD.
South Weber, Utah

We  have reviewed the accompanying condensed balance sheet of Bioethics,  LTD.
(A  Development Stage Company) as of March 31, 2000, and the related condensed
statements of operations and cash flows for the three months ended  March  31,
2000  and  1999,  and for the period from inception on July 26,  1990  through
March 31, 2000. All information included in these financial statements is  the
representation of the management of Bioethics, LTD..

We  conducted  our  review  in accordance with standards  established  by  the
American  Institute  of  Certified  Public  Accountants.   A  review  consists
principally  of  inquiries  of  Company personnel  and  analytical  procedures
applied to financial data.  It is substantially less in scope than an audit in
accordance with generally accepted auditing standards, the objective of  which
is the expression of an opinion regarding the financial statements taken as  a
whole.  Accordingly, we do not express such an opinion.

Based  on  our  review,  we are not aware of any material  modifications  that
should be made to the condensed financial statements reviewed by us, in  order
for them to be in conformity with generally accepted accounting principles.


/S/Pritchett, Siler & Hardy, P.C.

PRITCHETT, SILER & HARDY, P.C.

April 27, 2000
Salt Lake City, Utah
                                       4
<PAGE>

                                BIOETHICS, LTD.
                         [A Development Stage Company]

                           CONDENSED BALANCE SHEETS

                 [Unaudited - See Accountants' Review Report}

                                    ASSETS


                                          March 31,   December 31,
                                             2000         1999
                                         ___________  ___________
CURRENT ASSETS:
  Cash in bank                            $   27,777   $   29,804
                                         ___________  ___________
        Total Current Assets                  27,777       29,804
                                         ___________  ___________
                                          $   27,777   $   29,804
                                         ___________  ___________


                     LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES:
  Accounts payable                        $    1,760   $      670
                                         ___________  ___________
        Total Current Liabilities              1,760          670
                                         ___________  ___________

STOCKHOLDERS' EQUITY:
  Preferred stock, $.001 par value,
   5,000,000 shares authorized,
   0 shares issued and outstanding                 -            -
  Common stock, $.001 par value,
   20,000,000 shares authorized,
   11,000,000 shares issued and
   outstanding                                11,000       11,000
  Capital in excess of par value              30,000       30,000
  Deficit accumulated during the
   development stage                         (14,983)     (11,866)
                                         ___________  ___________
        Total Stockholders' Equity            26,017       29,134
                                         ___________  ___________
                                          $   27,777   $   29,804
                                         ___________  ___________




Note: The Balance Sheet as of December 31, 1999, was taken from the audited
 financial statements at that date and condensed.

   The accompanying notes are an integral part of these unaudited condensed
    financial statements.

                                         5
<PAGE>

                                BIOETHICS, LTD.
                         [A Development Stage Company]


                      CONDENSED STATEMENTS OF OPERATIONS

                 [Unaudited - See Accountants' Review Report]


                                       For the Three  From Inception
                                        Months Ended   on July 26,
                                         March 31,     1990 Through
                                   ____________________ March 31,
                                       2000      1999      2000
                                   __________  ________  ________

REVENUE                             $       -  $      -  $      -

EXPENSES:
  General and Administrative          (3,117)   (2,292)  (14,983)
                                   __________  ________  ________

LOSS BEFORE INCOME TAXES              (3,117)   (2,292)  (14,983)

CURRENT TAX EXPENSE                         -         -         -

DEFERRED TAX EXPENSE                        -         -         -
                                   __________  ________  ________

NET LOSS                            $ (3,117)  $(2,292)  $(14,983)
                                   __________  ________  ________

LOSS PER COMMON SHARE               $   (.00)  $  (.00)  $  (.01)
                                   __________  ________  ________



















   The accompanying notes are an integral part of these unaudited condensed
    financial statements.

                                          6
<PAGE>
                                BIOETHICS, LTD.
                         [A Development Stage Company]

                      CONDENSED STATEMENTS OF CASH FLOWS

                 [Unaudited - See Accountants' Review Report]

                                       For the Three   From Inception
                                        Months Ended    on July 26,
                                         March 31,      1990 Through
                                   ____________________  March 31,
                                       2000      1999      2000
                                   __________  ________  ________
Cash Flows From Operating
  Activities:
 Net loss                          $   (3,117) $ (2,292) $(14,983)
 Adjustments to reconcile net
  loss to net cash used by
  operating activities:
  Changes is assets and liabilities:
   Increase in accounts payable         1,090     1,326     1,760
                                    __________  ________  ________
     Net Cash (Used) by
       Operating Activities            (2,027)     (966)  (13,223)
                                    __________  ________  ________
Cash Flows From Investing
  Activities                                -         -         -
                                    __________  ________  ________
  Net Cash Provided by Investing
    Activities                              -         -         -
                                    __________  ________  ________
Cash Flows From Financing
  Activities:
 Proceeds from issuance of common
  stock                                     -         -    41,000
                                    __________  ________  ________
     Net Cash Provided by Financing
       Activities                           -         -    41,000
                                    __________  ________  ________
Net Increase (Decrease)  in Cash      (2,027)     (966)    27,777

Cash at Beginning of Period            29,804    35,564         -
                                    __________  ________  ________
Cash at End of Period                $ 27,777  $ 34,598  $ 27,777
                                    __________  ________  ________

Supplemental Disclosures of Cash Flow Information:

 Cash paid during the period for:
   Interest                          $      -  $      -  $      -
   Income taxes                      $      -  $      -  $      -

Supplemental Schedule of Noncash Investing and Financing Activities:
 For the periods ended March 31, 2000 and 1999
     None





 The accompanying notes are an integral part of these financial statements.

                                         7
<PAGE>
                                BIOETHICS, LTD.
                         [A Development Stage Company]

               NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization - Bioethics, Ltd. (the Company) was organized under the  laws  of
  the  State  of  Nevada on July 26, 1990.  The Company has  not  yet  generated
  significant revenues from its planned principal operations and is considered a
  development stage company as defined in SFAS No. 7.  The Company was organized
  to  provide  a  vehicle for participating in potentially  profitable  business
  ventures which may become available through the personal contacts of,  and  at
  the complete discretion of, the Company's officers and directors.  The Company
  has, at the present time, not paid any dividends and any dividends that may be
  paid  in the future will depend upon the financial requirements of the Company
  and other relevant factors.

  Condensed  Financial Statements - The accompanying financial  statements  have
  been prepared by the Company without audit.  In the opinion of management, all
  adjustments  (which  include only normal recurring adjustments)  necessary  to
  present fairly the financial position, results of operations and cash flows at
  March 31, 2000 and 1999 and for the periods then ended have been made.

  Certain  information and footnote disclosures normally included  in  financial
  statements   prepared   in  accordance  with  generally  accepted   accounting
  principles  have  been  condensed or omitted.   It  is  suggested  that  these
  condensed  financial  statements  be read in conjunction  with  the  financial
  statements  and  notes  thereto included in the Company's  December  31,  1999
  audited financial statements.  the results of operations for the periods ended
  March 31, 2000 are not necessarily indicative of the operating results for the
  full year.

  Loss  Per  Share - The computation of loss per share is based on the  weighted
  average number of shares outstanding during the period presented in accordance
  with  statement of Financial Standard No. 128, "Earnings Per Share" [See  Note
  6].

  Cash  and Cash Equivalents - For purposes of the statement of cash flows,  the
  Company considers all highly liquid debt investments purchased with a maturity
  of three months or less to be cash equivalents.

  Accounting  Estimates - The preparation of financial statements in  conformity
  with  generally  accepted accounting principles requires  management  to  make
  estimates  and  assumptions that affect the reported  amounts  of  assets  and
  liabilities, the disclosures of contingent assets and liabilities at the  date
  of  the financial statements, and the reported amount of revenues and expenses
  during the reported period.  Actual results could differ from those estimated.

  Recently  Enacted  Accounting Standards - Statement  of  Financial  Accounting
  Standards  (SFAS)  No. 132, "Employer's Disclosure about  Pensions  and  Other
  Postretirement Benefits", SFAS No. 133, "Accounting for Derivative Instruments
  and  Hedging  Activities",  SFAS  No.  134,  "Accounting  for  Mortgage-Backed
  Securities.", SFAS No. 135 "Rescission of FASB Statement No. 75 and  Technical
  Corrections",  SFAS  No.  136,  "Transfers of  Assets  to  a  not  for  profit
  organization  or  charitable  trust that raises  or  holds  contributions  for
  others,  "  and  SFAS  No.  137, " Accounting for Derivative  Instruments  and
  Hedging Activities - deferral of the effective date of FASB Statement No.  133
  (an  amendment  of FASB Statement No. 133)," were recently issued.   SFAS  No.
  132,  133, 134, 135, 136, and 137 have no current applicability to the Company
  or their effect on the financial statements would not have been significant.

                                         8
<PAGE>
                                BIOETHICS, LTD.
                         [A Development Stage Company]

               NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 2 - COMMON STOCK

  During  July  1990,  in connection with its organization, the  Company  issued
  1,000,000  shares  of  its previously authorized, but unissued  common  stock.
  Total proceeds from the sale of stock amounted to $1,000 (or $.001 per share).

  During  May  1998,  the  Company issued 10,000,000 shares  of  its  previously
  authorized, but unissued common stock.  Total proceeds from the sale of  stock
  amounted  to  $40,000  (or  $.004 per share).  The issuance  of  common  stock
  resulted in a change in control of the Company [See Note 5].

NOTE 3 - INCOME TAXES

  The  Company  accounts  for  income  taxes in  accordance  with  Statement  of
  Financial  Accounting Standards No. 109 "Accounting for Income  Taxes".   FASB
  109  requires the Company to provide a net deferred tax asset/liability  equal
  to  the expected future tax benefit/expense of temporary reporting differences
  between  book and tax accounting methods and any available operating  loss  or
  tax credit carryforwards.  At March 31, 2000, the Company has available unused
  operating  loss  carryforwards of approximately $8,500, which may  be  applied
  against future taxable income and which expire in 2005 through 2020.

  The amount of and ultimate realization of the benefits from the operating loss
  carryforwards for income tax purposes is dependent, in part, upon the tax laws
  in  effect,  the future earnings of the Company, and other future events,  the
  effects of which cannot be determined.  Because of the uncertainty surrounding
  the  realization  of  the  loss carryforwards the Company  has  established  a
  valuation  allowance  equal to the tax effect of the loss  carryforwards  and,
  therefore,   no  deferred  tax  asset  has  been  recognized  for   the   loss
  carryforwards.   The net deferred tax assets are approximately  $4,900  as  of
  March  31, 2000, with an offsetting valuation allowance at each period end  of
  the  same  amount  resulting  in  a  change  in  the  valuation  allowance  of
  approximately $1,100 during the three months ended March 31, 2000.

NOTE 4 - RELATED PARTY TRANSACTIONS

  Management  Compensation - The Company has not paid any  compensation  to  its
  officers and directors.

  Office  Space  -  The  Company has not had a need to rent  office  space.   An
  officer/shareholder of the Company is allowing the Company to use his home  as
  a mailing address, as needed, at no expense to the Company.

NOTE 5 - CHANGES IN CONTROL

  During  May  1998, the Company raised $40,000 through the sale  of  10,000,000
  shares  of  common stock.   The shares sold represent approximately ninety-one
  percent  (91%)  of  the  outstanding shares of common  stock  of  the  Company
  resulting in a change in control of the Company.  The proceeds from the  stock
  sale  will be used to pay for legal and accounting fees and for management  to
  search for possible business opportunities.  The former officers and directors
  of  the  Company resigned and an individual holding approximately 23%  of  the
  outstanding  common stock was appointed as the sole member  of  the  Board  of
  Directors  of  the Company and as the new President, Chief Executive  Officer,
  Chief Financial Officer, and Secretary/Treasurer of the Company.


                                          9
<PAGE>
                                BIOETHICS, LTD.
                         [A Development Stage Company]

               NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 6 - EARNINGS (LOSS) PER SHARE

  The  following data show the amounts used in computing income (loss) per share
  and the effect on income and the weighted average number of shares of dilutive
  potential common stock for the periods presented:

                                        For the Three        From Inception
                                         Months Ended          on July 26,
                                          March 31,            1990 Through
                                    _____________________      March 31,
                                      2000         1999          2000
                                   _________      ________     _________
    Income (loss) available to
      common stockholders used
      in income (loss) per share
      (Numerator)                    $(3,117)      $(2,292)     $(14,983)
                                    _________      ________      ________
    Weighted average number of
      common shares outstanding
      used in earnings per share
      during the period
      (Denominator)                11,000,000     11,000,000    2,979,638
                                  ____________    ___________   __________

  Dilutive  earnings per share was not presented, as the Company had  no  common
  equivalent  shares for all periods presented that would effect the computation
  of diluted earnings (loss) per share.

                                          10
<PAGE>
Item 2.  Management's Discussion and Analysis or Plan of Operation.

     The following discussion and analysis provides information which
management believes is relevant to an assessment and understanding of the
Company's consolidated results of operations and financial condition. The
discussion should be read in conjunction with the consolidated financial
statements and notes thereto.

Plan of Operation

     The Company has no business operations, and very limited assets or
capital resources. The Company's business plan is to seek one or more
potential business ventures that, in the opinion of management, may warrant
involvement by the Company. The Company recognizes that because of its limited
financial, managerial and other resources, the type of suitable potential
business ventures which may be available to it will be extremely limited. The
Company's principal business objective will be to seek long-term growth
potential in the business venture in which it participates rather than to seek
immediate, short-term earnings. In seeking to attain the Company's business
objective, it will not restrict its search to any particular business or
industry, but may participate in business ventures of essentially any kind or
nature. It is emphasized that the business objectives discussed are extremely
general and are not intended to be restrictive upon the discretion of
management.

     The Company will not restrict its search for any specific kind of firms,
but may participate in a venture in its preliminary or development stage, may
participate in a business that is already in operation or in a business in
various stages of its corporate existence. It is impossible to predict at this
stage the status of any venture in which the Company may participate, in that
the venture may need additional capital, may merely desire to have its shares
publicly traded, or may seek other perceived advantages which the Company may
offer. In some instances, the business endeavors may involve the acquisition
of or merger with a corporation which does not need substantial additional
cash but which desires to establish a public trading market for its common
stock.

     The Company does not have sufficient funding to meet its anticipated cash
needs. The current sole officer and director has expressed his intent to
borrow funds to the extent possible, to fund the costs of operating the
Company until a suitable business venture can be completed. Management does
not anticipate raising funds during the next twelve months through the sale of
securities. There is no assurance that the Company will be able to
successfully identify and/or negotiate a suitable potential business venture
or raise additional funding.

     The Company has experienced net losses during the development stage (July
3, 1990 to present) and has had no significant revenues during such period.
During the past two fiscal years the Company has had no business operations.
In light of these circumstances, the ability of the Company to continue as a
going concern is significantly in doubt. The attached financial statements do
not include any adjustments that might result from the outcome of this
uncertainty.

Forward-Looking Statements

     When used in this Form 10-QSB or other filings by the Company with the
Securities and Exchange Commission, in the Company's press releases or other
public or shareholder communications, or in oral statements made with the
approval of an authorized officer of the Company's executive officers, the
words or phrases "would be", "will allow", "intends to", "will likely result",
"are expected to", "will continue", "is anticipated", "estimate", "project",
or similar expressions are intended to identify "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.

       The Company cautions readers not to place undue reliance on any forward-
looking statements, which speak only as of the date made, and advises readers
that forward-looking statements involve various risks and uncertainties. The
Company does not undertake, and specifically disclaims any obligation to
update any forward-looking statements to reflect occurrences or unanticipated
events or circumstances after the date of such statement.

                                        11
<PAGE>
                          PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.

     None.

Item 2.  Changes in Securities and Use of Proceeds.

     None.

Item 3.  Defaults Upon Senior Securities.

     None.

Item 4.  Submission of Matters to Vote of Securityholders.

     None.

Item 5.  Other Information.

     None.

Item 6.  Exhibits and Reports on Form 8-K.

     (a)
                               INDEX TO EXHIBITS

 EXHIBIT                   DESCRIPTION OF EXHIBIT
   NO.
   3(i).1   Articles of Incorporation of the Company
            (Incorporated by reference to Exhibit 3(i).1 of the
            Company's Form 10-Q, dated June 30, 1998).
   3(ii).1  Bylaws of the Company (Incorporated by reference to
            Exhibit 3(ii).1 of the Company's Form 10-Q, dated
            June 30, 1998).
   27       Financial Data Schedule

     (b)  Reports on Form 8-K:

     None.

                                  SIGNATURES

     In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

                                 BIOETHICS, LTD.




Date: May 5, 2000              By: /s/ Mark J. Cowan

                                   Mark J. Cowan
                                   President, Chief Executive
                                   Officer, Chief Financial
                                   Officer and Director