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, 2006

                    Commission File Number 33-55254-41

                              BIOETHICS, LTD.
     (Exact name of small business issuer as specified in its charter)


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


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

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

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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. Yes x  No

     Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).  Yes x  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 8, 2006
Common Stock                                11,000,000



<PAGE>

                      PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.



                             BIOETHICS, LTD.
                       [A Development Stage Company]


                                 CONTENTS

                                                          PAGE


        -   Unaudited Condensed Balance Sheet,
             March 31, 2006                                  2


        -   Unaudited Condensed Statements of Operations,
             for the three months ended March 31, 2006
             and 2005 and from inception on July 26,
             1990 through March 31, 2006                     3

        -   Unaudited Condensed Statements of Cash Flows,
             for the three months ended March 31, 2006
             and 2005 and from inception on July 26,
             1990 through March 31, 2006                     4


        -   Notes to Unaudited Condensed Financial
             Statements                                  5 - 7








<PAGE>


                              BIOETHICS, LTD.
                       [A Development Stage Company]

                    UNAUDITED CONDENSED BALANCE SHEET


                                  ASSETS

                                                       March 31,
                                                          2006
                                                      ___________
CURRENT ASSETS:
  Cash                                                $    12,483
                                                      ___________
        Total Current Assets                               12,483
                                                      ___________
                                                      $    12,483
                                                      ___________

              LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)


CURRENT LIABILITIES:
  Accounts payable                                    $     2,150
                                                      ___________
        Total Current Liabilities                           2,150
                                                      ___________

STOCKHOLDERS' EQUITY (DEFICIT):
  STOCKHOLDERS' EQUITY:
  Common stock, $.001 par value,
   25,000,000 shares authorized,
   11,000,000 shares issued and
   outstanding                                             11,000
  Capital in excess of par value                           50,000
  Deficit accumulated during the
   development stage                                      (50,667)
                                                      ___________
        Total Stockholders' Equity (Deficit)               10,333
                                                      ___________
                                                      $    12,483
                                                      ___________









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

                                     - 2 -


<PAGE>


                              BIOETHICS, LTD.
                       [A Development Stage Company]


               UNAUDITED CONDENSED STATEMENTS OF OPERATIONS


                                            For the          From Inception
                                       Three Months Ended      on July 26,
                                            March 31,         1990 Through
                                     ______________________     March 31,
                                        2006        2005          2006
                                     __________  __________  ______________
REVENUE                              $        -  $        -  $            -

EXPENSES:
  General and administrative              2,150       2,655          50,667
                                     __________  __________  ______________

LOSS BEFORE INCOME TAXES                 (2,150)     (2,655)        (50,667)

CURRENT TAX EXPENSE                           -           -               -

DEFERRED TAX EXPENSE                          -           -               -
                                     __________  __________  ______________
NET LOSS                             $    2,150  $   (2,655) $      (50,667)
                                     __________  __________  ______________
LOSS PER COMMON SHARE                $     (.00) $     (.00)
                                     __________  __________





















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

                                     - 3 -


<PAGE>


                              BIOETHICS, LTD.
                       [A Development Stage Company]

               UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

                                             For the          From Inception
                                            Year Ended          on July 26,
                                             March 31,         1990 Through
                                      ______________________     March 31,
                                         2006        2005          2006
                                      __________  __________  ______________
Cash Flows from Operating Activities:
  Net loss                            $   (2,150) $   (2,655) $      (50,667)
  Adjustments to reconcile net loss
    to net cash used by operating
    activities:
   Changes in assets and liabilities:
     Increase (decrease) in accounts
       payable                             2,110         575           2,150
                                      __________  __________  ______________
        Net Cash (Used) by
          Operating Activities               (40)     (2,080)        (48,517)
                                      __________  __________  ______________

Cash Flows from Investing Activities:          -           -               -
                                      __________  __________  ______________
        Net Cash Provided by
          Investing Activities                 -           -               -
                                      __________  __________  ______________

Cash Flows from Financing Activities:
  Proceeds from common stock issuance          -           -          41,000
  Capital contribution                         -       5,000          20,000
                                      __________  __________  ______________
        Net Cash Provided by
          Financing Activities                 -       5,000          61,000
                                      __________  __________  ______________

Net Increase (Decrease) in Cash              (40)      2,920          12,483

Cash at Beginning of Period               12,523       1,078               -
                                      __________  __________  ______________

Cash at End of Period                 $   12,483  $    3,998  $       12,483
                                      __________  __________  ______________

Supplemental Disclosures of Cash Flow information:
  Cash paid during the period for:
    Interest                          $        -  $        -  $            -
    Income taxes                      $        -  $        -  $            -

Supplemental schedule of Non-cash Investing and Financing Activities:
  For the three months ended March 31, 2005:
     None

  For the three months ended March 31, 2006:
     None



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

                                     - 4 -


<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
  commenced  planned  principal operations and is considered  a  development
  stage  company  as defined in Statement of Financial Accounting  Standards
  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, 2006  and  2005  and  for  the
  periods then ended have been made.

  Certain   information  and  footnote  disclosures  normally  included   in
  financial  statements  prepared in accordance  with  accounting principles
  generally  accepted in  the  United States of America 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, 2005 audited financial statements.
  The  results of operations for the three months ended March 31,  2006  and
  2005  are not necessarily indicative of the operating results for the full
  year.

  Cash  and Cash Equivalents - The Company considers all highly liquid  debt
  investments purchased with a maturity of three months or less to  be  cash
  equivalents.

  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 Accounting Standard  No.  128,
  "Earnings Per Share".

  Accounting  Estimates  -  The  preparation  of  financial  statements   in
  conformity  with  accounting principles generally accepted in  the  United
  States  of  America 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 - Statements of Financial Accounting
  Standards ("SFAS") No. 151, "Inventory Costs - an amendment of ARB No. 43,
  Chapter  4",  SFAS  No.  152,  "Accounting for  Real  Estate  Time-Sharing
  Transactions  - an amendment of FASB Statements No. 66 and 67",  SFAS  No.
  153,  "Exchanges of Nonmonetary Assets - an amendment of APB  Opinion  No.
  29", SFAS No. 123 (revised 2004), "Share-Based Payment", and SFAS No. 154,
  "Accounting  Changes and Error Corrections - a replacement of APB  Opinion
  No.  20  and FASB Statement No. 3", SFAS No. 155, "Accounting for  Certain
  Hybrid Financial Instruments - an amendment of FASB Statements No. 133 and
  140",  and  SFAS  No.  156,  "Accounting for the  Servicing  of  Financial
  Assets,"  were  recently  issued.  SFAS No. 151, 152,  153,  123  (revised
  2004),  154, 155 and 156 have no current applicability to the  Company  or
  their effect on the financial statements would not have been significant.

                                     - 5 -


<PAGE>


                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Continued]

  Income Tax  -  The  Company accounts for income taxes  in accordance  with
  Statement  of Financial  Accounting  Standards  No.  109,  "Accounting for
  Income Taxes".

NOTE 2 - CAPITAL STOCK

  Common  Stock  -  In  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).

  In  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].

  Capital  Contribution  -  During the year  ended  2005,  a  shareholder of
  the  Company contributed $20,000 to the Company.

NOTE 3 - RELATED PARTY TRANSACTIONS

  Management Compensation - During the three months ended March 31, 2006 and
  2005,  the  Company  did  not pay 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.

  Capital  Contribution  -  During the  year  ended  2005, a  shareholder of
  the Company contributed $20,000 to the Company.

NOTE 4 - CHANGES IN CONTROL

  In  May  1998,  the Company raised $40,000 through the sale of  10,000,000
  shares of common stock.   The shares sold represented 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  have been 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 officer and director of the Company.

                                     - 6 -



<PAGE>


                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 5 - GOING CONCERN

  The  accompanying  financial statements have been prepared  in  conformity
  with  accounting principles generally  accepted in the  United  States  of
  America, which contemplate continuation of the Company as a going concern.
  However, the Company has incurred losses since its inception and has no on-
  going operations.  These factors raise substantial doubt about the ability
  of the Company to continue as a going concern.  In this regard, management
  is  proposing  to  raise any necessary additional funds  not  provided  by
  operations  through  additional sales of its common stock.   There  is  no
  assurance  that the Company will be successful in raising this  additional
  capital  or  in achieving profitable operations.  The financial statements
  do not include any adjustments that might result from the outcome of these
  uncertainties.

NOTE 6 - LOSS PER SHARE

  The following data show the amounts used in computing loss per share:

                                            For the Three
                                             Months Ended
                                               March 31,
                                        ______________________
                                           2006        2005
                                        __________  __________
   Loss from continuing operations
    applicable to common
    stockholders (numerator)            $   (2,150) $   (2,655)
                                        __________  __________
   Weighted average number of
    common shares outstanding
    used in loss per share during
    the period (denominator)            11,000,000  11,000,000
                                        __________  __________


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

                                     - 7 -

<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 results of operations and financial condition. The discussion
should be read in conjunction with the 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 short or long
term cash needs. The Company believes that its current cash will not be
sufficient to support the Company's planned operations for the next twelve
months. The current sole officer and director has expressed his intent that
to the extent necessary the Company will seek to raise additional funds
through the sale of equity securities or by borrowing of funds until a
suitable business venture can be completed. There is no assurance that the
Company will be able to successfully identify and/or negotiate a suitable
potential business venture or raise additional funds if and when needed.

     The Company has experienced net losses during the development stage
(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.

Off-Balance Sheet Arrangements

     The Company does not have any off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources
that is material to investors.

Critical Accounting Policies

     Due to the lack of current operations and limited business activities,
the Company does not have any accounting policies that it believes are
critical to facilitate an investor's understanding of the Company's
financial and operating status.

Recent Accounting Pronouncements

     The Company has not adopted any new accounting policies that would
have a material impact on the Company's financial condition, changes in
financial conditions or results of operations.

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.

Item 3. Controls and Procedures

     We have evaluated, with the participation of our Chief Executive
Officer and Chief Financial Officer, the effectiveness of the design and
operation of our disclosure controls and procedures as of March 31, 2006,
pursuant to Exchange Act Rule 15d-15.  Based upon that evaluation, the
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures are effective.  There have been no
significant changes to our internal controls over financial reporting
during the period ended March 31, 2006, that have materially affected, or
that are reasonably likely to materially affect, our internal controls over
financial reporting.


                        PART II - OTHER INFORMATION


Item 6. Exhibits

 EXHIBIT NO.         DESCRIPTION OF EXHIBIT

3(i)       Articles of Incorporation of the Company (Incorporated by
           reference to Exhibit 3(i) of the Company's Form 10-KSB,
           dated December 31, 2003)

3(ii)      Bylaws of the Company (Incorporated by reference to Exhibit
           3(ii) of the Company's Form 10-KSB, dated December 31, 2003)

31.1       Certification pursuant to Section 302 of the Sarbanes-Oxley
           Act of 2002

31.2       Certification pursuant to Section 302 of the Sarbanes-Oxley
           Act of 2002

32.1       Certification pursuant to 18 U.S.C. Section 1350, as adopted
           pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

     (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.




Date: May 9, 2006                          BIOETHICS, LTD.


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