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                            FORM 10-Q

             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, 2008

               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
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
      (Registrant's telephone number, including area code)

      Indicate by check mark whether the registrant (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  large
accelerated filer, an accelerated filer, a non-accelerated filer,
or a smaller reporting company.

    Large accelerated filer     Accelerated filer
    Non-accelerated filer       Smaller reporting company x

     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 15, 2008
Common Stock                     11,000,000


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                 PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.


                              BIOETHICS, LTD.
                       [A Development Stage Company]




                                 CONTENTS

                                                               PAGE


        -  Unaudited Condensed Balance Sheets,
            March 31, 2008 and December 31, 2007                 3


        -  Unaudited Condensed Statements of Operations,
            for the three months ended March 31, 2008 and
            2007 and from inception on July 26, 1990
            through March 31, 2008                               4

        -  Unaudited Condensed Statements of Cash Flows,
            for the three months ended March 31, 2008 and
            2007 and from inception on July 26, 1990
            through March 31, 2008                               5


        -  Notes to Unaudited Condensed Financial Statements   6 - 7








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                              BIOETHICS, LTD.
                       [A Development Stage Company]

                    UNAUDITED CONDENSED BALANCE SHEETS


                                  ASSETS

                                          March 31,   December 31,
                                             2008         2007
                                         ___________  ___________
CURRENT ASSETS:
  Cash                                    $   10,291   $   12,527
                                         ___________  ___________
        Total Current Assets                  10,291       12,527
                                         ___________  ___________
                                          $   10,291   $   12,527
                                         ___________  ___________

              LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)


CURRENT LIABILITIES:
  Accounts payable                        $    3,288   $    1,706
                                         ___________  ___________
        Total Current Liabilities              3,288        1,706
                                         ___________  ___________

STOCKHOLDERS' EQUITY:
  STOCKHOLDERS' EQUITY:
  Common stock, $.001 par value,
   25,000,000 shares authorized,
   11,000,000 shares issued and
   outstanding                                11,000       11,000
  Capital in excess of par value              75,000       75,000
  Deficit accumulated during the
   development stage                         (78,997)     (75,179)
                                         ___________  ___________
        Total Stockholders' Equity             7,003       10,821
                                         ___________  ___________
                                         $    10,291   $   12,527
                                         ___________  ___________









Note:  The  balance sheet at December 31, 2007 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.

                                  -3-

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                              BIOETHICS, LTD.
                       [A Development Stage Company]


               UNAUDITED CONDENSED STATEMENTS OF OPERATIONS


                                          For the Three
                                           Months Ended     From Inception
                                            March 31,         on July 26,
                                    _______________________  1990 Through
                                       2008         2007    March 31, 2008
                                    __________   __________   ___________
REVENUE                              $      -     $      -     $       -

EXPENSES:
  General and administrative            3,818        3,457        78,997
                                    __________   __________   ___________
LOSS BEFORE INCOME TAXES               (3,818)      (3,457)      (78,997)

CURRENT TAX EXPENSE                         -            -             -
DEFERRED TAX EXPENSE                        -            -             -
                                    __________   __________   ___________
NET LOSS                             $ (3,818)    $ (3,457)    $ (78,997)
                                    __________   __________   ___________
LOSS PER COMMON SHARE                $   (.00)    $   (.00)
                                    __________   __________



















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

                                   -4-
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                              BIOETHICS, LTD.
                       [A Development Stage Company]

               UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

                                         For the Three     From Inception
                                         Months Ended       on July 26,
                                           March 31,        1990 Through
                                      ____________________   March 31,
                                         2008       2007       2008
                                      _________   ________   _________

Cash Flows from Operating Activities:
  Net loss                            $ (3,818)   $(3,457)   $(78,997)
  Adjustments to reconcile net loss
   to net cash used by
   operating activities:
    Changes in assets and liabilities:
      Increase (decrease)
       in accounts payable               1,582      3,457       3,288
                                      _________   ________   _________
        Net Cash (Used) by
         Operating Activities           (2,236)         -     (75,709)
                                      _________   ________   _________

Cash Flows from Investing Activities:        -          -           -
                                      _________   ________   _________
        Net Cash Provided by
         Investing Activities                -          -           -
                                      _________   ________   _________

Cash Flows from Financing Activities:
  Proceeds from common stock issuance        -          -      45,000
  Capital contribution                       -          -      41,000
                                      _________   ________   _________
        Net Cash Provided by
         Financing Activities                -          -      86,000
                                      _________   ________   _________

Net Increase (Decrease) in Cash         (2,236)         -      10,291

Cash at Beginning of Period             12,527      6,842           -
                                      _________   ________   _________

Cash at End of Period                 $ 10,291   $  6,842    $ 10,291
                                      _________   ________   _________

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, 2008:
     None

  For the three months ended March 31, 2007:
     None





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

                                   -5-
<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, 2008 and 2007 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, 2007 audited financial statements.  The results  of
  operations  for  the  periods  ended  March  31,  2008  and  2007  are  not
  necessarily indicative of the operating results for the full year.


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.

  Capital  Contribution  -  During  the  year  ended  December  31,  2007,  a
  shareholder of the Company contributed $15,000 to the Company.

NOTE 3 - RELATED PARTY TRANSACTIONS

  Management Compensation - During the three months ended March 31, 2008  and
  2007,  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.

                                     -6-
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                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS


NOTE 4 - 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 5 - LOSS PER SHARE

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

                                              For the three
                                              Months Ended
                                                March 31,
                                        __________________________
                                            2008         2007
                                        ___________    ___________
    Loss from continuing operations
    applicable to common
    stockholders (numerator)             $  (3,818)     $  (3,457)
                                        ___________    ___________
    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-

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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.


                             -8-
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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-Q 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.  Quantitative and Qualitative Disclosures About Market Risk

     Omitted pursuant to Item 305(e) of Regulation S-K.

Item 4T. 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, 2008, 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, 2008 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



                                -9-
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                           SIGNATURES

     Pursuant to the requirements of the Exchange Act of 1934,
the registrant caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.


                             BIOETHICS, LTD.


Date: May 16, 2008


                          By  /s/ Mark J. Cowan

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







                              -10-

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