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 September 30, 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    (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
             (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 November 10,
                                               2006
         Common Stock                       11,000,000



<PAGE>

                      PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.









                              BIOETHICS, LTD.
                       [A Development Stage Company]

                 UNAUDITED CONDENSED FINANCIAL STATEMENTS

                            SEPTEMBER 30, 2006










<PAGE>





                              BIOETHICS, LTD.
                       [A Development Stage Company]




                                 CONTENTS

                                                                   PAGE


        -    Unaudited Condensed Balance Sheets,
              September 30, 2006 and December 31, 2005               2


        -    Unaudited Condensed Statements of Operations,
              for the three and nine months ended September 30,
              2006 and 2005 and from inception on July 26, 1990
              through September 30, 2006                             3

        -    Unaudited Condensed Statements of Cash Flows,
              for the nine months ended September 30, 2006 and 2005
              and from inception on July 26, 1990
              through September 30, 2006                             4


        -  Notes to Unaudited Condensed Financial Statements       5 - 6










<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

                    UNAUDITED CONDENSED BALANCE SHEETS


                                  ASSETS

                                        September 30, December 31,
                                             2006         2005
                                         ___________  ___________
CURRENT ASSETS:
  Cash                                    $    9,273   $   12,523
                                         ___________  ___________
        Total Current Assets                   9,273       12,523
                                         ___________  ___________
                                          $    9,273   $   12,523
                                         ___________  ___________

              LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)


CURRENT LIABILITIES:
  Accounts payable                        $        0   $       40
                                         ___________  ___________
        Total Current Liabilities                  0           40
                                         ___________  ___________

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
                                              60,000       50,000
  Deficit accumulated during the
   development stage
                                             (61,727)     (48,517)
                                         ___________  ___________
        Total Stockholders' Equity             9,273       12,483
                                         ___________  ___________
                                         $     9,273   $   12,523
                                         ___________  ___________








Note:  The  balance sheet at December 31, 2005 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.

                                     -2-

<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]


               UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
                                                                  From
                                                                Inception
                          For the Three       For the Nine         on
                          Months Ended       Months Ended       July 26,
                          September 30,      September 30      1990 Through
                    _________________________________________ September 30,
                        2006       2005        2006    2005       2006
                    ___________  _________  _________ _______ ___________

REVENUE             $        -   $      -    $     -  $     -  $        -

EXPENSES:
  General and
   administrative        8,730      1,826     13,210    5,623      61,727
                    ___________  _________  _________ _______ ___________


LOSS BEFORE
 INCOME TAXES           (8,730)    (1,826)   (13,210)  (5,623)    (61,727)

CURRENT TAX EXPENSE          -          -          -        -           -

DEFERRED TAX EXPENSE         -          -          -        -           -
                    ___________  _________  _________ _______ ___________


NET LOSS               $(8,730)   $(1,826)  $(13,210) $(5,623)   $(61,727)
                    ___________  _________  _________ _______ ___________


LOSS PER COMMON SHARE    $(.00)     $(.00)     $(.00)   $(.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


                                                                    From
                                                                   Inception
                                          For the Nine Months      On July 26,
                                             September 30,          Through
                                       __________________________   September,
                                            2006         2005       30, 2006
                                       _____________  ___________  ___________
Cash Flows from Operating Activities:
  Net loss                             $   (13,210)    $  (5,623)   $  (61,727)
  Adjustments to reconcile net
    loss to net cash used by
    operating activities:
  Changes in assets and liabilities:
  Increase (decrease) in accounts payable      (40)          200             -
                                       _____________  ___________  ___________
        Net Cash (Used) by
         Operating Activities              (13,250)       (5,423)      (61,727)
                                       _____________  ___________  ___________

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                      10,000         5,000        30,000
                                       _____________  ___________  ___________
        Net Cash Provided by
         Financing Activities               10,000         5,000        71,000
                                       _____________  ___________  ___________

Net Increase (Decrease) in Cash             (3,250)         (423)        9,273

Cash at Beginning of Period                 12,523         1,078             -
                                       _____________  ___________  ___________

Cash at End of Period                 $      9,273    $      655     $   9,273
                                       _____________  ___________  ___________

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 nine months ended September 30, 2006:
     None

  For the nine months ended September 30, 2005:
     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 September 30, 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 periods ended September 30,  2006  and
  2005  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 nine months ended September 30, 2006,  a
  shareholder of the Company contributed $10,000 to the Company.

NOTE 3 - RELATED PARTY TRANSACTIONS

  Management Compensation - During the nine months ended September 30,  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.

                                     -6-
<PAGE>

                              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           For the Nine
                              Months Ended            Months Ended
                              September 30,           September 30,
                       _______________________________________________
                            2006       2005        2006          2005
                       ___________  __________  __________  __________
  Loss from continuing
   operations applicable
   to common stockholders
   (numerator)           $(8,730)     $(1,826)    $(13,210)    $(5,623)
                       ___________  __________  __________   __________
  Weighted average
   number of common
   shares outstanding
   used in loss per
   share during the
   period
   (denominator)      11,000,000   11,000,000   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 September 30,
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 September 30, 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                   DESCRIPTION OF EXHIBIT
   NO.
   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


                                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: November 10, 2006          By   /s/ Mark J. Cowan

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