SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
         For the quarterly period ended SEPTEMBER 30, 1997

                                       OR

[ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

For the transition period from               to

                       Commission file number 33-55254-43

                                 INTERBET, INC.
             (Exact name of registrant as specified in its charter)

            NEVADA                                        87-0485308
(State or other jurisdiction                (I.R.S. Employer Identification No.)
of incorporation or organization)

          Suite 110, 1777 Botelho Drive, Walnut Creek, California 94596
               (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code      (510) 296-2400

              BIO-CHEM, INC., Suite 460, 3098 South Highland Drive
                           Salt Lake City, Utah 84601
Former name, former address and former fiscal year, if changed since last report

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. Yes X No

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date:
                      4,281,904 shares at September 30, 1997
<PAGE>
                          PART I--FINANCIAL INFORMATION

 Item 1. Financial Statements.

                          INDEX TO FINANCIAL STATEMENTS


                                                                            Page

Balance Sheet................................................................F-2

Statement of Operations......................................................F-3

Statement of Stockholders' Equity............................................F-4

Statement of Cash Flows......................................................F-5

Notes to Financial Statements................................................F-7





























                                       F-1
<PAGE>
                                 InterBet, Inc.
                        (A development stage enterprise)
                                  Balance Sheet
                                  September 30,
                                                                 1997
                                                        ------------------------
                          ASSETS                             (Unaudited)
CURRENT ASSETS
   Cash                                               $                   2,053
   Note payable proceeds receivable                                      41,000
                                                        ------------------------
     Total Current Assets                                                43,053
                                                        ------------------------
OTHER ASSETS
   Deposit on deferred offering costs                                   175,000
   Advances receivable                                                    1,698
                                                        ------------------------
     Total Other Assets                                                 176,698
                                                        ------------------------
Total Assets                                          $                 219,751
                                                        ========================

           LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
   Accounts payable                                   $                  27,221
   Accrued interest payable                                               2,865
   Advances payable                                                      95,500
                                                        ------------------------
     Total Current Liabilities                                          125,586
                                                        ------------------------
LONG-TERM LIABILITIES
   Notes payable (note 1b)                                              140,000
                                                        ------------------------
     Total Long-Term Liabilities                                        140,000
                                                        ------------------------
     Total Liabilities                                                  265,586
                                                        ------------------------

           STOCKHOLDERS' EQUITY
   Common stock, no par value, authorized 10,000,000
     shares; 4,281,904 at September 30, 1997 issued and
     outstanding.  (note 2)                                             390,006
   Preferred stock, no par value, authorized 1,000,000
     shares; 0 shares issued and outstanding. (note 2)                        0
   Deficit accumulated in the development stage                        (435,841)
                                                        ------------------------
 Total Stockholders' Equity                                             (45,835)
                                                        ------------------------
 Total Liabilities and Stockholders' Equity           $                 219,751
                                                        ========================

     The accompanying notes are an integral part of the financial statements
                                       F-2
<PAGE>
                                 InterBet, Inc.
                        (A development stage enterprise)
                             Statement of Operations
                      Period since inception ended September 30,

                                                                1997
                                                        ------------------------
                            REVENUE                          (Unaudited)
Revenue                                               $                       0
                                                        ------------------------
  Total revenue                                                               0
                         COST OF SALES
Cost of sales                                                                 0
                                                        ------------------------
   Gross profit/(loss)                                                        0
                           EXPENSES
Advertising                                                               1,422
Automobile expenses                                                         128
Bank charges                                                                252
Consultants                                                             385,178
Dues, fees, licenses and taxes                                              150
Interest expense                                                          6,510
Office expenses                                                          13,618 
Product development                                                      13,824
Professional fees                                                         1,875
Rent                                                                     10,744
Travel and entertainment                                                  2,114
Miscellaneous                                                                26
                                                         -----------------------
  Total expenses                                                        435,841
                                                         -----------------------
Net loss before tax benefit                                            (435,841)
                                                         -----------------------
Income tax benefit (note 3)                                                   0
                                                         -----------------------
Net loss                                               $               (435,841)
                                                         =======================
Weighted average number of shares outstanding                         3,148,607
                                                         =======================
Net loss per share                                     $                  (0.14)
                                                         =======================









    The accompanying notes are an integral part of the financial statements.
                                       F-3
<PAGE>
                                 InterBet, Inc.
                        (A development stage enterprise)
                        Statement of Stockholder's Equity
<TABLE>
<S>                               <C>                <C>                <C>                 <C>                    <C>


                                    Shares of                                                                            Total
                                     Common             Common             Preferred           Accumulated           Stockholders'
                                      Stock              Stock               Stock               Deficit                 Equity

BALANCE, June
   10, 1996                                   0    $             0                   0                       0                    0

Capital investment:
  June 1996 - founders                2,865,200            191,112                   0                       0              191,112
  June 1997 - via S-8                 1,050,000            172,200                   0                       0              172,200
  June 1997 - for cash                  365,854             60,000                   0                       0               60,000
  July 1997 - for cash                    1,850             11,100                   0                       0               11,100
  July 1997 - redemption for cash        (1,000)            (6,671)                  0                       0               (6,671)
  July 1997 - broker charges                  0            (37,735)                  0                       0              (37,735)

Net loss                                      0                  0                   0               (435,841)             (435,841)
                                  -------------      -------------       -------------      ------------------     -----------------

BALANCE, September
   30, 1997  Unaudited)               4,281,904    $       390,006                   0               (435,841)              (45,835)
                                  =============      =============       =============      ==================     =================
</TABLE>
















    The accompanying notes are an integral part of the financial statements.
                                       F-4
<PAGE>
                                 InterBet, Inc.
                        (A development stage enterprise)
                             Statement of Cash Flows
                      Period since inception ended September 30,
<TABLE>
<S>                                                                              <C>
                                                                                      1997
                                                                                 ----------------
CASH FLOWS FROM DEVELOPMENT ACTIVITIES:                                            (Unaudited)
Net loss                                                                       $        (435,841)
Adjustments to reconcile net loss to net cash used for operating activities:
    Stock  issued  for  services                                                         363,312
 Changes in operating assets and liabilities:
    (Increase) decrease in note payable proceeds receivable                              (41,000)
    (Increase) decrease in other assets                                                   (1,698)
    Increase (decrease) in accounts payable                                               27,221
    Increase (decrease) in accrued liabilities                                             2,865
                                                                                 ----------------
Net cash used for development activities                                                 (85,141)
                                                                                 ----------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Deposit on deferred offering costs                                                      (175,000)
                                                                                 ----------------
Net cash used by investing activities                                                   (175,000)
                                                                                 ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Notes payable issued for cash                                                            315,000
Common stock issued for cash net of expenses
  of offering of $37,735                                                                  26,694
Advances from others                                                                      95,500
Principal payments on debt                                                              (175,000)
                                                                                 ----------------
Net cash provided by financing activities                                                262,194
                                                                                 ----------------
Increase (decrease) increase in cash                                                       2,053

CASH, beginning of period                                                                      0
                                                                                 ----------------

CASH, end of period                                                            $           2,053
                                                                                 ================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid in cash                                                          $               0
                                                                                 ================
</TABLE>



    The accompanying notes are an integral part of the financial statements.
                                       F-5
<PAGE>
                                 InterBet, Inc.
                        (A development stage enterprise)
                          Notes to Financial Statements
                                   (Unaudited)

(1) Summary of significant accounting policies
     The Company  InterBet, Inc. was incorporated on June 10, 1996 in Nevada and
         conducts business from its headquarters in Walnut Creek, California.The
         financial  statements  have been prepared in conformity  with generally
         accepted accounting principles.  In preparing the financial statements,
         management is required to make  estimates and  assumptions  that affect
         the reported  amounts of assets and  liabilities as of the dates of the
         statements  of  financial  condition  and revenues and expenses for the
         periods then ended.Actual results could differ significantly from those
         estimates.  The  financial  statements  for the period since  inception
         ended September  30,  1997   include  all   adjustments  which  in  the
         opinion  of  management  are  necessary  for  fair  presentation.   The
         following summarize  the  more  significant  accounting  and  reporting
         policies and practices of the Company:

     a)  Fixed assets.  Fixed  assets  are  expected  to be  recorded  at  cost.
         Depreciation  will  computed  by  the  straight-line  method  over  the
         estimated  useful lives of the assets,  generally  three or five years.
         Expenditures  for maintenance and repairs will be charged to operations
         as incurred.

     b)  Notes  payable. The Company issued notes  payable in exchange for cash.
         The long  term  debentures  carry a stated  rate of 12% and  mature  on
         August 15, 2001. The interest is payable semi-annually  commencing nine
         months after full  subscription  amounting  to $5 million.  The balance
         outstanding at September 30, 1997 is $140,000. The debentures currently
         outstanding are convertible  into 39,206 shares of the Company's common
         stock at the descretion of the debenture  holders.  The debentures will
         automatically  convert  to  shares  of  common  stock  if  the  Company
         completes an initial  public  offering  which nets the Company at least
         $9.8 million and is priced at $7 per share or more; or if the Company's
         common stock is listed on a national  stock  exchange,  or is listed on
         NASDAQ  with a minimum  bid/ask  price of $7 per share and has a public
         float of at least 1 million shares.

     c)  Net loss per share. Net loss per share is computed  by dividing the net
         loss by the weighted average  number  of  shares outstanding during the
         period.

(2)      Stockholders'equity. The Company has authorized 10,000,000 shares of no
         par value common stock and 1,000,000  shares of no par preferred stock.
         In June 1996,  the Company issued  2,865,200  shares of common stock in
         exchange  for  services  previously  provided to the Company  valued at
         $191,112.  In  conjunction  with the  issuance of the  debentures,  the
         Company has issued 7,840 warrants  convertible into 7,840 shares of the
         Company's  common  stock.  In June 1997 the  Company  issued  1,050,000
         shares of common stock under an S-8  registration  as  compensation  to
         certain  consultants  in lieu of cash. In June 1997, the Company issued
         365,854 shares of common stock in exchange for $60,000 in cash.      In
         July, 1997 the Company issued 1,850 shares of common stock in  exchange
         for $11,100 in cash, redeemed 1,000 shares of stock originally   issued
         in June, 1996 for $6,671 and reduced capital by the payment of  $37,735
         to two brokerage firms for expenses of offering.

(3)      Income taxes.  The  amount  recorded  as  deferred  income tax asset at
         September 30,  1997,  $177,588   represents  the  amount of tax benefit
         of loss  carry-forwards.    The  Company  has  established  a  $177,588
         valuation   allowance  against  this  asset,   as  the  Company  has no
         history  of   profitable   operations.   At  September  30,  1997,  the
         Company  has  a  net  operating  loss  carry-forward  for  income   tax
         purposes of approximately  $435,841, with  $191,112  expiring  in  2011
         and $244,729 expiring in 2012.

(4)      License  agreements. In July 1996,  the Company  entered into a license
         agreement  with  the  Thlopthlocco   Tribal  Town  Business  Committee,
         (Tribe).  This agreement was subsequently canceled as provided  for  in
         the agreement due to the Tribe's difficulty in  obtaining  a  Class  II
         gaming license approval from the  National  Indian  Gaming  Commission.
         The Company initiated negotiations with  the  Wiyot-Yurok-Tolowa Indian
         Tribe which is in possession of the necessary  licenses  and  approvals
         and a contract with them is expected.   
                                       F-7
<PAGE>
Item 2.  Management's Discussion and Analysis of Financial Condition and Results
of Operations.

The    Registrant  is a development   stage company.  The  Registrant's  plan of
operation for the next twelve  months is to  establish a rapid  market  share in
internet  gambling.  The  Registrant  has  planned  an aggressive implementation
schedule for that purpose.
 
The Registrant will require funding to impliment its plan of operation. There is
no assurance such funding will be available on reasonable terms, if at all.

During the period covered by this report the Registrant terminated its agreement
with the Thlopthlocco Indian Tribe of Oklahoma due  to  the  Tribe's  difficulty
in obtaining a Class II gaming license approval from the National Indian  Gaming
Commission.  The registrant initiated negotiations with the   Wiyot-Yurok-Tolowa
Indian Tribe which is in possession of the necessary licenses and approvals  and
a contract with them was expected to be completed in the immediate future.

During the period  covered  by  this  report  the  Registrant  renegotiated  its
relationship  with  nineCo to allow for other software developers to produce the
Internet Bingo  game  needed by InterBet.  The Registrant initiated negotiations
with a major software  manufacturer,  Random Corporation, to complete a suite of
Class  II   gambling    games for  InterBet's  use  on  the  Internet.  Contract
negotiations were expected to be completed in the immediate future.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable to the Registrant.

                           PART II--OTHER INFORMATION

Item 1. Legal Proceedings.

   The Registrant is not engaged in any legal  proceedings,  and is not aware of
any threatened or pending claims or assessments.

Item 2. Changes in Securities.

There has been no change in the Registrant's outstanding securities  or  in  the
rights evidenced thereby.
<PAGE>
Item 3. Defaults Upon Senior Securities.

 The Registrant is not in default on any senior securities.

Item 4. Submission of Matters to a Vote of Security Holders.

The Registrant did not submit any matters to a vote of its security holders.

Item 5. Other Information.

NONE 

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

 The Company hereby incorporates its Form 8-K filed on June 24, 1997.

 Exhibits
 
(27) Financial Data Schedule
<PAGE>
                                   SIGNATURES

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

INTERBET, INC.
(Registrant)


/s/ Mark A. Popp
Mark A Popp, President and Chief Executive Officer

Date: November 10, 1997


/s/Jack W. Deck
Jack W. Deck, Chief Accounting Officer and Principal Financial Officer

Date: November 10, 1997
<PAGE>