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| BIOETHICS, LTD.                                                                     |
|-------------------------------------------------------------------------------------|
| (Exact name of registrant as specified in charter)                                  |
|                                                                                |   |
| NEVADA                                                                              | 87-0485312 |
| (State or other jurisdiction of incorporation or organization)                      | (I.R.S. Employer Identification No.) |
|                                                                                |   |
| 1137 N. 120 W., American Fork, Utah                                                 | 84003 |
| (Address of principal executive offices)                                            | (Zip Code) |
|                                                                                |   |
| (505) 681-4210                                                                      |
| (Issuer’s telephone number, including area code)                              |
|                                                                                |   |
| Not Applicable                                                                      |
| (Former name, former address, and former fiscal year, if changed since last report) |

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| PART I   Financial Information                                             |   |   |
|--------------------------------------------------------------------------------------|--------|--------|
|                                                                                 |   |   |
| Item 1. Financial Statements (Unaudited)                                             |   |
| Unaudited Condensed Balance Sheets                                                   | 3      |
|                                                                                 |   |
| Unaudited Condensed Statements of Operations                                         | 4      |
|                                                                                 |   |   |
| Unaudited Condensed Statements of Cash Flows                                         | 5      |
|                                                                                 |   |   |
| Notes to Unaudited Condensed Financial Statements                                    | 6      |
|                                                                                 |   |   |
| Item 2.  Management’s Discussion and Analysis of Financial Condition |   |
| and Results of Operations                                                            | 9      |
|                                                                                 |   |   |
| Item 3.  Quantitative and Qualitative Disclosures About Market Risk        | 10     |
|                                                                                 |   |   |
| Item 4T.  Controls and Procedures                                          | 11     |
|                                                                                 |   |   |
| PART II Other Information                                                            |   |
|                                                                                 |   |   |
| Item 1.  Legal Proceedings                                                 | 11     |
|                                                                                 |   |   |
| Item 1A.  Risk Factors                                                     | 11     |
|                                                                                 |   |   |
| Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds       | 11     |
|                                                                                 |   |   |
| Item 3.  Defaults Upon Senior Securities                                   | 11     |
|                                                                                 |   |   |
| Item 4.  (Removed and Reserved)                                            | 11     |
|                                                                                 |   |   |
| Item 5.  Other Information                                                 | 11     |
|                                                                                 |   |   |
| Item 6.  Exhibits                                                          | 12     |
|                                                                                 |   |   |
| SIGNATURES                                                                           | 12     |

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| BIOETHICS, LTD.[A Development Stage Company]                                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| UNAUDITED CONDENSED BALANCE SHEETS                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                               |  March 31, |   |  December 31, |
|                                                                                                                                                                                                                                               |  2011 |   |  2010 |
| CURRENT ASSETS                                                                                                                                                                                                                                     |   |   |   |   |   |
|    Cash                                                                                                                                                                                                                             | $  |          3,358 |   | $  |           4,463 |
|                                                                                                                                                                                                                                               |   |   |   |   |   |
|              Total Current Assets                                                                                                                                                 |   | 3,358 |   |   | 4,463 |
|                                                                                                                                                                                                                                               |   |   |   |   |   |
|                                                                                                                                                                                                                                               | $  |          3,358 |   | $  |           4,463 |
|                                                                                                                                                                                                                                               |   |   |   |   |   |
| CURRENT LIABILITIES                                                                                                                                                                                                                                |   |   |   |   |   |
|    Accounts payable                                                                                                                                                                                                                      | $  |         5, 200 |   | $  |                   - |
|    Accrued Interest Payable                                                                                                                                                                                                         |   | 1,800 |   |   | 1,430 |
|    Note Payable – Stockholder                                                                                                                                                                                                 |   | 25,000 |   |   | 25,000 |
|                                                                                                                                                                                                                                               |   |   |   |   |   |
|              Total Current Liabilities                                                                                                                                            |   | 32,000 |   |   | 26,430 |
|          Total Liabilities                                                                                                                                                                            |   |  32,000 |   |   |  26,430 |
|  STOCKHOLDERS’ EQUITY (DEFICIT):                                                                                                                                                                                                        |   |   |   |   |   |
|    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                                                                                                                                                                                                   |   | 92,776 |   |   | 92,776 |
|    Deficit accumulated during the       development stage                                                                                                                                        |   |  (132,418) |   |   |  (125,743) |
|                                                                                                                                                                                                                                               |   |   |   |   |   |
|              Total Stockholders’ Equity (Deficit)                                                                                                                           |   | (28,642) |   |   | (21,967) |
|                                                                                                                                                                                                                                               |   |   |   |   |   |
|                                                                                                                                                                                                                                               | $  |         3,358 |   | $  |          4,463 |
|                                                                                                                                                                                                                                               |
| Note: The balance sheet at December 31, 2010 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.                                                                                                                                                     |

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| BIOETHICS, LTD.                                                                               |
|-----------------------------------------------------------------------------------------------|
| [A Development Stage Company]                                                                 |
| UNAUDITED CONDENSED STATEMENTS OF OPERATIONS                                                  |
|                                                                                          |
|                                                                                          |  For the Three |   |  From Inception |
|                                                                                          |  Months Ended |   |  On July 26, 1990 |
|                                                                                          |  March 31, |   |  Through March 31, |
|                                                                                          |  2011 |   |  2010 |   |  2011 |
|                                                                                          |   |   |   |   |   |   |   |   |
| REVENUE                                                                                       | $  |               - |   | $  |              - |   | $  |                         - |
|                                                                                          |   |   |   |   |   |   |   |   |
| EXPENSES:                                                                                     |   |   |   |   |   |   |   |   |
|    General and administrative                                                  |   | 6,305 |   |   | 5,510 |   |   |       130,618 |
|                                                                                          |   |   |   |   |   |   |   |   |
| LOSS BEFORE OTHER INCOME (EXPENSE)                                                            |   | (6,305) |   |   | (5,510) |   |   | (130,618) |
|                                                                                          |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                                                        |   |   |   |   |   |   |   |   |
|    Interest Expense                                                            |   | (370) |   |   | (300) |   |   | (1,800) |
|                                                                                          |   |   |   |   |   |   |   |   |
| LOSS BEFORE INCOME TAXES                                                                      |   | (6,675) |   |   | (5,810) |   |   | (132,418) |
|                                                                                          |   |   |   |   |   |   |   |   |
| CURRENT TAX EXPENSE                                                                           |   | - |   |   | - |   |   |             - |
|                                                                                          |   |   |   |   |   |   |   |   |
| DEFERRED TAX EXPENSE                                                                          |   | -   |   |   | - |   |   |             -   |
|                                                                                          |   |   |   |   |   |   |   |   |
| NET LOSS                                                                                      | $  |     (6,675) |   | $  |     (5,810) |   | $  |           (132,418) |
|                                                                                          |   |   |   |   |   |   |   |   |
| LOSS PER COMMON SHARE                                                                         | $  |       (0.00) |   | $ |      (0.00) |   |   |   |
|                                                                                          |
|                                                                                          |
| The accompanying notes are an integral part of these unaudited condensed financial statements |

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| BIOETHICS, LTD.                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------|
| [A Development Stage Company]                                                                                                    |
| UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS                                                                                     |
|                                                                                                                             |   |   |   |
|                                                                                                                             |   |  From Inception |
|                                                                                                                             |   |  on July 26, |
|                                                                                                                             |  For the Three Months Ended |   |  1990 Through |
|                                                                                                                             |  March 31, |   |  March 31, |
|                                                                                                                             |  2011 |   |  2010 |   |  2011 |
| Cash Flows from Operating Activities:                                                                                            |   |   |   |   |   |   |   |   |
|    Net loss                                                                                                       | $ |         (6,675) |   | $ |             (5,810) |   | $ |         (132,418) |
|    Adjustments to reconcile net loss to net cash      used by operating activities: |   |   |   |   |   |   |   |   |
|          Changes in assets and liabilities:                                         |   |   |   |   |   |   |   |   |
|            Increase (decrease) in accounts payable                        |   | 5,200 |   |   | (3,214) |   |   | 5,200 |
|            Increase (decrease) in accrued interest                        |   | 370 |   |   | 300 |   |   | 1,800 |
|                                                                                                                             |   |   |   |   |   |   |   |   |
|             Net Cash (Used) by Operating Activities                  |   |            (1,105) |   |   | (8,724) |   |   | (125,418) |
|                                                                                                                             |   |   |   |   |   |   |   |   |
| 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                                                                                           |   | - |   |   | - |   |   | 62,776 |
|    Proceeds from notes payable                                                                                    |   | - |   |   | 25,000 |   |   | 25,000 |
|                                                                                                                             |   |   |   |   |   |   |   |   |
|             Net Cash Provided by Financing Activities                |   | - |   |   | 25,000 |   |   | 128,776 |
|                                                                                                                             |   |   |   |   |   |   |   |   |
| Net Increase (Decrease) in Cash                                                                                                  |   | (1,105) |   |   | 16,276 |   |   | 3,358 |
|                                                                                                                             |   |   |   |   |   |   |   |   |
| Cash at Beginning of Period                                                                                                      |   | 4,463 |   |   | 3,257 |   |   | - |
|                                                                                                                             |   |   |   |   |   |   |   |   |
| Cash at End of Period                                                                                                            | $  |            3,358 |   | $  |             19,533 |   | $  |              3,358 |
|                                                                                                                             |   |   |   |   |   |   |   |   |
| 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, 2011:                                             |   |   |   |
|               None                                         |   |   |   |
|                                                                                                                             |   |   |   |
|        For the three months ended March 31, 2010:                                             |   |   |   |
|               None                                         |   |   |   |
|                                                                                                                             |   |   |   |
| The accompanying notes are an integral part of these unaudited condensed financial statements.                                   |   |   |   |

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|                                           |  For the Three Months Ended March 31, |
|------------------------------------------------|--------------------------------------------|
|                                           |      2011         |   |      2010 |
|                                           |                                       |   |   |   |   |
| Loss from continuing operations                |                                       |   |   |   |   |
|   applicable to common               |                                       |   |   |   |   |
|   stockholders (numerator)           | $                                     |       (6,675) |   | $  |       (5,810) |
|                                           |                                       |   |   |   |   |
| Weighted average number of                     |                                       |   |   |   |   |
|   common shares outstanding          |                                       |   |   |   |   |
|   used in loss per share calculation |                                       |   |   |   |   |
|   during the period (denominator)    |                                       | 11,000,000 |   |   | 11,000,000 |

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| ExhibitNumber   |   | SEC Reference Number |   |  Title of Document                                                  |   |  Location             |
|-----------------|--------|----------------------|--------|--------------------------------------------------------------------------|--------|----------------------------|
|            |   |                 |   |                                                                     |   |                       |
|   3.1 |   | 3                    |   | Articles of  Incorporation                                     |   | Incorporated by Reference* |
|   3.2 |   | 3                    |   | Bylaws                                                                   |   | Incorporated by Reference* |
| 31.1            |   | 31                   |   | Section 302 Certification of Chief Executive and Chief Financial Officer |   | This Filing                |
| 32.1            |   | 32                   |   | Section 1350 Certification of Chief Executive and ChiefFinancial Officer |   | This Filing                |

|                          | Bioethics, Ltd.                                                                                                                                                                               |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |                                                                                                                                                                                          |
|                          |                                                                                                                                                                                          |
| Date:  May 13, 2011 | By /s/ Jed Beck                              |
|                          | Jed Beck                                                                                                                                                                                      |
|                          | President, Chief Executive Officer and                                                                                                                                                        |
|                          | Chief Financial Officer                                                                                                                                                                       |
|                          | (Principal Executive and Financial Officer)                                                                                                                                              |

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