<PAGE>




                                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, 2002

                    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) 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.

                          X    Yes       ___  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 5, 2002
    ____________                   ______________________________
    Common Stock                          11,000,000



<PAGE>


                      PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.




                              BIOETHICS, LTD.
                       [A Development Stage Company]




                                 CONTENTS

                                                                  PAGE

        -  Unaudited Condensed Balance Sheets,
            September 30, 2002 and December 31, 2001                3


        -  Unaudited Condensed Statements of Operations,
            for the three and nine months ended
            September 30, 2002 and 2001 and for the
            period from inception on July 26, 1990
            through September 30, 2002                              4

        -  Unaudited Condensed Statements of Cash Flows,
            for the nine months ended September 30, 2002
            and 2001 and for the period from inception on
            July 26, 1990 through September 30, 2002                5


        -  Notes to Unaudited Condensed Financial Statements      6 - 8







<PAGE>


                              BIOETHICS, LTD.
                       [A Development Stage Company]

                    UNAUDITED CONDENSED BALANCE SHEETS

                                  ASSETS


                                        September 30, December 31,
                                             2002         2001
                                         ___________  ___________
CURRENT ASSETS:
  Cash                                    $   12,179   $   17,294
                                         ___________  ___________
        Total Current Assets                  12,179       17,294
                                         ___________  ___________
                                          $   12,179   $   17,294
                                        ____________ ____________


                   LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES:
  Accounts payable                        $        -   $    1,184
                                         ___________  ___________
        Total Current Liabilities                  -        1,184
                                         ___________  ___________

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              30,000       30,000
  Deficit accumulated during the
    development stage                       (28,821)     (24,890)
                                         ___________  ___________
        Total Stockholders' Equity            12,179       16,110
                                         ___________  ___________
                                          $   12,179   $   17,294
                                        ____________ ____________









Note: The balance sheet at December 31, 2001 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-
<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

               UNAUDITED CONDENSED STATEMENTS OF OPERATIONS


                           For the Three         For the Nine  From Inception
                            Months Ended         Months Ended    on July 26,
                            September 30,        September 30,    1990 Through
                         __________________   __________________  September 30,
                            2002     2001       2002      2001       2002
                         ________  ________   ________  ________   _________
REVENUE:
  Sales                  $     -   $     -    $     -   $     -    $      -
                         ________  ________   ________  ________   _________
EXPENSES:
  General and
   administrative          1,010     1,509      3,931     5,574      28,821
                         ________  ________   ________  ________   _________

LOSS BEFORE INCOME
  TAXES                   (1,010)   (1,509)    (3,931)   (5,574)    (28,821)

CURRENT TAX EXPENSE            -         -          -         -           -

DEFERRED TAX EXPENSE           -         -          -         -           -
                         ________  ________   ________  ________   _________

NET LOSS                 $(1,010)  $(1,509)   $(3,931)  $(5,574)   $(28,821)
                         ________  ________   ________  ________   _________

LOSS PER COMMON SHARE    $  (.00)  $  (.00)   $  (.00)  $  (.00)   $   (.01)
                         ________  ________   ________  ________   _________




















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

                                   -4-
<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

               UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS


                                          For the Nine      From Inception
                                          Months Ended       on July 26,
                                          September 30,     1990 Through
                                        _________________   September 30,
                                          2002     2001         2002
                                        _______   _______     ________
Cash Flows From Operating Activities:
 Net loss                               $(3,931)  $(5,574)    $(28,821)
 Adjustments to reconcile
   net loss to net cash used
   by operating activities:
  Changes in assets and liabilities:
    Increase (decrease) in
     accounts payable                    (1,184)     (650)           -
                                        _______   _______     ________
     Net Cash (Used) by
      Operating Activities               (5,115)   (6,224)     (28,821)
                                        _______   _______     ________

Cash Flows From Investing Activities          -         -            -
                                        _______   _______     ________
     Net Cash Provided (Used) by
      Investing Activities                    -         -            -
                                        _______   _______     ________

Cash Flows From Financing Activities:
 Proceeds from common stock issuance          -         -       41,000
                                        _______   _______     ________
     Net Cash Provided by
      Financing Activities                    -         -       41,000
                                        _______   _______     ________

Net Increase (Decrease) in Cash          (5,115)   (6,224)      12,179

Cash at Beginning of Period              17,294    23,518            -
                                        _______   _______     ________
Cash at End of Period                   $12,179   $17,294     $ 12,179
                                        _______   _______     ________

Supplemental Disclosures of Cash Flow Information:

 Cash paid during the period for:
   Interest                             $     -   $     -     $      -
   Income taxes                         $     -   $     -     $      -

Supplemental Schedule of Noncash Investing and Financing Activities:

  For the nine months ended September 30, 2002:
     None

  For the nine months ended September 30, 2001:
     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 September 30, 2002 and 2001 and  for  the
  periods then ended have been made.

  Certain   information  and  footnote  disclosures  normally  included   in
  financial  statements  prepared  in  accordance  with  generally  accepted
  accounting principles 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, 2001 audited financial statements.
  The  results  of operations for the periods ended September 30,  2002  and
  2001  are not necessarily indicative of the operating results for the full
  year.

  Loss  Per  Share  -  The computation of loss per share  is  based  on  the
  weighted  average number of shares outstanding during the period presented
  in  accordance  with Statement of Financial Accounting Standard  No.  128,
  "Earnings Per Share".

  Cash  and Cash Equivalents - For purposes of the statement of cash  flows,
  the Company considers all highly liquid debt investments purchased with  a
  maturity of three months or less to be cash equivalents.

  Accounting  Estimates  -  The  preparation  of  financial  statements   in
  conformity  with generally accepted accounting principles  in  the  United
  States  of  America requires management to make estimates and  assumptions
  that   affect  the  reported  amounts  of  assets  and  liabilities,   the
  disclosures  of  contingent assets and liabilities  at  the  date  of  the
  financial  statements,  and the reported amount of revenues  and  expenses
  during  the  reported  period.  Actual results  could  differ  from  those
  estimated.

  Recently  Enacted Accounting Standards - Statement of Financial Accounting
  Standards  ("SFAS")  No.  141,  "Business  Combinations",  SFAS  No.  142,
  "Goodwill  and  Other  Intangible Assets", SFAS No. 143,  "Accounting  for
  Asset   Retirement  Obligations",  SFAS  No.  144,  "Accounting  for   the
  Impairment or Disposal of Long-Lived Assets", SFAS No. 145, "Rescission of
  FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and
  Technical  Corrections", SFAS No. 146, "Accounting  for  Costs  Associated
  with  Exit  or  Disposal Activities", and SFAS No. 147,  "Acquisitions  of
  Certain  Financial Institutions - an Amendment of FASB Statements  No.  72
  and  144  and FASB Interpretation No. 9", were recently issued.  SFAS  No.
  141, 142, 143, 144, 145, 146 and 147 have no current applicability to  the
  Company  or their effect on the financial statements would not  have  been
  significant.

                                  -6-
<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 2 - COMMON STOCK

  During  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).

  During  May  1998, the Company issued 10,000,000 shares of its  previously
  authorized,  but unissued common stock.  Total proceeds from the  sale  of
  stock  amounted to $40,000 (or $.004 per share).  The issuance  of  common
  stock resulted in a change in control of the Company [See Note 5].

NOTE 3 - INCOME TAXES

  The  Company  accounts for income taxes in accordance  with  Statement  of
  Financial  Accounting  Standards No. 109 "Accounting  for  Income  Taxes".
  SFAS  No.  109  requires  the  Company  to  provide  a  net  deferred  tax
  asset/liability  equal  to  the  expected future  tax  benefit/expense  of
  temporary  reporting differences between book and tax  accounting  methods
  and  any  available  operating  loss  or  tax  credit  carryforwards.   At
  September  30,  2002,  the  Company has available  unused  operating  loss
  carryforwards  of  approximately $28,800, which  may  be  applied  against
  future taxable income and which expire in various years through 2022.

  The  amount of and ultimate realization of the benefits from the operating
  loss carryforwards for income tax purposes is dependent, in part, upon the
  tax  laws in effect, the future earnings of the Company, and other  future
  events,  the  effects  of  which cannot be  determined.   Because  of  the
  uncertainty  surrounding  the realization of the loss  carryforwards,  the
  Company  has established a valuation allowance equal to the tax effect  of
  the  loss  carryforwards and, therefore, no deferred tax  asset  has  been
  recognized  for the loss carryforwards.  The net deferred tax  assets  are
  approximately $9,800 and $8,500 as of September 30, 2002 and December  31,
  2001,  respectively, with an offsetting valuation allowance at  each  year
  end of the same amount resulting in a change in the valuation allowance of
  approximately $1,300 during 2002.

NOTE 4 - RELATED PARTY TRANSACTIONS

  Management Compensation - During the nine months ended September 30,  2002
  and  2001,  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.

NOTE 5 - CHANGES IN CONTROL

  During May 1998, the Company raised $40,000 through the sale of 10,000,000
  shares of common stock.   The shares sold represented approximately ninety-
  one percent (91%) of the outstanding shares of common stock of the Company
  resulting  in a change in control of the Company.  The proceeds  from  the
  stock  sale  have been used to pay for legal and accounting fees  and  for
  management  to  search  for possible business opportunities.   The  former
  officers  and directors of the Company resigned and an individual  holding
  approximately  23% of the outstanding common stock was  appointed  as  the
  sole officer and director of the Company.

                                  -7-
<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 6 - GOING CONCERN

  The  accompanying  financial statements have been prepared  in  conformity
  with  generally  accepted accounting principles 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,  raising 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 achieving profitable operations.  The financial statements  do
  not  include any adjustments that might result from the outcome  of  these
  uncertainties.

NOTE 7 - LOSS PER SHARE

  The  following data show the amounts used in computing loss per share  and
  the effect on income and the weighted average number of shares of dilutive
  potential common stock for the periods presented:

                                                                       From
                                                                     Inception
                          For the Three           For the Nine      on July 26,
                           Months Ended           Months Ended         1990
                          September 30,           September 30,       Through
                      ______________________  ______________________  September
                          2002        2001        2002       2001     30, 2002
                      __________  __________  __________  __________  _________
   Loss available
    to common
    stockholders
    used in loss
    per share
    (Numerator)         $(1,010)    $(1,509)    $(3,931)    $(5,574)  $(28,821)
                      __________  __________  __________  __________  _________
   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  4,625,534
                      __________  __________  __________  __________  _________

  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.





                                    -8-


<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 consolidated results of operations and financial condition. The
discussion should be read in conjunction with the consolidated 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 anticipated
cash needs. The current sole officer and director has expressed his intent
to borrow funds to the extent possible, to fund the costs of operating the
Company until a suitable business venture can be completed. Management
does not anticipate raising funds during the next twelve months through
the sale of securities. There is no assurance that the Company will be
able to successfully identify and/or negotiate a suitable potential
business venture or raise additional funding.

     The Company has experienced net losses during the development stage
(July 3, 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.

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.

                                   -9-
<PAGE>

                        PART II - OTHER INFORMATION

Item 3. Controls and Procedures.

      Within  the 90 days prior to the date of this report, the  Company's
Chief  Executive  Officer  and  Chief Financial  Officer  carried  out  an
evaluation  of  the  effectiveness of the  design  and  operation  of  the
Company's disclosure controls and procedures pursuant to Exchange Act Rule
13a-14.  Based upon that evaluation, the Chief Executive Officer and Chief
Financial  Officer  concluded that the Company's disclosure  controls  and
procedures  are effective in timely alerting them to material  information
relating  to the Company required to be included in the Company's periodic
SEC  filings.  There have been no significant changes in internal controls
or  in  other  factors that could significantly affect  internal  controls
subsequent to the date of our most recent evaluation.

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

     (a)
                             INDEX TO EXHIBITS

        EXHIBIT NO.                  DESCRIPTION OF EXHIBIT
        ___________               __________________________

         3(i).1    Articles of Incorporation of the Company (Incorporated
                   by reference to Exhibit 3(i).1 of the Company's
                   Form 10-Q, dated June 30, 1998).

         3(ii).1   Bylaws of the Company (Incorporated by reference to
                   Exhibit 3(ii).1 of the Company's Form 10-Q, dated
                   June 30, 1998).

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

     (b)  Reports on Form 8-K:

        None.

                                SIGNATURES

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



                                      BIOETHICS, LTD.

Date: November 12, 2002              By   /s/ Mark J. Cowan
                                     Mark J. Cowan
                                       President, Chief Executive Officer,
                                       Chief Financial Officer and Director


                                      -10-
<PAGE>


                              CERTIFICATIONS

I, Mark J. Cowan, as Chief Executive Officer and Chief Financial Officer
of the Company, certify that:

  1.   I have reviewed this quarterly report on Form 10-QSB of Bioethics,
     Ltd.;

  2.   Based on my knowledge, this quarterly report does not contain any
     untrue statement of a material fact or omit to state a material fact
     necessary to make the statements made, in light of the circumstances under
     which such statements were made, not misleading with respect to the period
     covered by this quarterly report;

  3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

  4.   I am responsible for establishing and maintaining disclosure controls
     and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for
     the registrant and have:

       a.   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within
          those entities, particularly during the period in which this
          quarterly report is being prepared;

       b.   evaluated the effectiveness of the registrant's disclosure
          controls and procedures as of a date within 90 days prior to the
          filing date of this quarterly report (the "Evaluation Date"); and

       c.   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

  5.   I have disclosed, based on my most recent evaluation, to the
     registrant's auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent functions):

       a.   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses
          in internal controls; and

       b.   any fraud, whether or not material, that involves management or
          other employees who have a significant role in the registrant's
          internal controls; and

  6.   I have indicated in this quarterly report whether or not there were
     significant changes in internal controls or in other factors that could
     significantly affect internal controls subsequent to the date of our most
     recent evaluation, including any corrective actions with regard to
     significant deficiencies and material weaknesses.


Date: November 12, 2002                   /s/ Mark J. Cowan
                                          Mark J. Cowan
                                          Chief Executive Officer and
                                          Chief Financial Officer

                                     -11-
<PAGE>


                               Exhibit 99.1

                         CERTIFICATION PURSUANT TO
                          18 U.S.C. SECTION 1350,
                          AS ADOPTED PURSUANT TO
               SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection with the Quarterly Report of Bioethics, Ltd. (the
"Company") on Form 10-QSB for the period ending September 30, 2002 as
filed with the Securities and Exchange Commission on the date hereof (the
"Report"), I, Mark J. Cowan, Chief Executive Officer and Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C.  1350, as adopted
pursuant to  906 of the Sarbanes-Oxley Act of 2002, that:

    (1) The Report fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

    (2) The information contained in the Report fairly presents, in
all material respects, the financial condition and result of operations of
the Company.


  /s/ Mark J. Cowan
Mark J. Cowan
Chief Executive Officer and Chief Financial Officer
November 12, 2002








<PAGE>