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, 2001

                    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    (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
           (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.

                              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 6, 2001
         Common Stock                       11,000,000





                      PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.






                              BIOETHICS, LTD.
                       [A Development Stage Company]

                 UNAUDITED CONDENSED FINANCIAL STATEMENTS

                            SEPTEMBER 30, 2001




<PAGE>



                              BIOETHICS, LTD.
                       [A Development Stage Company]




                                 CONTENTS

                                                               PAGE

        - Unaudited Condensed Balance Sheet, September 30,
            2001.                                                 2


        - Unaudited Condensed Statements of Operations,
            for the three and nine months ended September
            30, 2001and 2000 and for the period from
            inception on July 26, 1990 through September
            30, 2001                                              3

        - Unaudited Condensed Statements of Cash Flows,
            for the nine months ended September 30, 2001
            and 2000 and for the period from inception on
            July 26, 1990 through September 30, 2001              4


        - Notes to Unaudited Condensed Financial Statements   5 - 7





<PAGE>



                              BIOETHICS, LTD.
                       [A Development Stage Company]

                     UNAUDITED CONDENSED BALANCE SHEET

                                  ASSETS


                                                     September 30,
                                                          2001
                                                      ___________
CURRENT ASSETS:
  Cash in bank                                         $   17,294
                                                      ___________
        Total Current Assets                               17,294
                                                      ___________
                                                       $   17,294
                                                     ____________


                   LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES:
  Accounts payable                                     $        -
                                                      ___________
        Total Current Liabilities                               -
                                                      ___________

STOCKHOLDERS' EQUITY:
  Preferred stock, $.001 par value,
   5,000,000 shares authorized,
   no shares issued and outstanding
  Common stock, $.001 par value,
   20,000,000 shares authorized,
   11,000,000 shares issued and
   outstanding                                             11,000
  Capital in excess of par value                           30,000
  Deficit accumulated during the
    development stage                                     (23,706)
                                                      ___________
        Total Stockholders' Equity                         17,294
                                                      ___________
                                                       $   17,294
                                                     ____________







  The accompanying notes are an integral part of this unaudited condensed
                           financial statement.


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<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,
                        2001     2000      2001      2000       2001
                     ________  ________  ________  ________  _________
REVENUE:             $      -  $      -  $      -  $      -  $       -
                     ________  ________  ________  ________  _________
EXPENSES:
  General and
  Administrative        1,509     1,345     5,574     5,312     23,706
                     ________  ________  ________  ________  _________

LOSS BEFORE INCOME
TAXES                  (1,509)   (1,345)   (5,574)   (5,312)   (23,706)

CURRENT TAX EXPENSE         -         -         -         -          -

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

NET LOSS             $ (1,509) $ (1,345) $ (5,574) $ (5,312) $ (23,706)
                     ________  ________  ________  ________  _________

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








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


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<PAGE>



                              BIOETHICS, LTD.
                       [A Development Stage Company]

               UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS


                                            For the Nine  From Inception
                                            Months Endedon   July 26,
                                            September 30,  1990 Through
                                         __________________September 30,
                                           2001      2000      2001
                                         ________  ________  _________
Cash Flows From Operating
  Activities:
 Net loss                                $ (5,574) $ (5,312) $ (23,706)
 Adjustments to reconcile net loss to
   net cash used by operating activities:
  Stock issued for services                     -         -          -
  Changes is assets and liabilities:
    Increase (Decrease) in accounts
      payable                                (650)      105          -
                                         ________  ________  _________
     Net Cash Used by
       Operating Activities                (6,224)   (5,207)   (23,706)
                                         ________  ________  _________
Cash Flows From Investing
  Net Cash Provided by Investing
    Activities                                  -         -          -
                                         ________  ________  _________
Cash Flows From Financing
  Activities:
 Proceeds from issuance of common stock         -         -     41,000
                                         ________  ________  _________
     Net Cash Provided by Financing
       Activities                               -         -     41,000
                                         ________  ________  _________
Net Increase (decrease) in Cash            (6,224)   (5,207)    17,294

Cash at Beginning of Period                23,518    29,804          -
                                         ________  ________  _________
Cash at End of Period                    $ 17,294  $ 24,597  $  17,294
                                         ________  ________  _________
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 periods ended September 30, 2001:
     None
  For the periods ended September 30, 2000:
     None






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


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<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  yet
  generated  significant revenues from its planned principal operations  and
  is  considered a development stage company as defined in SFAS 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, 2001 and 2000 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 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,  2000 audited financial statements.  the results of operations for the
  periods  ended  September 30, 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 Standard No. 128, "Earnings Per
  Share" [See Note 6].

  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   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. 140, "Accounting for Transfers  and  Servicing  of
  Financial  Assets  and Extinguishments of Liabilities - a  replacement  of
  FASB  Statement No. 125", SFAS No. 141, "Business Combinations", SFAS  No.
  142, "Goodwill and Other Intangible Assets", and SFAS No. 143, "Accounting
  for  Asset Retirement Obligations", were recently issued.  SFAS  No.  140,
  141,  142, and 143 have no current applicability to the Company  or  their
  effect on the financial statements would not have been significant.


-5-
<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".
  FASB   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,  2001,  the  Company has available  unused  operating  loss
  carryforwards  of  approximately $23,700, which  may  be  applied  against
  future taxable income and which expire in various years through 2021.

  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  $8,000  as  of  September  30,  2001,  with  an  offsetting
  valuation allowance at each period end of the same amount resulting  in  a
  change in the valuation allowance of approximately $1,900 during the  nine
  months ended September 30, 2001.

NOTE 4 - RELATED PARTY TRANSACTIONS

  Management Compensation - The Company has not paid 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 represent 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  will  be 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  member  of  the Board of Directors of the Company  and  as  the  new
  President,   Chief  Executive  Officer,  Chief  Financial   Officer,   and
  Secretary/Treasurer of the Company.


-6-
<PAGE>


                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 6 - 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:

                          For the Three        For the Nine    From Inception
                           Months Ended        Months Ended      on July 26,
                          September 30,        September 30,    1990, Through
                      _____________________ _____________________September 30,
                         2001       2000       2001       2000      2001
                      __________ __________ __________ __________ _________
    Income (loss)
      available to common
      stockholders used
      in income (loss)
      per share
      (Numerator)     $  (1,509) $  (1,345) $  (5,574) $  (5,312) $(23,706)
                      __________ __________ __________ __________ _________
    Weighted average
      number of common
      shares outstanding
      used in earnings
      per share during
      the period
      (Denominator)   11,000,000 11,000,000 11,000,000 11,000,000 4,055,828
                      __________ __________ __________ __________ _________

  Dilutive  earnings  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.

NOTE 7 - GOING CONCERN

  The  accompanying  financial statements have been prepared  in  conformity
  with   generally   accepted  accounting  principles,   which   contemplate
  continuation of the Company as a going concern.  However, the Company  has
  incurred  losses  since its inception and has not yet been  successful  in
  establishing profitable 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  achieving profitable operations.   The  financial
  statements  do  not  include any adjustments that might  result  from  the
  outcome of these uncertainties.



-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 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.

                        PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

     None.

Item 2. Changes in Securities and Use of Proceeds.

     None.

Item 3. Defaults Upon Senior Securities.

     None.

Item 4. Submission of Matters to Vote of Securityholders.

     None.

Item 5. Other Information.

     None.

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

     (a)
                             INDEX TO EXHIBITS

 EXHIBIT                   DESCRIPTION OF EXHIBIT
   NO.
   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).

     (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 13, 2001         By /s/ Mark J. Cowan
                                 _
                                   Mark J. Cowan
                                   President, Chief Executive
                                   Officer, Chief Financial
                                   Officer and Director