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 JUNE 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:
                      5,500,000 shares at August 13, 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
                                    June 30,
                                                                 1997
                                                        ------------------------
                          ASSETS                             (Unaudited)
CURRENT ASSETS
   Cash                                               $                  60,156
   Note payable proceeds receivable                                     120,900
                                                        ------------------------
     Total Current Assets                                               181,056
                                                        ------------------------
OTHER ASSETS
   Deposit on deferred offering costs                                   175,000
                                                        ------------------------
     Total Other Assets                                                 175,000
                                                        ------------------------
Total Assets                                          $                 356,056
                                                        ========================

           LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
   Bank line of credit                                $                 175,000
                                                        ------------------------
     Total Current Liabilities                                          175,000
                                                        ------------------------
LONG-TERM LIABILITIES
   Notes payable (note 1b)                                              140,000
                                                        ------------------------
     Total Long-Term Liabilities                                        140,000
                                                        ------------------------
     Total Liabilities                                                  315,000
                                                        ------------------------

           STOCKHOLDERS' EQUITY
   Common stock, no par value, authorized 10,000,000
     shares; 4,281,054 at June 30, 1997 issued and
     outstanding.  (note 2)                                             423,312
   Preferred stock, no par value, authorized 1,000,000
     shares; 0 shares issued and outstanding. (note 2)                        0
   Deficit accumulated in the development stage                        (382,256)
                                                        ------------------------
 Total Stockholders' Equity                                              41,056
                                                        ------------------------
 Total Liabilities and Stockholders' Equity           $                 356,056
                                                        ========================

     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 June 30,

                                                                1997
                                                        ------------------------
                            REVENUE                          (Unaudited)
Revenue                                               $                       0
                                                        ------------------------
  Total revenue                                                               0
                         COST OF SALES
Cost of sales                                                                 0
                                                        ------------------------
   Gross profit/(loss)                                                        0
                           EXPENSES
Bank charges                                                                145
Consultants                                                             364,886
Dues, fees, licenses and taxes                                              150
Office expenses                                                           3,916
Professional fees                                                         1,875
Rent                                                                      9,454
Travel and entertainment                                                  1,830
Miscellaneous                                                                 0
                                                         -----------------------
  Total expenses                                                        382,256
                                                         -----------------------
Net loss before tax benefit                                            (382,256)
                                                         -----------------------
Income tax benefit (note 3)                                                   0
                                                         -----------------------
Net loss                                               $               (382,256)
                                                         =======================
Weighted average number of shares outstanding                         4,281,054
                                                         =======================
Net loss per share                                     $                  (0.09)
                                                         =======================









    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

Net loss                                      0                  0                   0               (382,256)             (382,256)
                                  -------------      -------------       -------------      ------------------     -----------------

BALANCE, June
   30, 1997  Unaudited)               4,281,054    $       423,312                   0               (382,256)               41,056
                                  =============      =============       =============      ==================     =================
</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 June 30,
<TABLE>
<S>                                                                              <C>
                                                                                      1997
                                                                                 ----------------
CASH FLOWS FROM DEVELOPMENT ACTIVITIES:                                            (Unaudited)
Net loss                                                                       $        (382,256)
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                             (120,900)
                                                                                 ----------------
Net cash used for development activities                                                (139,844)
                                                                                 ----------------

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:
Common stock sold for cash                                                                60,000
Notes payable issued for cash                                                            315,000
                                                                                 ----------------
Net cash provided by financing activities                                                375,000
                                                                                 ----------------
Increase (decrease) increase in cash                                                      60,156

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

CASH, end of period                                                            $          60,156
                                                                                 ================

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
         years then ended. Actual results could differ  significantly from those
         estimates.  The  financial  statements  for the period since  inception
         ended June 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 April 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 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.

(3)      Income taxes The amount  recorded as deferred  income tax asset at June
         30,  1997,  $152,900,  represents  the  amount of tax  benefit  of loss
         carry-forwards.  The  Company  has  established  a  $152,900  valuation
         allowance  against  this  asset,  as  the  Company  has no  history  of
         profitable  operations.  At  June  30,  1997,  the  Company  has  a net
         operating loss  carry-forward  for income tax purposes of approximately
         $382,256, expiring in 2012.

(4)      License  agreements  In July 1996,  the Company  entered into a license
         agreement  with  the  Thlopthlocco   Tribal  Town  Business  Committee,
         (Tribe).  In  this  agreement  the  Company  agreed  to  contract  with
         ElasticMEDIA Inc. to develop,  maintain and oversee the  implementation
         of the software and hardware  configuration  of the Internet,  or World
         Wide Web,  (WWW),  aspects of the  on-line  bingo  operations.  The net
         profits  of the  on-line  bingo  operation  are to be shared 40% to the
         Company and 60% to the Tribe.  The Company is required to pay royalties
         to the  ElasticMEDIA  quarterly  based  on  gross  sales.  The  royalty
         percentages  are:  3% of  the  first  $1  million;  2% of the  next  $4
         million;  1.75% of the  next $5 million and 1.5% of all  revenues  over
         $10 million.   This agreement is unilaterally  cancellable with written
         notice by  either party should the royalty payments due the Company are
         less  than $25,000 in any year after the second anniversary date of the
         agreement.
                                       F-7
<PAGE>
Item 2.  Management's Discussion and Analysis of Financial Condition and Results
of Operations.

     The  Registrant is  development  stage company.  The  Registrant's  plan of
operation  of the next twelve  months is to  establish a rapid  market  share in
internet  gambling.   The  Registrant  has  planned  the  following   aggressive
implementation schedule for that purpose:

   Bingo
September 1997, official introduction of Beta test of on line software engine.
October 1997, launch of operations from host server on tribal land.
December 1997, advertising  blitz to internet bingo  customers.
March 1998, conduct on month of $1,000,000 promotions.

   Casino
November 1997, official introduction of Beta test of on line software engine.
January 1998, launch of operations from host server on Antigua, West Indies.
April  1998, advertising  blitz to internet gaming customers.
July 1998, conduct on month of $1,000,000 promotions.

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.

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>
(c) The  Registrant  entered into a statutory  merger during the period in which
the common  stock of the  acquired  company was changed into common stock of the
Registrant.

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.

 The Registrant has been informed by a representative of the Thlopthloccos Tribe
of American  Indians  that their  request for review and  approval of the tribal
gaming  ordinance has been denied by the National Indian Gaming  Commission.  To
provide  the  requisite   Class  II  gaming  license  for  the  operation  of  a
bingo-for-cash  game on the internet,  the  Registrant has a letter of intent to
negotiate  an  exclusive  agreement  with  the Big  Lagoon  Rancheria  Tribe  of
Trinidad,  California which, on August 5, 1994,  received approval of its gaming
ordinance and has an established  Class II license.  Terms of the agreement will
allow the  Registrant to proceed with its planned  operations  and in compliance
with the Indian  Gaming  Regulatory  Act. The letter of intent states that it is
the  intention  of the parties  that a completed  contract be signed  within ten
days.

 The Registrant has received  approval in principle,  subject to receipt of full
documentation and completion of due diligence,  of a license from the Free Trade
and Processing Zone in Antigua,  West Indies,  to operate an off-shore  internet
casino gaming operation for all types of casino gaming for cash.

S.T. Deck,  Jr.,  resigned from the Board of Directors and as an officer on July
1, 1997 to pursue  other  business  interests.  Mark A.  Popp was  elected  as a
director and president to replace Mr. Deck.

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

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

 Exhibits
(10) Material contracts
10.1 Agreement with the Big Lagoon Rancheria Tribe
10.2  Approval of application by the Free Trade & Processing Zone, Antigua, West
 Indies
(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: August 13, 1997


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

Date: August 13, 1997
<PAGE>