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, 2000

               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 No.)
incorporation or organization)


        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 6, 2000
         Common Stock                       11,000,000



<PAGE>




                 PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.














                         BIOETHICS, LTD.
                  [A Development Stage Company]

            UNAUDITED CONDENSED FINANCIAL STATEMENTS

                       SEPTEMBER 30, 2000



<PAGE>






                         BIOETHICS, LTD.
                  [A Development Stage Company]




                            CONTENTS

                                                          PAGE


          Unaudited Condensed Balance Sheets,
            September 30, 2000 and December 31,
            1999                                           2


          Unaudited Condensed Statements of Operations,
            for the three and nine months ended
            September 30, 2000 and 1999 and for the
            period from inception on July 26, 1990
            through September 30, 2000                     3

          Unaudited Condensed Statements of Cash Flows,
            for the nine months ended September 30, 2000
            and 1999 and for the period from inception
            on July 26, 1990 through September 30, 2000    4


         Notes to Unaudited Condensed Financial
           Statements                                  5 - 7





<PAGE>


                         BIOETHICS, LTD.
                  [A Development Stage Company]

                    CONDENSED BALANCE SHEETS

                           [Unaudited]

                             ASSETS


                                        September 30, December 31,
                                             2000         1999
                                         ___________  ___________
CURRENT ASSETS:
  Cash in bank                            $   24,597   $   29,804
                                         ___________  ___________
        Total Current Assets                  24,597       29,804
                                         ___________  ___________
                                          $   24,597   $   29,804
                                        ____________ ____________


              LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES:
  Accounts payable                        $      775   $      670
                                         ___________  ___________
        Total Current Liabilities                775          670
                                         ___________  ___________

STOCKHOLDERS' EQUITY:
  Preferred stock, $.001 par value,
   5,000,000 shares authorized,
   0 shares issued and outstanding                 -            -
  Common stock, $.001 par value,
   20,000,000 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                       (17,178)     (11,866)
                                         ___________  ___________
        Total Stockholders' Equity            23,822       29,134
                                         ___________  ___________
                                          $   24,597   $   29,804
                                         ___________  ___________




Note:The Balance Sheet as of December 31, 1999, 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.

2
<PAGE>


                         BIOETHICS, LTD.
                  [A Development Stage Company]


               CONDENSED STATEMENTS OF OPERATIONS

                           [Unaudited]



                  For the Three      For the Nine     From Inception
                   Months Ended      Months Ended       on July 26,
                   September 30,     September 30,    1990 Through
                __________________  _________________ September 30,
                   2000     1999      2000    1999         2000
                _________ ________  ________ ________ ____________
REVENUE:        $       - $      -  $      - $      - $          -
                _________ ________  ________ ________ ____________
EXPENSES:
  General and
   Administrative   1,345    1,162     5,312    4,561       17,178
                _________ ________  ________ ________ ____________

LOSS BEFORE INCOME
  TAXES            (1,345)  (1,162)   (5,312)  (4,561)     (17,178)

CURRENT TAX
 EXPENSE                -        -         -        -            -

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

NET LOSS        $  (1,345)$ (1,162) $ (5,312)$ (4,561)$    (17,178)
                _________ ________  ________ ________ ____________

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


















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

3
<PAGE>


                         BIOETHICS, LTD.
                  [A Development Stage Company]

               CONDENSED STATEMENTS OF CASH FLOWS

                           [Unaudited]

                                     For the Nine     From Inception
                                     Months Ended       on July 26,
                                     September 30,     1990 Through
                                   __________________  September 30,
                                      2000    1999        2000
                                   _________ ________  ____________
Cash Flows From Operating
  Activities:
 Net loss                          $  (5,312)$ (4,561) $    (17,178)
 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                    105      247           775
                                   _________ ________  ____________
     Net Cash Provided (Used) by
       Operating Activities           (5,207)  (4,314)      (16,403)
                                   _________ ________  ____________
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       (5,207)  (4,314)       24,597

Cash at Beginning of Period           29,804   35,564             -
                                   _________ ________  ____________
Cash at End of Period              $  24,597 $ 31,250  $     24,597
                                   _________ ________  ____________
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, 2000 and 1999
     None








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

4
<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, 2000 and 1999 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, 1999 audited  financial
  statements.   The  results of operations for  the  periods  ended
  September  30,  2000  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 Standards 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. 136, "Transfers of Assets  to  a
  not  for  profit organization or charitable trust that raises  or
  holds  contributions for others", SFAS No. 137,  "Accounting  for
  Derivative Instruments and Hedging Activities - deferral  of  the
  effective  date of FASB Statement No. 133 (an amendment  of  FASB
  Statement  No.  133.),",  SFAS No. 138  "Accounting  for  Certain
  Derivative  Instruments  and Certain  Hedging  Activities  -  and
  Amendment of SFAS No. 133", SFAS No. 139, "Recission of SFAS  No.
  53  and  Amendment to SFAS No 63, 89 and 21", and SFAS  No.  140,
  "Accounting  to  Transfer and Servicing of Financial  Assets  and
  Extinguishment  of Liabilities", were recently  issued  SFAS  No.
  136,  137, 138, 139 and 140 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, 2000, the Company has
  available  unused  operating loss carryforwards of  approximately
  $17,100,  which may be applied against future taxable income  and
  which expire in 2005 through 2020.

  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 $5,800 as of September 30, 2000, with an
  offsetting  valuation allowance at each period end  of  the  same
  amount  resulting  in  a  change in the  valuation  allowance  of
  approximately  $1,800 during the nine months ended September  30,
  2000.

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 - EARNINGS (LOSS) PER SHARE

  The  following  data  show the amounts used in  computing  income
  (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,
                      2000     1999        2000       1999       2000
                  __________ __________ __________ __________ __________
    Income (loss)
    available to
    common
    stockholders
    used in income
    (loss) per
    share
    (Numerator)   $   (1,345)$   (1,162)$   (5,312)$   (4,561)$  (17,178)
                  __________ __________ __________ __________ __________
    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 3,374,294
                  __________ __________ __________ __________ __________

  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 earnings (loss) per share.


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.



8
<PAGE>



                   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).
   27        Financial Data Schedule

     (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, 2000         By /s/ Mark J. Cowan
                                    Mark J. Cowan
                                    President, Chief Executive
                                    Officer, Chief Financial
                                    Officer and Director

9
<PAGE>





                          EXHIBIT 27.1



                     Financial Data Schedule
        For the Nine Month Period Ended September 30, 2000

                         BioEthics, Ltd.