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 June 30, 2006

                    Commission File Number 33-55254-41

                              BIOETHICS, LTD.
     (Exact name of small business issuer 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
             (Issuer's telephone number, including area code)

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act 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 by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).  Yes  X  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 August 10, 2006
Common Stock                     11,000,000



<PAGE>


                      PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.








                              BIOETHICS, LTD.
                       [A Development Stage Company]

                 UNAUDITED CONDENSED FINANCIAL STATEMENTS

                              JUNE 30, 2006











<PAGE>






                              BIOETHICS, LTD.
                       [A Development Stage Company]




                                 CONTENTS

                                                             PAGE


        -  Unaudited Condensed Balance Sheets,
             June 30, 2006 and December 31, 2005               2


        -  Unaudited Condensed Statements of Operations,
            for the three and six months ended June 30,
            2006 and 2005 and from inception on July 26,
            1990 through June 30, 2006                         3

        -  Unaudited Condensed Statements of Cash Flows,
            for the six months ended June 30, 2006 and 2005
            and from inception on July 26, 1990
            through June 30, 2006                              4


        -  Notes to Financial Statements                     5 - 6






<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

                    UNAUDITED CONDENSED BALANCE SHEETS


                                  ASSETS

                                           June 30,   December 31,
                                             2006         2005
                                         ___________  ___________
CURRENT ASSETS:
  Cash                                    $    8,963   $   12,523
                                         ___________  ___________
        Total Current Assets                   8,963       12,523
                                         ___________  ___________
                                          $    8,963   $   12,523
                                         ___________  ___________

              LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)


CURRENT LIABILITIES:
  Accounts payable                        $      960   $       40
                                         ___________  ___________
        Total Current Liabilities                960           40
                                         ___________  ___________

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
                                              50,000       50,000
  Deficit accumulated during the
   development stage
                                             (52,997)     (48,517)
                                         ___________  ___________
        Total Stockholders' Equity             8,003       12,483
                                         ___________  ___________
                                          $    8,963   $   12,523
                                         ___________  ___________












Note:  The  balance sheet at December 31, 2005 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]


               UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

                                                                From
                        For the Three      For the Six         Inception
                         Months Ended      Months Ended           on
                           June 30,          June 30,           July 26,
                       _______________    _______________    1990 Through
                       2006       2005     2006      2005   June 30, 2006
                   __________  ________  ________  _______  _____________

REVENUE            $      -    $     -   $     -   $     -    $     -

EXPENSES:
  General and
   administrative     2,330      1,142     4,480     3,797     52,997
                   __________  ________  ________  _______  _____________

LOSS BEFORE
  INCOME TAXES       (2,330)    (1,142)   (4,480)   (3,797)   (52,997)

CURRENT TAX EXPENSE
                          -          -         -         -          -
DEFERRED TAX EXPENSE      -          -         -         -          -
                   __________  ________  ________  _______  _____________


NET LOSS            $(2,330)   $(1,142)  $(4,480)  $(3,797)  $(52,997)
                   __________  ________  ________  _______  _____________


LOSS PER COMMON
  SHARE             $  (.00)   $  (.00)  $  (.00)  $  (.00)
                    _______________________________________















  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 CASH FLOWS

                                                 For The       From Inception
                                               Months Ended      on July 26,
                                                 June 30,       1990 Through
                                          _____________________   June 30,
                                             2006        2005       2006
                                         __________  __________  ___________
Cash Flows from Operating Activities:
  Net loss                               $ (4,480)   $ (3,797)   $ (52,997)
  Adjustments to reconcile net
    loss to net cash used by
    operating activities:
   Changes in assets and liabilities:
     Increase (decrease) in
      accounts payable                        920      (1,025)         960
                                         __________  __________  ___________
        Net Cash (Used) by
         Operating Activities              (3,560)     (4,822)     (52,037)
                                         __________  __________  ___________

Cash Flows from Investing Activities:           -           -            -
                                         __________  __________  ___________

        Net Cash Provided by
         Investing Activities                   -           -            -
                                         __________  __________  ___________

Cash Flows from Financing Activities:
  Proceeds from common stock issuance           -           -       41,000
  Capital contribution                          -       5,000       20,000
                                         __________  __________  ___________
        Net Cash Provided by
         Financing Activities                   -       5,000       61,000
                                         __________  __________  ___________

Net Increase (Decrease) in Cash            (3,560)        178        8,963

Cash at Beginning of Period                12,523       1,078            -
                                         __________  __________  ___________

Cash at End of Period                    $  8,963     $ 1,256     $  8,963
                                         __________  __________  ___________

Supplemental Disclosures of Cash Flow information:
  Cash paid during the period for:
    Interest                             $      -     $     -     $      -
    Income taxes                         $      -     $     -     $      -

Supplemental schedule of Non-cash Investing and Financing Activities:
  For the six months ended June 30, 2006:
     None

  For the six months ended June 30, 2005:
     None





 The accompanying notes are an integral part of these unaudited condensed
                           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  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  June 30, 2006 and 2005 and for the periods then ended have  been
  made.

  Certain information and footnote disclosures normally included in financial
  statements  prepared  in  accordance with accounting  principles  generally
  accepted  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, 2005 audited financial statements.  The results  of
  operations for the periods ended June 30, 2006 and 2005 are not necessarily
  indicative of the operating results for the full year.


NOTE 2 - RELATED PARTY TRANSACTIONS

  Management  Compensation - During the six months ended June  30,  2006  and
  2005,  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 3 - GOING CONCERN

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


                                    -6-

<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS


NOTE 4 - LOSS PER SHARE

  The following data show the amounts used in computing loss per share:



                         For the Three           For the Six
                          Months Ended           Months Ended
                            June 30,               June 30,
                     ____________________________________________
                       2006       2005         2006       2005
                     ________ ___________  __________  ___________
Loss from
continuing
operations
applicable to
common stockholders
(numerator)          $  (2,330)  $ (1,142)  $  (4,480)  $ (3,797)
                    ___________  _________  _________  __________
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
                    __________  _________  _________  __________


  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.


                                   -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 results of operations and financial condition. The discussion
should be read in conjunction with the 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 short or long
term cash needs. The Company believes that its current cash will not be
sufficient to support the Company's planned operations for the next twelve
months. The current sole officer and director has expressed his intent that
to the extent necessary the Company will seek to raise additional funds
through the sale of equity securities or by borrowing of funds until a
suitable business venture can be completed. There is no assurance that the
Company will be able to successfully identify and/or negotiate a suitable
potential business venture or raise additional funds if and when needed.

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

Off-Balance Sheet Arrangements

     The Company does not have any off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources
that is material to investors.

Critical Accounting Policies

     Due to the lack of current operations and limited business activities,
the Company does not have any accounting policies that it believes are
critical to facilitate an investor's understanding of the Company's
financial and operating status.

Recent Accounting Pronouncements

     The Company has not adopted any new accounting policies that would
have a material impact on the Company's financial condition, changes in
financial conditions or results of operations.

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.

Item 3. Controls and Procedures

     We have evaluated, with the participation of our Chief Executive
Officer and Chief Financial Officer, the effectiveness of the design and
operation of our disclosure controls and procedures as of June 30, 2006,
pursuant to Exchange Act Rule 15d-15.  Based upon that evaluation, the
Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures are effective.  There have been no
significant changes to our internal controls over financial reporting
during the period ended June 30, 2006, that have materially affected, or
that are reasonably likely to materially affect, our internal controls over
financial reporting.


                        PART II - OTHER INFORMATION


Item 6. Exhibits

EXHIBIT NO.         DESCRIPTION OF EXHIBIT

3(i)    Articles of Incorporation of the Company (Incorporated by
        reference to Exhibit 3(i) of the Company's Form 10-KSB,
        dated December 31, 2003)

3(ii)   Bylaws of the Company (Incorporated by reference to
        Exhibit 3(ii) of the Company's Form 10-KSB,
        dated December 31, 2003)

31.1    Certification pursuant to Section 302 of the
        Sarbanes-Oxley Act of 2002

31.2    Certification pursuant to Section 302 of the
        Sarbanes-Oxley Act of 2002

32.1    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.




Date: August 10, 2006               BIOETHICS, LTD.


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