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 March 31, 2002

                Commission File Number 33-55254-41

                          BIOETHICS, LTD.
      (Exact name of registrant as specified in its charter)


            Nevada                              87-0485312
(State or other jurisdiction of       (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 May 1, 2002
Common Stock                     11,000,000




<PAGE>

                  PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.



                              BIOETHICS, LTD.
                       [A Development Stage Company]




                                 CONTENTS

                                                                  PAGE

       -   Unaudited Condensed Balance Sheet,
             March 31, 2002                                         2


       -   Unaudited Condensed Statements of
            Operations, for the three months
            ended March 31, 2002 and 2001 and
            for the period from inception on
            July 26, 1990 through March 31, 2002                    3


        -  Unaudited Condensed Statements of
            Cash Flows, for the three months
            ended March 31, 2002 and 2001 and
            for the period from inception on
            July 26, 1990 through March 31, 2002                    4


        -  Notes to Unaudited Condensed Financial Statements      5 - 7






<PAGE>

                              BIOETHICS, LTD.
                       [A Development Stage Company]

                          CONDENSED BALANCE SHEET

                                [Unaudited]

                                  ASSETS


                                                       March 31,
                                                          2002
                                                      ___________
CURRENT ASSETS:
  Cash in bank                                         $   15,579
                                                      ___________
        Total Current Assets                               15,579
                                                      ___________
                                                       $   15,579
                                                     ____________


                   LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES:
  Accounts payable                                     $    1,340
                                                      ___________
        Total Current Liabilities                           1,340
                                                      ___________

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                                    (26,761)
                                                      ___________
        Total Stockholders' Equity                         14,239
                                                      ___________
                                                       $   15,579
                                                     ____________







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

                                    -2-
<PAGE>
                              BIOETHICS, LTD.
                       [A Development Stage Company]


                    CONDENSED STATEMENTS OF OPERATIONS

                                [Unaudited]


                                       For the Three   From Inception
                                        Months Ended     on July 26,
                                         March 31,      1990 Through
                                   ____________________  March 31,
                                       2002      2001      2002
                                   __________  ________  _________

REVENUE                              $      -  $      -  $      -

EXPENSES:
  General and Administrative          (1,871)   (1,135)  (26,761)
                                   __________  ________  _________

LOSS BEFORE INCOME TAXES              (1,871)   (1,135)  (26,761)

CURRENT TAX EXPENSE                         -         -         -

DEFERRED TAX EXPENSE                        -         -         -
                                   __________  ________  _________

NET LOSS                             $(1,871)  $(1,135)  $(26,761)
                                   __________  ________  _________

LOSS PER COMMON SHARE                $  (.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 Three       From Inception
                                        Months Ended         on July 26,
                                         March 31,          1990 Through
                                       ____________________  March 31,
                                           2002      2001      2002
                                       _________  _________  _________
Cash Flows From Operating Activities:
 Net loss                              $  (1,871) $ (1,135)  $(26,761)
 Adjustments to reconcile net
  loss to net cash used by
  operating activities:
   Changes in assets and liabilities:
    Increase (decrease)
     in accounts payable                     156      (650)     1,340
                                       _________  _________  _________
     Net Cash (Used) by
       Operating Activities               (1,715)   (1,785)   (25,421)
                                       _________  _________  _________

Cash Flows From Investing Activities           -         -          -
                                       _________  _________  _________
     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          (1,715)   (1,785)    15,579

Cash at Beginning of Period               17,294    23,518          -
                                       _________  _________  _________
Cash at End of Period                   $ 15,579  $ 21,733   $ 15,579
                                       _________  _________  _________

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 March 31, 2002
     None

  For the periods ended March 31, 2001
     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.

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

  Income  Taxes  - The Company accounts for income taxes in accordance  with
  Statement  of  Financial  Accounting Standards No.  109,  "Accounting  for
  Income  Taxes."   This statement requires an asset and liability  approach
  for accounting for income taxes. [See Note 3]

  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.

  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 March 31, 2002 and  2001  and  for  the
  periods then ended have been made.

  Certain   information  and  footnote  disclosures  normally  included   in
  financial  statements  prepared  in  accordance  with  generally  accepted
  accounting  principles have been condensed or omitted.   It  is  suggested
  that these condensed financial statements be read in conjunction with  the
  financial statements and notes thereto included in the Company's  December
  31,  2001 audited financial statements.  The results of operations for the
  periods  ended  March  31,  2002  are not necessarily  indicative  of  the
  operating results for the full year.

                                 -5-
<PAGE>
                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

  Recently  Enacted Accounting Standards - Statement of Financial Accounting
  Standards  ("SFAS")  No.  141,  "Business  Combinations",  SFAS  No.  142,
  "Goodwill  and  Other  Intangible Assets", SFAS No. 143,  "Accounting  for
  Asset  Retirement  Obligations", and SFAS No.  144,  "Accounting  for  the
  Impairment or Disposal of Long-Lived Assets", were recently issued.   SFAS
  No. 141, 142, 143 and 144 have no current applicability to the Company  or
  their effect on the financial statements would not have been significant.

NOTE 2 - COMMON STOCK

  Preferred stock - The Company has authorized 5,000,000 shares of preferred
  stock, $.001 par value, with such rights, preferences and designations and
  to  be issued in such series as determined by the Board of Directors.   No
  shares were issued at March  31, 2002.

  Common  Stock  -  The Company has authorized 20,000,000 shares  of  common
  stock,  $.001  par value.  At March 31, 2002, the Company  had  11,000,000
  shares of common stock issued and outstanding.

  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).

NOTE 3 - INCOME TAXES

  The  Company  accounts for income taxes in accordance  with  Statement  of
  Financial  Accounting  Standards No. 109 "Accounting  for  Income  Taxes".
  SFAS  No.  109  requires  the  Company  to  provide  a  net  deferred  tax
  asset/liability  equal  to  the  expected future  tax  benefit/expense  of
  temporary  reporting differences between book and tax  accounting  methods
  and  any  available operating loss or tax credit carryforwards.  At  March
  31, 2002, the Company has available unused operating loss carryforwards of
  approximately $26,700, which may be applied against future taxable  income
  and which expire in various years through 2022.

  The  amount of and ultimate realization of the benefits from the operating
  loss carryforwards for income tax purposes is dependent, in part, upon the
  tax  laws in effect, the future earnings of the Company, and other  future
  events,  the  effects  of  which cannot be  determined.   Because  of  the
  uncertainty  surrounding  the realization of the  loss  carryforwards  the
  Company  has established a valuation allowance equal to the tax effect  of
  the  loss  carryforwards and, therefore, no deferred tax  asset  has  been
  recognized  for the loss carryforwards.  The net deferred tax  assets  are
  approximately  $9,000  and  $6,500  as  of  March  31,  2002   and   2001,
  respectively, with an offsetting valuation allowance at each period end of
  the  same  amount  resulting  in a change in the  valuation  allowance  of
  approximately $500 and $400 during 2002 and 2001, respectively.

                                   -6-
<PAGE>
                              BIOETHICS, LTD.
                       [A Development Stage Company]

             NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 4 - RELATED PARTY TRANSACTIONS

  Management Compensation - During the three months ended March 31, 2002 and
  2001,  the  Company  did  not pay any compensation  to  its  officers  and
  directors.

  Office  Space  - The Company has not had a need to rent office  space.  An
  officer/shareholder of the Company is allowing the Company to use his home
  as a mailing address, as needed, at no expense to the Company.

NOTE 5 - 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  inception and has not yet established  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 loans or through additional sales of its common  stock.
  There is no assurance that the Company will be successful in raising  this
  additional   capital.   The  financial  statements  do  not  include   any
  adjustments that might result from the outcome of these uncertainties.

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         From Inception
                                       Three Months Ended     on July 26,
                                            March 31,         1990 Through
                                      _____________________     March 31,
                                         2002        2001         2002
                                     __________   __________   __________
    Loss available to common
    stockholders used in loss
    per  share  (Numerator)          $ (1,871)    $ (1,135)    $ (26,761)
                                     __________   __________   __________
    Weighted average number
    of common shares outstanding
    used in loss per share
    during the period (Denominator)  11,000,000   11,000,000    4,208,812
                                     __________   __________   __________

  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 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 NO.          DESCRIPTION OF EXHIBIT

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

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

     (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: May 10, 2002               BIOETHICS, LTD.


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