# EDGAR Filing Document

**Accession Number:** 0000894560
**File Stem:** 0001477932-25-005771
**Filing Date:** 2025-8
**Character Count:** 99602
**Document Hash:** 56fa2f4c8cd91d93fbbaa8d9afa29427
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-25-005771.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001477932-25-005771

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIOETHICS LTD
- **CENTRAL INDEX KEY:** 0000894560
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 870485312
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-55254-41
- **FILM NUMBER:** 251211751

**BUSINESS ADDRESS:**
- **STREET 1:** 1661 LAKEVIEW CIRCLE
- **CITY:** OGDEN
- **STATE:** UT
- **ZIP:** 84403
- **BUSINESS PHONE:** (801) 399-3632

**MAIL ADDRESS:**
- **STREET 1:** 1661 LAKEVIEW CIRCLE
- **CITY:** OGDEN
- **STATE:** UT
- **ZIP:** 84403

?xml version='1.0' encoding='ASCII'? both_10k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K**

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended **<u>DECEMBER 31, 2024</u>**

Commission File Number **<u>33-55254-41</u>**

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| |
|:---|
| **BIOETHICS, LTD.**  |
| (Exact name of registrant as specified in charter) |

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| | |
|:---|:---|
| **Nevada (NV)** | **87-0485312** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **1661 Lakeview Circle** |  |
| **Ogden, Utah** | **84403** |
| (Address of principal executive offices) | (Zip Code) |

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| |
|:---|
| <u>**(801) 399-3632**</u> |
| (Issuer's telephone number, including area code) |

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Securities registered pursuant to Section 12(b) of the Act: **None**

Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

**Note** – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.

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 past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒. No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒. No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | &nbsp;&nbsp;&nbsp;Smaller Reporting Company | ☒ |
|  |  | &nbsp;&nbsp;&nbsp;Emerging growth company | ☐ |

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Indicate by check mark whether the issuer is a shell company (as defined in rule 12b-2 of the Exchange Act). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.

The Company is a "shell" company and its common stock trades sporadically in the over-the-counter market and no active trading market exists. As of June 30, 2024, the last business day of the registrant's most recently completed second fiscal quarter, the aggregate market value of the outstanding shares of the registrant's common stock held by non-affiliates was $292,914, based upon a closing price of $2.25 per common share.

**APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY** 

**PROCEEDINGS DURING THE PRECEDING FIVE YEARS**

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes ☐ No ☐

**(APPLICABLE ONLY TO CORPORATE REGISTRANTS)**

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

**As of July 31, 2025, there were 3,600,194 shares of the issuer's common stock outstanding.**

**DOCUMENTS INCORPORATED BY REFERENCE**

List hereunder the following documents if incorporated by reference and the part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 31, 2024).

**None**

**FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements reflect the Company's views with respect to future events based upon information available to it at this time. These forward-looking statements are subject to certain uncertainties and other factors that could cause actual results to differ materially from these statements. These uncertainties and other factors include but are not limited to: the ability of the Company to locate a business opportunity for acquisition or participation by the Company; the terms of the Company's acquisition of or participation in a business opportunity; and the operating and financial performance of any business opportunity following its acquisition or participation by the Company. The words "anticipates," "believes," "estimates," "expects," "plans," "projects," "targets" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in assumptions, future events or otherwise.

**Part I**

**Item 1. Description of Business**

**General**

Bioethics, Ltd., (the "Registrant" or the "Company") is a shell company that conducts no active business operations and is seeking business opportunities for acquisition or participation by the Company.

**History**

The Company was incorporated in 1990 as a Nevada corporation. The Company has not yet generated any significant revenues.

Since its organization in 1990, the Company has not engaged in active business operations and its activities have consisted of its search for and evaluation of potential business opportunities for acquisition or participation by the Company. During this period, the Company has incurred limited operating expenses necessary to maintain its status as a corporation in good standing and has incurred expenses in connection with its search for and evaluation of potential business opportunities. Due to the lack of active operations and the Company's stated purpose of seeking to acquire a currently unknown business opportunity, the Company may be classified as a "shell" company subject to all the risks of a new business together with the substantial risks associated with the search for and acquisition of business opportunities.

**Business Plan**

The Company intends to continue to seek, investigate and, if warranted, acquire an interest in a business opportunity. Management has not established any firm criteria with respect to the type of business with which the Company desires to become involved and will consider participating in a business enterprise in a variety of different industries or areas with no limitation as to the geographical location of the enterprise. The Company's management will have unrestricted discretion in reviewing, analyzing, and ultimately selecting a business enterprise for acquisition or participation by the Company. It is anticipated that any enterprise ultimately selected will be selected by management based on its analysis and evaluation of the business and financial condition of the enterprise, as well as its business plan, potential for growth, and other factors, none of which can be anticipated to be controlling. If the Company is able to locate a suitable business enterprise, the decision to acquire or participate in the enterprise may be made by the Company's board of directors without stockholder approval. Approval may also be obtained pursuant to the consent of a majority of the Company's stockholders. Further, it is anticipated that the acquisition of or participation in an enterprise may involve the issuance by the Company of a controlling interest in the Company which would dilute the respective equity interests of the Company's stockholders and may also result in a reduction of the Company's net tangible asset value per share.

The activities of the Company will continue to be subject to several significant risks which arise primarily as a result of the fact that the Company has no specific business and may acquire or participate in a business opportunity based on the decision of management which will, in all probability, act without the consent, vote, or approval of the Company's stockholders. The risks faced by the Company are further increased as a result of its limited resources and its inability to provide a prospective business opportunity with additional capital.

Although management believes that it is in the best interest of the Company to acquire or participate in a business enterprise, there is no assurance that the Company will be able to locate a business enterprise which management believes is suitable for acquisition or participation by the Company or that if an enterprise is located, it can be acquired on terms acceptable to the Company. Similarly, there can be no assurance that if any business opportunity is acquired, it will perform in accordance with management's expectations or result in any profit to the Company or appreciation in the market price for the Company's shares.

If business opportunities become available, the selection of an opportunity in which to participate will be complex and extremely risky and may be made on management's analysis of the quality of the other company's management and personnel, the anticipated acceptability of new products or marketing concepts, the merit of technological changes, and numerous other factors which are difficult, if not impossible to analyze through the application of any objective criteria. There is no assurance that the Company will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to the Company and its stockholders.

It is anticipated that business opportunities may be introduced to the Company from a variety of sources, including its officers and directors, and his business and social contacts, professional advisors such as attorneys and accountants, securities broker-dealers, venture capitalists, members of the franchise community, and others who may present unsolicited proposals.

The Company will not restrict its search to any particular business, industry, or geographical location. The Company may enter into a business or opportunity involving a "start-up" or new company or an established business. It is impossible to predict the status of any business in which the Company may become engaged.

The period within which the Company may participate in a business opportunity cannot be predicted and will depend on circumstances beyond the Company's control, including the availability of business opportunities, the time required for the Company to complete its investigation and analysis of prospective business opportunities, the time required to prepare the appropriate documents and agreements providing for the Company's participation, and other circumstances.

It is impossible to predict the manner in which the Company may participate in a business opportunity. Specific business opportunities will be reviewed, and, on the basis of that review, the legal structure or method deemed by management to be most suitable will be selected. The structure may include, but is not limited to, mergers, reorganizations, leases, purchase and sale agreements, licenses, joint ventures, and other contractual arrangements. The Company may act directly or indirectly through an interest in a partnership, corporation, or other form of organization. Implementing the structure may require the merger, consolidation, or reorganization of the Company with other corporations or forms of business organization, and there is no assurance that the Company would be the surviving entity. In addition, the current stockholders of the Company may not have control of a majority of the voting shares of the Company following a reorganization transaction. As part of the transaction, all or a majority of the Company's directors may resign, and new directors may be appointed without any vote by the stockholders.

The Company will most likely acquire a business opportunity by issuing shares of the Company's common stock to the owners of the business opportunity. Although the terms of the transaction cannot be predicted, in many instances the business opportunity entity will require that the transaction by which the Company acquires its participation be "tax-free" under Sections 351 or 368 of the Internal Revenue Code of 1986 (the "Code"). It is anticipated that any business opportunity acquisition will result in substantial additional dilution to the equity of those who were stockholders of the Company prior to the acquisition.

Notwithstanding the fact that the Company is technically the acquiring entity in the foregoing circumstances, generally accepted accounting principles will ordinarily require that the transaction be accounted for as if the Company had been acquired by the other entity owning the business venture or opportunity and, therefore, will not permit a write up in the carrying value of the assets of the other company.

It is anticipated that securities issued in a transaction of this type would be issued in reliance on exemptions from registration under applicable federal and state securities laws. In some circumstances, however, as a negotiated element of the transaction, the Company may agree to register such securities either at the time the transaction is consummated or under certain conditions or at specified times thereafter. The issuance of a substantial number of additional securities and their potential sale into any trading market which may develop in the Company's common stock may have a depressive effect on the market price for the Company's common stock.

The Company will participate in a business opportunity only after the negotiation and execution of a written agreement. Although the terms of the agreement cannot be predicted, generally the agreement would require specific representations and warranties by all of the parties thereto, specify certain events of default, detail the terms of closing and the conditions which must be satisfied by each of the parties thereto prior to the closing, set forth remedies on default, and include miscellaneous other terms.

It is emphasized that management of the Company has broad discretion in determining the manner by which the Company will participate in a prospective business opportunity and may enter into transactions having a potentially adverse impact on the current stockholders in that their percentage ownership in the Company may be reduced without any increase in the value of their investment or that the business opportunity in which the Company acquires an interest may ultimately prove to be unprofitable. The transaction may be consummated without being submitted to the stockholders of the Company for their consideration. In some instances, however, the proposed participation in a business opportunity may be submitted to the stockholders for their consideration, either voluntarily by the board of directors to seek the stockholders' advice or consent or because of a requirement to do so by state law.

The investigation of specific business opportunities and the negotiation, drafting, and execution of relevant agreements, disclosure documents, and other instruments may require substantial management time and attention and substantial costs for accountants, attorneys, and others. If a decision is made not to participate in a specific business opportunity, the costs previously incurred in the related investigation would not be recoverable. Furthermore, even if an agreement is reached for the participation in a specific business opportunity, the failure to consummate that transaction may result in the loss to the Company of the related costs incurred.

The Company's operations following its acquisition of an interest in a business opportunity will be dependent on the nature of the opportunity and interest acquired. The specific risks of a given business opportunity cannot be predicted at the present time.

The Company is not registered and does not propose to register as an "investment company" under the Investment Company Act of 1940 (the "Investment Act"). The Company intends to conduct its activities so as to avoid being classified as an "investment company" under the Investment Act and, therefore, to avoid application of the registration and other provisions of the Investment Company Act and the related regulations.

**Regulation**

It is impossible to predict what government regulation the Company may be subject to until it has acquired an interest in a business opportunity. The use of assets and/or conduct of businesses which the Company may acquire could subject it to environmental, public health and safety, land use, trade, or other governmental regulations and state or local taxation. In selecting a business opportunity to acquire, management will endeavor to ascertain, to the extent of the limited resources of the Company, the effects of government regulation on the prospective business of the Company. In certain circumstances, however, such as the acquisition of an interest in a new or start-up business activity, it may not be possible to predict with any degree of accuracy the impact of government regulation.

**Competition**

The Company encounters substantial competition in its efforts to locate a business opportunity. The primary competition for desirable investments comes from investment bankers, business development companies, venture capital partnerships and corporations, venture capital affiliates of large industrial and financial companies, small business investment companies, other shell companies, and wealthy individuals. Most of these entities have significantly greater experience, resources, and managerial capabilities than the Company and are in a better position than the Company to obtain access to attractive business opportunities.

**Facilities**

The Company's offices are located at 1661 Lakeview Circle, Ogden, Utah 84403. Beginning August 2017, the Company entered into an oral agreement to pay the Company's President $500 per month as payment for use of his personal residence as the Company's office and mailing address.

**Employees**

The Company has no employees, and its business and affairs are handled by its President who provides services to the Company on an as needed basis, without compensation. Management of the Company may engage consultants, attorneys, and accountants on an as needed basis, and does not anticipate a need to engage any full-time employees so long as it is seeking and evaluating business opportunities.

**Item 1A. Risk Factors**

Not Applicable. The Company is a "smaller reporting company."

**Item 1B. Unresolved Staff Comments.** 

Not Applicable. The Company is a "smaller reporting company."

**Item 1C. Cybersecurity**

Given the size of our company and the nature of our operations, we do not believe that we face significant cybersecurity risk.

We have not adopted any cybersecurity risk management program or formal processes for assessing cybersecurity risk. We utilize standard commercial software for business operations, which includes basic security features such as password protection and data encryption. Our management is generally responsible for assessing and managing any cybersecurity threats.

To date, we have not experienced any material cybersecurity incidents, and there has been no known unauthorized access to our systems. Should any reportable cybersecurity incident arise, our management shall promptly report such matters to our Board of Directors for further actions, including regarding the appropriate disclosure in accordance with SEC regulations, mitigation, and other response or actions that the Board of Directors deems appropriate to take.

**Item 2. Properties.**

The Company's offices are located at the residence of an officer at 1661 Lakeview Circle, Ogden, Utah 84403. Beginning August 2017, the Company entered into an oral agreement to pay the Company's President $500 per month as payment for use of his personal residence as the Company's office and mailing address. The Company does not own or lease any other properties.

**Item 3. Legal Proceedings.**

The Company is not a party to any material legal proceedings and, to the best of its knowledge; no such legal proceedings have been threatened against it.

**Item 4. Mine Safety Disclosures.**

Not Applicable.

**Part II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

**Market Information**

The Company's common stock is included on the OTC Pink Marketplace under the symbol "BOTH." On July 30, 2025, the published closing price was $1.25 for the Company's common stock on the OTC Pink Marketplace.

At December 31, 2024, there were approximately 384 holders of record of the Company's common stock, as reported by the Company's transfer agent. In computing the number of holders of record, each broker-dealer and clearing corporation holding shares on behalf of its customers is counted as a single stockholder.

No dividends have ever been paid on the Company's securities, and the Company has no current plans to pay dividends in the foreseeable future.

**Special Sales Practice Requirements with Regard to "Penny Stocks"**

To protect investors from patterns of fraud and abuse that have occurred in the market for low priced securities commonly referred to as "penny stocks," the SEC has adopted regulations that generally define a "penny stock" to be any equity security having a market price (as defined) less than $5.00 per share, or an exercise price of less than $5.00 per share, subject to certain exceptions. Since the price of our stock is well below $5.00 per share, our stock is subject to the "penny stock" regulations. As a result, broker-dealers selling our common stock are subject to additional sales practices when they sell our stock to persons other than established clients and "accredited investors." For transactions covered by these rules, before the transaction is executed, the broker-dealer must make a special customer suitability determination, receive the purchaser's written consent to the transaction and deliver a risk disclosure document relating to the penny stock market. The broker-dealer must also disclose the commission payable to both the broker-dealer and the registered representative taking the order, current quotations for the securities and, if applicable, the fact that the broker-dealer is the sole market maker and the broker-dealer's presumed control over the market. Monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks. Such "penny stock" rules may restrict trading in our common stock and may deter broker-dealers from effecting transactions in our common stock.

**Equity Compensation Plans**

We do not have in effect any compensation plans under which our equity securities are authorized for issuance and we do not have any outstanding stock options.

**Transfer Agent**

Colonial Stock Transfer Co., Inc., 66 Exchange Place, Suite 100, Salt Lake City, Utah 84111, telephone (801) 355-5740, serves as the transfer agent and registrar for our common stock.

**Recent Sales of Unregistered Securities**

None

**Issuer Purchases of Equity Securities**

We have not adopted a stock repurchase plan and we did not purchase any shares of our equity securities during the 2024 fiscal year.

**Item 6. Selected Financial Data**

Not Applicable. The Company is a "smaller reporting company."

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

***You should read the following discussion in conjunction with our financial statements, which are included elsewhere in this report. The following information contains forward-looking statements. (See "Forward Looking Statements.")***

**General**

The Company is a shell company that conducts no active business operations and is seeking business opportunities for acquisition or participation by the Company.

The Report of Independent Registered Public Accounting Firm on the Company's 2024 audited financial statements addresses an uncertainty about the Company's ability to continue as a going concern, indicating that the Company has incurred losses since its inception and has no on-going operations. The report further indicates that these factors raise substantial doubt about the Company's ability to continue as a going concern. At December 31, 2024, the Company had a working capital deficit of $931,220 and an accumulated deficit of $1,454,834. The Company incurred net losses of $176,955 and $97,149 for its fiscal years ended December 31, 2024 and 2023, respectively. There can be no assurance that the Company will be able to obtain the additional debt or equity capital required to continue its operations.

On or about September 20, 2024, the Company and SILQ Technologies Corporation, a Delaware corporation ("SILQ"), entered into an agreement and plan of merger (the "Agreement") wherein the Company would acquire SILQ pursuant to a reverse triangular merger (the "Merger"), as further described in the Company's Form 8-K filed September 25, 2024. There are no assurances that the Merger will be consummated. There are many conditions to closing, many of which are outside of the parties' control, and we cannot predict whether these conditions will be satisfied. There are no assurances when or if closing will occur. The Agreement has subsequently expired and has not been extended as of the date of this report.

**The Fiscal Year Ended December 31, 2024 Compared to the Fiscal Year Ended December 31, 2023**

The Company did not conduct any operations during its fiscal year ended December 31, 2024 or 2023. At December 31, 2024, the Company had cash in the amount of $14,664 as compared to cash at December 31, 2023 in the amount of $138.

At December 31, 2024, the Company had current liabilities of $945,884, consisting of accounts payable of $192,788, accounts payable – related party of $1,500, accrued interest payable – related parties of $44,355, accrued interest of $121,552, convertible notes payable of $110,000, notes payable of $190,000, and notes payable – related parties of $285,689. At December 31, 2023, the Company had current liabilities of $776,403, consisting of accounts payable of $122,400, accounts payable – related party of $14,500, accrued interest payable – related parties of $98,406, accrued interest of $98,363, convertible notes payable of $35,000, notes payable of $160,000, and notes payable – related parties of $247,734. The Company had a working capital deficit of $931,220 at December 31, 2024 as compared to a working capital deficit of $776,265 at December 31, 2023.

The Company did not generate revenues during its 2024 or 2023 fiscal years. The Company's general and administrative expenses were $122,817 during the year ended December 31, 2024 as compared to $50,442 during the year ended December 31, 2023.

The Company incurred interest expense of $54,138 during the year ended December 31, 2024 as compared to interest expense of $46,707 during the year ended December 31, 2023.

The Company incurred a net loss of $176,955 during the year ended December 31, 2024 as compared to a net loss of $97,149 during the year ended December 31, 2023.

Net cash used by operating activities was $150,429 during the 2024 fiscal year resulting from the net loss of $176,955, which was offset by increases of $70,388 in accounts payable and $23,189 in accrued interest, and decreases of $13,000 in accounts payable - related party and $54,051 in accrued interest - related parties. For the fiscal year 2023, net cash used by operating activities was $22,307 resulting from the net loss of $97,149, which was offset by increases of $28,135 in accounts payable and accounts payable - related party, and $46,707 in accrued interest and accrued interest - related parties.

There were no cash flows from investing activities during the 2024 and 2023 fiscal years.

Net cash provided by financing activities was $164,955 during the 2024 fiscal year which consisted of proceeds received from the issuance of notes payable of $30,000, convertible notes payable of $75,000, notes payable – related parties of $37,955, and proceeds from the sale of stock of $22,000.

The Company cannot presently foresee the cash requirements of any business opportunity which may ultimately be acquired by the Company. However, since it is likely that any business it acquires will be involved in active business operations, the Company anticipates that an acquisition will result in increased cash requirements as well as increases in the number of employees of the Company.

**Off-Balance Sheet Arrangements**

The Company has not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its 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 condition or results of operations.

**Item 7A. Quantitative and Qualitative Disclosure About Market Risk**

Not Applicable. The Company is a "smaller reporting company."

**Item 8. Financial Statements**

Our financial statements appear beginning on page F-1, following the signature page.

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| | |
|:---|:---|
| [Financial Statements, December 31, 2024 and 2023](#fs) | F-1 |
| [Report of Independent Registered Public Accounting Firm](#re) | F-3 |
| [Balance Sheets as of December 31, 2024 and 2023](#bs) | F-5 |
| [Statements of Operations for the years ended December 31, 2024 and 2023](#so) | F-6 |
| [Statements of Stockholders' Deficit for the years ended December 31, 2024 and 2023](#sc) | F-7 |
| [Statements of Cash Flows for the years ended December 31, 2024 and 2023](#cf) | F-8 |
| [Notes to Financial Statements](#nt) | F-9 |

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**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures**

**Disclosure Controls and Procedures**

Under the supervision and with the participation of our management, including our Chief Executive Officer/Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("the Exchange Act") as of December 31, 2024, the end of the period covered by this report, utilizing the Committee of Sponsoring Organizations of the Treadway Commission's 2013 update to the Internal Control Integrated Framework. Based upon that evaluation, our Chief Executive Officer/Chief Financial Officer concluded that our disclosure controls and procedures as of December 31, 2024 were not effective such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer/Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure. A controls system cannot provide absolute assurance, however, that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

**Management's Report on Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our management, with the participation of our Chief Executive Officer/Chief Financial Officer, evaluated the effectiveness of the Company's internal control over financial reporting as of December 31, 2024. In making this evaluation, our management used the COSO framework (2013), an integrated framework for the evaluation of internal controls issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management, with the participation of our Chief Executive Officer/Chief Financial Officer concluded that as of December 31, 2024, the Company's internal control over financial reporting was not effective.

In conducting its evaluation, our Chief Executive Officer/Chief Financial Officer identified a weakness in the Company's internal control, which arises from the fact that the Company's principal executive and principal financial officers are the same person, which does not allow for segregation of duties or provide oversight by a board of directors. The Chief Executive Officer/Chief Financial Officer believes the weakness is mitigated by the Company's status as a shell company with no significant assets or liabilities, no business operations, a limited number of transactions each year, and the preparation of quarterly financial statements by an independent accounting firm. As such, our Chief Executive Officer/Chief Financial Officer does not believe the weakness has a material effect on the accuracy and completeness of our financial reporting and disclosure as included in this report or that the weakness constitutes a material weakness such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or deterred on a timely basis.

**Changes in Internal Control over Financial Reporting**

There was no change in our internal control over financial reporting during the year ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information**

**None**

**Part III**

**Item 10. Directors, Executive Officers and Corporate Governance**

Directors and Executive Officers

**The following table indicates the name, age, and position held by each of our officers and directors. The term of office for each officer position is for one year or until his or her successor is duly elected and qualified by the board of directors. The term of office for a director is for one year or until his or her successor is duly elected and qualified by the stockholders.**

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Positions Held** |
| Mark Scharmann | 66 | President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director |
| Doug Morris | 69 | Vice President of Corporate Development, Director |
| Elliott N. Taylor | 66 | Director |

---

Certain biographical information with respect to the Company's officers and directors is set forth below.

Mark A. Scharmann. For the past several years Mr. Scharmann has been a private investor in residential real estate and private and public companies. Mr. Scharmann became interested in investing in emerging growth companies in December 1979 while attending Weber State College. He compiled and edited a publication titled Digest of Stocks Listed on the Intermountain Stock Exchange (Library of Congress Cat. No. 80-82407). In 1981, he compiled and edited an industry directory called the OTC Penny Stock Digest (Library of Congress Cat. No. 80-82471). For the past several years Mr. Scharmann has also consulted with both public and privately held companies relating to management, mergers and acquisitions, debt and equity financing, capital market access, and introductions to investor relations groups. In addition to being and officer and director of the Company, Mr. Scharmann is an officer and director of Spirits Time International, Inc., a beverage industry company listed on the OTC Markets under the symbol ("SRSG"). He is an officer of Roycemore Corporation, a private firm specializing in the development and acquisition of self-storage facilities. Mr. Scharmann is a co-founder of wffl.com and wasatchbasketballleague.com, both youth sports information web sites. He graduated from Weber State University, Ogden, UT in 1997 with a Bachelor of Integrated Studies Degree in Business, Psychology and Health Education.

Doug Morris. Mr. Morris is a seasoned entrepreneur, investor, and corporate executive with over 40 years of experience in mergers and acquisitions, specializing in emerging growth companies. Since 2007, he has served as a co-founder, officer, and director of Bio-Path Holdings, Inc. (OTC Market: BPTH) a publicly traded, oncology-focused biotechnology company. Bio-Path leverages its proprietary DNAbilize® platform technology to deliver DNA therapeutics directly into the inner cell and is currently conducting multi-faceted human clinical trials utilizing this innovative approach.

In addition to his role at Bio-Path, Mr. Morris serves as an officer and director of two publicly traded companies seeking business merger combinations: Spirits Time International, Inc. (OTC Market: SRSG) and Bioethics, LTD. (OTC Market: BOTH).

Previously, from 2013 to 2016, he was a co-founder, managing member, and Secretary of nCAP Holdings, LLC, a privately held technology-based company. From 1993 to 2010, he was the co-founder, Chairman of the Board, and President of Celtic Investment, Inc., the parent company of Celtic Bank, an FDIC-insured financial institution. Celtic Bank grew from a de novo institution into a nationwide lender specializing in SBA loans, becoming a leader in transactional loan volume across all 50 states.

Mr. Morris also played a pivotal role in the global trade data industry. In 2003, he led the acquisition of Customs Info, LLC from KPMG, later co-founding Global Data Mining. Over the next decade, both companies became one of the world's largest global trade data platforms. In 2014, they were acquired by Descartes Information Systems, providing investors with a significant return on investment.

Beyond his corporate leadership, Mr. Morris has been actively involved in business consulting. From 1990 to 2018, he operated Hyacinth Resources, LLC, a strategic consulting firm, and continues to serve as a managing member of Sycamore Ventures, LLC, a privately held consulting company.

Mr. Morris holds a Bachelor of Arts from Brigham Young University and pursued graduate studies in Public Administration at the University of Southern California.

Elliott N. Taylor. Since 2012, Mr. Taylor has been the manager and founder of IF Group, LLC, the operator of e-commerce website bariatriceating.com. IF Group, LLC, supplies nutritional food supplements, flavored protein powders and ready-made drinks formulated to address deficiencies found in individuals that have undergone bariatric weight loss surgery. Since 1987, Mr. Taylor, a licensed lawyer in the state of Utah, has provided legal and business consulting services to clients in a wide range of corporate and securities law matters, including representation in connection with acquisitions, mergers and change-of-control transactions. Mr. Taylor has also provided legal services with respect to initial and follow-on public offerings; limited or private offerings; debt and equity financings, periodic reporting compliance, secondary trading and blue sky requirements; general consultation regarding capital formation, securities law compliance; corporate governance, internal controls, and compliance matters. Mr. Taylor's clients have been high technology, alternative energy, real estate development, venture capital, environmental remediation, mining and medical technology businesses located in the United States, Mexico, Canada, China, and the United Kingdom.

**Director Meetings and Stockholder Meeting Attendance**

The Board of Directors held no formal meetings during 2024 and took action by unanimous written consents in lieu of meetings. Our policy is to encourage, but not require, members of the Board of Directors to attend annual stockholder meetings. We did not have an annual stockholder meeting during the prior year.

**Board of Directors**

Our board of directors has not appointed any standing committees, there is no separately designated audit committee, and the entire board of directors acts as our audit committee. The board of directors does not have an independent "financial expert" because it does not believe the scope of the Company's activities to date has justified the expenses involved in obtaining such a financial expert. In addition, our securities are not listed on a national exchange and we are not subject to the special corporate governance requirements of any such exchange.

The Company does not have a compensation committee and does not pay any compensation to its officers and directors.

The Company does not have a standing nominating committee and the Company's Board of Directors performs the functions that would customarily be performed by a nominating committee. The Board of Directors does not believe a separate nominating committee is required at this time due to the Company's lack of business operations and the limited resources of the Company which do not permit it to compensate its directors. The Board of Directors has not established policies with regard to the consideration of director candidates recommended by security holders or the minimum qualifications of such candidates.

**Communications with Directors**

Stockholders may communicate with the Board of Directors by sending written communications addressed to the Board of Directors, or any individual director, to: Bioethics, Ltd Inc., Attention: Corporate Secretary, 1661 Lakeview Circle, Ogden, Utah 84403. All communications will be compiled by the corporate secretary and forwarded to the Board of Directors or any individual director, as appropriate. In order to facilitate a response to any such communication, the Company's Board of Directors suggests, but does not require, that any such submission include the name and contact information of the shareholder submitting the communication.

**Section 16(a) Beneficial Ownership Reporting Compliance** 

The Company does not have a class of equity securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. As a result, no reports are required to be filed pursuant to Section 16(a) of the Exchange Act by the Company's directors and executive officers, and persons who own more than 5% of a registered class of the Company's equity securities.

**Code of Ethics**

The Company has not adopted a Code of Ethics that applies to its executive officers, including its principal executive, financial and accounting officers. The Company does not believe the adoption of a code of ethics at this time would provide any meaningful additional protection to the Company because the Company has no employees, and the Company does not conduct any active business operations.

**Item 11. Executive Compensation**

Mark Scharmann acts as the President and director of the Company. Mr. Scharmann does not currently receive any compensation, from the Company. The Company has not paid any compensation to any officer during the past three years nor has the Company granted any stock options or restricted stock to its officers during the past three years.

The Company has no retirement, pension, profit sharing, or insurance or medical reimbursement plans covering its officers or directors and is not contemplating implementing any of these plans at this time.

The Company's directors do not receive any compensation for serving as directors of the Company and no compensation was paid to the Company's President during the 2024 or 2023 fiscal years.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The following table sets forth as of July 31, 2025, the number of shares of the Company's common stock, par value $0.001, owned of record or beneficially by each person known to be the beneficial owner of 5% or more of the issued and outstanding shares of the Company's common stock, and by each of the Company's officers and directors, and by all officers and directors as a group. On such date there were 3,335,194 shares of the Company's common stock issued and outstanding.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Title of Class** | **Amount and Nature of Beneficial Ownership<sup>(1)</sup>** | **Percentage**<br>**Of Class** |
| Mark Scharmann, CEO and Director | Common Stock | 1030000 | 29% |
| Doug Morris, Vice President of Corporate Development, Director | Common Stock | 500000 | 14% |
| Elliott Taylor, Director | Common Stock | 675010 | 19% |
| RVCA Partners, LLC | Common Stock | 500000 | 14% |
| David Knudson | Common Stock | 500000 | 14% |
| All Executive Officers And<br>Directors as a Group<br>(Three Persons) | Common Stock | 2205010 | 62% |

---

<sup>(1)</sup> As reported above, the term "beneficial owner" is defined broadly under Exchange Act Rule 13d-3 to include "any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise" has or shares voting or investment power with respect to a registered equity security.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Beginning August 2017, the Company entered into an oral agreement to pay the Company's President $500 per month as payment for use of his personal residence as the Company's office and mailing address. The Company recorded rent expense of $6,000 and $6,000 during the years ended December 31, 2024 and 2023, respectively, which is included in the general and administrative expenses on the statements of operations, of which $14,500 and $1,500 remains payable at December 31, 2024 and 2023, respectively.

In December 2017, the Company borrowed $107,000 from its President pursuant to an unsecured promissory note. On various dates since then, the officer advanced the Company additional money and the company made payments on the principal amount of the note resulting in total note balances of $242,439 and $204,484 at December 31, 2024 and 2023, respectively. The cumulative note balance is uncollateralized, due on demand, and accrues interest at 12% per annum. Interest expense on the note for the years ended December 31, 2024 and 2023 was $26,624 and $23,197, respectively, of which the Company repaid $85,000 during the year ended December 31, 2024. Accrued interest on the note totaled $14,874 and $73,250 at December 31, 2024 and 2023, respectively.

On March 8, 2018, the Company entered into a promissory note with a newly affiliated party in the amount of $43,250. The note is payable on demand and carries interest at 10% per annum. Accrued interest and interest expense as of and for the year ended December 31, 2024 was $29,481, and $4,325, respectively. Accrued interest and interest expense as of and for the year ended December 31, 2023 was $25,156, and $4,325, respectively.

**Item 14. Principal Accounting Fees and Services**

During the fiscal years ended December 31, 2024 and 2023, fees for services provided by our independent auditing firm, Pinnacle Accountancy Group of Utah (a dba of Heaton & Company, PLLC) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Auditor Fees | $500 | $9100 |
| Audit-Related Fees  |  |  |
| Tax Fees  |  |  |
| All Other Fees  | - | - |
| Total  | $500 | $9100 |

---

On October 30, 2023, the Company dismissed Heaton & Company, PLLC, dba Pinnacle Accountancy Group of Utah as its independent registered accounting firm and engaged L J Soldinger Associates, LLC, as its new independent registered accounting firm.

During the fiscal years ended December 31, 2024 and 2023, fees for services provided by our independent auditing firm, L J Soldinger Associates, LLC were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Auditor Fees | $22000 | $3000 |
| Audit-Related Fees  |  |  |
| Tax Fees  |  |  |
| All Other Fees  | - | - |
| Total  | $22000 | $3000 |

---

"Auditor Fees" consisted of fees billed for services rendered for the audit of the Company's annual financial statements, review of financial statements included in the Company's quarterly reports on Form 10-Q, and other services normally provided in connection with statutory and regulatory filings. "Audit-Related Fees" consisted of fees billed for due diligence procedures in connection with acquisitions and divestitures and consultation regarding financial accounting and reporting matters. "Tax Fees" consisted of fees billed for tax payment planning and tax preparation services. "All Other Fees" consisted of fees billed for services in connection with legal matters and technical accounting research.

The Company's Board of Directors functions as its audit committee. It is the policy of the Company for all work performed by our principal accountant to be approved in advance by the Board of Directors. All of the services described above in this Item 14 were approved in advance by our Board of Directors.

**Item 15. Exhibits, Financial Statement Schedules.**

The following exhibits are filed as part of, or incorporated by reference into, this Annual Report.

**(a) Exhibits**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Exhibit**<br>**Number** | **SEC Reference Number** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Title of Document** | <br>**Location** |
| [3.1](http://www.sec.gov/Archives/edgar/data/894560/000094454304000006/bioethics1203ex3i.txt) | [3](http://www.sec.gov/Archives/edgar/data/894560/000094454304000006/bioethics1203ex3i.txt) | [Articles of Incorporation](http://www.sec.gov/Archives/edgar/data/894560/000094454304000006/bioethics1203ex3i.txt) | Incorporated by Reference<sup>(1)</sup> |
| [3.2](http://www.sec.gov/Archives/edgar/data/894560/000094454304000006/bioethics1203ex3ii.txt) | [3](http://www.sec.gov/Archives/edgar/data/894560/000094454304000006/bioethics1203ex3ii.txt) | [Bylaws](http://www.sec.gov/Archives/edgar/data/894560/000094454304000006/bioethics1203ex3ii.txt) | Incorporated by Reference<sup>(1)</sup> |
| [10.1](http://www.sec.gov/Archives/edgar/data/894560/000107878213000578/f10k123112_ex10z1.htm) | [10](http://www.sec.gov/Archives/edgar/data/894560/000107878213000578/f10k123112_ex10z1.htm) | [Promissory Note dated January 18, 2010](http://www.sec.gov/Archives/edgar/data/894560/000107878213000578/f10k123112_ex10z1.htm) | Incorporated by Reference<sup>(2)</sup> |
| [10.2](http://www.sec.gov/Archives/edgar/data/894560/000107878211002230/bioethics10q063011ex101.htm) | [10](http://www.sec.gov/Archives/edgar/data/894560/000107878211002230/bioethics10q063011ex101.htm) | [Promissory Note dated May 10, 2011](http://www.sec.gov/Archives/edgar/data/894560/000107878211002230/bioethics10q063011ex101.htm) | Incorporated by Reference<sup>(3)</sup> |
| [10.3](http://www.sec.gov/Archives/edgar/data/894560/000107878211002230/bioethics10q063011ex102.htm) | [10](http://www.sec.gov/Archives/edgar/data/894560/000107878211002230/bioethics10q063011ex102.htm) | [Promissory Note dated June 27, 2011](http://www.sec.gov/Archives/edgar/data/894560/000107878211002230/bioethics10q063011ex102.htm) | Incorporated by Reference<sup>(3)</sup> |
| [10.4](http://www.sec.gov/Archives/edgar/data/894560/000107878212002753/f10q093012_ex10z1.htm) | [10](http://www.sec.gov/Archives/edgar/data/894560/000107878212002753/f10q093012_ex10z1.htm) | [Promissory Note dated July 16, 2012](http://www.sec.gov/Archives/edgar/data/894560/000107878212002753/f10q093012_ex10z1.htm) | Incorporated by Reference<sup>(4)</sup> |
| [10.5](http://www.sec.gov/Archives/edgar/data/894560/000107878213001595/f10q063013_ex10z1.htm) | [10](http://www.sec.gov/Archives/edgar/data/894560/000107878213001595/f10q063013_ex10z1.htm) | [Promissory Note dated May 10, 2013](http://www.sec.gov/Archives/edgar/data/894560/000107878213001595/f10q063013_ex10z1.htm) | Incorporated by Reference<sup>(5)</sup> |
| [31.1](both_ex311.htm) | [31](both_ex311.htm) | [Section 302 Certification of Chief Executive and Chief Financial Officer](both_ex311.htm) | This Filing |
| [32.1](both_ex312.htm) | [32](both_ex312.htm) | [Section 1350 Certification of Chief Executive and Chief Financial Officer](both_ex312.htm) | This Filing |
| 101.INS<sup>(6)</sup> |  | Inline XBRL Instance Document | This Filing |
| 101.SCH<sup>(6)</sup> |  | Inline XBRL Taxonomy Extension Schema | This Filing |
| 101.CAL<sup>(6)</sup> |  | Inline XBRL Taxonomy Extension Calculation Linkbase | This Filing |
| 101.DEF<sup>(6)</sup> |  | Inline XBRL Taxonomy Extension Definition Linkbase | This Filing |
| 101.LAB<sup>(6)</sup> |  | Inline XBRL Taxonomy Extension Label Linkbase | This Filing |
| 101.PRE<sup>(6)</sup> |  | Inline XBRL Taxonomy Extension Presentation Linkbase | This Filing |
| 104<sup>(6)</sup> |  | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). | This Filing |

---

<sup>(1)</sup> Incorporated by reference to Exhibits 3(i) and 3(ii) of the Company's 2003 Form 10-KSB report, filed March 30, 2004.

<sup>(</sup><sup>2</sup><sup>)</sup>Incorporated by reference to the Company's Form 10-K report for the year ended December 31, 2012, filed March 29, 2013.

<sup>(3)</sup> Incorporated by reference to the Company' s Form 10-Q report for the quarter ended June 30, 2011, filed August 15, 2011.

<sup>(4)</sup> Incorporated by reference to the Company' s Form 10-Q report for the quarter ended September 30, 2012, filed November 1, 2012.

<sup>(5)</sup> Incorporated by reference to the Company' s Form 10-Q report for the quarter ended June 30, 2013, filed August 14, 2013.

<sup>(</sup><sup>6</sup><sup>)</sup>XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document.

**<u>SIGNATURES</u>**

Pursuant to the requirements of Section 13 or 15(d) 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.

---

| | | |
|:---|:---|:---|
|  | Bioethics, Ltd. (Registrant) | Bioethics, Ltd. (Registrant) |
| Date: August 13, 2025 | By: | */s/ Mark Scharmann* |
|  |  | Mark Scharmann |
|  |  | President, Chief Executive Officer and |
|  |  | Chief Financial Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | */s/ Mark Scharmann* |
|  |  | Mark Scharmann |
|  |  | President, Chief Executive Officer, Chief Financial Officer and Director |
|  |  | (Principal Executive and Accounting Officer) |

---

**Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which** 

**Have Not Registered Securities Pursuant to Section 12 of the Act** 

The Company did not provide any annual report to its security holders covering the fiscal year ended December 31, 2024.

As of the date of this report, the Company has not sent a proxy statement, form of proxy or other proxy soliciting material to more than ten of its security holders with respect to any annual or other meeting of security holders during 2024 or 2023.

**BIOETHICS, LTD.**

**FINANCIAL STATEMENTS**

**DECEMBER 31, 2024 and 2023**

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| F-1 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

**CONTENTS**

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|:---|:---|
|  | &nbsp;&nbsp;**PAGE** |
| [Report of Independent Registered Public Accounting Firm L J Soldinger Associates, LLC (PCAOB ID 318)](#re) | &nbsp;&nbsp;F-3 |
| [Balance Sheets as of December 31, 2024 and 2023](#bs) | &nbsp;&nbsp;F-5 |
| [Statements of Operations for the years ended December 31, 2024 and 2023](#so) | &nbsp;&nbsp;F-6 |
| [Statements of Stockholders' Deficit for the years ended December 31, 2024 and 2023](#sc) | &nbsp;&nbsp;F-7 |
| [Statements of Cash Flows, for the years ended December 31, 2024 and 2023](#cf) | &nbsp;&nbsp;F-8 |
| [Notes to Financial Statements](#nt) | &nbsp;&nbsp;F-9 |

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| F-2 |
| *[**Table of Contents**](#toc)* |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of Bioethics, LTD

**Opinion on the Financial Statements**

We have audited the accompanying balance sheets of Bioethics, LTD (the Company) as of December 31, 2024 and 2023, and the related statements of operations, stockholders' deficit, and cash flows for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

**Substantial Doubt About the Company's Ability to Continue as a Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully explained in Note 4, the Company has incurred losses since inception and a net loss of approximately $177 thousand during the current year ended December 31, 2024 and a accumulated deficit of approximately $1,454,834 and has no ongoing operations. These facts raise substantial doubt as to the Company's ability to continue as a going concern. Management's plans are more fully described in Note 4 to the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

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| F-3 |
| *[**Table of Contents**](#toc)* |

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**Critical Audit Matters**

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.

<u>/s/ L J Soldinger Associates, LLC</u>

We have served as the Company's auditor since 2023.

Deer Park, IL

August 13, 2025

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| F-4 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

Balance Sheets

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| ASSETS | ASSETS | ASSETS |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $14664 | $138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 14664 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $14664 | $138 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT | LIABILITIES AND STOCKHOLDERS' DEFICIT | LIABILITIES AND STOCKHOLDERS' DEFICIT |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $192788 | $122400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - related party | 1500 | 14500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest - related parties | 44355 | 98406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 121552 | 98363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable | 110000 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable | 190000 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable - related parties | 285689 | 247734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 945884 | 776403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 945884 | 776403 |
| STOCKHOLDERS' DEFICIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value; 25,000,000 shares authorized, -0- shares issued and outstanding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; 250,000,000 shares authorized, 3,335,194 and 1,135,194 shares issued and outstanding | 3335 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 520279 | 500479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1454834) | (1277879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Deficit | (931220) | (776265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $14664 | $138 |

---

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

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| F-5 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

Statements of Operations

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| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| NET REVENUES | $- | $- |
| OPERATING EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 122817 | 50442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 122817 | 50442 |
| LOSS FROM OPERATIONS | (122817) | (50442) |
| OTHER INCOME (EXPENSES) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (54138) | (46707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Income (Expenses) | (54138) | (46707) |
| NET LOSS BEFORE INCOME TAXES | (176955) | (97149) |
| PROVISION FOR INCOME TAXES | - | - |
| NET LOSS | $(176955) | $(97149) |
| BASIC AND DILUTED LOSS PER SHARE | $(0.12) | $(0.09) |
| WEIGHTED AVERAGE NUMBER OF |  |  |
| SHARES OUTSTANDING | 1493117 | 1135194 |

---

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

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| F-6 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

Statements of Stockholders' Deficit

For the Years Ended December 31, 2024 and 2023

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock A** | **Preferred Stock A** | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** | <br>**Subscription**<br>**Receivable** | <br>**Accumulated**<br>**Deficit** | **Total**<br>**Stockholders'**<br>**Deficit** |
| Balance, January 1, 2023 |  | $- | 1135914 | $1135 | $500479 | $- | $(1180730) | $(679116) |
| Net loss for the year ended  |  |  |  |  |  |  |  |  |
| December 31, 2023 | - | - | - | - | - | - | (97149) | (97149) |
| Balance, December 31, 2023 |  |  | 1135914 | 1135 | 500479 |  | (1277879) | (776265) |
| Preferred stock issued for cash | 620000 | 6200 |  |  | 55800 | (20000) |  | 42000 |
| Preferred stock issued for cash rescinded | (400000) | (4000) |  |  | (36000) | 20000 |  | (20000) |
| Preferred stock converted to common | (220000) | (2200) | 2200000 | 2200 |  |  |  |  |
| Net loss for the year ended |  |  |  |  |  |  |  |  |
| December 31, 2024 | - | - | - | - | - | - | (176955) | (176955) |
| Balance, December 31, 2024 | - | $- | 3335914 | $3335 | $520279 | $- | $(1454834) | $(931220) |

---

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

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| F-7 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

Statements of Cash Flows

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| Net loss | $(176955) | $(97149) |
| Adjustments to reconcile net loss to net cash used by operating activities: |  |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 70388 | 22135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable - related party | (13000) | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest - related parties | (54051) | 27523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 23189 | 19184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used by Operating Activities | (150429) | (22307) |
| CASH FLOWS FROM INVESTING ACTIVITIES | - | - |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of stock | 42000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of cash for rescinded preferred stock | (20000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from convertible notes payable | 75000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable | 30000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable - related parties | 37955 | 22150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Financing Activities | 164955 | 22150 |
| INCREASE IN CASH AND CASH EQUIVALENTS | 14526 | (157) |
| CASH AND CASH EQUIVALENTS AT |  |  |
| BEGINNING OF PERIOD | 138 | 295 |
| CASH AND CASH EQUIVALENTS AT |  |  |
| END OF PERIOD | $14664 | $138 |
| SUPPLEMENTAL DISCLOSURES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $85000 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes | $- | $- |

---

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

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| F-8 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

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 was organized to provide a vehicle for participating in potentially profitable business ventures which may become available through the personal contacts, and at the complete discretion, of the Company's officers and directors. The Company has 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.

Cash and Cash Equivalents - The Company considers all highly liquid debt investments purchased with an original maturity of three months or less to be cash equivalents.

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 ASC Topic No. 260, "Earnings Per Share" [See Note 5].

Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 - The FASB established the Accounting Standards Codification ("Codification" or "ASC") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). Rules and interpretive releases of the Securities and Exchange Commission ("SEC") issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Certain accounting pronouncements have been issued by the FASB. The Company has reviewed these pronouncements, and none will have an effect on the financial statements of the Company.

Fixed Assets - Property and equipment are recorded at cost. Maintenance and repair costs are charged to expense as incurred, and renewals and improvements that extend the useful life of assets are capitalized. Depreciation on property and equipment is computed using the straight-line method over the assets' estimated useful lives.

NOTE 2 - INCOME TAXES

The Company accounts for income taxes in accordance with ASC Topic No. 740, "Income Taxes." This standard requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carryforwards.

The Company has no tax provisions at December 31, 2024 and 2023, for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the years ended December 31, 2024 and 2023, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at December 31, 2024 and 2023.

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss (NOL) and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

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| F-9 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

Net deferred tax assets (liabilities) consist of the following components as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;NOL carryover | $298000 | 261000 |
| &nbsp;&nbsp;Extinguishment of debt with shares | 28000 | 28000 |
| &nbsp;&nbsp;Valuation allowance | (326000) | (289000) |
| Net deferred tax asset | $- | $- |

---

The income tax provision differs from the amount of estimated income tax determined by applying the U.S. Federal income tax rate of 21% to pretax income from continuing operations for the periods ended December 31, 2024 and 2023 due to the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Current Federal Tax (21%) | $37000 | $20000 |
| Change in valuation allowance | (37000) | (20000) |
| Tax at effective rate | $- | $- |

---

At December 31, 2024, the Company had net operating loss carryforwards of approximately $1,455,000 that may be offset against future taxable income from the year 2024 through 2044. No tax benefit has been reported in the December 31, 2024 or 2023 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. There is no provision for state taxes, since the Company's operations have been limited to administrative expenses and fund-raising in the state of its incorporation (Nevada) which has no income tax.

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2024, 2023 and 2022.

NOTE 3 - RELATED PARTY TRANSACTIONS

Management Compensation - For the years ended December 2024 and 2023, the Company did not pay any compensation to its officers and directors.

Office Space – Beginning August 2017, the Company entered into an oral agreement to pay the Company's President $500 per month as payment for use of his personal residence as the Company's office and mailing address. The Company has recorded rent expense of $6,000 and $6,000 during the years ended December 31, 2024 and 2023, respectively, which is included in the general and administrative expenses on the statements of operations. The amount payable at December 31, 2023 was $14,500. During the year ended December 31, 2024, the Company paid $19,000, resulting in $1,500 payable at December 31, 2024.

Notes Payable – On December 12, 2017, the Company borrowed $107,000 from its President pursuant to an unsecured promissory note. On various dates since then, the officer advanced the Company additional money, including $37,955 and $22,150 during the years ended December 31, 2024 and 2023, respectively, resulting in total note balances of $242,439 and $204,484 at December 31, 2024 and 2023, respectively. The cumulative note balance is uncollateralized, due on demand, and accrues interest at 12% per annum. Interest expense on the note for the years ended December 31, 2024 and 2023 was $26,624 and $23,197, respectively. The Company paid $85,000 of accrued interest during the year ended December 31, 2024, resulting in accrued interest totaling $14,874 and $73,250 at December 31, 2024 and December 31, 2023, respectively.

Notes Payable - On March 8, 2018, the Company entered into a promissory note with a newly affiliated party in the amount of $43,250. The note is payable on demand and carries interest at 10% per annum. Interest expense for the years ended December 31, 2024 and 2023 was $4,325 and $4,325, respectively, resulting in accrued interest of $29,481 and $25,156 at December 31, 2024 and 2023, respectively. Principal balance on the note at December 31, 2024 and 2023 was $43,250.

---

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| F-10 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

NOTE 4 - 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 totaling $1,454,834 as of December 31, 2024 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 loans, additional sales of its common stock, or through a possible business combination. 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.

NOTE 5 - LOSS PER SHARE

The computation of basic loss per share is based on the weighted average number of shares outstanding during each year.

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

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
| Net loss (numerator) | $(176955) | $(97149) |
| Weighted average shares outstanding (denominator) | 1493117 | 1135194 |
| Basic and fully diluted net loss per share amount | $(0.12) | $(0.09) |

---

The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the year plus the common stock equivalents as detailed in the following chart. In 2024 and 2023, the inclusion of these shares on the statement of operations would have resulted in a weighted average shares fully diluted number that was anti-dilutive and as such they are excluded.

The following data show the fully diluted shares for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
| Basic weighted average shares outstanding | 1493117 | 1135194 |
| Convertible debt | 167789 | 14769 |
| Total | 1660906 | 1149963 |

---

NOTE 6 – NOTES PAYABLE

On June 14, 2016, the Company issued a promissory note in the principal amount of $35,000 to an unaffiliated lender. The Note is due on demand at any time after its original maturity date of June 14, 2017 and carries an interest rate of 8% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $2,800 and $2,800, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $23,942 and $21,142, respectively. Principal balance on the note at December 31, 2024 and 2023 was $35,000.

On August 15, 2018, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note was due on November 15, 2018, is currently in default, and carries an interest rate of 12% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $1,200 and $1,200, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $6,907 and $5,707, respectively. Principal balance on the note at December 31, 2024 and 2023 was $10,000.

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| F-11 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

On November 15, 2018, the Company issued a promissory note in the principal amount of $20,000 to an unaffiliated lender. The Note was due on February 15, 2019, is currently in default, and carries an interest rate of 12% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $2,400 and $2,400, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $13,815 and $11,415, respectively. Principal balance on the note at December 31, 2024 and 2023 was $20,000.

On December 31, 2018, the Company issued a promissory note in the principal amount of $30,000 to an unaffiliated lender. The Note was due on December 31, 2019, is currently in default, and carries an interest rate of 12% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $3,600 and $3,600, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $20,722 and $17,122, respectively. Principal balance on the note at December 31, 2024 and 2023 was $30,000.

On January 23, 2019, the Company issued a promissory note in the principal amount of $50,000 to an unaffiliated lender. The Note was due on January 23, 2020, is currently in default, and carries an interest rate of 12% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $6,000 and $6,000, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $34,537 and $28,537, respectively. Principal balance on the note at December 31, 2024 and 2023 was $50,000.

On May 1, 2020, the Company issued a promissory note in the principal amount of $5,000 to an unaffiliated lender. The Note was due on May 1, 2021, is currently in default, and carries an interest rate of 12% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $600 and $600, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $2,791 and $2,191. Principal balance on the note at December 31, 2024 and 2023 was $5,000.

On April 18, 2022, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note was due on April 18, 2023, is currently in default, and carries an interest rate of 8% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $800 and $565, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $2,163 and $1,363, respectively. Principal balance on the note at December 31, 2024 and 2023 was $10,000.

On May 9, 2024, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note is due on May 9, 2025 and carries an interest rate of 10% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $647 and $-0-, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $647 and $-0-, respectively. Principal balance on the note at December 31, 2024 and December 31, 2023 was $10,000 and $-0-, respectively.

On June 21, 2024, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note is due on June 21, 2025 and carries an interest rate of 10% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $529 and $-0-, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $529 and $-0-, respectively. Principal balance on the note at December 31, 2024 and 2023 was $10,000 and $-0-, respectively.

On June 25, 2024, the Company issued a promissory note in the principal amount of $10,000 to an unaffiliated lender. The Note is due on June 25, 2025 and carries an interest rate of 10% per annum. Interest expense for the years ended December 31, 2024 and 2023 totaled $518 and $-0-, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $518 and $-0-, respectively. Principal balance on the note at December 31, 2024 and 2023 was $10,000 and $-0-, respectively.

NOTE 7 – CONVERTIBLE NOTE PAYABLE

On December 18, 2019, the Company issued a convertible promissory note in the original principal amount of $10,000 to a lender. The Note was due on June 18, 2020, is currently in default, and carries an interest rate of 8% per annum. The Note is due and payable in full unless converted partially or in its entirety upon the election of the lender into fully paid and non-assessable shares of common stock of the Company at a conversion rate of $2.00 per share. The Company recognized a beneficial conversion feature and recorded a debt discount in the amount of $4,000, which was amortized over the life of the promissory note. Interest expense for the year ended December 31, 2024 was $800, resulting in accrued interest at December 31, 2024 of $4,031. Interest expense for the year ended December 31, 2023 was $1,100. A correction to prior interest calculations was made at the end of year 2023 reducing interest expense by $1,515, resulting in accrued interest at December 31, 2023 of $3,231.

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| F-12 |
| *[**Table of Contents**](#toc)* |

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**BIOETHICS, LTD.**

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

On June 9, 2020, the Company issued a convertible promissory note in the original principal amount of $10,000 to a lender. The Note was due on June 9, 2021, is currently in default, and carries an interest rate of 10% per annum. The Note is due and payable in full unless converted partially or in its entirety upon the election of the lender into fully paid and non-assessable shares of common stock of the Company at a conversion rate of $2.50 per share. The Company recognized a beneficial conversion feature and recorded a debt discount in the amount of $6,200, which was amortized over the life of the promissory note. At December 31, 2024 and 2023, the unamortized debt discount was $- 0-, and the net convertible note balance was $10,000. The amortization of debt discount was $-0- during the years ended December 31, 2024 and 2023. Interest expense for the years ended December 31, 2024 and 2023 totaled $1,000 and $1,000, resulting in accrued interest at December 31, 2024 and 2023 of $4,561 and $3,561. Principal balance on the note at December 31, 2024 and 2023 was $10,000.

On August 3, 2020, the Company issued a convertible promissory note in the original principal amount of $15,000 to a lender. The Note was due on August 3, 2021, is currently in default, and carries an interest rate of 8% per annum. The Note is due and payable in full unless converted partially or in its entirety upon the election of the lender into fully paid and non-assessable shares of common stock of the Company at a conversion rate of $7.00 per share. The Company did not recognize a beneficial conversion feature or debt discount as the conversion price was higher than the market price at the time of issuance of the note. Interest expense for the years ended December 31, 2024 and 2023 totaled $1,200 and $1,200, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $5,293 and $4,093. Principal balance on the note at December 31, 2024 and 2023 was $15,000.

On October 8, 2024, the Company issued a convertible promissory note in the original principal amount of $50,000 to a lender. The Note is due on October 16, 2025, one year from the date of receipt of the principal sum, and carries an interest rate of 10% per annum. The Note is due and payable in full unless converted partially or in its entirety upon the election of the lender into fully paid and non-assessable shares of common stock of the Company at a conversion rate of $0.50 per share. Interest expense for the years ended December 31, 2024 and 2023 totaled $1,041 and $-0-, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $1,041 and $-0-. Principal balance on the note at December 31, 2024 and 2023 was $50,000 and $-0-, respectively.

On December 20, 2024, the Company issued a convertible promissory note in the original principal amount of $25,000 to a lender. The Note is due on December 23, 2025, one year from the date of receipt of the principal sum, and carries an interest rate of 10% per annum. The Note is due and payable in full unless converted partially or in its entirety upon the election of the lender into fully paid and non-assessable shares of common stock of the Company at a conversion rate of $0.50 per share. Interest expense for the years ended December 31, 2024 and 2023 totaled $55 and $-0-, respectively, resulting in accrued interest at December 31, 2024 and 2023 of $55 and $-0-, respectively. Principal balance on the note at December 31, 2024 and 2023 was $25,000 and $-0-, respectively

NOTE 8 – EQUITY TRANSACTIONS

The Company is authorized to issue 250,000,000 shares of common stock and 25,000,000 shares of Preferred Stock. On July 1, 2024 the Company filed with the State of Nevada for the designation of 6,000,000 shares of Series A Preferred Stock ("Series A") with a par value of $0.01 per share. Each share of Series A has liquidation priority over any Junior Securities, is convertible into common stock at the option of the holder on a ten-for-one basis and carries no common votes unless and until converted to common stock at which time the converted shares are entitled to vote on any matter submitted to common stockholders. The Series A shares are not entitled to dividends unless and until converted to common stock at which time they would have dividend rights as common stock holders. On July 25, 2024 the Board of Directors voted to issue a total of 620,000 shares of Series A Preferred Stock at $0.10 per share for a total of $62,000. As of September 30, 2024 the Company had received $42,000 of the proceeds and the remaining $20,000 was reflected as a subscription receivable. As of December 31, 2024 $20,000 of the received funds had been refunded, the $20,000 subscription receivable was canceled, and the remaining Series A Preferred Stock had been fully converted into common stock, resulting in 3,335,194 and 1,135,194 shares of common stock issued and outstanding at December 31, 2024 and 2023, respectively, and -0- shares of preferred stock issued and outstanding at December 31, 2024 and 2023.

NOTE 9 – SUBSEQUENT EVENTS

The Agreement with SILQ has expired and has not been extended as of the date of this report.

During the first quarter of 2025 the Company issued four convertible promissory notes in the aggregate original principal amount of $130,000 to four unaffiliated lenders. The Notes are due one year from the date of receipt of the principal sums and carry an interest rate of 10% per annum. The Notes are due and payable in full unless converted partially or in entirety upon the election of the lenders into fully paid and non-assessable shares of common stock of the Company at a conversion rate of $0.25 per share.

During the second quarter of 2025 the Company issued two promissory notes in the aggregate principal amount of $12,000 to two unaffiliated lenders. The Notes are due two years from the date of receipt of the principal sums and carry an interest rate of 10% per annum.

On April 25, 2025 the Company issued 265,000 shares of the Corporation's common stock as consideration for advice and assistance rendered to the Company since May 2014 in evaluating various business opportunities in the medical device business segment.

## Exhibit 31.1

**EXHIBIT 31.1**

I, Mark A. Scharmann, certify that

1. I have reviewed this report on Form 10-K of Bioethics, LTD.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

---

| | | |
|:---|:---|:---|
| 5.  | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|  | a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|  | b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

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| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | */s/ Mark A. Scharmann* |
|  |  | Mark A. Scharmann |
|  |  | President, Chief Executive Officer |
|  |  | and Chief Financial Officer |

---

## Exhibit 32.2

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Bioethics, LTD. (the "Company") on Form 10-K for the fiscal year ended December 31, 2024 as filed with the Securities and Exchange Commission on or about the date hereof (the "Report"), I, Mark A. Scharmann, President, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| August 13, 2025 | By: | */s/ Mark A. Scharmann* |
|  |  | Mark A. Scharmann |
|  |  | President, Chief Executive Officer |
|  |  | and Chief Financial Officer |

---