10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 2018

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 5(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ______________________________ to ______________________________

Commission File Number 33-55254-41

BIOETHICS, LTD.
(Exact name of registrant as specified in charter)
NEVADA	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)
(801) 399-3632
(Issuer’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 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 [X]    No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).  Yes [X]    No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an 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.

Large accelerated filer

[  ]

Accelerated filer

[  ]

Non-accelerated filer

[  ]

Smaller reporting company

[X]

Emerging growth company

[  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   [  ]

Indicate by check mark whether the issuer is a shell company (as defined in rule 12b-2 of the Exchange Act).  Yes [X]    No [  ]

As of August 14, 2018, the issuer had outstanding 11,000,000 shares of common stock, par value $0.001. 

BIOETHICS, LTD.

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2018

INDEX

PART I   Financial Information

Item 1.

Financial Statements (Unaudited)

3

Item 2.  Management’s Discussion and Analysis of Financial Condition

and Results of Operations

9

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

10

Item 4.  Controls and Procedures

10

PART II Other Information

Item 1.  Legal Proceedings

11

Item 1A.  Risk Factors

11

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

11

Item 3.  Defaults Upon Senior Securities

11

Item 4.  Mine Safety Disclosures

11

Item 5.  Other Information

11

Item 6.  Exhibits

12

SIGNATURES

12

PART I – FINANCIAL INFORMATION

BIOETHICS, LTD.

CONTENTS

PAGE



Unaudited Balance Sheets,

June 30, 2018 and December 31, 2017

4



Unaudited Statements of Operations,

For the three and six months ended June 30, 2018 and 2017

5



Unaudited Statements of Cash Flows,

For the six months ended June 30, 2018 and 2017

                         6



Notes to Unaudited Financial Statements for the six months

ended June 30, 2018 and 2017

7

BIOETHICS, LTD.
Balance Sheets
(Unaudited)
ASSETS
			June 30,	December 31,
			2018	2017
CURRENT ASSETS
	Cash and cash equivalents		$           1,323	$           1,724
	Prepaid expenses		-	2,000
		Total Current Assets	1,323	3,724
FIXED ASSETS, NET			941	1,083
		TOTAL ASSETS	$           2,264	$           4,807
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
	Accounts payable		$         34,883	$           8,340
	Accounts payable - related party		3,500	500
	Accrued interest - related party		8,195	8,918
	Accrued interest		5,723	4,334
	Notes payable		35,000	35,000
	Notes payable - related party		153,600	132,000
		Total Current Liabilities	240,901	189,092
		TOTAL LIABILITIES	240,901	189,092
STOCKHOLDERS' EQUITY (DEFICIT)
	Preferred stock, $0.01 par value; 25,000,000 shares
	authorized, -0- shares issued and outstanding		-	-
	Common stock, $0.001 par value; 150,000,000 shares authorized,
	11,000,000 and 116,000,000 shares issued and outstanding, respectively		11,000	116,000
	Additional paid-in capital		480,414	385,414
	Accumulated deficit		(730,051)	(685,699)
		Total Stockholders' Equity (Deficit)	(238,637)	(184,285)
		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$           2,264	$           4,807
The accompanying notes are an integral part of these unaudited financial statements.

BIOETHICS, LTD.
Statements of Operations
(Unaudited)
			For the Three Months Ended		For the Six Months Ended
			June 30,		June 30,
			2018	2017	2018	2017
NET REVENUES			$                   -	$                   -	$                   -	$                   -
OPERATING EXPENSES
	General and administrative		22,564	15,824	35,437	22,856
		Total Operating Expenses	22,564	15,824	35,437	22,856
LOSS FROM OPERATIONS			(22,564)	(15,824)	(35,437)	(22,856)
OTHER INCOME (EXPENSES)
	Interest expense		(4,840)	(3,941)	(8,915)	(7,847)
		Total Other Income (Expenses)	(4,840)	(3,941)	(8,915)	(7,847)
NET LOSS BEFORE INCOME TAXES			(27,404)	(19,765)	(44,352)	(30,703)
PROVISION FOR INCOME TAXES			-	-	-	-
NET LOSS			$        (27,404)	$        (19,765)	$        (44,352)	$        (30,703)
BASIC AND DILUTED LOSS PER SHARE			$            (0.00)	$            (0.00)	$            (0.00)	$            (0.00)
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING			11,000,000	116,000,000	50,447,514	116,000,000
The accompanying notes are an integral part of these unaudited financial statements.

BIOETHICS, LTD.
Statements of Cash Flows
(Unaudited)
			For the Six Months Ended
			June 30,
			2018	2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss			$        (44,352)	$        (30,703)
Adjustments to reconcile net loss to net cash
used by operating activities:
		Depreciation	142	143
Changes in operating assets and liabilities:
		Prepaid expenses	2,000	(2,000)
		Accounts payable	26,543	(917)
		Accounts payable - related party	3,000	-
		Accrued interest - related party	(723)	1,500
		Accrued interest	1,389	6,347
		Net Cash Used by Operating Activities	(12,001)	(25,630)
CASH FLOWS FROM INVESTING ACTIVITIES			-	-
CASH FLOWS FROM FINANCING ACTIVITIES
		Proceeds from notes payable - related party	46,600	-
		Repayment of note payable - related party	(25,000)	-
		Repurchase of common stock	(10,000)	-
		Net Cash Provided by Financing Activities	11,600	-
DECREASE IN CASH AND CASH EQUIVALENTS			(401)	(25,630)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD			1,724	65,900
CASH AND CASH EQUIVALENTS AT
END OF PERIOD			$           1,323	$         40,270
SUPPLEMENTAL DISCLOSURES:
	Cash paid for interest		$           8,250	$                   -
	Cash paid for income taxes		$                   -	$                   -
NON-CASH INVESTING AND FINANCING:
	Cancellation of common stock		$       105,000	$                   -
The accompanying notes are an integral part of these unaudited financial statements.

BIOETHICS, LTD.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

SIX MONTHS ENDED JUNE 30, 2018 and 2017

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, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors.

The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the six months ended June 30, 2018 and 2017 have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2017 audited financial statements.  The results of operations for the six months ended June 30, 2018 are not necessarily indicative of the operating results for the full year.

NOTE 2 - PREPAID EXPENSES

In January 2017, the Company paid $6,000 in professional service fees to be rendered through August 2017, resulting in an expense of $4,000 during the six months ended June 30, 2017.  In July 2017, the Company paid $6,000 in professional service fees to be rendered through February 2018, resulting in an expense of $2,000 during the six months ended June 30, 2018 and prepaid expense balances of $-0- and $2,000 at June 30, 2018 and December 31, 2017, respectively.

NOTE 3  RELATED PARTY TRANSACTIONS

Management Compensation - During the six months ended June 30, 2018 and 2017, the Company did not pay any compensation to its officers and directors.

Beginning August 2017, the Company entered into an oral agreement to pay the Company’s sole director $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 $3,000 during the six months ended June 30, 2018 which is included in the general and administrative expenses on the statements of operations, resulting in $3,500 and $500 payable at June 30, 2018 and December 31, 2017, respectively.  

In December 2014, the Company borrowed $25,000 from the majority shareholder pursuant to an unsecured promissory note, which was due on demand and accrued interest at 12% per annum, or $750 per quarter.  On March 9, 2018 the Company paid the outstanding principal amount of $25,000 and accrued interest of $8,250.  

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 three and six months ended June 30, 2018 was $863 and $1,081 respectively, and accrued interest totaled $1,081 at June 30, 2018.  

On December 12, 2017, the Company entered into a promissory note with its sole officer and director in the amount of $107,000.  On various dates during March through May 2018, the officer advanced the Company an additional $3,350, resulting in total note balances of $110,350 and $107,000 at June 30, 2018 and December 31, 2017, respectively.  The cumulative note balance is uncollateralized, due on demand, and carries interest at 12% per annum.  Interest expense on the note for the three and six months ended June 30, 2018 was $3,279 and $6,445, respectively, and accrued interest totaled $7,114 and $668 at June 30, 2018 and December 31, 2017, respectively.

NOTE 4 – EQUITY TRANSACTIONS

BIOETHICS, LTD.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

SIX MONTHS ENDED JUNE 30, 2018 and 2017

On February 20, 2018, the Company filed a designation statement with the State of Nevada designating the 2017 Series A Preferred Stock, authorized December 12, 2017, consisting of 12,500,000 shares of the Company’s previously authorized but unissued shares of Preferred Stock.  The designation statement was withdrawn the next day.  The authorization and issuance of the 10,700,000 shares of the Company’s Series A Preferred Stock which was previously reported in a Form 8-K dated December 12, 2017, was withdrawn. As a result, $107,000 in shareholder loans that were cancelled in exchange for the issuance of the Series A Preferred Stock were reinstated at December 31, 2017.

On March 9, 2018, the Company repurchased 105,000,000 shares of its outstanding common stock (the “Control Shares”) held by Bradly Petersen (“Mr. Petersen”), for cash of $10,000. As a result of this transaction, Mr. Petersen no longer holds any interest in the Company, and the Control shares have been cancelled so that there are now 11,000,000 issued and outstanding shares of Common Stock.

NOTE 5 - NOTE 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 three and six months ended June 30, 2018 totaled $699 and $1,389, respectively, resulting in accrued interest at June 30, 2018 and December 31, 2017 of $5,723 and $4,334, respectively.  

NOTE 6 - 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 $730,051 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 7 - LOSS PER SHARE

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

			For the	For the
			Six Months	Six Months
	For the Three Months Ended	For the Three Months Ended	Ended	Ended
	June 30, 2018	June 30, 2017	June 30, 2018	June 30, 2017
Loss from continuing operations
applicable to common
stockholders (numerator)	$           (27,404)	$        (19,765)	$              (44,352)	$             (30,703)
Weighted average number of
common shares outstanding
used in loss per share calculation
during the period (denominator)	11,000,000	116,000,000	50,447,514	116,000,000

Dilutive loss per share was not presented, as the Company had no common share equivalents for all periods presented that would affect the computation of diluted loss per share. In addition, the Company has experienced continuing losses, so inclusion of any common share equivalents would result in an anti-dilutive effect.

NOTE 8 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined there are no additional events to disclose.

8

Item 2. 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” below and “Risk Factors.”)

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 risk factors described herein under the caption “Risk Factors.”  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.

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 2017 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 June 30, 2018, the Company had a working capital deficit of $239,578 and an accumulated deficit since inception of $730,051. The Company incurred net losses of $44,352 and $30,703 for the six months ended June 30, 2018 and 2017, respectively.  The Company has not entered into any agreements or arrangements for the provision of additional debt or equity financing and there can be no assurance that it will be able to obtain the additional debt or equity capital required to continue its operations.  

The Three and Six Months ended June 30, 2018 compared to June 30, 2017

The Company did not conduct any operations during the three and six month periods ended June 30, 2018 or 2017.  At June 30, 2018, the Company had cash in the amount of $1,323, compared to cash at December 31, 2017 in the amount of $1,724.  At June 30, 2018, the Company had total current assets of $1,323, compared to $3,724 at December 31, 2017.  At June 30, 2018, the Company had total current liabilities of $240,901, compared to $189,092 at December 31, 2017.  The Company had a working capital deficit of $239,578 at June 30, 2018 compared to a working capital deficit of $185,368 at December 31, 2017.

The Company did not generate revenues during the three and six month periods ending June 30, 2018 or 2017.  The Company incurred general and administrative expenses of $22,564 during the three months ended June 30, 2018, compared to $15,824 during the three months ended June 30, 2017.  The Company incurred general and administrative expenses of $35,437 during the six months ended June 30, 2018, compared to $22,856 during the six months ended June 30, 2017.  Such expenses consist primarily of legal and accounting fees as well as taxes and annual fees required to maintain the Company’s corporate status.   

The Company incurred other expenses of $4,840 during the three months ended June 30, 2018 compared to $3,941 during the three months ended June 30, 2017.  The Company incurred other expenses of $8,915 during the six months ended June 30, 2018 compared to $7,847 during the six months ended June 30, 2017.  Total other income and expenses consist of interest expense related to the notes payable due from the Company.  

The Company incurred a net loss of $27,404 during the three months ended June 30, 2018, compared to a net loss of $19,765 during the three months ended June 30, 2017.  The Company incurred a net loss of $44,352 during the six months ended June 30, 2018, compared to a net loss of $30,703 during the six months ended June 30, 2017.  The

increase in net loss in 2018 as compared to 2017 is mainly the result of increased professional fees related to the Company maintaining its status and filings with the Securities and Exchange Commission.   

The Company has never had substantial ongoing operations. As a result, since its inception on July 26, 1990, the Company had an accumulated deficit of $730,051 as of June 30, 2018.

Liquidity and Capital Resources

Net cash used by operating activities was $12,001 and $25,630 during the six months ended June 30, 2018 and 2017, respectively.

Net cash provided by investing activities was $-0- during both the six months ended June 30, 2018 and 2017.

Net cash provided by financing activities was $11,600 and $-0- during the six months ended June 30, 2018 and 2017, respectively.

Since the Company does not generate any revenues from operations, it is dependent on sales of securities, loans, or contributions from its stockholders in order to pay its operating costs. In addition, in the event the Company locates a suitable candidate for potential acquisition, the Company will require additional funds to pay the costs of negotiating and completing the acquisition of such candidate.  The Company has not entered into any agreement or arrangement for the provision of any additional funding and no assurances can be given that such funding will be available to the Company on terms acceptable to it or at all.  

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 are 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.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable.  The Company is a “smaller reporting company.”

Item 4. 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 June 30, 2018, the end of the period covered by this report.  Based upon that evaluation, our Chief Executive Officer/Chief Financial Officer, who is our sole officer and director, concluded that our disclosure controls and procedures as of June 30, 2018 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,

10

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.  

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting during the quarter ended June 30, 2018 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

In connection with an evaluation of the effectiveness of the Company’s internal control over financial reporting as of June 30, 2018, using the COSO framework (2013), our management, with the participation of 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.  Our management believes the materiality of this weakness is mitigated by the Company’s status as a shell company with no significant assets or liabilities, no business operations and a limited number of transactions each year, and that the weakness does not have a material effect on the accuracy and completeness of our financial reporting and disclosure as included in this report.

Part II---OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is not a party to any material pending legal proceedings and, to the best of its knowledge; its properties are not the subject of any such proceedings.

Item 1A. Risk Factors.

See the risk factors described in Item 1A of the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

Not Applicable.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

None.

11

Item 6.

Exhibits

The following documents are included as exhibits to this report:

(a)

Exhibits

Exhibit Number	SEC Reference Number	Title of Document	Location
31.1	31	Section 302 Certification of Chief Executive and Chief Financial Officer	This Filing
32.1	32	Section 1350 Certification of Chief Executive and Chief Financial Officer	This Filing
101.INS**		XBRL Instance Document	This Filing
101.SCH**		XBRL Taxonomy Extension Schema	This Filing
101.CAL**		XBRL Taxonomy Extension Calculation Linkbase	This Filing
101.DEF**		XBRL Taxonomy Extension Definition Linkbase	This Filing
101.LAB**		XBRL Taxonomy Extension Label Linkbase	This Filing
101.PRE**		XBRL Taxonomy Extension Presentation Linkbase	This Filing

**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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Bioethics, Ltd.
Date:  August 14, 2018	By  /s/ Mark A. Scharmann
	Mark A. Scharmann
	President, Chief Executive Officer and
	Chief Financial Officer
	(Principal Executive and Financial Officer)

12

EX-31

Exhibit 31.1

I, Mark A. Scharmann, certify that:

1.

I have reviewed this report on Form 10-Q 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.

I am 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.

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.

	Bioethics, Ltd.
Date:  August 14, 2018	By  /s/ Mark A. Scharmann
	Mark A. Scharmann
	President, Chief Executive Officer and
	Chief Financial Officer
	(Principal Executive and Financial Officer)

EX-32

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 Quarterly Report of Bioethics, Ltd. (the “Company”) on Form 10-Q for the fiscal quarter ended June 30, 2018 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.

	Bioethics, Ltd.
Date:  August 14, 2018	By  /s/ Mark A. Scharmann
	Mark A. Scharmann
	President, Chief Executive Officer and
	Chief Financial Officer
	(Principal Executive and Financial Officer)

XML

Document and Entity Information - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Document and Entity Information:
Entity Registrant Name	BIOETHICS LTD
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Trading Symbol	bioe
Amendment Flag	false
Entity Central Index Key	0000894560
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	11,000,000
Entity Public Float		$ 116,000,000
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2

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Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 1,323	$ 1,724
Prepaid expenses		2,000
Total Current Assets	1,323	3,724
FIXED ASSETS, NET	941	1,083
TOTAL ASSETS	2,264	4,807
CURRENT LIABILITIES
Accounts payable	34,883	8,340
Accounts payable - related party	3,500	500
Accrued interest - related party	8,195	8,918
Accrued interest	5,723	4,334
Notes payable	35,000	35,000
Notes payable - related party	153,600	132,000
Total Current Liabilities	240,901	189,092
TOTAL LIABILITIES	240,901	189,092
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock value	11,000	116,000
Additional paid-in capital	480,414	385,414
Accumulated deficit	(730,051)	(685,699)
Total Stockholders' Equity (Deficit)	(238,637)	(184,285)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 2,264	$ 4,807

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Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
OPERATING EXPENSES
General and administrative	$ 22,564	$ 15,824	$ 35,437	$ 22,856
Total Operating Expenses	22,564	15,824	35,437	22,856
LOSS FROM OPERATIONS	(22,564)	(15,824)	(35,437)	(22,856)
OTHER INCOME (EXPENSES)
Interest expense	(4,840)	(3,941)	(8,915)	(7,847)
Total Other Income (Expenses)	(4,840)	(3,941)	(8,915)	(7,847)
NET INCOME (LOSS)	$ (27,404)	$ (19,765)	$ (44,352)	$ (30,703)
BASIC AND DILUTED LOSS PER SHARE	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	11,000,000	116,000,000	50,447,514	116,000,000

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Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Profit loss	$ (44,352)	$ (30,703)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation	142	143
Prepaid expenses	2,000	(2,000)
Accounts payable	26,543	(917)
Accounts payable - related party	3,000
Accrued interest - related party	(723)	1,500
Accrued interest	1,389	6,347
Net Cash Used by Operating Activities	(12,001)	(25,630)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable - related party	21,600
Repurchase of common stock	(10,000)
Net Cash Provided by Financing Activities	11,600
DECREASE IN CASH AND CASH EQUIVALENTS	(401)	(25,630)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,724	65,900
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 1,323	$ 40,270