-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TArK6gZwFC8bnIk6Puv8NEwOmeJapQo3O9Q+jUmQA/1323xF8G3ZJLq3rIVEc18n
 eo1m/Z4d89LXQ+rZLuU/wQ==

<SEC-DOCUMENT>0001144204-06-034204.txt : 20060816
<SEC-HEADER>0001144204-06-034204.hdr.sgml : 20060816
<ACCEPTANCE-DATETIME>20060816151612
ACCESSION NUMBER:		0001144204-06-034204
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060809
FILED AS OF DATE:		20060816
DATE AS OF CHANGE:		20060816

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GELSTAT CORP
		CENTRAL INDEX KEY:			0000890725
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				411713474
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		SOUTHPOINT OFFICE CENTER
		STREET 2:		1650 WEST 82ND STREET, SUITE 1200
		CITY:			BLOOMINGTON
		STATE:			MN
		ZIP:			55431
		BUSINESS PHONE:		952-881-4105

	MAIL ADDRESS:	
		STREET 1:		SOUTHPOINT OFFICE CENTER
		STREET 2:		1650 WEST 82ND STREET, SUITE 1200
		CITY:			BLOOMINGTON
		STATE:			MN
		ZIP:			55431

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEVELOPED TECHNOLOGY RESOURCE INC
		DATE OF NAME CHANGE:	19930309

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RINGOLD RICHARD W
		CENTRAL INDEX KEY:			0001255659

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21394
		FILM NUMBER:		061038096

	BUSINESS ADDRESS:	
		STREET 1:		1650 WEST 82ND ST
		STREET 2:		STE 1040
		CITY:			BLOOMINGTON
		STATE:			MN
		ZIP:			55431
		BUSINESS PHONE:		9528814105
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>v050646_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-08-09</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000890725</issuerCik>
        <issuerName>GELSTAT CORP</issuerName>
        <issuerTradingSymbol>GSAC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001255659</rptOwnerCik>
            <rptOwnerName>RINGOLD RICHARD W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O GELSTAT CORPORATION,</rptOwnerStreet1>
            <rptOwnerStreet2>1650 W. 82ND STREET, SUITE 1200</rptOwnerStreet2>
            <rptOwnerCity>BLOOMINGTON</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55431</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Options (right to buy)</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.07</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-08-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>420000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2011-08-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>420000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>420000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Incentive Stock Options to purchase common stock granted under terms of Issuer's 2003 Incentive Plan as adopted (the &quot;Plan&quot;),
 vesting in ten equal increments of 10% each on the following dates: September 15, 2006; December 15, 2006, March 15, 2007;
 June 15, 2007; September 15, 2007; December 15, 2007, March 15, 2008; June 15, 2008; September 15, 2008; and December 15,
 2008.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Richard W. Ringold</signatureName>
        <signatureDate>2006-08-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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