-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 FlToS//TWN5HHIxCdOQU1ZDkJO8at5STyOFDYVGEH8OTBkbgNCOFfRPrtLmFTWCB
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<SEC-DOCUMENT>0001255659-04-000001.txt : 20040325
<SEC-HEADER>0001255659-04-000001.hdr.sgml : 20040325
<ACCEPTANCE-DATETIME>20040325153854
ACCESSION NUMBER:		0001255659-04-000001
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031229
FILED AS OF DATE:		20040325

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21394
		FILM NUMBER:		04689732

	BUSINESS ADDRESS:	
		STREET 1:		1650 WEST 82ND ST
		STREET 2:		STE 1040
		CITY:			BLOOMINGTON
		STATE:			MN
		ZIP:			55431
		BUSINESS PHONE:		9528814105

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 1040
		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 1040
		CITY:			BLOOMINGTON
		STATE:			MN
		ZIP:			55431

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEVELOPED TECHNOLOGY RESOURCE INC
		DATE OF NAME CHANGE:	19930309
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2003-12-29</periodOfReport>

    <dateOfOriginalSubmission>2003-12-30</dateOfOriginalSubmission>

    <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></rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity></rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP, Managing Dir - Int'l</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.375</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-07-09</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2008-07-09</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>240000</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>240000</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Options (right to buy)</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.8</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2003-12-30</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2008-12-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7500</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>247500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Incentive stock options granted under terms of Issuer's 2003 Incentive Plan as adopted (the &quot;Plan&quot;), vesting in three equal annual installments, with the first installment vesting on 7/9/04.</footnote>
        <footnote id="F2">Incentive stock options granted under the terms of Issuer's 2003 Incentive Plan as adopted (the &quot;Plan&quot;) to purchase 7,500 shares, excercisable on 12/30/03.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Richard W. Ringold</signatureName>
        <signatureDate>2004-03-25</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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