SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Colbert Matthew John

(Last)

(First)

(Middle)

570 S. CLEARWATER LOOP BLDG 1000 #D

(Street)

POST FALLS

83854

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
04/25/2005

3. Issuer Name and Ticker or Trading Symbol
LIFESTREAM TECHNOLOGIES INC [ LFTC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Vice President, Finance

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	41,667	D
Common Stock	101,191	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Incentive Stock Option (right to buy)⁽¹⁾	01/03/2000	01/03/2010	Common Stock	2,000	$1.25	D
Employee Incentive Stock Option (right to buy)⁽²⁾	10/04/2000	10/04/2010	Common Stock	4,550	$3	D
Employee Incentive Stock Option⁽³⁾	06/22/2001	06/22/2011	Common Stock	455	$1.5	D
Employee Nonqualified Stock Option (right to buy)⁽⁴⁾	12/24/2001	12/24/2011	Common Stock	5,700	$1.5	D
Employee Incentive Stock Option (right to buy)⁽⁵⁾	06/22/2004	06/22/2014	Common Stock	166,153	$0.03	D

Explanation of Responses:

1. Option fully vested.

2. Option fully vested.

3. Option granted to purchase 455 shares, vesting 91 shares per year beginning 6/22/01 and continues through 6/22/05.

4. Option granted to purchase 5,700 shares, vesting 1,140 shares per year beginning 12/24/01 and continues through 12/24/05.

5. Option fully vested.

	/s/ Matthew J. Colbert	04/28/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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