8-K

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

                                    FORM 8-K

                                 CURRENT REPORT

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

                       Date of Report: September 25, 2003

                               GELSTAT CORPORATION
             (Exact name of registrant as specified in its charter)

          MINNESOTA                      0-21394               41-1713474
(State of other jurisdiction      (Commission File No.)       (IRS Employer
      of incorporation)                                   Identification Number)

            1650 WEST 82ND STREET, SUITE 1040, BLOOMINGTON, MN 55431
              (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (952) 881-4105

              (Former name, former address and former fiscal year,
                         if changed since last report):



ITEM 5.   OTHER EVENTS

     By press release on September 25, 2003 (See Exh. 99.1,  attached),  GelStat
Corporation  announced a one-for-one stock dividend,  payable to shareholders of
record on October 6, 2003.

ITEM 7.   EXHIBITS

   99.1   Press Release dated 9/25/03

                                       2


                                   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 hereunto duly authorized.

Dated: _________________, 2003          GELSTAT CORPORATION

                                        By ___________________________________
                                           Stephen C. Roberts, Chief Executive
                                           Officer (Principal executive officer)
                                           and Authorized Signatory

EX-99.1

GELSTAT NEWS

GelStat Corporation
Southpoint Office Center
1650 West 82nd Street, Suite 1200
Bloomington, MN  55431

CONTACTS:     John G. DeLisa                   Stephen C. Roberts, M.D.
              Investor Relations               Chief Executive Officer
              Toll Free: 866-910-2323          Info@GelStat.com
              Phone: 727-786-6100
              john@jgdis.com

FOR IMMEDIATE RELEASE

GELSTAT CORPORATION DECLARES 100% STOCK DIVIDEND

MINNEAPOLIS - SEPTEMBER  25, 2003 - GelStat  Corporation  (OTC  Bulletin  Board:
GSAC),  a  leading  innovator  in  over-the-counter  (OTC)  consumer  healthcare
products,  announced today a 100% stock dividend payable on or about October 20,
2003 to shareholders of record on October 6, 2003. Shareholders will receive one
additional  common  share for each common  share owned on the record  date.  The
company's  common stock trades on the OTC Bulletin  Board under the symbol GSAC,
with 2,585,885 common shares outstanding as of September 24, 2003.

ABOUT GELSTAT CORPORATION
GelStat  Corporation  is  a  development  stage  company  engaged  in  research,
development  and  marketing  of   over-the-counter   (OTC)  consumer  healthcare
products. Its first product, GelStatTM Migraine, is a patent pending OTC product
intended  to  relieve  the  pain  and   associated   symptoms  of  migraine  and
migraine-like  headaches.  GelStatTM Migraine was recently shown to be effective
in relieving acute migraine pain and associated symptoms in a clinical study now
completed and awaiting  publication.  Additional  clinical  trials are underway.
Approximately 30 million  Americans suffer from migraines,  and up to 50 million
people are  afflicted  with severe,  migraine-like  headaches.  The World Health
Organization  considers  migraine  to be  one  of  the  five  most  debilitating
illnesses worldwide. For more information, visit www.GelStat.com

                                      # # #

                                     -more-


Gelstat Corporation Declares 100% Stock Dividend - Page 2


Forward-Looking Statements

This press release contains  "forward-looking"  statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Any statement other than a
statement of historical fact should be considered a  forward-looking  statement.
Such forward-looking  statements are based on the Company's current expectations
and involve known and unknown risks,  uncertainties,  or other factors which may
cause  actual  results,  performance  or  achievements  of  the  Company  to  be
materially  different  from any  future  results,  performance  or  achievements
expressed or implied by such  forward-looking  statements.  Among other  things,
there can be no assurances  that any of GelStat's  products will be successfully
commercialized.   Risks,   uncertainties   and  assumptions   also  include  the
possibility that the market for the sale of certain  products,  or all products,
may not develop as expected,  or at all; and that development of these or future
products   may  not  proceed  as  planned.   Other   factors  that  impact  such
forward-looking  statements include,  among others, changes in worldwide general
economic  conditions,  changes in interest rates,  government  regulations,  and
worldwide  competition.  Readers are  cautioned  not to place undue  reliance on
those  forward-looking  statements,  which speak only as of the date hereof. The
company  undertakes  no obligation  and does not intend to release  publicly any
revisions to these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect unanticipated events or developments.