-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AeHQMFahIMT27jx0qLnhE8Z4HF8n2a/Zea/NRIAgc2pHBGYQu7z5FFRx+OAquna2
 dL08J2A/Rka8ywedgXE/eA==

<SEC-DOCUMENT>0001144204-04-015392.txt : 20040929
<SEC-HEADER>0001144204-04-015392.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929213941
ACCESSION NUMBER:		0001144204-04-015392
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040927
FILED AS OF DATE:		20040929
DATE AS OF CHANGE:		20040929

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			EHLEN K JAMES
		CENTRAL INDEX KEY:			0001222230

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21394
		FILM NUMBER:		041053954

	BUSINESS ADDRESS:	
		STREET 1:		15405 CRYSTAL SPRING WAY
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40245
		BUSINESS PHONE:		502 244 1290

	MAIL ADDRESS:	
		STREET 1:		15405 CRYSTAL SPRING WAY
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40245
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>v07181_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-09-27</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001222230</rptOwnerCik>
            <rptOwnerName>EHLEN K JAMES</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>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>GelStat Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ James Ehlen</signatureName>
        <signatureDate>2004-09-28</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----