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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HfshIdenJZml+SGtJo4TYktwFGaQ69b1RU5nzJpqAlYQuhgFm5RcnTPwiLCSJUKG
 9mSpq/7gxgFMCQAWYr0Imw==

<SEC-DOCUMENT>0001144204-06-000517.txt : 20060105
<SEC-HEADER>0001144204-06-000517.hdr.sgml : 20060105
<ACCEPTANCE-DATETIME>20060105150234
ACCESSION NUMBER:		0001144204-06-000517
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060104
FILED AS OF DATE:		20060105
DATE AS OF CHANGE:		20060105

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:		06512207

	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 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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>v032809_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-01-04</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>President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-01-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>140000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>240000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ Richard W. Ringold</signatureName>
        <signatureDate>2006-01-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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