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

                                   FORM 12b-25

                           NOTIFICATION OF LATE FILING

                                                        SEC FILE NUMBER: 0-21394
                                                        CUSIP NUMBER: 368533-105

(Check One):   [X] Form 10-KSB      [ ] Form 20-F    [ ] Form 11-K
               [ ] Form 10-QSB      [ ] Form N-SAR   [ ] Form N-CSR

For Period Ended: December 31, 2005
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        [ ] Transition Report on Form 10-KSB
        [ ] Transition Report on Form 20-F
        [ ] Transition Report on Form 11-K
        [ ] Transition Report on Form 10-QSB
        [ ] Transition Report on Form N-SAR
        For the Transition Period Ended:
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  Read Instruction (on back page) Before Preparing Form. Please Print or Type.

      Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
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      If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:

PART I - REGISTRANT INFORMATION

        GELSTAT CORPORATION
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Full Name of Registrant

        DEVELOPED TECHNOLOGY RESOURCE, INC.
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Former Name if Applicable

        1650 WEST 82ND STREET  SUITE 1200
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Address of Principal Executive Office (Street and Number)

        BLOOMINGTON, MINNESOTA 55431
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City, State and Zip Code

PART II - RULES 12b-25 (b) AND (c)

If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate): [ X ]

    (a) The reasons described in reasonable detail in Part III of this form
    could not be eliminated without unreasonable effort or expense;

    (b) The subject annual report, semi-annual report, transition report on Form
    10-KSB, Form 20-F, Form 11-K, Form N-SAR, or Form N-CSR, or portion thereof,
    will be filed on or before the fifteenth calendar day following the
    prescribed due date; or the subject quarterly report or transition report on
    Form 10-QSB, or portion thereof, will be filed on or before the fifth
    calendar day following the prescribed due date; and

    (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
    has been attached if applicable.




PART III - NARRATIVE

State below in reasonable detail the reasons why Forms 10-KSB, 20-F, 11-K,
10-QSB, N-SAR, N-CSR, or the transition report or portion thereof, could not be
filed within the prescribed period.

      The Company is unable to timely file its report on Form 10-KSB for the
      fiscal year ended December 31, 2005 without unreasonable effort and
      expense because of delays associated with a change in internal personnel
      and outsourced accounting staff upon whom management relied for timely
      filing.


PART IV - OTHER INFORMATION

(1)   Name and telephone number of person to contact in regard to this
      notification:

          Stephen C. Roberts            (952)               881-4105
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               (Name)                (Area Code)       (Telephone Number)

(2)   Have all other periodic reports required under Section 13 or 15(d) of the
      Securities Exchange Act of 1934 or Section 30 of the Investment Company
      Act of 1940 during the preceding 12 months or for such shorter period that
      the registrant was required to file such report(s) been filed? If the
      answer is no, identify report(s).         [X] Yes [ ] No

(3)   Is it anticipated that any significant change in results of operations
      from the corresponding period for the last fiscal year will be reflected
      by the earnings statements to be included in the subject report or portion
      thereof?                                  [ ] Yes [X] No

      If so, attach an explanation of the anticipated change, both narratively
      and quantitatively, and, if appropriate, state the reasons why a
      reasonable estimate of the results cannot be made.


                               GELSTAT CORPORATION
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                  (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.


Date:  March 31, 2006                       By:  /s/ Stephen C. Roberts
       -----------------------                   -------------------------------
                                                 Stephen C. Roberts
                                                 Chief Executive Officer

                                    ATTENTION
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   Intentional misstatements or omissions of fact constitute Federal Criminal
                        Violations (See 18 U.S.C. 1001).
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