AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON ________________
                                                  REGISTRATION NO. 333-_________

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                         -------------------------------

                                    FORM S-8

             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                            ------------------------

                               GELSTAT CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)

                       DEVELOPED TECHNOLOGY RESOURCE, INC.
                                  (Former Name)

          MINNESOTA                                               41-1713474
(State or Other Jurisdiction                                    (IRS Employer
     of Incorporation or                                     Identification No.)
        Organization)

                      SOUTHPOINT OFFICE CENTER, SUITE 1040
                              1650 WEST 82ND STREET
                          BLOOMINGTON, MINNESOTA 55431
               (Address of Principal Executive Offices) (Zip Code)

                                 (952) 881-4105
          (Telephone number, including area code, of agent for service)

                            5223 INDUSTRIAL BOULEVARD
                             EDINA, MINNESOTA 55439
                                (Former Address)

                     GELSTAT CORPORATION 2003 INCENTIVE PLAN
                            (Full title of the plan)

                               STEPHEN C. ROBERTS
                      SOUTHPOINT OFFICE CENTER, SUITE 1040
                              1650 WEST 82ND STREET
                          BLOOMINGTON, MINNESOTA 55431
                     (Name and address of agent for service)

                                 (952) 881-4105
                     (Telephone number, including area code)

                                   Copies to:
                            JANNA R. SEVERANCE, ESQ.
                                 MOSS & BARNETT
                           A PROFESSIONAL ASSOCIATION
                             4800 WELLS FARGO CENTER
                               90 SOUTH 7TH STREET
                              MINNEAPOLIS, MN 55402
                            TELEPHONE: (612) 347-0367

                         CALCULATION OF REGISTRATION FEE

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
                                      PROPOSED MAXIMUM    PROPOSED MAXIMUM
TITLE OF SECURITIES    AMOUNT TO BE    OFFERING PRICE    AGGREGATE OFFERING        AMOUNT OF
 TO BE REGISTERED       REGISTERED      PER SHARE(1)         PRICE(1)          REGISTRATION FEE
-----------------------------------------------------------------------------------------------
<S>                      <C>               <C>             <C>                     <C>
  Common Stock           1,200,000         $3.00           $3,600,000              $292.00
 $.01 Par Value
===============================================================================================
</TABLE>

(1)  In addition,  pursuant to Rule 416(c) under the  Securities Act of 1933, as
     amended, this registration statement also covers an indeterminate amount of
     interests to be offered  pursuant to the employee  benefit plans  described
     herein as a result of a stock split, stock dividend or similar  transaction
     affecting the Common Stock.

(2)  Estimated  solely for the  purpose of  calculating  the  registration  fee,
     pursuant to Rule 457(h) under the  Securities  Act of 1933, as amended,  on
     the basis of the average of the average of the bid and asked  prices of the
     Common Stock on the OTCBB on July 30, 2003.

<PAGE>

                                     PART II

Item 3.   Incorporation of Documents by Reference
          ---------------------------------------

          The following  documents,  as filed by GelStat  Corporation,  formerly
known as  Developed  Technology  Resource,  Inc.  (the  "Registrant"),  with the
Securities  and Exchange  Commission  (the "SEC"),  are  incorporated  herein by
reference:

          (1)  The Registrant's Annual Report on Form 10-KSB for the fiscal year
               ended December 31, 2002;

          (2)  The  Registrant's  Quarterly Report on Form 10-QSB for the fiscal
               quarter ended March 31, 2003; and

          (3)  The description of the Registrant's Common Stock contained in its
               Current Report on Form 8-K filed on August 1, 2003.

          In  addition,  each  document  filed by the  Registrant  and the Plans
pursuant to Sections 13(a),  13(c), 14 and 15(d) of the Securities  Exchange Act
of 1934, as amended after the date hereof,  and prior to the  termination of the
offering shall be deemed to be incorporated  by reference  herein and to be part
hereof from the date of filing of such documents.  Any statement  contained in a
document  incorporated or deemed to be incorporated by reference herein shall be
deemed to be modified or superseded for purposes of this Registration  Statement
to the extent that a  statement  contained  herein or in any other  subsequently
filed  document  that also is  deemed to be  incorporated  by  reference  herein
modifies  or  supercedes  such  statement.  Any such  statement  so  modified or
superceded  shall  not be  deemed,  except  as so  modified  or  superceded,  to
constitute a part of this Registration Statement.

Item 4.   Description of Securities
          -------------------------

          Not applicable.

Item 5.   Interests of Named Experts and Counsel
          --------------------------------------

          Not applicable.

Item 6.   Indemnification of Directors and Officers
          -----------------------------------------

          Under the Minnesota  Business  Corporation Act (the "Minnesota  Act"),
unless the articles of incorporation or bylaws otherwise provide,  directors and
officers will be indemnified against judgments,  penalties,  fines,  settlements
and expenses (including attorneys' fees) incurred in connection with legal

                                       2
<PAGE>

proceedings  to which they are made, or threatened to be made, a party by reason
of their present or former status as a director or officer,  if they received no
improper personal benefit, in the case of any criminal  proceeding,  they had no
reasonable cause to believe their conduct was unlawful and, generally  speaking,
they  reasonably  believed  their  conduct  to be in,  or not  opposed  to,  the
corporation's best interests.

          Bylaws of the  Registrant  provide  indemnification  to directors  and
officers to the full extent provided by the Minnesota Act.

Item 7.   Exemption from Registration Claimed
          -----------------------------------

          Not applicable.

Item 8.   Exhibits
          --------

          The  following  exhibits  are  filed  as a part of  this  registration
statement:

   Exhibit Number   Description
   --------------   -----------
          4.1       Restated Articles of Incorporation, as amended (incorporated
                    by  reference to Exhibit 3.6 to the  Registrant's  Report on
                    Form 8-K filed on August 1, 2003).

          4.2       Amended and Restated Bylaws of the Registrant  (incorporated
                    by  reference to Exhibit 3.7 to the  Registrant's  Report on
                    Form 8-K filed on August 1, 2003).

          5.1       Opinion of Counsel regarding legality of shares.

        10.51       2003  Incentive Plan  (incorporated  by reference to Exhibit
                    10.51 to the Registrant's Report on Form 8-K filed on August
                    1, 2003).

         23.1       Consent of KPMG LLP.

         23.2       Consent of Gallogly Fernandez & Riley LLP.

Item 9.   Undertakings
          ------------

          (a)  The undersigned Registrant hereby undertakes:

               (1)  To file,  during  any  period  in which  offers or sales are
          being made, a post-effective amendment to this Registration Statement:

                    (i)  To include any prospectus  required by Section 10(a)(3)
               of the Securities Act of 1933;

                                       3
<PAGE>

                    (ii) To  reflect  in the  prospectus  any  facts  or  events
               arising after the effective  date of the  Registration  Statement
               (or the most  recent  post-effective  amendment  thereof)  which,
               individually or in the aggregate,  represent a fundamental change
               in the  information  set  forth  in the  Registration  Statement.
               Notwithstanding the foregoing, any increase or decrease in volume
               of  securities  offered (if the total dollar value of  securities
               offered  would not  exceed  that  which was  registered)  and any
               deviation  from  the low of  high  end of the  estimated  maximum
               offering  range may be reflected in the form of prospectus  filed
               with the SEC  pursuant to Rule 424(b) if, in the  aggregate,  the
               changes in volume and price  represent  no more than a 20% change
               in  the  maximum  aggregate  offering  price  set  forth  in  the
               "Calculation  of   Registration   Fee"  table  in  the  effective
               registration statement;

                    (iii)To include any  material  information  with  respect to
               the  plan  of  distribution  not  previously   disclosed  in  the
               Registration Statement or any material change to such information
               in the Registration Statement.

               (2)  That, for the purpose of determining any liability under the
          Securities Act of 1933,  each such  post-effective  amendment shall be
          deemed to be a new registration  statement  relating to the securities
          offered  therein,  and the  offering of such  securities  at that time
          shall be deemed to be the initial bona fide offering thereof.

               (3)  To remove  from  registration  by means of a  post-effective
          amendment any of the securities  being  registered which remain unsold
          at the termination of the offering.

          (b)  The undersigned  Registrant  hereby undertakes that, for purposes
of  determining  any  liability  under the  Securities  Act,  each filing of the
Registrant's  annual  report  pursuant to Section  13(a) or Section 15(d) of the
Securities  Exchange  Act of 1934  (and,  where  applicable,  each  filing of an
employee  benefit  plan's  annual  report  pursuant  to  Section  15(d)  of  the
Securities  Exchange  Act of 1934)  that is  incorporated  by  reference  in the
Registration  Statement  shall  be  deemed  to be a new  Registration  Statement
relating to the securities offered therein,  and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

          (c)  Insofar as  indemnification  for  liabilities  arising  under the
Securities Act of 1933 may be permitted to directors,  officers and  controlling
persons of the Registrant  pursuant to the foregoing  provisions,  or otherwise,
the  Registrant  has been  advised  that in the  opinion of the  Securities  and
Exchange  Commission such  indemnification is against public policy as expressed
in the Act and is,  therefore,  unenforceable.  In the  event  that a claim  for
indemnification  against  such  liabilities  (other  than  the  payment  by  the
Registrant of expenses  incurred or paid by a director,  officer or  controlling
person of the  Registrant  in the  successful  defense  of any  action,  suit or
proceeding) is asserted by such director,  officer or controlling  person of the
registrant in connection with the securities  being  registered,  the Registrant
will,  unless in the  opinion of its  counsel  the  matter  has been  settled by
controlling  precedent,  submit  to a  court  of  appropriate  jurisdiction  the
question  whether  such  indemnification  by  it is  against  public  policy  as
expressed  in the Act and will be  governed  by the final  adjudication  of such
issue.

                                       4
<PAGE>

                                   SIGNATURES
                                   ----------

          Pursuant  to the  requirements  of the  Securities  Act  of  1933,  as
amended, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned,  thereunto
duly authorized, in the City of Minneapolis, State of Minnesota.

                                        GELSTAT CORPORATION


                                        By /s/ Stephen C. Roberts
                                           -------------------------------------
                                           Stephen C. Roberts

Date: July 31, 2003

          Pursuant  to the  requirements  of the  Securities  Act  of  1933,  as
amended,  this  Registration  Statement  has been signed below by the  following
persons in the capacities and on the dates indicated:

          NAME                       TITLE                             DATE

                             Chairman of the Board,
                            Chief Executive Officer,
                            Chief Financial Officer,
                            and Director (Principal
                             Executive Officer and
/s/ Stephen c. Roberts    Principal Financial Officer)             July 31, 2003
------------------------
Stephen C. Roberts, M.D.


/s/ Russell W. Mitchell      President and Director                July 31, 2003
------------------------
Russell W. Mitchell


/s/ Peter L. Hauser                  Director                      July 31, 2003
------------------------
Peter L. Hauser

                                       5
[{"type": "S-8", "sequence": "1", "filename": "s8-703.txt", "description": "GELSTAT CORPORATION", "secsgml_size_bytes": 14310}]
{"company-data": {"conformed-name": "GELSTAT CORP", "cik": "0000890725", "assigned-sic": "2834", "irs-number": "411713474", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-107561", "film-number": "03817767"}, "business-address": {"street1": "SOUTHPOINT OFFICE CENTER", "street2": "1650 WEST 82ND STREET, SUITE 1040", "city": "BLOOMINGTON", "state": "MN", "zip": "55431", "phone": "952-881-4105"}, "mail-address": {"street1": "SOUTHPOINT OFFICE CENTER", "street2": "1650 WEST 82ND STREET, SUITE 1040", "city": "BLOOMINGTON", "state": "MN", "zip": "55431"}, "former-company": {"former-conformed-name": "DEVELOPED TECHNOLOGY RESOURCE INC", "date-changed": "19930309"}}
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON ________________
                                                  REGISTRATION NO. 333-_________

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                         -------------------------------

                                    FORM S-8

             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                            ------------------------

                               GELSTAT CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)

                       DEVELOPED TECHNOLOGY RESOURCE, INC.
                                  (Former Name)

          MINNESOTA                                               41-1713474
(State or Other Jurisdiction                                    (IRS Employer
     of Incorporation or                                     Identification No.)
        Organization)

                      SOUTHPOINT OFFICE CENTER, SUITE 1040
                              1650 WEST 82ND STREET
                          BLOOMINGTON, MINNESOTA 55431
               (Address of Principal Executive Offices) (Zip Code)

                                 (952) 881-4105
          (Telephone number, including area code, of agent for service)

                            5223 INDUSTRIAL BOULEVARD
                             EDINA, MINNESOTA 55439
                                (Former Address)

                     GELSTAT CORPORATION 2003 INCENTIVE PLAN
                            (Full title of the plan)

                               STEPHEN C. ROBERTS
                      SOUTHPOINT OFFICE CENTER, SUITE 1040
                              1650 WEST 82ND STREET
                          BLOOMINGTON, MINNESOTA 55431
                     (Name and address of agent for service)

                                 (952) 881-4105
                     (Telephone number, including area code)

                                   Copies to:
                            JANNA R. SEVERANCE, ESQ.
                                 MOSS & BARNETT
                           A PROFESSIONAL ASSOCIATION
                             4800 WELLS FARGO CENTER
                               90 SOUTH 7TH STREET
                              MINNEAPOLIS, MN 55402
                            TELEPHONE: (612) 347-0367

                         CALCULATION OF REGISTRATION FEE
-----------------------------------------------------------------------------------------------
                                      PROPOSED MAXIMUM    PROPOSED MAXIMUM
TITLE OF SECURITIES    AMOUNT TO BE    OFFERING PRICE    AGGREGATE OFFERING        AMOUNT OF
 TO BE REGISTERED       REGISTERED      PER SHARE(1)         PRICE(1)          REGISTRATION FEE
-----------------------------------------------------------------------------------------------
Common Stock           1,200,000         $3.00           $3,600,000              $292.00
 $.01 Par Value
===============================================================================================
(1)  In addition,  pursuant to Rule 416(c) under the  Securities Act of 1933, as
     amended, this registration statement also covers an indeterminate amount of
     interests to be offered  pursuant to the employee  benefit plans  described
     herein as a result of a stock split, stock dividend or similar  transaction
     affecting the Common Stock.

(2)  Estimated  solely for the  purpose of  calculating  the  registration  fee,
     pursuant to Rule 457(h) under the  Securities  Act of 1933, as amended,  on
     the basis of the average of the average of the bid and asked  prices of the
     Common Stock on the OTCBB on July 30, 2003.
PART II

Item 3.   Incorporation of Documents by Reference
          ---------------------------------------

          The following  documents,  as filed by GelStat  Corporation,  formerly
known as  Developed  Technology  Resource,  Inc.  (the  "Registrant"),  with the
Securities  and Exchange  Commission  (the "SEC"),  are  incorporated  herein by
reference:

          (1)  The Registrant's Annual Report on Form 10-KSB for the fiscal year
               ended December 31, 2002;

          (2)  The  Registrant's  Quarterly Report on Form 10-QSB for the fiscal
               quarter ended March 31, 2003; and

          (3)  The description of the Registrant's Common Stock contained in its
               Current Report on Form 8-K filed on August 1, 2003.

          In  addition,  each  document  filed by the  Registrant  and the Plans
pursuant to Sections 13(a),  13(c), 14 and 15(d) of the Securities  Exchange Act
of 1934, as amended after the date hereof,  and prior to the  termination of the
offering shall be deemed to be incorporated  by reference  herein and to be part
hereof from the date of filing of such documents.  Any statement  contained in a
document  incorporated or deemed to be incorporated by reference herein shall be
deemed to be modified or superseded for purposes of this Registration  Statement
to the extent that a  statement  contained  herein or in any other  subsequently
filed  document  that also is  deemed to be  incorporated  by  reference  herein
modifies  or  supercedes  such  statement.  Any such  statement  so  modified or
superceded  shall  not be  deemed,  except  as so  modified  or  superceded,  to
constitute a part of this Registration Statement.

Item 4.   Description of Securities
          -------------------------

          Not applicable.

Item 5.   Interests of Named Experts and Counsel
          --------------------------------------

          Not applicable.

Item 6.   Indemnification of Directors and Officers
          -----------------------------------------

          Under the Minnesota  Business  Corporation Act (the "Minnesota  Act"),
unless the articles of incorporation or bylaws otherwise provide,  directors and
officers will be indemnified against judgments,  penalties,  fines,  settlements
and expenses (including attorneys' fees) incurred in connection with legal

                                       2
proceedings  to which they are made, or threatened to be made, a party by reason
of their present or former status as a director or officer,  if they received no
improper personal benefit, in the case of any criminal  proceeding,  they had no
reasonable cause to believe their conduct was unlawful and, generally  speaking,
they  reasonably  believed  their  conduct  to be in,  or not  opposed  to,  the
corporation's best interests.

          Bylaws of the  Registrant  provide  indemnification  to directors  and
officers to the full extent provided by the Minnesota Act.

Item 7.   Exemption from Registration Claimed
          -----------------------------------

          Not applicable.

Item 8.   Exhibits
          --------

          The  following  exhibits  are  filed  as a part of  this  registration
statement:

   Exhibit Number   Description
   --------------   -----------
          4.1       Restated Articles of Incorporation, as amended (incorporated
                    by  reference to Exhibit 3.6 to the  Registrant's  Report on
                    Form 8-K filed on August 1, 2003).

          4.2       Amended and Restated Bylaws of the Registrant  (incorporated
                    by  reference to Exhibit 3.7 to the  Registrant's  Report on
                    Form 8-K filed on August 1, 2003).

          5.1       Opinion of Counsel regarding legality of shares.

        10.51       2003  Incentive Plan  (incorporated  by reference to Exhibit
                    10.51 to the Registrant's Report on Form 8-K filed on August
                    1, 2003).

         23.1       Consent of KPMG LLP.

         23.2       Consent of Gallogly Fernandez & Riley LLP.

Item 9.   Undertakings
          ------------

          (a)  The undersigned Registrant hereby undertakes:

               (1)  To file,  during  any  period  in which  offers or sales are
          being made, a post-effective amendment to this Registration Statement:

                    (i)  To include any prospectus  required by Section 10(a)(3)
               of the Securities Act of 1933;

                                       3
(ii) To  reflect  in the  prospectus  any  facts  or  events
               arising after the effective  date of the  Registration  Statement
               (or the most  recent  post-effective  amendment  thereof)  which,
               individually or in the aggregate,  represent a fundamental change
               in the  information  set  forth  in the  Registration  Statement.
               Notwithstanding the foregoing, any increase or decrease in volume
               of  securities  offered (if the total dollar value of  securities
               offered  would not  exceed  that  which was  registered)  and any
               deviation  from  the low of  high  end of the  estimated  maximum
               offering  range may be reflected in the form of prospectus  filed
               with the SEC  pursuant to Rule 424(b) if, in the  aggregate,  the
               changes in volume and price  represent  no more than a 20% change
               in  the  maximum  aggregate  offering  price  set  forth  in  the
               "Calculation  of   Registration   Fee"  table  in  the  effective
               registration statement;

                    (iii)To include any  material  information  with  respect to
               the  plan  of  distribution  not  previously   disclosed  in  the
               Registration Statement or any material change to such information
               in the Registration Statement.

               (2)  That, for the purpose of determining any liability under the
          Securities Act of 1933,  each such  post-effective  amendment shall be
          deemed to be a new registration  statement  relating to the securities
          offered  therein,  and the  offering of such  securities  at that time
          shall be deemed to be the initial bona fide offering thereof.

               (3)  To remove  from  registration  by means of a  post-effective
          amendment any of the securities  being  registered which remain unsold
          at the termination of the offering.

          (b)  The undersigned  Registrant  hereby undertakes that, for purposes
of  determining  any  liability  under the  Securities  Act,  each filing of the
Registrant's  annual  report  pursuant to Section  13(a) or Section 15(d) of the
Securities  Exchange  Act of 1934  (and,  where  applicable,  each  filing of an
employee  benefit  plan's  annual  report  pursuant  to  Section  15(d)  of  the
Securities  Exchange  Act of 1934)  that is  incorporated  by  reference  in the
Registration  Statement  shall  be  deemed  to be a new  Registration  Statement
relating to the securities offered therein,  and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

          (c)  Insofar as  indemnification  for  liabilities  arising  under the
Securities Act of 1933 may be permitted to directors,  officers and  controlling
persons of the Registrant  pursuant to the foregoing  provisions,  or otherwise,
the  Registrant  has been  advised  that in the  opinion of the  Securities  and
Exchange  Commission such  indemnification is against public policy as expressed
in the Act and is,  therefore,  unenforceable.  In the  event  that a claim  for
indemnification  against  such  liabilities  (other  than  the  payment  by  the
Registrant of expenses  incurred or paid by a director,  officer or  controlling
person of the  Registrant  in the  successful  defense  of any  action,  suit or
proceeding) is asserted by such director,  officer or controlling  person of the
registrant in connection with the securities  being  registered,  the Registrant
will,  unless in the  opinion of its  counsel  the  matter  has been  settled by
controlling  precedent,  submit  to a  court  of  appropriate  jurisdiction  the
question  whether  such  indemnification  by  it is  against  public  policy  as
expressed  in the Act and will be  governed  by the final  adjudication  of such
issue.

                                       4
SIGNATURES
                                   ----------

          Pursuant  to the  requirements  of the  Securities  Act  of  1933,  as
amended, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned,  thereunto
duly authorized, in the City of Minneapolis, State of Minnesota.

                                        GELSTAT CORPORATION

                                        By /s/ Stephen C. Roberts
                                           -------------------------------------
                                           Stephen C. Roberts

Date: July 31, 2003

          Pursuant  to the  requirements  of the  Securities  Act  of  1933,  as
amended,  this  Registration  Statement  has been signed below by the  following
persons in the capacities and on the dates indicated:

          NAME                       TITLE                             DATE

                             Chairman of the Board,
                            Chief Executive Officer,
                            Chief Financial Officer,
                            and Director (Principal
                             Executive Officer and
/s/ Stephen c. Roberts    Principal Financial Officer)             July 31, 2003
------------------------
Stephen C. Roberts, M.D.

/s/ Russell W. Mitchell      President and Director                July 31, 2003
------------------------
Russell W. Mitchell

/s/ Peter L. Hauser                  Director                      July 31, 2003
------------------------
Peter L. Hauser

                                       5