Can I make a small comment here? I had the same problem and had to do a fresh install. What I did the first install was install it i another location from the default. When I ran the program, it could not find anything either. Seems that it only wants to look in the default location (C:\Program Files\GStudio).
I could be mistaken, but I just thought I would point that out if you try to upgrade, even though the updates ask where it's located. Just thought I would mention it since I eventually worked it out, I'd share.