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** SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

| **ý** |   | **Quarterly                Report Pursuant to Section 13 or 15 (d) of the Securities Exchange                Act of                1934for the period ended March 31,                2003** |
|------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| **o** |   | **Transition                report under Section 13 or 15(d) of the Exchange Act for the transition                period from                         to        ** |
|-------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Commission      file number:   000-30805**

**DUTCH      GOLD RESOURCES, INC.**

| **Nevada**                                                                           |   | **84-1125214**                                      |
|--------------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                of Incorporation)                                              |   | (I.R.S.                Employer Identification No.) |
|                                                                                 |   |                                                |
| **3500                Lenox Road, NE**                                               |
| Suite                1500                                                            |
| Atlanta,                Georgia  30326                                          |
| (Address                of principal executive offices)                              |
|                                                                                 |   |                                                |
| **(404)                419-2440**                                                    |
| (Issuer’s                telephone number, including area                code) |

| Class                                                   |   | Outstanding                at March 31, 2003 |
|---------------------------------------------------------|--------|----------------------------------------------|
|                                                    |   |                                         |
| Common                Stock, par value $0.001 per share |   |  13,109,000                             |

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*Table            of Contents*

TABLE

| PART                — | FINANCIAL                INFORMATION                                                                                      |   |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------------|--------|
| ITEM                1.      | FINANCIAL                STATEMENTS                                                                                       |   |
|                        | CONSOLIDATED                BALANCE SHEET                                                                                 |   |
|                        | CONSOLIDATED                STATEMENTS OF OPERATION                                                                       |   |
|                        | CONSOLIDATED                STATEMENTS OF CASH FLOWS                                                                      |   |
|                        | NOTES                TO CONSOLIDATED FINANCIAL                STATEMENTS                                                  |   |
| ITEM                2.      | MANAGEMENT’S                DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS                AND FINANCIAL CONDITION |   |
|                        | FORWARD                LOOKING STATEMENTS                                                                                 |   |
|                        | OVERVIEW                AND RESULTS OF OPERATIONS                                                                         |   |
|                        | TWELVE                MONTH BUSINESS OUTLOOK                                                                              |   |
|                        | OPERATING                EXPENSES AND CAPITAL                EXPENDITURES                                                 |   |
|                        | SOURCE                OF REVENUE                                                                                          |   |
|                        | DISPOSITION                OF ASSETS                                                                                      |   |
|                        | OPERATING                LOSSES                                                                                           |   |
|                        | LIQUIDITY                AND CAPITAL RESOURCES                                                                            |   |
| PART                II      | —OTHER                INFORMATION                                                                                   |   |
| ITEM                1.      | LEGAL                PROCEEDINGS                                                                                          |   |
| ITEM                2.      | CHANGES                IN SECURITIES AND USE OF                PROCEEDS                                                   |   |
| ITEM                3.      | DEFAULTS                UPON SENIOR SECURITIES                                                                            |   |
| ITEM                4.      | SUBMISSION                OF MATTERS TO A VOTE OF SECURITY                HOLDERS                                         |   |
| ITEM                5.      | OTHER                INFORMATION                                                                                          |   |
| ITEM                6.      | EXHIBITS                AND REPORTS ON FORM 8-K                                                                           |   |
|                        | SIGNATURES                                                                                                                |   |

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*Table          of Contents*

| **DUTCH                GOLD RESOURCES,                INC.**                                                                         |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|
| **(Formerly                Small Town Radio, Inc.)**                                                                                 |   |
| **CONSOLIDATED                BALANCE SHEET**                                                                                        |   |
| **AS                OF MARCH 31, 2003**                                                                                              |   |
|                                                                                                                                 |   | March                31, 2003 |   |
| **Assets**                                                                                                                           |   |
| Current                Assets                                                                                                        |   |   |   |
| Cash                                                                                                                                 |   | $ | 4,490 |   |
| Accounts                receivable                                                                                                   |   | $ | 6,528 |   |
|                                                                                                                                 |   |   |   |   |
| Total                current assets                                                                                                  |   |   | 11,018 |   |
|                                                                                                                                 |   |   |   |   |
| Fixed                Assets                                                                                                          |   |   |   |   |
| Equipment                                                                                                                            |   |   | 109,282 |   |
| Accumulated                Depreciation                                                                                              |   |   | (14,596 | ) |
|                                                                                                                                 |   |   |   |   |
| Total                fixed assets                                                                                                    |   |   | 94,686 |   |
|                                                                                                                                 |   |   |   |   |
| Acquired                broadcast license                                                                                            |   |   | 106,375 |   |
|                                                                                                                                 |   |   |   |   |
| TOTAL                ASSETS                                                                                                          |   | $ | 212,079 |   |
|                                                                                                                                 |   |   |   |   |
| **Liabilities                and Stockholders' Deficit**                                                                             |   |
| Current                Liabilities                                                                                                   |   |   |   |   |
| Notes                payable-stockholders                                                                                            |   | $ | 615,500 |   |
| Accounts                payable                                                                                                      |   |   | 586,632 |   |
| Accounts                payable-related party                                                                                        |   |   | 168,750 |   |
| Accrued                interest                                                                                                      |   |   | 57,796 |   |
| Accrued                settlement costs                                                                                              |   |   | 260,000 |   |
| Loans                from shareholders                                                                                               |   |   | 1,810 |   |
|                                                                                                                                 |   |   |   |   |
| Total                current liabilities                                                                                             |   |   | 1,690,488 |   |
|                                                                                                                                 |   |   |   |   |
| Stockholders’                Deficit                                                                                           |   |   |   |   |
| Preferred                stock, $.001 par value 100,000,000 authorized, no share issued and                outstanding               |   |   | - |   |
| Common                stock, $.001 par value 100,000,000 authorized, 11,059,000 issued                and                outstanding |   |   | 11,059 |   |
| Additional                paid-in-capital                                                                                            |   |   | 1,543,048 |   |
| Accumulated                deficit                                                                                                   |   |   | (3,032,516 | ) |
|                                                                                                                                 |   |   |   |   |
| Total                stockholders’ deficit                                                                                     |   |   | (1,478,409 | ) |
|                                                                                                                                 |   |   |   |   |
| TOTAL                LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                           |   | $ | 212,079 |   |

*See      notes to consolidated financial statements*

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*Table          of Contents*

| **DUTCHGOLD                RESOURCES, INC.**                          |
|-----------------------------------------------------------------------|
| **(Formerly                Small Town Radio, Inc.)**                  |
| **CONSOLIDATED                STATEMENT OF OPERATIONS**               |
| **FOR                THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002** |
|                                                                  |   |   |   |   |   |   |   |   |   |

|                                                      |   | Three                Months Ended March 31, 2003 |       |   | Three                Months Ended March 31, 2002 |   |
|-----------------------------------------------------------|--------|--------------------------------------------------|------------|--------|--------------------------------------------------|--------|
|                                                      |   |                                             |       |   |                                             |   |
| Net                Sales                                  |   | $                                                | -          |   |                                             | $      | - |   |
|                                                      |   |                                             |       |   |                                             |   |   |   |
| Operational                Expenses                       |   |                                             | 155,746    |   |                                             |   | 165,900 |   |
|                                                      |   |                                             |       |   |                                             |   |   |   |
| Operating                loss                             |   |                                             | (155,746   | )      |                                             |   | (165,900 | ) |
|                                                      |   |                                             |       |   |                                             |   |   |   |
| Other                income (expense)                     |   |                                             |       |   |                                             |   |   |   |
|                                                      |   |                                             |       |   |                                             |   |   |   |
| Interest                                                  |   |                                             | (6,050     | )      |                                             |   | (7,985 | ) |
| Gain                on sale of assets                     |   |                                             | -          |   |                                             |   | - |   |
|                                                      |   |                                             |       |   |                                             |   |   |   |
| Income                before income taxes                 |   |                                             | (161,796   | )      |                                             |   | (173,885 | ) |
|                                                      |   |                                             |       |   |                                             |   |   |   |
| Income                tax provision                       |   |                                             | -          |   |                                             |   | - |   |
|                                                      |   |                                             |       |   |                                             |   |   |   |
| Net                income (loss)                          |   |                                             | (161,796   | )      |                                             |   | (173,885 | ) |
|                                                      |   |                                             |       |   |                                             |   |   |   |
| Basic                and fully diluted earnings per share |   | $                                                | (0.01      | )      |                                             | $      | (0.02 | ) |
|                                                      |   |                                             |       |   |                                             |   |   |   |
| Weighted                Average Shares Outstanding        |   |                                             | 11,059,000 |   |                                             |   | 10,443,015 |   |

*See      notes to consolidated financial statements*

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*Table          of Contents*

| **DUTCH                GOLD RESOURCES, INC.**                        |
|----------------------------------------------------------------------|
| **(Formerly                Small Town Radio, Inc.)**                 |
| **CONSOLIDATED                STATEMENT OF OPERATIONS**              |
| **FOR                THE NINE MONTHS ENDED MARCH 31, 2003 AND 2002** |
|                                                                 |   |   |   |   |   |   |   |   |   |

|                                                      |   | Nine                Months Ended March 31, 2003 |       |   | Nine                Months Ended March 31, 2002 |   |
|-----------------------------------------------------------|--------|-------------------------------------------------|------------|--------|-------------------------------------------------|--------|
|                                                      |   |                                            |       |   |                                            |   |
| Net                Sales                                  |   | $                                               | 44,538     |   |                                            | $      | - |   |
|                                                      |   |                                            |       |   |                                            |   |   |   |
| Operational                Expenses                       |   |                                            | 847,066    |   |                                            |   | 840,332 |   |
|                                                      |   |                                            |       |   |                                            |   |   |   |
| Operating                loss                             |   |                                            | (802,528   | )      |                                            |   | (840,332 | ) |
|                                                      |   |                                            |       |   |                                            |   |   |   |
| Other                income (expense)                     |   |                                            |       |   |                                            |   |   |   |
|                                                      |   |                                            |       |   |                                            |   |   |   |
| Interest                                                  |   |                                            | (46,573    | )      |                                            |   | (43,709 | ) |
|                                                      |   |                                            |       |   |                                            |   |   |   |
| Income                before income taxes                 |   |                                            | (849,101   | )      |                                            |   | (884,041 | ) |
|                                                      |   |                                            |       |   |                                            |   |   |   |
| Income                tax provision                       |   |                                            | -          |   |                                            |   | - |   |
|                                                      |   |                                            |       |   |                                            |   |   |   |
| Net                income (loss)                          |   |                                            | (849,101   | )      |                                            |   | (884,041 | ) |
|                                                      |   |                                            |       |   |                                            |   |   |   |
| Basic                and fully diluted earnings per share |   | $                                               | (0.08      | )      |                                            | $      | (0.09 | ) |
|                                                      |   |                                            |       |   |                                            |   |   |   |
| Weighted                Average Shares Outstanding        |   |                                            | 10,443,354 |   |                                            |   | 10,271,119 |   |

*See      notes to consolidated financial statements*

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*Table          of Contents*

| **DUTCHGOLD                RESOURCES, INC.**                         |   |
|----------------------------------------------------------------------|--------|
| **(Formerly                Small Town Radio, Inc.)**                 |   |
| **CONSOLIDATED                STATEMENT OF CASH FLOWS**              |   |
| **FOR                THE NINE MONTHS ENDED MARCH 31, 2003 AND 2002** |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |

|                                                                                                                                                                    |   | Nine                Months ended March 31, 2003 |     |   | Nine                Months ended March 31, 2002 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|----------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |
| Operating                Activities                                                                                                                                     |   |                                            |     |   |                                            |   |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |
|                            Net income (loss)                                                                     |   | $                                               | (849,101 | )      |                                            | $      | (884,041 | ) |
|                            Adjustments to reconcile net loss to cash used by operating                activities |   |                                            |     |   |                                            |   |   |   |
|                            Depreciation                                                                          |   |                                            | 13,964   |   |                                            |   | 316 |   |
|                            Stock issued for services                                                             |   |                                            | 290,104  |   |                                            |   | 448,216 |   |
|                            Stock subscription receivable                                                         |   |                                            | 152,250  |   |                                            |   | - |   |
|                            Changes in assets and liabilities                                                     |   |                                            |     |   |                                            |   |   |   |
| Other                assets                                                                                                                                             |   |                                            | 1,807    |   |                                            |   | (95,900 | ) |
| Accounts                payable                                                                                                                                         |   |                                            | 103,960  |   |                                            |   | 435,999 |   |
|  Accounts                payable-related party                                                                                                                     |   |                                            | 168,750  |   |                                            |   | (174,014 | ) |
| Accrued                interest                                                                                                                                         |   |                                            | 39,708   |   |                                            |   | - |   |
| Accrued                expenses                                                                                                                                         |   |                                            | -        |   |                                            |   | 70,073 |   |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
| Net                cash used by operating activities                                                                                                                    |   |                                            | (78,558  | )      |                                            |   | (199,351 | ) |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
| Investing                activities                                                                                                                                     |   |                                            |     |   |                                            |   |   |   |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
|                            Note receivable lending                                                               |   |                                            | -        |   |                                            |   | (9,952 | ) |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
| Net                cash used by investing activities                                                                                                                    |   |                                            | -        |   |                                            |   | (9,952 | ) |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
| Financing                activities                                                                                                                                     |   |                                            |     |   |                                            |   |   |   |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
|                            Increase in notes payable-stockholders                                                |   |                                            | 83,000   |   |                                            |   | - |   |
|                                                                                                                                                                    |   |                                            | -        |   |                                            |   | 206,000 |   |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
| Net                cash provided by financing activities                                                                                                                |   |                                            | 83,000   |   |                                            |   | 206,000 |   |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
| Net                (decrease)increase in cash                                                                                                                           |   |                                            | 4,442    |   |                                            |   | (3,303 | ) |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
| Cash,                beginning of period                                                                                                                                |   |                                            | 48       |   |                                            |   | 3,396 |   |
|                                                                                                                                                                    |   |                                            |     |   |                                            |   |   |   |
| Cash,                end of period                                                                                                                                      |   | $                                               | 4,490    |   |                                            | $      | 93 |   |

*See      notes to consolidated financial statements*

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*Table          of Contents*

**DUTCH      GOLD RESOURCES, INC. (formerly SMALL TOWN RADIO,      INC.)**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1—NATURE      OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING      POLICIES**

**NATURE      OF OPERATIONS**

**PRINCIPLES      OF CONSOLIDATION**

**ORGANIZATIONAL      AND START-UP EXPENSES**

**EARNINGS      PER SHARE**

**USE      OF ESTIMATES**

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*Table          of Contents*

**REVENUE      RECOGNITION**

**INCOME      TAX**

**FINANCIAL      INSTRUMENTS**

**FISCAL      YEAR**

**STOCK      BASED COMPENSATION**

**NOTE 2—FINANCIAL      CONDITION AND GOING CONCERN**

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*Table          of Contents*

**ITEM      2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF      RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

**ForwardLooking      Statements**

**Overviewand      Results of Operations**

**TwelveMonth      Business Outlook**

**OperatingExpenses      and Capital      Expenditures**

*Operating      Expenses*

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*Table          of Contents*

**Sourceof      Revenue**

**Disposition      of Assets**

**OperatingLosses**

**Liquidityand      Capital Resources**

**ITEM      3.  Controls and Procedures**

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*Table          of Contents*

**PART      II — OTHER INFORMATION**

**Item1.       Legal      Proceedings**

**Item      2.        Changes in      Securities and Use of Proceeds**

**Item      3.        Defaults      Upon Senior Securities**

**Item4.       Submission      of Matters to a Vote of Security Holders**

**Item      5.        Other      Information**

**Item      6.        Exhibits and      Reports on Form 8-K**

*Exhibits*

31.1

32.1

*Reports      on Form 8-K*

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*Table          of Contents*

**SIGNATURES**

| DUTCH                GOLD RESOURCES, INC. |                                                     |
|-------------------------------------------|----------------------------------------------------------|
|                                      |                                                     |   |
| By:                                       | /s/Daniel                W. Hollis                       |   |
|                                      | Daniel                W. Hollis, Chief Executive Officer |   |
|                                      |                                                     |   |
| By:                                       | /s/Daniel                W. Hollis                       |   |
|                                      | Daniel                W. Hollis, Chief Financial Officer |   |

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