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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 December 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 February, 2003 |
|-----------------------------------------------------------|--------|------------------------------------------------|
|                                                      |   |                                           |
| Common                  Stock, par value $0.001 per share |   | 13,109,000                                     |

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TA

| 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 DECEMBER 31, 2003**

|                                                                                                                                        |   | December                  30, 2003 |       |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|------------|
| Assets                                                                                                                                      |   |                               |       |
| Current                  Assets                                                                                                             |   |                               |       |
| Cash                                                                                                                                        |   | $                                  | 25,030     |   |
|                                                                                                                                        |   |                               |       |   |
| Total                  current assets                                                                                                       |   |                               | 25,030     |   |
|                                                                                                                                        |   |                               |       |   |
| Note                  receivable                                                                                                            |   |                               | 130,000    |   |
| Professional                  reserves                                                                                                      |   |                               | 55,000     |   |
|                                                                                                                                        |   |                               |       |   |
| TOTAL                  ASSETS                                                                                                               |   | $                                  | 210,030    |   |
|                                                                                                                                        |   |                               |       |   |
| Liabilities                  and Stockholders' Deficit                                                                                      |   |                               |       |   |
| Current                  Liabilities                                                                                                        |   |                               |       |   |
| Notes                  payable-stockholders                                                                                                 |   | $                                  | 516,300    |   |
| Accounts                  payable                                                                                                           |   |                               | 616,219    |   |
| Accounts                  payable-related party                                                                                             |   |                               | 337,500    |   |
| Accrued                  interest                                                                                                           |   |                               | 103,876    |   |
| Accrued                  settlement costs                                                                                                   |   |                               | 260,000    |   |
| Loans                  from shareholders                                                                                                    |   |                               | 14,800     |   |
|                                                                                                                                        |   |                               |       |   |
| Total                  current liabilities                                                                                                  |   |                               | 1,848,695  |   |
|                                                                                                                                        |   |                               |       |   |
| 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  |   |                               | 13,109     |   |
| Additional                  paid-in-capital                                                                                                 |   |                               | 1,819,814  |   |
| Accumulated                  deficit                                                                                                        |   |                               | (3,471,588 | ) |
|                                                                                                                                        |   |                               |       |   |
| Total                  stockholders’ deficit                                                                                          |   |                               | (1,638,665 | ) |
|                                                                                                                                        |   |                               |       |   |
| TOTAL                  LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                |   | $                                  | 210,030    |   |

*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 THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002**

|                                                            |   | Three                  Months EndedDecember                  31, 2003 |       |   | Three                  Months Ended December                  31, 2002 |   |
|-----------------------------------------------------------------|--------|-----------------------------------------------------------------------|------------|--------|-----------------------------------------------------------------------------|--------|
|                                                            |   |                                                                  |       |   |                                                                        |   |
| Net                  Sales                                      |   | $                                                                     | -          |   |                                                                        | $      | 13,530 |   |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Operational                  Expenses                           |   |                                                                  | 84,228     |   |                                                                        |   | 497,987 |   |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Operating                  other – gain on sale of assets |   |                                                                  | 393,279    |   |                                                                        |   | - |   |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Operating                  income (loss)                        |   |                                                                  | 309,051    |   |                                                                        |   | (484,457 | ) |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Other                  income (expense)                         |   |                                                                  |       |   |                                                                        |   |   |   |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Interest                                                        |   |                                                                  | (6,050     | )      |                                                                        |   | (24,548 | ) |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Income                  before income taxes                     |   |                                                                  | 303,001    |   |                                                                        |   | (509,005 | ) |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Income                  tax provision                           |   |                                                                  | -          |   |                                                                        |   | - |   |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Net                  income (loss)                              |   |                                                                  | 303,001    |   |                                                                        |   | (509,005 | ) |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Basic  earnings                  per share            |   | $                                                                     | 0.02       |   |                                                                        | $      | (0.05 | ) |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Weighted                  Average Shares Outstanding            |   |                                                                  | 13,109,000 |   |                                                                        |   | 10,519,065 |   |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Fully                  diluted earnings per share               |   | $                                                                     | 0.02       |   |                                                                        | $      | (0.05 | ) |
|                                                            |   |                                                                  |       |   |                                                                        |   |   |   |
| Weighted                  Average Shares Outstanding            |   |                                                                  | 13,136,778 |   |                                                                        |   | 10,519,065 |   |

*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 SIX MONTHS ENDED DECEMBER 31, 2003 AND 2002**

|                                                            |   | Six                  Months EndedDecember                  31, 2003 |       |   | Six                  Months EndedDecember                  31, 2002 |   |
|-----------------------------------------------------------------|--------|---------------------------------------------------------------------|------------|--------|---------------------------------------------------------------------|--------|
|                                                            |   |                                                                |       |   |                                                                |   |
| Net                  Sales                                      |   | $                                                                   | -          |   |                                                                | $      | 44,538 |   |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Operational                  Expenses                           |   |                                                                | 152,272    |   |                                                                |   | 691,320 |   |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Operating                  other – gain on sale of assets |   |                                                                | 393,279    |   |                                                                |   | - |   |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Operating                  income (loss)                        |   |                                                                | 241,007    |   |                                                                |   | (646,782 | ) |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Other                  income (expense)                         |   |                                                                |       |   |                                                                |   |   |   |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Interest                                                        |   |                                                                | (12,100    | )      |                                                                |   | (40,523 | ) |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Income                  before income taxes                     |   |                                                                | 228,907    |   |                                                                |   | (687,305 | ) |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Income                  tax provision                           |   |                                                                | -          |   |                                                                |   | - |   |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Net                  income (loss)                              |   |                                                                | 228,907    |   |                                                                |   | (687,305 | ) |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Basic                  earnings per share                       |   | $                                                                   | 0.02       |   |                                                                | $      | (0.07 | ) |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Weighted                  Average Shares Outstanding            |   |                                                                | 13,109,000 |   |                                                                |   | 10,271,119 |   |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Fully                  diluted earnings per share               |   | $                                                                   | 0.02       |   |                                                                | $      | (0.07 | ) |
|                                                            |   |                                                                |       |   |                                                                |   |   |   |
| Weighted                  Average Shares Outstanding            |   |                                                                | 13,136,778 |   |                                                                |   | 10,271,119 |   |

*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 CASH FLOWS**

**FOR        THE SIX MONTHS ENDED DECEMBER 31, 2003 AND 2002**

|                                                                                    |   | Six                  Months EndedDecember                  31, 2003 |     |   | Six                  Months EndedDecember                  31, 2002 |   |
|-----------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|----------|--------|---------------------------------------------------------------------|--------|
|                                                                                    |   |                                                                |     |   |                                                                |   |
| Operating                  Activities                                                   |   |                                                                |     |   |                                                                |   |
|                                                                                    |   |                                                                |     |   |                                                                |   |
| Net                  income (loss)                                                      |   | $                                                                   | 228,907  |   |                                                                | $      | (687,305 | ) |
| Adjustments                  to reconcile net loss to cash used by operating activities |   |                                                                |     |   |                                                                |   |   |   |
| Depreciation                                                                            |   |                                                                | -        |   |                                                                |   | 11,064 |   |
| Stock                  issued for services                                              |   |                                                                | -        |   |                                                                |   | 224,250 |   |
| Gain                  on sale of assets                                                 |   |                                                                | (393,279 | )      |                                                                |   | - |   |
| Professional                  reserves                                                  |   |                                                                | (55,000  | )      |                                                                |   | - |   |
| Changes                  in assets and liabilities                                      |   |                                                                |     |   |                                                                |   |   |   |
| Accounts                  receivable                                                    |   |                                                                | -        |   |                                                                |   | 1,806 |   |
| Accounts                  payable                                                       |   |                                                                | 2        |   |                                                                |   | 200,370 |   |
| Accounts                  payable-related party                                         |   |                                                                | 112,500  |   |                                                                |   | - |   |
| Accrued                  interest                                                       |   |                                                                | 12,100   |   |                                                                |   | 33,658 |   |
| Accrued                  expenses                                                       |   |                                                                | (6,210   | )      |                                                                |   | 6,863 |   |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Net                  cash used by operating activities                                  |   |                                                                | (100,980 | )      |                                                                |   | (209,294 | ) |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Investing                  activities                                                   |   |                                                                |     |   |                                                                |   |   |   |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Note                  receivable lending                                                |   |                                                                | (30,000  | )      |                                                                |   | - |   |
| Sale                  of fixed assets                                                   |   |                                                                | 293,279  |   |                                                                |   | - |   |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Net                  cash used by investing activities                                  |   |                                                                | 263,279  |   |                                                                |   | - |   |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Financing                  activities                                                   |   |                                                                |     |   |                                                                |   |   |   |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Notes                  payable borrowings                                               |   |                                                                | 15,000   |   |                                                                |   | 57,000 |   |
| Notes                  payable payments                                                 |   |                                                                | (152,000 | )      |                                                                |   | - |   |
| Retirement                  of stockholder note for services                            |   |                                                                | -        |   |                                                                |   | 152,250 |   |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Net                  cash provided by financing activities                              |   |                                                                | (137,800 | )      |                                                                |   | 209,250 |   |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Net                  (decrease)increase in cash                                         |   |                                                                | 24,499   |   |                                                                |   | (44 | ) |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Cash,                  beginning of period                                              |   |                                                                | 531      |   |                                                                |   | 48 |   |
|                                                                                    |   |                                                                |     |   |                                                                |   |   |   |
| Cash,                  end of period                                                    |   | $                                                                   | 25,030   |   |                                                                | $      | 4 |   |

*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**

**Item        2.    Management’s Discussion and Analysis of        Results of Operations and Financial Condition**

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***Table            of Contents***

**Forward        Looking Statements**

**Overview        and Results of Operations**

**Twelve        Month Business Outlook**

**Operating        Expenses and Capital Expenditures**

*Operating        Expenses*

**Source        of Revenue**

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***Table            of Contents***

**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** |
|------------------------------|------------------------------------------------------|

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***Table            of Contents***

| **Item                  4.** | **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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