[ **X** ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities    Exchange Act of 1934**For the fiscal quarter ended March 31, 2002**    Commission file No.0-13530**Littlefield Corporation****Delaware**(State or other jurisdiction of incorporation or organization)**74-2723809**    (I.R.S. Employer Identification No.)**2501 North Lamar Blvd., Austin TX 78705**    (Address of principal executive offices)**(512) 476-5141**    (Issuer's telephone number)

Indicate by check mark whether the issuer (1) has filed all    reports required to be filed by Section 13 or 15(d) of the Securities Exchange    Act of 1934 during the preceding 12 months (or for such shorter period that    the issuer was required to file such reports), and (2) has been subject to    such filing requirements for the past 90 days.**YES [ X ]**    As of May 14, 2002, the Issuer had 8,122,152 shares of its Common Stock, par    value $.001 per share, issued and outstanding.    Transitional Small Business Disclosure Format: **NO [ X ]**

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| **Part I. Financial Information** |
|-----------------------------------|
| **Item 1.**                       | Financial Statements | **** |
| **a)**                            | Consolidated      Statements of Operations for the Three | **** |
| ****                              | Months Ended      March 31, 2002 and 2001 | **2** |
| **b)**                            | Consolidated      Balance Sheet as of March 31, 2002 | **3** |
| ****                              | Consolidated      Statements of Cash Flows for the Three | **** |
| **c)**                            | Months Ended      March 31, 2002 and 2001 | **5** |
| **d)**                            | Notes to Consolidated      Financial Statements | **7** |
| **Item 2.**                       | Management's      Discussion and Analysis of Financial Condition | **** |
| ****                              | And Results of      Operations | **14** |
| **Part II. Other Information**    |
| ****                              | Item 1. Legal      Proceedings | **15** |
| ****                              | Item 4. Items      Voted on at Annual Shareholders’Meeting | **15** |
| ****                              | Item 6. Exhibits      and Reports on Form 8-K | **16** |
| ****                              | **Signatures** | **** |

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| **Three Months      Ended March 31,**                                                                     | **2002**      | **2001**      |
|-----------------------------------------------------------------------------------------------------------|---------------|---------------|
| **REVENUES:**                                                                                             |               |               |
| Entertainment                                                                                             | $1,764,193    | $1,754,721    |
| Amusements                                                                                                | 345,819       | 303,055       |
| Hospitality                                                                                               | 878,000       | 100,513       |
| Other                                                                                                     | 1,803         | 93,485        |
| **TOTAL REVENUES**                                                                                        | **2,989,815** | **2,251,774** |
|                                                                                                           |               |               |
| **DIRECT COSTS      AND EXPENSES:**                                                                       |               |               |
| Direct salaries      and other compensation                                                               | 885,145       | 302,646       |
| Rent and utilities      ($0 and $5,187, respectively to related parties)                                  | 485,226       | 406,864       |
| Other direct      operating costs                                                                         | 758,489       | 450,044       |
| Depreciation      and amortization                                                                        | 248,796       | 402,604       |
| License expense                                                                                           | 35,957        | 11,509        |
| **TOTAL COSTS      AND EXPENSES**                                                                         | **2,413,613** | **1,573,667** |
|                                                                                                           |               |               |
| **GROSS MARGIN**                                                                                          | **576,202**   | **678,107**   |
| ****                                                                                                      | ****          | ****          |
| **GENERAL AND      ADMINISTRATIVE EXPENSES**                                                              | ****          | ****          |
| Salaries and      other compensation                                                                      | 197,093       | 140,426       |
| Legal and accounting      fees                                                                            | 38,135        | 29,994        |
| Depreciation      and amortization                                                                        | 23,742        | 13,554        |
| Other general      and administrative ($0 and $15,900 to related parties)                                 | 134,864       | 119,586       |
| Unusual and nonrecurring      items:                                                                      |               |               |
| Provision for      doubtful accounts and write-offs                                                       | 14,720        | 0             |
| **TOTAL GENERAL      AND ADMINISTRATIVE EXPENSES**                                                        | **408,554**   | **303,560**   |
|                                                                                                           |               |               |
| **OPERATING      INCOME (LOSS)**                                                                          | **167,648**   | **374,547**   |
|                                                                                                      |          |          |
| **OTHER INCOME      AND EXPENSES:**                                                                       |               |               |
| Interest and      investment income                                                                       | 60,317        | 59,112        |
| Interest expense      ($45,215 and $2,779 respectively to related parties)                                | (69,504)      | (24,208)      |
| Gain (loss) on      fixed asset sales                                                                     | (5,232)       | 249,750       |
| Other income      and (expense)                                                                           | (6,903)       | (328)         |
| **TOTAL OTHER      INCOME AND EXPENSES**                                                                  | **(21,322)**  | **284,326**   |
|                                                                                                           |               |               |
| NET INCOME (LOSS)      BEFORE PROVISION FOR INCOME TAXES                                                  | 146,326       | 658,873       |
| PROVISION FOR      INCOME TAXES                                                                           | 7,277         | 32,538        |
| NET INCOME BEFORE      EXTRAORDINARY GAIN                                                                 | 139,049       | 626,335       |
| Extra-ordinary gain on settlement      with equipment lessors, net of income taxes      of $0 and $10,771 | 0             | 204,639       |
||
|                                                                                                      |          |          |
| **NET INCOME      (LOSS)**                                                                                | **139,049**   | **830,974**   |
|                                                                                                           |               |               |
| OTHER COMPREHENSIVE      INCOME (LOSS)                                                                    | (2,719)       | 100,272       |
|                                                                                                           |               |               |
| **NET COMPREHENSIVE      INCOME (LOSS)**                                                                  | **$136,330**  | **$931,246**  |

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| **Three Months Ended March      31,**                                | **2002**  | **2001**  |
|----------------------------------------------------------------------|-----------|-----------|
| EARNINGS PER      SHARE:                                             |           |           |
| Basic earnings      per share before extraordinary gain              | $ .02     | $ .08     |
| Basic extraordinary      gain on settlement with equipment lessors   | ---       | .02       |
| Basic earnings      per share                                        | $.02      | $.10      |
|                                                                      |           |           |
| Diluted earnings      per share before extraordinary gain            | $.02      | $.08      |
| Diluted extraordinary      gain on settlement with equipment lessors | ---       | .02       |
| Diluted earnings      per share                                      | $.02      | $.10      |
|                                                                      |           |           |
| Weighted average      shares outstanding - basic                     | 8,047,334 | 8,000,072 |
|                                                                      |           |           |
| Weighted average      shares outstanding - diluted                   | 8,047,334 | 8,000,072 |

*See notes to consolidated financial statements.*

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***Littlefield Corporation*****CONSOLIDATED BALANCE SHEET (Unaudited)**

##### **ASSETS**

| **Current Assets:**                                                                                                             | **March 31, 2002** |
|---------------------------------------------------------------------------------------------------------------------------------|--------------------|
| Cash and cash equivalents                                                                                                       | $495,094           |
| Accounts receivable,      net of allowance for doubtful accounts of $14,720                                                     | 792,162            |
| Equity Securities, available      for sale                                                                                      | 1,561,895          |
| Other prepaid expenses      and current assets                                                                                  | 547,131            |
| Total Current Assets                                                                                                            | 3,396,282          |
|                                                                                                                                 |                    |
| Property and Equipment      – at cost, net of accumulated depreciation and amortization                                   | 7,328,013          |
|                                                                                                                                 |                    |
| Other Assets:                                                                                                                   |                    |
| Notes receivable                                                                                                                | 938,591            |
| Intangible assets, net                                                                                                          | 5,048,317          |
| Other non-current assets                                                                                                        | 333,595            |
| Total Other Assets                                                                                                              | 6,320,503          |
|                                                                                                                                 |                    |
| **TOTAL ASSETS**                                                                                                                | **$17,044,798**    |
|                                                                                                                                 |                    |
| **LIABILITIES AND      STOCKHOLDERS' EQUITY**                                                                                   |                    |
| Current Liabilities:                                                                                                            |                    |
| Notes payable                                                                                                                   | $1,268,025         |
| Long term debt, current      portion                                                                                            | 346,729            |
| Long term debt-related      party, current portion                                                                              | 251,988            |
| Trade accounts payable                                                                                                          | 175,331            |
| Reserve for settlements                                                                                                         | 1,570,000          |
| Accrued expenses and      other current liabilities                                                                             | 829,055            |
| Total Current Liabilities                                                                                                       | 4,441,128          |
|                                                                                                                                 |                    |
| Long-term Liabilities:                                                                                                          |                    |
| Long term debt, net      of current portion                                                                                     | 992,477            |
| Long term debt-related      party, net of current portion                                                                       | 1,071,526          |
| Total Long-term Liabilities                                                                                                     | 2,064,003          |
| Total Liabilities                                                                                                               | 6,505,131          |
|                                                                                                                                 |                    |
| Commitments and Contingencies                                                                                                   |                    |
| Capital leases payable                                                                                                          | 135,163            |
|                                                                                                                                 |                    |
| Stockholders' Equity:                                                                                                           |                    |
| Common stock, $.001      par value, (authorized 20,000,000 shares, issued 10,176,890 shares, outstanding      8,122,152 shares) | 10,177             |
| Subscription receivable                                                                                                         | (69,065)           |
| Additional paid-in-capital                                                                                                      | 23,845,652         |
| Treasury stock 2,054,738      shares, at cost                                                                                   | (2,616,285)        |
| Accumulated Comprehensive      Income                                                                                           | 4,898              |
| Accumulated deficit                                                                                                             | (10,770,873)       |
| Total Stockholders'      Equity                                                                                                 | 10,404,504         |
|                                                                                                                                 |                    |
| **TOTAL LIABILITIES      AND STOCKHOLDERS' EQUITY**                                                                             | **$17,044,798**    |

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| **Three months      Ended March 31,**                                                                  | **2002**  | **2001**   |
|--------------------------------------------------------------------------------------------------------|-----------|------------|
|                                                                                                        |           |            |
| CASH FLOWS FROM      OPERATING ACTIVITIES:                                                             |           |            |
| Net income (loss)                                                                                      | $139,049  | $830,974   |
| Adjustments to      reconcile net income to net cash provided by operating activities:                 |           |            |
| Depreciation      and amortization                                                                     | 272,538   | 416,158    |
| Extra-ordinary      debt restructuring                                                                 | 0         | (204,639)  |
| Loss (gain) on      sales of fixed assets                                                              | 4,193     | (249,750)  |
| Increase (decrease)      in cash flows as a result of changes in asset and liability account balances: |           |            |
| Accounts receivable                                                                                    | 223,395   | (426,083)  |
| Other assets      and licenses                                                                         | (156,770) | (40,595)   |
| Trade accounts      payable                                                                            | (234,231) | (99,931)   |
| Accrued expenses      and other current liabilities                                                    | 74,768    | (141,500)  |
| NET CASH PROVIDED      BY OPERATING ACTIVITIES                                                         | 322,942   | 84,634     |
|                                                                                                        |           |            |
| CASH FLOWS FROM      INVESTING ACTIVITIES:                                                             |           |            |
| Purchase of equity      securities                                                                     | 0         | 0          |
| Property and      equipment expenditures                                                               | (603,878) | (794,784)  |
| Collections of      notes receivable                                                                   | 8,667     | 2,247      |
| Purchase of goodwill      and intangibles                                                              | (48,580)  | (34,618)   |
| Refund of goodwill      and intangible purchases                                                       | 0         | 17,323     |
| Proceeds from      sale of property and equipment                                                      | 4,700     | 468,381    |
| NET CASH USED      IN INVESTING ACTIVITIES                                                             | (639,091) | (341,451)  |
|                                                                                                        |           |            |
| CASH FLOWS FROM      FINANCING ACTIVITIES:                                                             |           |            |
| Payments on capital      lease obligations                                                             | 0         | 0          |
| Payments on notes      payable                                                                         | (228,572) | (178,772)  |
| Purchase of treasury      stock                                                                        | 0         | (33,575)   |
| Subscribed receivable                                                                                  | (69,065)  |            |
| Proceeds from      issuance of notes payable                                                           | 152,463   | 38,872     |
| NET CASH USED      IN FINANCING ACTIVITIES                                                             | (145,174) | (173,475)  |
|                                                                                                        |           |            |
| NET INCREASE      (DECREASE) IN CASH                                                                   | (461,323) | (430,292)  |
|                                                                                                        |           |            |
| CASH AT BEGINNING      OF PERIOD                                                                       | 956,417   | 3,504,372  |
|                                                                                                        |           |            |
| CASH AT END OF      PERIOD                                                                             | $495,094  | $3,074,080 |

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***Littlefield Corporation*****CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)**

| **Three months      Ended March 31,**                                    | **2002** | **2001** |
|--------------------------------------------------------------------------|----------|----------|
|                                                                          |          |          |
| **SUPPLEMENTAL      DISCLOSURES OF CASH FLOW INFORMATION:**              |          |          |
|                                                                          |          |          |
| Cash payments:                                                           |          |          |
| Interest                                                                 | $69,504  | $18.042  |
| Income taxes                                                             | $42,000  | $22,211  |
|                                                                          |          |          |
| Non-cash transactions:                                                   |          |          |
| Acquisition of      property and equipment in exchange for notes payable | $152,463 | $38,872  |

----

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| Land                                                 | $674,090       |
|------------------------------------------------------|----------------|
| Buildings                                            | 2,062,935      |
| Leasehold improvements                               | 3,961,185      |
| Rental Inventory,      amusement and bingo equipment | 1,971,638      |
| Equipment, furniture      and fixtures               | 1,981,215      |
| Automobiles                                          | 505,571        |
|                                                      | **11,156,634** |
|                                                      |                |
| Less: Accumulated      depreciation and amortization | (3,828,621)    |
|                                                      |                |
| Property and      equipment, net                     | $7,328,013     |

----

| Goodwill                                                      | $7,431,831  |
|---------------------------------------------------------------|-------------|
| Bingo licenses                                                | 389,720     |
| Capitalized acquisition      costs related to note receivable | 29,378      |
| Covenants not      to compete                                 | 385,000     |
|                                                               | 8,235,929   |
|                                                               |             |
| Less: Accumulated      amortization                           | (3,187,612) |
|                                                               |             |
| Intangible assets,      net                                   | $5,048,317  |

----

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| **Three months      ended March 31,**                 | **2002**  | **2002**    | **2001**  | **2001**    |
|-------------------------------------------------------|-----------|-------------|-----------|-------------|
|                                                       | **Basic** | **Diluted** | **Basic** | **Diluted** |
| **Numerator:**                                        |           |             |           |             |
| Net income before      extra-ordinary gain            | $139,049  | $139,049    | $626,335  | $626,335    |
| Extra-ordinary      gain                              | 0         | 0           | 204,639   | 204,639     |
| Income available      to common stockholders          | $139,049  | $139,049    | $830,974  | $830,974    |
|                                                       |           |             |           |             |
| **Denominator:**                                      |           |             |           |             |
| Weighted average      shares outstanding              | 8,047,334 | 8,047,334   | 8,000,072 | 8,000,072   |
| Effect of dilutive      securities:                   |           |             |           |             |
| Preferred stock                                       | ---       | ---         | ---       | ---         |
| Stock options      and warrants                       | ---       | ---         | ---       | ---         |
| Weighted average      shares outstanding              | 8,047,334 | 8,047,334   | 8,000,072 | 8,000,072   |
|                                                       |           |             |           |             |
| **Earnings per      share before extraordinary item** | **$ .02** | **$ .02**   | **$ .08** | **$ .08**   |
| **Extraordinary      gain on settlement**             | **---**   | **---**     | **.02**   | **.02**     |
| **Earnings per      share**                           | **$.02**  | **$ .02**   | **$.10**  | **$.10**    |

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|                                        | **2002** | **2001** |
|----------------------------------------|----------|----------|
| Net income (loss)                      | $139,049 | $830,974 |
|                                        |          |          |
| Other comprehensive      income (loss) |          |          |
| Net unrealized      gain (loss)        | (2,719)  | 100,272  |
|                                        |          |          |
| Total comprehensive      gain (loss)   | $136,330 | $931,246 |

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| **March 31,      2002**            |                   |                |                 |                |                  |
|------------------------------------|-------------------|----------------|-----------------|----------------|------------------|
|                                    | **Entertainment** | **Amusements** | **Hospitality** | **Adjustment** | **Consolidated** |
| Revenue                            | $1,764,193        | $345,819       | $878,000        | $1,803         | $2,989,815       |
| Depreciation      and Amortization | 93,556            | 86,112         | 69,128          | 23,742         | 272,538          |
| Segment profit      (loss)         | 746,352           | 105,827        | (292,256)       | (420,874)      | 139,049          |
| Segment Assets                     | 17,356,117        | 3,620,050      | 3,924,004       | (7,855,373)    | 17,044,798       |
|                                    |                   |                |                 |                |                  |
| **March 31,      2001**            |                   |                |                 |                |                  |
|                                    | **Entertainment** | **Amusements** | **Hospitality** | **Adjustment** | **Consolidated** |
| Revenue                            | $1,847,147        | $303,055       | $100,513        | $1,059         | $2,251,774       |
| Depreciation      and Amortization | 269,160           | 107,243        | 26,202          | 13,553         | 416,158          |
| Segment profit      (loss)         | 810,410           | (13,230)       | (124,027)       | 157,821        | 830,974          |
| Segment Assets                     | 13,583,447        | 5,056,918      | 622,855         | (7,121,652)    | 12,141,568       |

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