SECURITIES AND EXCHANGE COMMISSION


Washington, D.C.  20549   FORM
10-QSB


X


For the fiscal quarter ended September 30,
  2003








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, Texas 78705
    (Address of principal executive offices)(512) 476-5141
    (Issuer’s telephone number)
    (Former name, address and fiscal year, if changed since last report) 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] NO [ ]
    As of November 13, 2003, the Issuer had 8,276,358 shares of its Common Stock,
    par value $.001 per share, issued and outstanding.
    Transitional Small Business Disclosure Format: YES [ ] NO [ X ]  Littlefield Corporation
    FORM 10-QSB


For the quarter ended September 30, 2003


INDEX


|Part I. Financial Information |                                                                  
|----------------------------- | -----------------------------------------------------------------
|Item 1.                       | Financial Statements                                             
|                              |                                                                  
|a)                            | Consolidated
      Statements of Operations for the Three        
|                              | Months Ended
      September 30, 2003 and 2002                   
|                              |                                                                  
|b)                            | Consolidated
      Statements of Operations for the Nine         
|                              | Months Ended
      September 30, 2003 and 2002                   
|                              |                                                                  
|c)                            | Consolidated
      Balance Sheet as of September 30, 2003        
|                              |                                                                  
|d)                            | Consolidated
      Statements of Cash Flows for the Nine         
|                              | Months Ended
      September 30, 2003 and 2002                   
|                              |                                                                  
|e)                            | Notes to Consolidated
      Financial Statements                 
|                              |                                                                  
|Item 2.                       | Management’s
      Discussion and Analysis of Financial Condition
|                              | And Results of
      Operations                                  
|                              |                                                                  
|Item 3.                       | Controls and
      Procedures                                    
|                              |                                                                  
|Part II. Other Information    |                                                                  
|                              | Item 1. Legal
      Proceedings                                  
|                              |                                                                  
|                              | Item 6. Exhibits
      and Reports on Form 8-K                   
|                              |                                                                  
|                              | Signatures                                                       

---

Item 1. Financial
Statements   Littlefield
Corporation  CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)


|Three Months
      Ended September 30,                                                                          | 2003       | 2002      
|--------------------------------------------------------------------------------------------------------------- | ---------- | ----------
|                                                                                                                |            |           
|REVENUES:                                                                                                       |            |           
|Entertainment                                                                                                   | $1,537,902 | $1,545,960
|Hospitality                                                                                                     | 690,669    | 520,682   
|Other                                                                                                           | 10,321     | 1,800     
|TOTAL REVENUES                                                                                                  | 2,238,892  | 2,068,442 
|                                                                                                                |            |           
|DIRECT COSTS
      AND EXPENSES:                                                                                |            |           
|Direct salaries
      and other compensation                                                                    | 562,310    | 669,607   
|Rent and utilities                                                                                              | 533,712    | 523,063   
|Other direct
      operating expenses                                                                           | 372,768    | 405,963   
|Depreciation
      and amortization                                                                             | 202,786    | 178,788   
|Supplies &
      Cost of Goods Sold                                                                             | 189,648    | 302,798   
|TOTAL DIRECT
      COSTS AND EXPENSES                                                                           | 1,861,224  | 2,080,219 
|                                                                                                                |            |           
|GROSS MARGIN                                                                                                    | 377,668    | (11,777)  
|                                                                                                                |            |           
|GENERAL AND ADMINISTRATIVE
      EXPENSES:                                                                      |            |           
|Salaries and
      other compensation                                                                           | 135,916    | 195,646   
|Legal and accounting
      fees                                                                                 | 129,862    | 129,061   
|Depreciation
      and amortization                                                                             | 34,237     | 29,566    
|Other general
      and administrative                                                                          | 79,457     | 106,257   
|                                                                                                                |            |           
|TOTAL GENERAL
      AND ADMINISTRATIVE EXPENSES                                                                 | 379,472    | 460,530   
|                                                                                                                |            |           
|OPERATING INCOME                                                                                                | (1,804)    | (472,307) 
|                                                                                                                |            |           
|OTHER INCOME
      AND EXPENSES:                                                                                |            |           
|Interest and
      investment income                                                                            | 14,604     | 73,061    
|Interest expense
      ($22,453 and $24,999, respectively to related parties)                                   | (86,482)   | (90,390)  
|Loss on write-off
      of abandoned assets                                                                     | (6,208)    | 0         
|Gain (loss) on
      fixed asset sales                                                                          | (4,738)    | 0         
|TOTAL OTHER INCOME
      AND EXPENSES                                                                           | (82,824)   | (17,329)  
|                                                                                                                |            |           
|NET INCOME (LOSS)
      FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES                            | (84,628)   | (489,636) 
|                                                                                                                |            |           
|PROVISION FOR
      (BENEFIT FROM) INCOME TAXES                                                                 | 15,000     | (24,392)  
|                                                                                                                |            |           
|NET INCOME (LOSS)
      FROM CONTINUING OPERATIONS                                                              | (99,628)   | (465,244) 
|                                                                                                                |            |           
|DISCONTINUED
      OPERATIONS (NOTE 11)                                                                         |            |           
|Income from operations
      of discontinued Amusements division, net of state income tax expense of
      $134 | 0          | 2,553     
|NET INCOME (LOSS)                                                                                               | (99,628)   | (462,691) 
|OTHER COMPREHENSIVE
      INCOME (LOSS)                                                                         |            |           
|Unrealized holding
      gains (losses) arising during period                                                   | 13,538     | (167,645) 
|OTHER COMPREHENSIVE
      INCOME (LOSS)                                                                         | 13,538     | (167,645) 
|                                                                                                                |            |           
|NET COMPREHENSIVE
      INCOME (LOSS)                                                                           | ($86,090)  | ($630,336)

See notes to consolidated financial statements.   Littlefield Corporation  CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)




|Three Months
      Ended September 30,              | 2003      | 2002     
|--------------------------------------------------- | --------- | ---------
|                                                    |           |          
|EARNINGS (LOSS)
      PER SHARE:                    |           |          
|Basic earnings
      (loss) per share               | ($.01)    | ($.06)   
|                                                    |           |          
|Diluted earnings
      (loss) per share             | ($.01)    | ($.06)   
|                                                    |           |          
|Weighted average
      shares outstanding – basic   | 8,293,495 | 8,135,144
|                                                    |           |          
|Weighted average
      shares outstanding – diluted | 8,293,495 | 8,135,144

See notes to consolidated financial statements.     Item 1. Financial
Statements   Littlefield
Corporation  CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)


|Nine Months
      Ended September 30,                                                                                                                                                                    | 2003       | 2002      
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ----------
|                                                                                                                                                                                                         |            |           
|REVENUES:                                                                                                                                                                                                |            |           
|Entertainment                                                                                                                                                                                            | $4,873,930 | $4,827,675
|Hospitality                                                                                                                                                                                              | 2,497,151  | 2,825,497 
|Other                                                                                                                                                                                                    | 20,783     | 5,403     
|TOTAL REVENUES                                                                                                                                                                                           | 7,391,864  | 7,658,575 
|                                                                                                                                                                                                         |            |           
|DIRECT COSTS
      AND EXPENSES:                                                                                                                                                                         |            |           
|Direct salaries
      and other compensation                                                                                                                                                             | 1,886,817  | 2,360,215 
|Rent and utilities                                                                                                                                                                                       | 1,610,360  | 1,514,611 
|Other direct
      operating costs                                                                                                                                                                       | 1,193,034  | 1,348,981 
|Depreciation
      and amortization                                                                                                                                                                      | 600,678    | 509,655   
|Supplies &
      Cost of Goods Sold                                                                                                                                                                      | 654,447    | 853,088   
|TOTAL DIRECT
      COSTS AND EXPENSES:                                                                                                                                                                   | 5,945,336  | 6,586,550 
|                                                                                                                                                                                                         |            |           
|GROSS MARGIN                                                                                                                                                                                             | 1,446,528  | 1,072,025 
|                                                                                                                                                                                                         |            |           
|GENERAL AND ADMINISTRATIVE
      EXPENSES                                                                                                                                                                |            |           
|Salaries and
      other compensation                                                                                                                                                                    | 407,790    | 876,414   
|Legal and accounting
      fees                                                                                                                                                                          | 342,584    | 242,960   
|Depreciation
      and amortization                                                                                                                                                                      | 105,638    | 78,756    
|Other general
      and administrative                                                                                                                                                                   | 301,079    | 416,499   
|TOTAL GENERAL
      AND ADMINISTRATIVE EXPENSES                                                                                                                                                          | 1,157,091  | 1,614,629 
|                                                                                                                                                                                                         |            |           
|OPERATING INCOME
      (LOSS)                                                                                                                                                                            | $289,437   | ($542,604)
|                                                                                                                                                                                                         |            |           
|OTHER INCOME
      AND EXPENSES:                                                                                                                                                                         |            |           
|Interest and
      investment income                                                                                                                                                                     | 33,649     | 208,059   
|Interest expense
      ($74,517 and $76,826 respectively to related parties)                                                                                                                             | (287,204)  | (241,597) 
|Loss on write-off
      of abandoned assets                                                                                                                                                              | (3,000)    | 0         
|Gain (loss) on
      asset sales                                                                                                                                                                         | (51,206)   | (3,667)   
|Gain (loss) on
      investment sales                                                                                                                                                                    | (51,637)   | 0         
|Reserve for legal
      settlements                                                                                                                                                                      | 0          | (147,500) 
|Other Income
      (Expenses)                                                                                                                                                                            | 52,255     | 0         
|TOTAL OTHER INCOME
      AND EXPENSES                                                                                                                                                                    | (307,143)  | (184,705) 
|                                                                                                                                                                                                         |            |           
|NET INCOME (LOSS)
      FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES                                                                                                                     | ($17,706)  | ($727,309)
|                                                                                                                                                                                                         |            |           
|PROVISION FOR
      (BENEFIT FROM) INCOME TAXES                                                                                                                                                          | 42,817     | (36,319)  
|NET INCOME (LOSS)
      FROM CONTINUING OPERATIONS                                                                                                                                                       | ($60,523)  | ($690,990)
|                                                                                                                                                                                                         |            |           
|DISCONTINUED
      OPERATIONS (NOTE 11)                                                                                                                                                                  |            |           
|Income from operations
      of discontinued Amusements division, including net gain on asset disposal
      in 2003 of $51,225, net of state income tax expense of $2,183 and $6,855
      respectively | 41,478     | 130,240   
|NET INCOME (LOSS)                                                                                                                                                                                        | (19,045)   | (560,750) 
|                                                                                                                                                                                                         |            |           
|OTHER COMPREHENSIVE
      INCOME (LOSS)                                                                                                                                                                  | 130,206    | (272,982) 
|                                                                                                                                                                                                         |            |           
|NET COMPREHENSIVE
      INCOME (LOSS)                                                                                                                                                                    | $111,161   | ($833,732)

See notes to consolidated financial statements.    Littlefield Corporation  CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited)







|Nine Months
      Ended September 30,               | 2003      | 2002     
|--------------------------------------------------- | --------- | ---------
|                                                    |           |          
|EARNINGS (LOSS)
      PER SHARE:                    |           |          
|Basic earnings
      (loss) per share               | ($ .002)  | ($ .07)  
|                                                    |           |          
|Diluted earnings
      (loss) per share             | ($ .002)  | ($ .07)  
|                                                    |           |          
|Weighted average
      shares outstanding – basic   | 8,265,555 | 8,072,323
|                                                    |           |          
|Weighted average
      shares outstanding – diluted | 8,265,555 | 8,072,323

See notes to consolidated financial statements.    Littlefield Corporation  CONSOLIDATED BALANCE SHEET (Unaudited)


##### ASSETS

|Current Assets:                                                                                                                   | September 30, 2003
|--------------------------------------------------------------------------------------------------------------------------------- | ------------------
|Cash and cash equivalents                                                                                                         | $435,136          
|Accounts receivable,
      net of allowance for doubtful accounts of $57,657                                                      | 469,833           
|Equity Securities, available
      for sale                                                                                       | 488,011           
|Other current assets                                                                                                              | 229,855           
|Total Current Assets                                                                                                              | 1,622,835         
|                                                                                                                                  |                   
|Property and Equipment
      – at cost, net of accumulated depreciation and amortization                                          | 8,231,508         
|                                                                                                                                  |                   
|Other Assets:                                                                                                                     |                   
|Goodwill, net                                                                                                                     | 4,214,714         
|Intangible assets, net                                                                                                            | 398,771           
|Notes receivable                                                                                                                  | 845,000           
|Other non-current assets                                                                                                          | 579,351           
|Total Other Assets                                                                                                                | 6,037,836         
|                                                                                                                                  |                   
|TOTAL ASSETS                                                                                                                      | $15,892,179       
|LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                             
|                                                                                                                                  |                   
|Current Liabilities:                                                                                                              |                   
|Notes payable                                                                                                                     | $421,866          
|Obligations under capital
      lease                                                                                             | 58,234            
|Long term debt, current
      portion                                                                                             | 481,777           
|Long term debt-related
      party, current portion                                                                               | 725,000           
|Trade accounts payable                                                                                                            | 375,886           
|Reserve for settlements                                                                                                           | 1,717,500         
|Accrued expenses                                                                                                                  | 567,073           
|Other current liabilities-related
      party                                                                                     | 374,383           
|Total Current Liabilities                                                                                                         | 4,721,719         
|                                                                                                                                  |                   
|Long-term Liabilities:                                                                                                            |                   
|Accrued liabilities,
      long term portion                                                                                      | 215,137           
|Obligations under capital
      lease, net of current portion                                                                     | 88,349            
|Long term debt, net
      of current portion                                                                                      | 2,682,703         
|Long term debt, related
      party, net of current portion                                                                       | 330,650           
|Total Long Term Liabilities                                                                                                       | 3,316,839         
|Total Liabilities                                                                                                                 | 8,038,558         
|                                                                                                                                  |                   
|COMMITMENTS & CONTINGENCIES                                                                                                       |                   
|Capital leases payable                                                                                                            | 135,163           
|                                                                                                                                  |                   
|Stockholders' Equity:                                                                                                             |                   
|Common stock, $.001 par value,
      (authorized 20,000,000 shares, issued 10,176,890 shares, outstanding 8,276,358
      shares) | 10,177            
|Additional paid-in-capital                                                                                                        | 23,768,864        
|Treasury stock – 1,900,532
      shares, at cost                                                                                  | (2,423,714        
|Stock subscription receivable                                                                                                     | (13,464)          
|Accumulated comprehensive
      income (losses)                                                                                   | 6,958             
|Accumulated deficit                                                                                                               | (13,630,363)      
|Total Stockholders' Equity                                                                                                        | 7,718,458         
|TOTAL LIABILITIES AND STOCKHOLDERS'
      EQUITY                                                                                  | $15,892,179       






See notes to consolidated financial statements.


Littlefield Corporation  CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)


|Nine months
      Ended September 30,                                                                           | 2003        | 2002       
|--------------------------------------------------------------------------------------------------------------- | ----------- | -----------
|                                                                                                                |             |            
|CASH FLOWS FROM
      OPERATING ACTIVITIES:                                                                     |             |            
|Net income (loss)
      from operations                                                                         | ($19,045)   | ($560,750) 
|Adjustments to
      reconcile net income to net cash provided by operating   activities:                       |             |            
|Bad debt expense                                                                                                | 0           | 66,120     
|Depreciation
      and amortization                                                                             | 717,530     | 848,645    
|Loss on write-off
      and disposal of fixed and intangible assets                                             | 14,996      | 0          
|Compensation
      paid with treasury stock                                                                     | 0           | 14,250     
|Loss on sale
      of investments                                                                               | 51,637      | 0          
|Loss (gain) on
      sales of fixed assets                                                                      | (12,015)    | 10,229     
|Increase (decrease)
      in cash flows as a result of changes in asset and liability   account
      balances: |             |            
|Accounts receivable                                                                                             | 251,055     | 527,998    
|Other assets
      and licenses                                                                                 | 59,781      | (189,985)  
|Trade accounts
      payable                                                                                    | (212,010)   | 61,649     
|Accrued expenses
      and other current liabilities                                                            | (17,843)    | 461,852    
|NET CASH PROVIDED
      BY OPERATING ACTIVITIES                                                                 | 834,086     | 1,240,008  
|                                                                                                                |             |            
|CASH FLOWS FROM
      INVESTING ACTIVITIES:                                                                     |             |            
|Proceeds from
      sales of equity securities                                                                  | 424,781     | 0          
|Property and
      equipment purchases                                                                          | (250,406)   | (2,649,836)
|Collections of
      notes receivable                                                                           | 0           | 49,839     
|Purchase of goodwill
      and intangibles                                                                      | 0           | (1,392,182)
|Proceeds from
      sale of property and equipment                                                              | 207,374     | 6,275      
|NET CASH USED
      IN INVESTING ACTIVITIES                                                                     | 381,749     | (3,985,904)
|                                                                                                                |             |            
|CASH FLOWS FROM
      FINANCING ACTIVITIES:                                                                     |             |            
|Payments on capital
      lease obligations                                                                     | (26,064)    | 0          
|Payments on notes
      payable                                                                                 | (1,037,277) | (769,021)  
|Proceeds from
      new capital lease                                                                           | 75,691      | 0          
|Proceeds from
      issuance of notes payable                                                                   | 0           | 2,969,077  
|Collections on
      stock subscriptions                                                                        | 17,896      | 4,421      
|NET CASH PROVIDED
      (USED) IN FINANCING ACTIVITIES                                                          | (969,754)   | 2,204,477  
|                                                                                                                |             |            
|NET INCREASE
      (DECREASE) IN CASH                                                                           | 246,081     | (541,419)  
|                                                                                                                |             |            
|CASH AT BEGINNING
      OF PERIOD                                                                               | 189,055     | 956,417    
|                                                                                                                |             |            
|CASH AT END OF
      PERIOD                                                                                     | $435,136    | $414,998   

See notes to consolidated financial statements.   Littlefield Corporation  CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)




|Nine months
      Ended September 30,                                     | 2003     | 2002      
|------------------------------------------------------------------------- | -------- | ----------
|                                                                          |          |           
|SUPPLEMENTAL
      DISCLOSURES OF CASH FLOW INFORMATION:                  |          |           
|                                                                          |          |           
|Cash payments:                                                            |          |           
|                                                                          |          |           
|Interest                                                                  | $329,418 | $190,847  
|                                                                          |          |           
|Income taxes                                                              | $59,276  | $89,866   
|                                                                          |          |           
|Non-cash transactions:                                                    |          |           
|                                                                          |          |           
|Acquisition of
      property and equipment in exchange for notes payable | $0       | $2,969,077
|                                                                          |          |           
|Stock subscriptions
      receivable                                      | $0       | $40,124   
|                                                                          |          |           
|Issuance of treasury
      stock in payment of accrued liabilities        | $52,750  | $161,524  

See notes to consolidated financial statements.  Littlefield Corporation  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)  September 30, 2003





---

Littlefield Corporation  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)  September 30, 2003





NOTE 2 – PROPERTY AND EQUIPMENT.
    Property and equipment at September 30, 2003 consists of the following:


|Land                                                  | $931,724   
|----------------------------------------------------- | -----------
|Buildings                                             | 3,451,992  
|Building and
      leasehold improvements             | 4,207,561  
|Machinery &
      equipment                           | 1,540,477  
|Equipment, furniture
      and fixtures               | 2,287,332  
|Automobiles                                           | 372,495    
|                                                      | 12,791,581 
|                                                      |            
|Less: Accumulated
      depreciation and amortization | (4,560,073)
|                                                      |            
|Property and
      equipment, net                     | $8,231,508 

|                                          | Gross CarryingAmount | AccumulatedAmortization |           
|----------------------------------------- | -------------------- | ----------------------- | ----------
|Goodwill                                  | $6,995,714           | $(2,781,000)            | $4,214,714
|                                          | Entertainment        | Hospitality             |           
|Balance at December
      31, 2002        | $3,843,330           | $371,384                | $4,214,714
|Goodwill acquired
      during the period | -0-                  | -0-                     | -0-       
|Impairment losses                         | -0-                  | -0-                     | -0-       
|Balance at December
      31, 2002        | $3,843,330           | $ 371,384               | $4,214,714




|                                                               | Gross   
        Carrying Amount | AccumulatedAmortization |         
|-------------------------------------------------------------- | -------------------------------- | ----------------------- | --------
|Intangible
      Assets with Indefinite Lives:                 |                                  |                         |         
|Bingo licenses                                                 | $ 387,745                        | ---                     | $387,745
|                                                               |                                  |                         |         
|Intangible
      Assets with Finite Lives:                     |                                  |                         |         
|Covenants not
      to compete                                 | $210,000                         | $(210,000)              |         
|Capitalized acquisition
      costs related to note receivable | 50,950                           | (39,923)                | 11,027  
|Intangible Assets,
      Net of Accumulated Amortization       |                                  |                         | $398,772
|                                                               |                                  |                         |         




---

Littlefield Corporation  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)  September 30, 2003    NOTE 4 - SHAREHOLDERS’ EQUITY.


NOTE 5 – EARNINGS PER SHARE.
  A reconciliation of basic to diluted earnings per share is as follows:

|Nine months
      ended September 30,         | 2003      | 2003      | 2002       | 2002      
|--------------------------------------------- | --------- | --------- | ---------- | ----------
|                                              | Basic     | Diluted   | Basic      | Diluted   
|Numerator:                                    |           |           |            |           
|Net income (loss)                             | ($19,045) | ($19,045) | ($560,750) | ($560,750)
|                                              |           |           |            |           
|Income available
      to common stockholders | ($19,045) | ($19,045) | ($560,750) | ($560,750)
|                                              |           |           |            |           
|Denominator:                                  |           |           |            |           
|Weighted average
      shares outstanding     | 8,265,555 | 8,265,555 | 8,072,323  | 8,072,323 
|Effect of dilutive
      securities:          |           |           |            |           
|Stock options
      and warrants              | ---       | ---       | ---        | ---       
|Weighted average
      shares outstanding     | 8,265,555 | 8,265,555 | 8,072,323  | 8,072,323 
|                                              |           |           |            |           
|Earnings (loss)
      per share               | ($ .002)  | ($ .002)  | ($ .07)    | ($ .07)   

---

NOTE 6 – COMPREHENSIVE INCOME.


|                                                                    | 2003      | 2002      
|------------------------------------------------------------------- | --------- | ----------
|Net income (loss)                                                   | ($19,045) | ($560,750)
|                                                                    |           |           
|Other comprehensive
      income (loss)                             |           |           
|Net unrealized
      gain (loss)
      on investments held for sale | 130,206   | (272,982) 
|                                                                    |           |           
|Total comprehensive
      income (loss)                             | $111,161  | ($833,732)

---

Littlefield Corporation  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)  September 30, 2003


NOTE 7 – INCOME TAXES.      NOTE 8 - RELATED PARTY TRANSACTIONS.             The Company purchased the President’s office furniture
  and antiques for a total price of $105,650 in July 2002. This amount was set
  up on a note payable with interest only payable for 4 years at 6.75% with the
  principal amount due in July 2006 as a balloon payment. Interest paid on this
  note for the nine months ended September 30, 2003 was $5,346 and $1,782 for
  the same period in 2002.   The President and CEO of the Company has personally guaranteed
  three notes payable to a third party lender, in the total amount of $1,122,500.
  The Company accrued a total of $61,275 in loan guaranty fees to him in 2002.
  This amount has been added to the President’s $300,000 bonus accrued in
  2002, plus accrued interest at 6.75% annual rate, and is presented on the balance
  sheet as a current accrued liability – related party. Interest accrued
  on this note for the nine months ended September 30, 2003 was $10,683 and $0
  for the same period in 2002.


Littlefield Corporation  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)  September 30, 2003


NOTE 9 – COMMITMENTS AND CONTINGENCIES.     Pondella Hall for Hire, Inc., d/b/a Eight Hundred v. American Bingo and Gaming,
  Case No.: 97-2750, Circuit Court of the Twelfth Judicial Circuit in and for
  Manatee County, Florida   Lenrich Associates LLC v. Littlefield Corporation, et al; Civil Action No.
  00-CP-10-4742, South Carolina Court of Common Pleas, County of Charleston   Collins Entertainment Corp. v. Coats and Coats Rental Amusement, d/b/a Ponderosa
  Bingo and Shipwatch Bingo, Wayne Coats, individually, and American Bingo and
  Gaming Corp.; American Bingo and Gaming Corp. v. Coats and Coats Rental Amusement,
  d/b/a Ponderosa Bingo and Shipwatch Bingo, Wayne Coats, individually, Civil
  Action No. 97-CP-10-4685, South Carolina Court of Common Pleas, Charleston County.


Littlefield Corporation  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)  September 30, 2003


NOTE 10 – SEGMENTS.


|September
      30, 2003            |               |             |             |             
|----------------------------------- | ------------- | ----------- | ----------- | ------------
|                                    | Entertainment | Hospitality | Adjustment  | Consolidated
|Revenue                             | $4,873,930    | $2,497,151  | $20,783     | $7,391,864  
|Depreciation
      and Amortization | 354,686       | 245,992     | 105,638     | 706,316     
|Segment profit
      (loss)         | 1,660,004     | (480,092)   | (1,240,435) | (60,523)    
|Segment Assets                      | 10,185,930    | 1,713,338   | 3,992,911   | 15,892,179  
|                                    |               |             |             |             
|September 30, 2002                  |               |             |             |             
|                                    | Entertainment | Hospitality | Adjustment  | Consolidated
|Revenue                             | $4,827,675    | $2,825,497  | $5,403      | $7,658,575  
|Depreciation
      and Amortization | 294,990       | 214,665     | 78,756      | 588,411     
|Segment profit                      | 1,604,678     | (634,757)   | (1,660,911) | (690,990)   
|Segment Assets                      | 10,384,418    | 3,589,384   | 4,892,492   | 18,866,294  

The adjustments represent other income, depreciation and amortization
    related to corporate assets, corporate overhead expenses, other income and
    expenses, corporate assets and corporate capital expenditures to reconcile
    segment balances to consolidated balances. NOTE 11 – ACQUISITIONS, OPENINGS, CLOSINGS AND REORGANIZATIONS.
    The Amusements division was closed down at the end of January 2003 when the
    arcade machines were deemed illegal in the County of Montgomery. All the fixed
    assets were sold for $146,500, which resulted in a net gain of $63,221. Two
    of the three arcades were in existing bingo halls owned by the Company and
    have remained open. The third arcade location’s lease was terminated
    in accordance with the terms of the lease. A warehouse lease was also terminated
    in March 2003 where excess machines had been stored.
    The Company moved the “B” bingo operations from a location in
    Goose Creek, SC (near Charleston) next to one of the Company’s “C”
    hall operations in Ladsen, SC (also near Charleston).
    A “B” hall in Georgetown, SC was converted to a “C”
    hall in late September 2003.NOTE 12 - SUBSEQUENT EVENTS.
    Electronic equipment in the approximate amount of $75,000 has been ordered
    for the Goodtimes bingo hall in Montgomery, Alabama. A $55,000 capital lease
    for part of the purchase price has been entered into to help finance the purchase.   Littlefield Corporation   Item 2. Management’s Discussion and Analysis of Financial Condition
  and Results of Operations   when the arcade
  machines were deemed illegal in the County of Montgomery.     The Company intends to grow its business through acquisitions
  and the selective start up of charitable bingo halls in markets in which it
  currently operates and other attractive markets. The Company’s plans are
  to continue to repurchase its shares as market conditions warrant such action,
  although there can be no assurances that such repurchases will occur.   Results of Operations     Revenues     Gross Margins     Littlefield CorporationItem 2. Management’s Discussion and Analysis of Financial Condition
    and Results of Operations (Continued)Costs and Expenses
    Depreciation and amortization expense totaled approximately $706,000 in the
    first nine months of 2003, an increase of about $118,000 from the first nine
    months of 2002. About $50,000 of this is due to the acquisition and opening
    of our new halls in McAllen, Texas, during the third quarter of 2002, $20,000
    to additional electronic bingo equipment in Alabama, and about $32,000 is
    attributed to the additional rental inventory for the hospitality business.
    General and administrative expenses, totaled approximately $1,157,000 in the
    first nine months of 2003, compared to approximately $1,614,000 in 2002, a
    decrease of approximately $457,000. Last year expenses included a performance
    bonus paid to the president for $300,000. We have also reduced salaries and
    wages during the current year compared to 2002, by approximately $168,000.
    
    Other income and expenses totaled approximately $307,000 in net losses for
    the first nine months of 2003, as compared to losses of approximately $185,000
    for the first nine months of 2002. Most of this decrease came from the reduction
    in investment income, from approximately $208,000 in 2002 to approximately
    $34,000 in 2003. Last year the Company was accruing interest income from a
    large note receivable at the rate of approximately $11,000 per month. Because
    the note holder filed for bankruptcy in late 2002 the Company ceased any further
    accrual of interest on this note receivable. In addition, approximately $1,022,000
    of the Company’s investments was sold for cash flow needs in late 2002
    and in January 2003. Interest expense increased from approximately $242,000
    in the first nine months of 2002 to approximately $287,000 in the current
    year. This was due to the acquisitions financed by seller notes for our new
    bingo hall in McAllen, Texas during the third quarter of 2002.Liquidity and Capital Resources
    Cash and cash equivalents at September 30, 2003 totaled approximately $435,000
    and represented about 2% of the Company’s total assets of approximately
    $15,892,000. Cash flows from operating activities for the nine months ended
    September 30, 2003 totaled approximately $834,000, mostly from non-cash depreciation
    and amortization of almost $718,000 and about $81,000 in net changes in operating
    assets and liabilities. Cash flows from operating activities in the first
    nine months of 2002 of about $1,240,000 were comprised of the Company’s
    net loss from operations of approximately $561,000 increased for depreciation
    and amortization expense of approximately $849,000, compensation paid with
    treasury stock for $14,250, losses on asset sales of approximately $10,000
    and by net changes in operating assets and liabilities of approximately $862,000.
    Net cash provided by investing activities totaled approximately $382,000 for
    the first nine months of 2003. Cash raised from the sale of investments was
    about $425,000 and approximately $207,000 was generated from the sale of property
    and equipment. This was offset by the purchase of property and equipment of
    about $250,000. Net cash used in investing activities totaled approximately
    $3,986,000 for the nine months ended September 30, 2002, and consisted primarily
    of approximately $2,650,000 related to property and equipment purchases, $1,392,000
    in goodwill and intangible purchases, offset by the collection of a note receivable
    in the amount of approximately $50,000.
    Cash used in financing activities for the nine months ended September 30,
    2003 was approximately $970,000, mostly from principal payments on notes payable
    and capital lease obligations. Cash provided by financing activities in 2002
    included approximately $2,969,000 of new notes payable and was reduced by
    approximately $769,000 of principle payments on notes payable.
    Current assets totaled approximately $2,690,000 at September 30, 2003, providing
    the Company with a current ratio of .34 to 1. At September 30, 2003, the Company
    had approximately $15,892,000 in total assets with total liabilities of approximately
    $8,174,000 and approximately $7,718,000 of shareholders equity. Total assets
    include approximately $435,000 in cash, $488,000 in investments, $470,000
    of net accounts receivable, $8,232,000 of property and equipment, $4,613,000
    of goodwill and intangible assets, $845,000 in notes receivable and $809,000
    of other assets, including $200,000 in restricted cash. Total liabilities
    primarily consist of notes and capital lease obligations of approximately
    $4,789,000 and accrued liabilities and reserves of $2,874,000. Out of the
    reserves, $1,570,000 is the reserve for the punitive damages resulting from
    a lawsuit judgment that the Company is appealing.  Littlefield CorporationItem 3, Controls and Procedures
    Under the supervision and with the participation of our management, including
    our principal executive officer and principal financial officer, we conducted
    an evaluation of the effectiveness of the design and operation of our disclosure
    controls and procedures, as defined in Rules 13a-14(c) and 15d-14(c) under
    the Securities Exchange Act of 1934, within 90 days of the filing date of
    this report (the "Evaluation Date"). Based upon this evaluation, our principal
    executive and principal financial officer concluded as of the Evaluation Date
    that our disclosure controls and procedures were effective such that the material
    information required to be included in our Securities and Exchange Commission
    ("SEC") reports is recorded, processed, summarized, and reported within the
    time periods specified in SEC rules and forms relating to the Company, including,
    our consolidated subsidiaries, and was made known to them by others within
    those entities, particularly during the period when this report was being
    prepared.
    In addition, there were no significant changes in our internal controls or
    in other factors that could significantly affect these controls subsequent
    to the Evaluation Date. We have not identified any significant deficiencies
    or material weaknesses in our internal controls, and therefore, there were
    no corrective actions taken.PART II – OTHER INFORMATIONItem 1. Legal Proceedings
    For a discussion of material pending legal proceedings, see Note 9 to the
    unaudited Consolidated Financial Statements included in Part I hereof, which
    Note 9 is incorporated herein by reference.Item 6. Exhibits and Reports on Form 8-K(a) Exhibits.





1. Certification of Chief Executive Officer
2. Certification of Chief Financial Officer

(b) Reports on Form 8-K.During the quarter ended September 30, 2003, the Company filed no reports
  on Form 8-K.

SIGNATURES
  In accordance with the requirements of the Securities Exchange Act of 1934,
  the registrant has caused this report to be signed on its behalf by the undersigned,
  thereunto duly authorized.Littlefield Corporation
  November 13, 2003
  By:/s/ JEFFREY L MINCH
  Jeffrey L. Minch 
  President and Chief Executive Officer/s/ KATHRYN L SCANLON
  Kathryn L. Scanlon
  Secretary and Treasurer
  (Principal financial and accounting officer)

---

INDEX TO EXHIBITS


|ExhibitNumber | Description                                                                                                                    | Sequential
      Page Number
|------------- | ------------------------------------------------------------------------------------------------------------------------------ | ----------------------------
|27.1          | Financial Data
      Schedule (for SEC use only).                                                                              |                             
|31.1          | Certification
      of President Chief Executive Officer                                                                       | 19                          
|31.2          | Certification
      of Chief Financial Officer                                                                                 | 20                          
|32.1          | Certificate of
      the President and Chief Executive Officer Pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002 | 21                          
|32.2          | Certificate of
      the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley
      Act of 2002               | 22                          

---

EXHIBIT 31.1Certificate of the President and Chief Executive Officer
    Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


> a. Designed such disclosure controls and procedures, or caused such
>   disclosure controls and procedures to be designed under our supervision, to
>   ensure that material information relating to LTFD, including its consolidated
>   subsidiaries, is made known to us by others within those entities, particularly
>   during the period in which this report is being prepared;
>   b. Evaluated the effectiveness of LTFD’s disclosure control’s and
>   procedures and presented in this report our conclusions about the effectiveness
>   of the disclosure controls and procedures, as of the end of the period covered
>   by this report based on such evaluation; and c. Disclosed in this report any change in LTFD’s internal control over
>     financial reporting that occurred during LTFD’s most recent fiscal quarter
>     that has materially affected, or is reasonably likely to materially affect,
>     LTFD’s internal control over financial reporting; and

> a. All significant deficiencies and material weaknesses in the design
>   or operation of internal control over financial reporting which are reasonably
>   likely to adversely affect LTFD’s ability to record, process, summarize
>   and report financial information; and
>   b. Any fraud, whether or not material, that involves
>     management or other employees who have a significant role in LTFD’s
>     internal control over financial reporting.

Date: November 13, 2003

/s/ JEFFREY L MINCH
  Jeffrey L. Minch
  President and Chief Executive Officer

---




EXHIBIT 31.2Certificate of the Chief Financial OfficerPursuant to Section 302 of the Sarbanes-Oxley Act of
  2002





> a. Designed such disclosure controls and procedures, or caused such
>   disclosure controls and procedures to be designed under our supervision, to
>   ensure that material information relating to LTFD, including its consolidated
>   subsidiaries, is made known to us by others within those entities, particularly
>   during the period in which this report is being prepared;
>   b. Evaluated the effectiveness of LTFD’s disclosure control’s and
>   procedures and presented in this report our conclusions about the effectiveness
>   of the disclosure controls and procedures, as of the end of the period covered
>   by this report based on such evaluation; and c. Disclosed in this report any change in LTFD’s internal control over
>     financial reporting that occurred during LTFD’s most recent fiscal quarter
>     that has materially affected, or is reasonably likely to materially affect,
>     LTFD’s internal control over financial reporting; and

> a. All significant deficiencies and material weaknesses in the design
>   or operation of internal control over financial reporting which are reasonably
>   likely to adversely affect LTFD’s ability to record, process, summarize
>   and report financial information; andb. Any fraud, whether or not material, that involves management or other
>     employees who have a significant role in LTFD’s internal control over
>     financial reporting.




---




EXHIBIT 32.1


Certificate of the President and Chief Executive OfficerPursuant to Section 906 of the Sarbanes-Oxley Act of 2002


In connection with the quarterly report of Littlefield Corporation. (the “Company”)
  on Form 10-QSB for the quarter ended September 30, 2003, as filed with the Securities
  and Exchange Commission on the date hereof (the “Report”), I, Jeffrey
  L. Minch, the President and Chief Executive Officer of the Company, certify,
  pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
  Sarbanes-Oxley Act of 2002, that:
  1. The Report fully complies with the requirements of Section 13 (a) or 15 (d)
  of the Securities Exchange Act of 1934; and
  2. The information contained in this Report fairly presents, in all material
  respects, the financial conditions and results of operations of the Company.
  
  Date: November 13, 2003

/s/ JEFFREY L MINCH
  Jeffrey L. Minch
  President and Chief Executive Officer

---

EXHIBIT 32.2 Certificate of the Chief Financial
  OfficerPursuant to Section 906 of the Sarbanes-Oxley Act of
  2002

---

---