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EX-32.1 - SECTION 906 CERTIFICATION - EARTH LIFE SCIENCES INCex32-1.txt
EX-31.1 - SECTION 302 CERTIFICATION - EARTH LIFE SCIENCES INCex31-1.txt

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                For the quarterly period ended September 30, 2010

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT

             For the transition period from _________ to __________

                                    001-31444
                            (Commission File Number)


                     CANADIAN TACTICAL TRAINING ACADEMY INC.
                       (FOMERLY ALTUS EXPLORATIONS, INC.)
             (Exact name of registrant as specified in its charter)

          Nevada                                                  98-0361119
(State or Other Jurisdiction                                    (IRS Employer
     of Incorporation)                                       Identification No.)

                          7000 Cote de Liesse, Suite #8
                                Montreal, Quebec
                                 Canada, H4T 1E7
                    (Address of principal executive offices)

                                  514-373-8411
                (Issuer's telephone number, including area code)

                            Altus Explorations, Inc.
                        Suite 308 - 5868 Westheimer Road,
                              Houston, Texas 77057
              (Former name, former address and former fiscal year,
                         if changed since last report)

Check whether the registrant (1) filed all reports required to be filed by
sections 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes [X]
No [ ]

Check whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ]                        Accelerated filer [ ]

Non-accelerated filed [ ]                          Smaller reporting company [X]

Check whether the registrant is a shell company, as defined in Rule 12b-2 of the
Exchange Act. Yes [X] No [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: As of February 14, 2012 the
registrant's outstanding common stock consisted of 202,328,633 shares.

PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CANADIAN TACTICAL TRAINING ACADEMY INC. (FORMERLY ALTUS EXPLORATIONS, INC.) (A Development Stage Company) BALANCE SHEETS September 30, December 31, 2010 2009 ------------ ------------ (Unaudited) ASSETS CURRENT ASSETS Cash $ 511 $ 4,000 Equipment 78 427 ------------ ------------ TOTAL ASSETS $ 589 $ 4,427 ============ ============ LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued liabilities (Notes 2 and 5) $ 117,739 $ 212,898 Convertible loans (Notes 3 and 5) 102,472 88,750 Subscriptions received in advance (Note 4) 20,000 20,000 ------------ ------------ TOTAL LIABILITIES 240,211 321,648 ------------ ------------ Contingency and commitments (Notes 1 and 3) Subsequent events (Note 6) STOCKHOLDERS' DEFICIT Common stock, $0.001 par value, 40,000,000 shares authorized 2,329 2,329 2,328,633 shares issued and outstanding September 30, 2010 and 2,328,633 shares December 31, 2009 Obligation to issue shares (Notes 3 and 6) 80,000 -- Additional paid in capital 6,059,430 6,028,217 Deficit (6,155,165) (6,155,165) Deficit accumulated during the development stage (226,216) (192,602) ------------ ------------ TOTAL STOCKHOLDERS' DEFICIT (239,622) (317,221) ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 589 $ 4,427 ============ ============ The accompanying notes are an integral part of these financial statements. 2
CANADIAN TACTICAL TRAINING ACADEMY INC. (FORMERLY ALTUS EXPLORATIONS, INC.) (A Development Stage Company) STATEMENTS OF OPERATIONS (Unaudited) For the period from January 1, 2007 (date of inception of the development Three months ended Nine month period ended stage) to September 30, September 30, September 30, 2010 2009 2010 2009 2010 ---------- ---------- ---------- ---------- ---------- OPERATING EXPENSES Amortization $ 116 $ 116 $ 349 $ 349 $ 1,772 Interest expense (Note 3) 2,904 2,684 8,185 7,965 40,197 General and administrative 8,472 6,380 48,080 28,246 206,629 ---------- ---------- ---------- ---------- ---------- TOTAL OPERATING EXPENSES (11,492) (9,180) (56,614) (36,560) (248,598) ---------- ---------- ---------- ---------- ---------- OTHER ITEMS Foreign exchange loss -- -- (82) (3) (769) Interest income -- -- -- -- 70 Gain on settlement of debt (Notes 3 and 5) 23,081 -- 23,081 -- 23,081 ---------- ---------- ---------- ---------- ---------- TOTAL OTHER ITEMS 23,081 -- 22,999 (3) 22,382 ---------- ---------- ---------- ---------- ---------- NET INCOME (LOSS) $ 11,590 $ (9,180) $ (33,614) $ (36,563) $ (226,216) ========== ========== ========== ========== ========== NET INCOME (LOSS) PER SHARE: Basic and diluted $ 0.00 $ (0.00) $ (0.00) $ (0.02) ========== ========== ========== ========== WEIGHTED AVERAGE SHARES OUTSTANDING: Basic and diluted 2,328,633 2,328,633 2,328,633 2,328,633 ========== ========== ========== ========== The accompanying notes are an integral part of these financial statements. 3
CANADIAN TACTICAL TRAINING ACADEMY INC. (FORMERLY ALTUS EXPLORATIONS, INC.) (A Development Stage Company) STATEMENTS OF CASH FLOWS (Unaudited) For the period from January 1, 2007 (date of inception of the development Nine months period ended stage) to September 30, September 30, 2010 2009 2010 ---------- ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (33,614) $ (36,563) $ (226,216) Non-cash items: Amortization 349 349 1,772 Accrued interest on convertible loans 8,185 7,965 40,197 Gain on settlement of debt (23,081) -- (23,081) Changes in non-cash operating working capital items: Accounts payable and accrues liabilities 44,672 28,249 183,176 ---------- ---------- ---------- CASH FLOWS USED IN OPERATING ACTIVITIES (3,489) -- (24,152) ---------- ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equipment -- -- (1,397) ---------- ---------- ---------- CASH FLOWS USED IN INVESTING ACTIVITIES -- -- (1,397) ---------- ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES Convertible loans -- -- 1,000 Subscriptions received in advance -- -- 20,000 ---------- ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES -- -- 21,000 ---------- ---------- ---------- Decrease in cash (3,489) -- (4,549) Cash, beginning 4,000 -- 5,060 ---------- ---------- ---------- CASH, ENDING $ 511 $ -- $ 511 ========== ========== ========== The accompanying notes are an integral part of these financial statements. 4
CANADIAN TACTICAL TRAINING ACADEMY INC. (FOMERLY ALTUS EXPLORATIONS, INC.) (A Development Stage Company) NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 1 - NATURE OF BUSINESS Nature of Business Altus Explorations, Inc. ("Altus" or the "Company") was incorporated in Nevada on November 2, 2001. On October 1, 2010, Altus entered into a Share Exchange Agreement (the "Agreement") with UWD Unitas World Development Inc. ("UWD"), a privately held Canadian incorporated company. Pursuant to the Agreement, Altus issued 80,000,000 shares of common stock for the acquisition of 450 shares of common stock of The Canadian Tactical Training Academy Inc., representing 100% of the issued and outstanding shares of common stock, which were held by UWD. Further, Altus changed its name to Canadian Tactical Training Academy Inc. and increased the authorized share capital from 40,000,000 to 250,000,000 shares of common stock and then further from 250,000,000 to 450,000,000. Subsequent to September 30, 2010, the Company assumed the business Canadian Tactical Training Academy Inc., which is the training of law enforcement, security, investigation and protection for officers and individuals. UNAUDITED INTERIM FINANCIAL STATEMENTS The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the rules and regulations of the Securities and Exchange Commission. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2009 included in the Company's Form 10-K filed with the Securities and Exchange Commission. The unaudited interim financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months September 30, 2010 are not necessarily indicative of the results that may be expected for the year ending December 31, 2010. Management has evaluated events occurring between the end of the nine months period ended September 30, 2010 to the date when the financial statements were issued. NOTES 2 - DUE TO RELATED PARTIES As at September 30, 2010, the Company had received advances from a company controlled by a significant shareholder totaling $47,222 (December 31, 2009 - $66,200), which has been included in convertible loans (Note 3). The advances are secured by a general security interest in the assets of the Company and carry an interest rate of 12% per annum. During the nine months ended September 30, 2010, the Company incurred $6,105 (2009 - $7,965) in accrued interest. Total accrued interest of $12,518 (December 31, 2010 - $23,709) has been included in accounts payable and accrued liabilities at September 30, 2010. At September 30, 2010, the Company had accounts payable of $Nil (December 31, 2010 - $35,072) owing to a company controlled by a significant shareholder. This amount is unsecured, non-interest bearing and has no set terms of repayment. All related party transactions are measured at the exchange amount. 5
CANADIAN TACTICAL TRAINING ACADEMY INC. (FOMERLY ALTUS EXPLORATIONS, INC.) (A Development Stage Company) NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 3 - CONVERTIBLE LOANS At September 30, 2010, the Company has entered into Convertible Loan Agreements (the "Loans") for the following amounts: a) $12,150 (December 31, 2009 - $66,200) from a company controlled by a significant shareholder. During September 2010, the Company entered into a Cancellation of Debt agreement, Assignment of Note agreement and a Release and Settlement agreement whereby the Company agreed to issue 71,000,000 shares of common stock with a fair value of $71,000 in settlement of $54,050 in principal and $16,950 in accrued interest, The Company was released $346 in accrued interest which has been included in additional paid-in capital. b) $15,250 (December 31, 2009 - $15,250) from a shareholder; and c) $Nil (December 31, 2009 - $7,300) from a shareholder. During September 2010, the Company entered into a Cancellation of Debt agreement, Assignment of Note agreement and a Release and Settlement agreement whereby the Company agreed to issue 9,000,000 shares of common stock with a fair value of $9,000 in settlement of $7,300 in principal and $1,700 in accrued interest. The Company was released from $1,374 in accrued interest, which has been included in additional paid-in capital. Payment of all outstanding principal and interest in relation to these Loans were due in full on January 2, 2008. The Company has also entered into the following Loans: a) $35,072 (December 31, 2010 - $Nil) which represents the conversion of accounts payable from a significant shareholder. Payment of all outstanding principal and interest are due in full by June 30, 2015; and b) $40,000 (December 31, 2010 - $Nil) which represents the conversion of accounts payable. The Company initially converted $52,781 of accounts payable and was then released from $12,781, which has been included in gain on settlement of debt on the statements of operations. Payment of all outstanding principal and interest are due in full by September 7, 2015. Subsequent to September 30, 2010, the Company entered into a Cancellation of Debt agreement and Assignment of Note agreement whereby the Company issued 40,000,000 shares of common stock in settlement of $40,000 in principal. The Loans interest rates are 12% per annum payable in arrears and are due upon the maturity of the Loans. The Company accrued interest of $8,185 (2009 - $7,965) on the loans during the nine months ended September 30, 2010. The Loans are convertible at the shareholders' option into common stock at the lower of ten day average common share price immediately preceding the date of the Loans or the ten day average common share price immediately preceding the date that a Lender provides Notice of Conversion to the Company, but in no circumstance at a conversion rate of less than $0.001 per common share. The Loans are secured by the assets of the Company, and provide that in the occurrence of certain events the Loans' maturities are accelerated. The Company may prepay the Loans at anytime without penalty or bonus. 6
CANADIAN TACTICAL TRAINING ACADEMY INC. (FOMERLY ALTUS EXPLORATIONS, INC.) (A Development Stage Company) NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2010 NOTE 3 - CONVERTIBLE LOANS (CONT'D) The ten day average share price immediately preceding the date of the Loans was equal to the share price on the agreement date. The conversion feature had no intrinsic value and accordingly no beneficial conversion feature was recorded. NOTE 4 - COMMON STOCK The Company entered into a subscription agreement for the issuance of 2,000,000 shares of common stock at a price of $0.005 per share in December 2007 and received $10,000 in advance. During the year ended December 31, 2008, the Company received an additional $10,000 in advance for the issuance of an additional 2,000,000 shares of common stock at a price of $0.005 per share. To September 30, 2010, these shares of common stock have not been issued. At September 30, 2010, included in obligation to issue shares is the following: (a) 71,000,000 shares of common stock to settle a Loan with a company controlled by a significant shareholder (Note 3); and (b) 9,000,000 shares of common stock to settle a Loan (Note 3). NOTE 5 - SETTLEMENT OF DEBT During the nine months ended September 30, 2010, the Company entered into agreements to settle accounts payable totaling $39,793, of which $29,493 was to a company controlled by a significant shareholder for no consideration. The gain on settlement of the amount due to a company controlled by a significant shareholder of $29,493 was recorded as additional paid in capital and the gain resulting from the other accounts payable of $10,300 was recorded in the statements of operations. The Company also recorded a gain on settlement of debt of $14,155 in relation to certain Loans (Note 4). NOTE 6 - SUBSEQUENT EVENTS On October 21, 2010, the Company issued the following common shares: - 80,000,000 shares of common stock pursuant to the Agreement (Note 1); and - 120,000,000 shares of common stock to settle Loans (Notes 3 and 4). 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION RESULTS OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009 Our net loss for the nine months ended September 30, 2010 totaled $33,614. This compares with our net loss of $36,560 for the nine months ended September 30, 2009. General and administrative expenses for the nine months ended September 30, 2010 and 2009 were $48,079 and $28,246, respectively. The increase in general and administrative expenses from 2009 to 2010 is mainly due to filing fees and bank charges. The general and administrative in the nine months ended September 30, 2010 consists of rent $13,210 (2009 - $11,601), bank charges $3,173 (2009 - $140), professional fees $14,325 (2009 - $15,599), filing fees $7,177 (2009 - $907) and office fees $10,195 (2009 - $Nil). We incurred interest expense during the nine months ended September 30, 2010 of $8,185 compared to $7,965 for the same period in 2009. The Company entered into Convertible Loan Agreements (the "Loans") , of which certain matured on December 31, 2007 and required payment of all outstanding principal and interest in full on January 2, 2008. The Company entered into additional Loans for the conversion of accounts payable, during the nine months ended September 30, 2010. Interest rates are 12% per annum payable in arrears upon the maturity of the Loans. The shareholders agreed to forego interest that accrued during 2006, and provided for interest on the outstanding Loan balances to commence January 1, 2007. The Company accrued interest total of $19,826 on the Loans as at September 30, 2010. On October 21, 2010, the Company issued 80,000,000 shares of common stock pursuant to the Agreement, 71,000,000 shares of common stock to settle a Loan in the amount of $54,050 and $16,950 in accrued interest; 9,000,000 shares of common stock to settle a Loan in the amount of $7,300 and $1,700 in accrued interest and 40,000,000 shares of common stock to settle a Loan in the amount of $40,000. The Company had no revenues for the quarter ended September 30, 2010. JANUARY 1, 2007 TO JUNE 30, 2010 The Company currently holds no producing assets and has no revenues. The net loss for the period from January 1, 2007 to September 30, 2010 being the development stage totaled $226,216. Of the net loss 83% or $206,629 is attributed to general and administrative expenses. We incurred $40,197 or 16% of the total net loss due to interest expense on convertible loans. Amortization costs for the period were $1,772 or less than 1% of net loss LIQUIDITY AND CAPITAL RESOURCES The Company is planning to expand its operations into Applied Security Technologies which will complement its training business. Research and development activities require substantial. If we are unsuccessful in obtaining financing and fail to achieve and sustain a profitable level of operations, we may be unable to fully implement our business plans or continue operations. Future financing through equity, debt or other sources could result in the dilution of Company equity, increase our liabilities, and/or restrict the future availability and use of cash resources. Additionally, there can be no assurance that adequate financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to execute our business plans, and will be required to scale back the pace and magnitude of our oil and gas prospects drilling and development initiatives. We also may not be able to meet our vendor and service provider obligations as they become due. In such event, we will be forced to cease our operations. 8
FUTURE OPERATIONS CASH REQUIREMENTS During the twelve month period ending December 31, 2010, we project cash requirements of approximately $100,000 as we continue to restructure our activities. Our requirements are comprised of $65,000 for general and administrative costs primarily related to professional fees associated with being a public company; and $35,000 research and development for applied security technologies. There are no assurances, however, that we will be able to raise sufficient financing to meet our needs in the future. In the event that we are unable to raise additional financing, and fail to generate significant operating cash flow, we will be required to modify our business plan accordingly. Should we raise funds through equity financing, debt financing, or other sources, it could result in dilution in the equity ownership of our shares. There is still no assurance that we will be able to maintain operations at a level sufficient for an investor to obtain a return on his investment. Further, until we are able to raise additional capital, we expect to continue to be unprofitable. Over the next twelve months we intend to use all available funds to continue our training operations and to begin research and development activities into applied security technologies. Our estimated funding needs for the next twelve months are summarized below: Estimated Funding Required During the Twelve Month Period Ending December 31, 2010 ------------------------ Operating, general and administrative costs $ 65,000 Exploration and development prospect identification and screening $ 35,000 -------- TOTAL $100,000 ======== PRODUCT RESEARCH AND DEVELOPMENT Our business plan is focused on continued international training of law enforcement officers and research and development activities into applied security technology devices. The Canadian Tactical Training Academy is an educational organization devoted to the training of Law Enforcement, security, investigation, protection officers and all those who dedicate themselves to maintaining peace. The Academy also provides tailored security and safety-oriented civilian training at both the individual and/or corporate levels. We offer recognized tactical training programs of the highest level, as well as specialized programs for the fields of Intelligence and Investigation, Executive Protection and both Public and Private Security and Safety. Above and beyond the quality of its training programs, the strength of an academy resides in the competency and capabilities of its instructors. Our instructors are very carefully selected and have proven their superior skills in both the field and classroom before they are entrusted the guidance and professional development of our students. Our Mission is to facilitate professional training and operational objectives by offering the tools and guidance required to enhance careers and ensure the survival of its participants. CTTA offers specialized programs such as: Executive Protection, Investigation and Surveillance, Rapid Integrated Survival Kombat (RISK) System, Tactical Firearms, Handcuffing, Airport and Airline Security (IATA and ICAO standards), Ports Facilities and Maritime Security (ISPS Code), Basic SWAT Techniques, Corporate Safety Awareness, and much more. Our civilian training programs are recognized by numerous notable corporations, and our instructors are proud members of several prestigious law enforcement and security associations. 9
We do not anticipate that we will expend any significant funds on research and development over the next twelve months ending December 31, 2010. PURCHASE OF SIGNIFICANT EQUIPMENT We do not intend to purchase any significant equipment over the next twelve months ending December 31, 2010 EMPLOYEES Currently we have no full-time or part-time employees. We utilize short term contractors as necessary. Our directors and officers provide services on a month to month basis pursuant to oral arrangements, but have not signed employment or consulting agreements with us. We do not expect any material changes in the number of employees over the next 12 month period. We may enter formal written service agreements with our directors and officers in the future. We expect to continue to outsource contract employment as needed. Depending on the level of success of our exploration and development initiatives, we may retain full- or part-time employees in the future. GOING CONCERN The accompanying financial statements have been prepared assuming we will continue as a going concern. We incurred a net profit of $11,590 for the quarter ended September 30, 2010 and a net loss of $9,180 for the same period in 2009. The Company' primary source of operating funds during 2010 has been advances from shareholders. The Company does not currently hold an interest in any oil and gas properties. There are no assurances that we will be able, over the next twelve months, to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings, bank financing or shareholder advances necessary to support Canadian Tactical Training Academy Inc.'s working capital requirements. To the extent that funds generated from operations and any private placements, public offerings or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to Canadian Tactical Training Academy Inc. If adequate working capital is not available, Canadian Tactical Training Academy Inc. may be required to cease its operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. These conditions raise substantial doubt about our ability to continue as a going concern. There are no definitive agreements or arrangements for future funding. APPLICATION OF CRITICAL ACCOUNTING POLICIES Our financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our consolidated financial statements is critical to an understanding of our balance sheet, the statements of operations and stockholders' equity, and the cash flows statements included elsewhere in this filing. 10
ITEM 4(T). CONTROLS AND PROCEDURES The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as required by Sarbanes-Oxley (SOX) Section 404 A. The Company's internal control over financial reporting is a process designed under the supervision of the Company's Principal Executive Officer who is also our Principal Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external purposes in accordance with U.S. generally accepted accounting principles. As of September 30, 2010, management assessed the effectiveness of the Company's internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") and SEC guidance on conducting such assessments. Based on that evaluation, they concluded that, during the period covered by this report, such internal controls and procedures were not effective to detect the inappropriate application of US GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of our internal control over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses. The matters involving internal controls and procedures that the Company's management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) inadequate segregation of duties consistent with control objectives; (2) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (3) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by the Company's Principal Financial Officer in connection with the audit of our financial statements as of December 31, 2009 and communicated the matters to our management. Management believes that the material weaknesses set forth in items (1), (2) and (3) above did not have an effect on the Company's financial results. We are committed to improving our financial organization. As part of this commitment, we will i) create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to the Company ii) preparing and implement sufficient written policies and checklists which will set forth procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements. Management believes that preparing and implementing sufficient written policies and checklists will remedy the following material weaknesses (i) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (ii) ineffective controls over period end financial close and reporting processes. Further, management believes that the hiring of additional personnel who have the technical expertise and knowledge will result proper segregation of duties and provide more checks and balances within the department. Additional personnel will also provide the cross training needed to support the Company if personnel turn over issues within the department occur. We will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow. This annual report does not include an attestation report of the Company's registered accounting firm regarding internal control over financial reporting. Management's report is not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission. 11
PART II - OTHER INFORMATION ITEM 6. EXHIBITS 10.1 Share Exchange Agreement 31.1 Certification Pursuant to Rule 13a-14(a) or 15d-14(a) of the U.S. Securities Exchange Act of 1934 32.1 Section 1350 Certification of the Principal Executive Officer and Principal Financial Officer SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 14, 2012 CANADIAN TACTICAL TRAINING ACADEMY (Registrant) By: /s/ Jocelyn Moisan ------------------------------------ Jocelyn Moisan President 12