Attached files
Larry
O'Donnell, CPA, P.C.
Telephone
(303)
745-4545
2228 South Fraser Street
Fax (303)
369-9384 Unit
I
Email
larryodonnellcpa@comcast.net Aurora,
Colorado 80014
www.larryodonnellcpa.com
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of
Directors
Tactical
Air Defense Services, Inc.
Fort
Lauderdale, Florida
I have audited the
accompanying consolidated balance sheet of Tactical Air Defense Services, Inc.,
and subsidiaries as of December 31, 2009 and 2008, and the related consolidated
statements of operations, stockholders’ (deficiency) equity and cash flows for
the years then ended. These financial statements are the responsibility of
management. My responsibility is to express an opinion on these financial
statements based on my audit.
I
conducted my audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that I plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
In my
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of Tactical Air Defense
Services, Inc. as of December 31, 2009 and 2008, and the results of operations
and its cash flows for for the years then ended, in conformity with accounting
principles generally accepted in the United States.
These
consolidated financial statements have been prepared assuming that the Company
will continue as a going concern. As discussed in Note 1 to the consolidated
financial statements, the Company has operating and liquidity concerns, has
incurred an accumulated deficit of $38,524,104 through the period ended December
31, 2009. This condition raises substantial doubt about the Company's ability to
continue as a going concern. Management's plans as to these matters are also
described in Note 1. The consolidated financial statements do not include any
adjustments to reflect the possible future effects on the recoverability and
classification of assets or the amounts and classification of liabilities that
may result from the outcome of these uncertainties.
/s/ Larry
O'Donnell, CPA, PC
Larry
O’Donnell, CPA, PC
April 14,
2010