Start the game than press the C button on both controllers. Hold them down and hit reset. You'll hear a sound when the title screen pops up. Start the game again, hitting start to goto the alchemy screen, and push the pad on controller 2, left, right, up then down. Push start on controller 2 for water alchemy, button a for earth alchemy, button b for fire alchemy and button c for air alchemy.
Wait 15 minutes on the hourglass screen after defeating the final boss that appears after all levels are beaten, and you'll see the text "NOT THE END" appear for a few seconds before the game resets itself.