Ann: Financial Report for the year ended 30 June 2016-FMS.AX, page-2

Hmmm bland (if looking fresh from the outside) but interesting (if familiar with history and current state of play) financials.

Not painting a pretty picture here at all nor a good picture as to where things appear to be heading from a financial perspective. The FMS Board is like sitting ducks in a shooting gallery line-up, the retained earnings (losses) make a take-over appealing (refer DTA $22.6m on page 46) but only really of use to TIO as the current controlling interest - there aren't too many others that are going to be interested in taking this on now and FMS can no longer do it themselves.

The really scary part is the near zero revenue and monthly costs and this part of the report Item 26 on page 57 that makes reference to the current loan and subsequent capital raising and then coupled with Item 31 on Page 63.

First calendar quarter 2017 is when things will come to a crunch unless something substantial happens before then. TIO makes another offer (on, off or SoA) or a merger with BBIG or FMS declares itself insolvent and goes into administration and TIO picks up the lot for peanuts.

Mah Jong!