Ann: Prospectus and 3B for Rights Issue , page-3

Total assets = $17,409,908
Total Liabilites = $6,825,422
Net ASSETS = $10,584,486

PLUS value of SHIP now it has NTA and ML.
PLUS $300,000,000 due on completion of finance agreement.

Clearly there is huge potential that does not show up on the balance sheet.

Conclusions:
FAS is grossly undervalued IMO (as are many stocks ATM). Some people do not know how to correctly assess a balance sheet and are wise not to hold shares in something they do not understand.