Anyone even curious about the financial statements should not trade here. This trade concerns the ticker, not the company. When "big money" moves in, as it likely will in a week, it's moving to help the lenders make loads of cash off their predatory loans to FREE -- it absolutely has nothing to do with the company IMO, which simply exists now because it has some good relationships with lenders.
That said, I still think this is a good stock for trades. Once 3 weeks of trading have given the last lender (from April 16) their maximum amount of shares they can receive, then the stock will start going up whether it has any reason to deserve to or not.
Only criticism of Audiophul (who's been around forever) is that everyone knows this company is junk. It just has consistently been able to produce huge jumps on the rare days it's in the green. So the whole goal is to time one's entry point -- and if you miss it, get out quick, and if you time it successfully, you also get out quick.
If you choose to go long FreeSeas, as one Seeking Alpha writer bizarrely recommended, you'll lose a ton of money -- but if you're an intraday trader who enters at the bottom of any given day, or if luck simply helps you get in at a great time, the stock's a quick way to help you gain some extra bucks to buy some toys for your kids, etc.