**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**





**FORM
      10-KSB**


(Mark
      One)




**x**
            ANNUAL REPORT UNDER SECTION 13 OR 15(d)
              OF
              THE SECURITIES EXCHANGE ACT OF 1934




For
      the
      fiscal year ended:  **December
      31, 2006**


£
              TRANSITION REPORT UNDER SECTION 13
                OR 15(d)
                OF THE SECURITIES EXCHANGE ACT OF
                1934




For
      the
      transition period from ________ to ________





Commission
      File No. **000-52118**




**Fluid
      Media Networks, Inc.**


(Exact
      name of registrant as specified in its charter)




**Delaware**
            
            
            
            **20-5153378
                ****(State
                of other jurisdiction
            
            
            
            (IRS
                Employerof
                incorporation)
            
            
            
            Identification
                No.)**5813-A
                Uplander Way****Culver
                City, California**
            
            
            
            **90230**(Address
                of principal executive offices)
            
            
            
            (Zip
                Code)





****
      - IRS Employer Identification No. issued to Freedom 20,
      Inc.**





Registrant’s
      telephone number, including area code: **(310)
      665-9878**





Freedom
      20, Inc.


The
      Galleria


2
      Bridge
      Avenue


Red
      Bank, New Jersey 07701


(Former
      name or former address, if changed since last report.)





Securities
      registered under Section 12(b) of the Exchange Act:





None





Securities
      registered under Section 12(g) of the Exchange Act:





Common
      Stock, $0.0001 par value per share


(Title
      of
      Class)





Check
      whether the issuer is not required to file reports pursuant to Section 13 or
      15(d) of the Exchange Act. £





Check
      whether the registrant (1) filed all reports required to be filed by Section
      13
      or 15(d) of the Exchange Act during the past 12 months (or for such shorter
      period that the registrant was required to file such reports), and (2) has
      been
      subject to such filing requirements for the past 90 days. Yes **x** No £





Check
      if
      there is no disclosure of delinquent filers in response to Item 405 of
      Regulation S-B contained in this form, and no disclosure will be contained,
      to
      the best of registrant’s knowledge, in definitive proxy or information
      statements incorporated by reference in Part III of this Form 10-KSB or any
      amendment to this Form 10-KSB. £




Check
      whether the registrant is a shell company (as defined in Rule 12b-2 of the
      Exchange Act). Yes **x** No £ (As of
      February 13, 2007)





Check
      whether the registrant is an accelerated filer (as defined in Rule 12b-2 of
      the
      Act). Yes £ No **x**





The
      Registrant did not have any revenues for the year ended December 31,
      2006.





As
      of
      February 13, 2007, there were 100,000 shares of common stock
      outstanding.





**DOCUMENTS
      INCORPORATED BY REFERENCE:**


None




**FREEDOM
      20, INC.**


**FORM
      10-KSB**


**For
      the Fiscal Year Ended December 31, 2006**





TABLE
      OF CONTENTS




FORWARD-LOOKING STATEMENTS
            3EXPLANATORY NOTE
            3PART I
            3Item
                1.Description
                of Business.
            3*Subsequent
                Event*
            3*The
                Merger*
            4*Overview
                of Freedom 20, Inc.*
            4Item
                2.Description
                of Property.
            10Item
                3.Legal
                Proceedings.
            10Item
                4.Submission
                of Matters to a Vote of Security Holders.
            10PART II
            11Item
                5.Market
                for Common Equity, Related Stockholder Matters and Issuer Purchases
                of
                Equity Securities.
            11Item
                6.Management’s
                Discussion and Analysis or Plan of Operation.
            11Plan
                of Operation
            11Results
                of Operations
            11Item
                7. Financial
                Statements.
            F-1Item
                8.Changes
                in and Disagreements with Accountants on Accounting and Financial
                Disclosure.
            14Item
                8A.         Controls
                and Procedures.
            14Item
                8B.Other
                Information.
            14PART III
            14Item
                9.Directors,
                Executive Officers, Promoters, Control Persons and Corporate Governance;
                Compliance with Section 16(a) of the Exchange Act.
            14Item
                10.Executive
                Compensation.
            15Director Compensation
            15Employment Agreements
            16Item
                11.Security Ownership
                of
                Certain Beneficial Owners and Management and Related Stockholder
                Matters.
            16Item
                12.Certain Relationships
                and Related Transactions, and Director Independence.
            16Item
                13.Exhibits and
                Reports
                on Form 8-K.
            16Item
                14.Principal Accountant
                Fees and Services.
            17SIGNATURES
            18




2





**FORWARD-LOOKING
      STATEMENTS** ****





Certain
      statements made in this Annual Report on Form 10-KSB are “forward-looking
      statements” (within the meaning of the Private Securities Litigation Reform Act
      of 1995) regarding the plans and objectives of management for future operations.
      Such statements involve known and unknown risks, uncertainties and other factors
      that may cause actual results, performance or achievements of Freedom 20, Inc.
      (the “Company”) to be materially different from any future results, performance
      or achievements expressed or implied by such forward-looking statements. The
      forward-looking statements included herein are based on current expectations
      that involve numerous risks and uncertainties. The Company’s plans and
      objectives are based, in part, on assumptions involving the continued expansion
      of business. Assumptions relating to the foregoing involve judgments with
      respect to, among other things, future economic, competitive and market
      conditions and future business decisions, all of which are difficult or
      impossible to predict accurately and many of which are beyond the control of
      the
      Company. Although the Company believes its assumptions underlying the
      forward-looking statements are reasonable, any of the assumptions could prove
      inaccurate and, therefore, there can be no assurance the forward-looking
      statements included in this Report will prove to be accurate. In light of the
      significant uncertainties inherent in the forward-looking statements included
      herein, the inclusion of such information should not be regarded as a
      representation by the Company or any other person that the objectives and plans
      of the Company will be achieved.





**EXPLANATORY
      NOTE**





This
      annual report on Form 10-KSB for the fiscal year ended December 31, 2006
      pertains to the business and operation of the registrant’s predecessor entity,
      Freedom 20, Inc., a Delaware corporation, due to the fact that the Sale and
      Merger (as defined herein) were consummated after the reporting period. Fluid
      Media Networks, Inc. will file a current report on Form 8-K with the Commission
      therein reporting its financial results and operations for the fiscal year
      ended
      December 31, 2006. See “Subsequent Event.”





**PART
      I**





*As
      used in this annual report and unless otherwise indicated, the terms the
“Company,” “Freedom 20, Inc. ” “we,” “us,” and “our” refer to Freedom 20, Inc.,
      a Delaware corporation,* *before* *giving effect to (i) the merger of Fluid Audio Network, Inc., a privately held
      Delaware corporation and our successor parent company (* “ *Fluid
      Audio* *”),
      with and into Freedom 20, Inc., (ii) the change of name of Freedom 20, Inc.
      to
      Fluid Media Networks, Inc., and (iii) the related transactions described below,
      unless the context requires otherwise.*





**Item
      1.** **Description
      of Business.**





**Subsequent
      Event**





On
      February 14, 2007, Fluid Audio Network, Inc. entered into a Subscription
      Agreement (the *“* Subscription
      Agreement *”)* and a
      Plan and Agreement of Merger with Freedom 20, Inc., Inc. (the *“* Merger
      Agreement *”).*





On
      February 14, 2007, Freedom 20, Inc., Inc. entered into a Redemption Agreement *(“* Redemption
      Agreement *”)* with its
      sole shareholder, Getting You There, LLC, pursuant to which the Freedom 20,
      Inc., Inc. redeemed all of the issued and outstanding shares, an aggregate
      of
      100,000 shares, of Freedom 20, Inc.’s Common Stock, par value $0.0001 per share
      (the *“* Freedom
      20, Inc. Common Stock *”)* ,
      in
      consideration of an aggregate payment consisting of $1.00 and 82,500 shares
      of
      the Company’s Common Stock, $0.0001 per share (the *“* Fluid
      Media Common Stock ”) *.*





Concurrently
      with the execution and pursuant to the term of the Merger Agreement, Fluid
      Audio
      purchased 1 share of Freedom 20, Inc. Common Stock for an aggregate purchase
      price of $1.00 and Freedom 20, Inc. became a wholly-owned subsidiary of Fluid
      Audio (the *“* Sale *).* Following the Sale and pursuant to the terms of the Merger Agreement, Freedom
      20, Inc. effected a short-form parent-subsidiary merger of Fluid Audio with
      and
      into Freedom 20, Inc. pursuant to which the separate existence of Fluid Audio
      was terminated (the “Merger”), and Freedom 20, Inc. as the surviving entity,
      changed its name to Fluid Media Networks, Inc. (“Fluid Media”).





Fluid
      Media filed a Current Report on Form 8-K (SEC File No.: 000-52118) with the
      Commission on February 21, 2007 and Amendment No. 1 thereto (SEC File No.:
      000-52118) on March 8, 2007 therein describing the terms and conditions of
      the
      Sale and Merger as well as other information and financial statements required
      to be disclosed in such report.





3


As
      used
      in this Annual Report on Form 10-KSB all references to the “Company,” “we,”
“our” and “us” for periods prior to the consummation of the Merger refer to
      Freedom 20, Inc, and references to the “Company,” “we,” “our” and “us” for
      periods subsequent to the consummation of the Merger refer to Fluid Media.
      Information regarding Freedom 20, Inc., Fluid Audio and the principal terms
      of
      the Merger are set forth below.





**The
      Merger** ****





On
      February 14, 2007, Freedom 20, Inc. entered into the Merger Agreement with
      Fluid
      Audio. Concurrently with the execution of the Merger Agreement, Freedom 20,
      Inc.
      redeemed all of its issued and outstanding shares of common stock (100,000
      shares), Fluid Audio purchased one share of Freedom 20, Inc. Common Stock for
      an
      aggregate purchase price of $1.00, and Freedom 20, Inc. became a wholly-owned
      subsidiary of Fluid Audio. Following the Sale, Freedom 20, Inc. effected a
      short-form parent-subsidiary merger pursuant to the Merger Agreement of Fluid
      with and into Freedom 20, Inc., pursuant to which the separate existence of
      Fluid Audio terminated, and Freedom 20, Inc. changed its name to Fluid Media
      Networks, Inc.





Pursuant
      to the Merger Agreement, at closing, stockholders of Fluid Audio received one
      share of Fluid Media Common Stock for each issued and outstanding share of
      Fluid
      Audio Common Stock. As a result, at closing, Fluid Media issued 5,964,818 shares
      of Fluid Media Common Stock, representing 100% of Fluid Media’s issued and
      outstanding Common Stock immediately following the Merger, 1,800,000 shares
      of
      Series A Preferred Stock, 1,044,124 shares of Series B Preferred Stock and
      1,078,000 shares of Series C Preferred Stock, representing 100% of Fluid Media’s
      issued and outstanding Series A, B and C Preferred Stock immediately following
      the Merger.





The
      issuance of shares of Fluid Media Common Stock to holders of Fluid Audio’s
      capital stock in connection with the Merger was not registered under the
      Securities Act of 1933, as amended (the *“* Securities
      Act *”),* in
      reliance upon the exemption from registration provided by Section 4(2) of the
      Securities Act and Regulation D promulgated under that section, which exempts
      transactions by an issuer not involving any public offering. These securities
      may not be offered or sold in the United States absent registration or an
      applicable exemption from the registration requirements under the Securities
      Act
      or state law.





Changes
      Resulting from the Merger. From the
      consummation of the Merger, we have been conducting Fluid
      Audio’s business as our sole line of business. We relocated our executive
      offices to 5813-A Uplander Way, Culver City, California 90230, and our telephone
      number is (310) 665-9878.





Changes
      to the Board of Directors . Immediately
      following the execution of the Subscription Agreement and pursuant to the terms
      of the Merger Agreement, Virginia K. Sourlis, Freedom 20, Inc.’s sole director
      and its President and Secretary, resigned and appointed Justin F. Beckett and
      Hank Torbert as directors of Freedom 20, Inc., effective at the effective time
      of the Sale.





All
      directors hold office for one-year terms until the election and qualification
      of
      their respective successors. Officers are elected by the board of directors
      and
      serve at the discretion of the board.





Accounting
      Treatment; Change of Control. The
      Merger was accounted for as a “reverse merger,” since the stockholders of Fluid
      Audio immediately prior to the Merger will own all of the outstanding shares
      of
      Fluid Media Common Stock immediately following the Merger. Fluid Audio is deemed
      to be the acquiror in the reverse merger.





**Overview
      of Freedom 20, Inc.** **(pre-merger on February 14, 2007)**





(a) Business
      Development





Freedom
      20, Inc. was incorporated in the State of Delaware on June 27, 2006. Since
      inception, the Company has been engaged in organizational efforts and obtaining
      initial financing. The Company was formed as a vehicle to pursue a business
      combination and has made efforts to identify a possible business combination.





(b) Business
      of Registrant





The
      Company, based on proposed business activities, is a “blank check” company. The
      SEC defines those companies as “any development stage company that is issuing a
      penny stock, within the meaning of Section 3 (a) (51) of the Exchange Act,
      and
      that has no specific business plan or purpose, or has indicated that its
      business plan is to merge with an unidentified company or companies.”





4


Many
      states have enacted statutes, rules and regulations limiting the sale of
      securities of “blank check” companies in their respective jurisdictions.
      Management does not intend to undertake any efforts to cause a market to develop
      in our securities, either debt or equity, until we have successfully concluded
      a
      business combination. The Company intends to comply with the periodic reporting
      requirements of the Exchange Act for so long as we are subject to those
      requirements.





The
      Company was organized as a vehicle to investigate and, if such investigation
      warrants, acquire a target company or business seeking the perceived advantages
      of being a publicly held corporation. The Company’s principal business objective
      for the next 12 months and beyond such time will be to achieve long-term growth
      potential through a combination with a business rather than immediate,
      short-term earnings. The Company will not restrict its potential candidate
      target companies to any specific business, industry or geographical location
      and, thus, may acquire any type of business.





The
      analysis of new business opportunities has and will be undertaken by or under
      the supervision of the officers and directors of the Registrant. The Registrant
      has considered potential acquisition transactions with several companies, but
      as
      of this date has not entered into any definitive agreement with any party.
      The
      Registrant has unrestricted flexibility in seeking, analyzing and participating
      in potential business opportunities. In its efforts to analyze potential
      acquisition targets, the Registrant will consider the following kinds of
      factors:





(a) Potential
      for growth, indicated by new technology, anticipated market expansion or new
      products;





(b) Competitive
      position as compared to other firms of similar size and experience within the
      industry segment as well as within the industry as a whole;





(c) Strength
      and diversity of management, either in place or scheduled for
      recruitment;





(d) Capital
      requirements and anticipated availability of required funds, to be provided
      by
      the Registrant or from operations, through the sale of additional securities,
      through joint ventures or similar arrangements or from other
      sources;





(e) The
      cost
      of participation by the Registrant as compared to the perceived tangible and
      intangible values and potentials;





(f) The
      extent to which the business opportunity can be advanced;





(g) The
      accessibility of required management expertise, personnel, raw materials,
      services, professional assistance and other required items; and





(h) Other
      relevant factors.





In
      applying the foregoing criteria, no one of which will be controlling, management
      will attempt to analyze all factors and circumstances and make a determination
      based upon reasonable investigative measures and available data. Potentially
      available business opportunities may occur in many different industries, and
      at
      various stages of development, all of which will make the task of comparative
      investigation and analysis of such business opportunities extremely difficult
      and complex. Due to the Registrant’s limited capital available for
      investigation, the Registrant may not discover or adequately evaluate adverse
      facts about the opportunity to be acquired.





**FORM
      OF ACQUISITION**





The
      manner in which the Registrant participates in an opportunity will depend upon
      the nature of the opportunity, the respective needs and desires of the
      Registrant and the promoters of the opportunity, and the relative negotiating
      strength of the Registrant and such promoters.





It
      is
      likely that the Registrant will acquire its participation in a business
      opportunity through the issuance of common stock or other securities of the
      Registrant. Although the terms of any such transaction cannot be predicted,
      it
      should be noted that in certain circumstances the criteria for determining
      whether or not an acquisition is a so-called “tax free” reorganization under
      Section 368(a) (1) of the Internal Revenue Code of 1986, as amended (the
“Code”), depends upon whether the owners of the acquired business own 80% or
      more of the voting stock of the surviving entity.





5


If
      a
      transaction were structured to take advantage of these provisions rather than
      other “tax free” provisions provided under the Code, all prior stockholders
      would in such circumstances retain 20% or less of the total issued and
      outstanding shares of the surviving entity. Under other circumstances, depending
      upon the relative negotiating strength of the parties, prior stockholders may
      retain substantially less than 20% of the total issued and outstanding shares
      of
      the surviving entity. This could result in substantial additional dilution
      to
      the equity of those who were stockholders of the Registrant prior to such
      reorganization.





The
      present stockholders of the Registrant will likely not have control of a
      majority of the voting shares of the Registrant following a reorganization
      transaction. As part of such a transaction, all or a majority of the
      Registrant’s directors may resign and new directors may be appointed without any
      vote by stockholders.





In
      the
      case of an acquisition, the transaction may be accomplished upon the sole
      determination of management without any vote or approval by stockholders. In
      the
      case of a statutory merger or consolidation directly involving the Company,
      it
      will likely be necessary to call a stockholders’ meeting and obtain the approval
      of the holders of a majority of the outstanding shares. The necessity to obtain
      such stockholder approval may result in delay and additional expense in the
      consummation of any proposed transaction and will also give rise to certain
      appraisal rights to dissenting stockholders. Most likely, management will seek
      to structure any such transaction so as not to require stockholder
      approval.





It
      is
      anticipated that the investigation of specific business opportunities and the
      negotiation, drafting and execution of relevant agreements, disclosure documents
      and other instruments will require substantial management time and attention
      and
      substantial cost for accountants, attorneys and others. If a decision is made
      not to participate in a specific business opportunity, the costs theretofore
      incurred in the related investigation would not be recoverable. Furthermore,
      even if an agreement is reached for the participation in a specific business
      opportunity, the failure to consummate that transaction may result in the loss
      to the Registrant of the related costs incurred.





We
      presently have no employees apart from our management. Both of our officers
      and
      directors are engaged in outside business activities and anticipate that they
      will devote to our business only several hours per week until the acquisition
      of
      a successful business opportunity has been consummated. We expect no significant
      changes in the number of our employees other than such changes, if any, incident
      to a business combination.





(c)
      Reports to security holders.





(1)
      The
      Company is not required to deliver an annual report to security holders and
      at
      this time does not anticipate the distribution of such a report.





(2)
      The
      Company will file reports with the SEC. The Company will be a reporting company
      and will comply with the requirements of the Securities Exchange Act of 1934,
      as
      amended.





(3)
      The
      public may read and copy any materials the Company files with the SEC at the
      SEC’s Public Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549.
      The public may obtain information on the operation of the Public Reference
      Room
      by calling the SEC at 1-800-SEC-0330. Additionally, the SEC maintains an
      Internet site that contains reports, proxy and information statements, and
      other
      information regarding issuers that file electronically with the SEC, which
      can
      be found at http://www.sec.gov.





**Employees**





The
      Company currently has no employees.





**RISK
      FACTORS**





An
      investment in our securities is highly speculative and subject to numerous
      and
      substantial risks. These risks include those set forth below and elsewhere
      in
      this Form 10-KSB. Readers are encouraged to review these risks carefully before
      making any investment decision.




AN
      INVESTMENT IN THE COMPANY IS HIGHLY SPECULATIVE IN NATURE AND INVOLVES AN
      EXTREMELY HIGH DEGREE OF RISK.





There
      may
      be conflicts of interest between our management and our non-management
      stockholders.





6


Conflicts
      of interest create the risk that management may have an incentive to act
      adversely to the interests of other investors. A conflict of interest may arise
      between our management’s personal pecuniary interest and its fiduciary duty to
      our stockholders. Further, our management’s own pecuniary interest may at some
      point compromise its fiduciary duty to our stockholders. In addition, our
      officers and directors are currently involved with other blank check companies
      and conflicts in the pursuit of business combinations with such other blank
      check companies with which they and other members of our management are, and
      may
      be the future be, affiliated with may arise. If we and the other blank check
      companies that our officers and directors are affiliated with desire to take
      advantage of the same opportunity, then those officers and directors that are
      affiliated with both companies would abstain from voting upon the opportunity.
      In the event of identical officers and directors, the officers and directors
      will arbitrarily determine the company that will be entitled to proceed with
      the
      proposed transaction.





OUR
      BUSINESS IS DIFFICULT TO EVALUATE BECAUSE WE HAVE NO OPERATING
      HISTORY.





As
      we
      have no operating history or revenue and only minimal assets, there is a risk
      that we will be unable to continue as a going concern and consummate a business
      combination. We have had no recent operating history nor any revenues or
      earnings from operations since inception. We have no significant assets or
      financial resources. We will, in all likelihood, sustain operating expenses
      without corresponding revenues, at least until the consummation of a business
      combination. This may result in our incurring a net operating loss that will
      increase continuously until we can consummate a business combination with a
      profitable business opportunity. We cannot assure you that we can identify
      a
      suitable business opportunity and consummate a business
      combination.





THERE
      IS
      COMPETITION FOR THOSE PRIVATE COMPANIES SUITABLE FOR A MERGER TRANSACTION OF
      THE
      TYPE CONTEMPLATED BY MANAGEMENT.





We
      are in
      a highly competitive market for a small number of business opportunities which
      could reduce the likelihood of consummating a successful business combination.
      We are and will continue to be an insignificant participant in the business
      of
      seeking mergers with, joint ventures with and acquisitions of small private
      and
      public entities. A large number of established and well-financed entities,
      including small public companies and venture capital firms, are active in
      mergers and acquisitions of companies that may be desirable target candidates
      for us. Nearly all these entities have significantly greater financial
      resources, technical expertise and managerial capabilities than we do;
      consequently, we will be at a competitive disadvantage in identifying possible
      business opportunities and successfully completing a business combination.
      These
      competitive factors may reduce the likelihood of our identifying and
      consummating a successful business combination.





FUTURE
      SUCCESS IS HIGHLY DEPENDENT ON THE ABILITY OF MANAGEMENT TO LOCATE AND ATTRACT
      A
      SUITABLE ACQUISITION.





The
      nature of our operations is highly speculative and there is a consequent risk
      of
      loss of your investment. The success of our plan of operation will depend to
      a
      great extent on the operations, financial condition and management of the
      identified business opportunity. While management intends to seek business
      combination(s) with entities having established operating histories, we cannot
      assure you that we will be successful in locating candidates meeting that
      criterion. In the event we complete a business combination, the success of
      our
      operations may be dependent upon management of the successor firm or venture
      partner firm and numerous other factors beyond our control.





THE
      COMPANY HAS NO EXISTING AGREEMENT FOR A BUSINESS COMBINATION OR OTHER
      TRANSACTION.





We
      have
      no arrangement, agreement or understanding with respect to engaging in a merger
      with, joint venture with or acquisition of, a private or public entity. No
      assurances can be given that we will successfully identify and evaluate suitable
      business opportunities or that we will conclude a business combination.
      Management has not identified any particular industry or specific business
      within an industry for evaluation. We cannot guarantee that we will be able
      to
      negotiate a business combination on favorable terms, and there is consequently
      a
      risk that funds allocated to the purchase of our shares will not be invested
      in
      a company with active business operations.





MANAGEMENT
      INTENDS TO DEVOTE ONLY A LIMITED AMOUNT OF TIME TO SEEKING A TARGET COMPANY
      WHICH MAY ADVERSELY IMPACT OUR ABILITY TO IDENTIFY A SUITABLE ACQUISITION
      CANDIDATE.





While
      seeking a business combination, management anticipates devoting no more than
      a
      few hours per week to the Company’s affairs.




7


Our
      officers have not entered into written employment agreements with us and are
      not
      expected to do so in the foreseeable future. This limited commitment may
      adversely impact our ability to identify and consummate a successful business
      combination.





THE
      TIME
      AND COST OF PREPARING A PRIVATE COMPANY TO BECOME A PUBLIC REPORTING COMPANY
      MAY
      PRECLUDE US FROM ENTERING INTO A MERGER OR ACQUISITION WITH THE MOST ATTRACTIVE
      PRIVATE COMPANIES.





Target
      companies that fail to comply with SEC reporting requirements may delay or
      preclude acquisition. Sections 13 and 15(d) of the Exchange Act require
      reporting companies to provide certain information about significant
      acquisitions, including certified financial statements for the company acquired,
      covering one, two, or three years, depending on the relative size of the
      acquisition. The time and additional costs that may be incurred by some target
      entities to prepare these statements may significantly delay or essentially
      preclude consummation of an acquisition. Otherwise suitable acquisition
      prospects that do not have or are unable to obtain the required audited
      statements may be inappropriate for acquisition so long as the reporting
      requirements of the Exchange Act are applicable.





THE
      COMPANY MAY BE SUBJECT TO FURTHER GOVERNMENT REGULATION WHICH WOULD ADVERSELY
      AFFECT OUR OPERATIONS.





Although
      we will be subject to the reporting requirements under the Exchange Act,
      management believes we will not be subject to regulation under the Investment
      Company Act of 1940, as amended (the “Investment Company Act”), since we will
      not be engaged in the business of investing or trading in securities. If we
      engage in business combinations which result in our holding passive investment
      interests in a number of entities, we could be subject to regulation under
      the
      Investment Company Act. If so, we would be required to register as an investment
      company and could be expected to incur significant registration and compliance
      costs. We have obtained no formal determination from the Securities and Exchange
      Commission as to our status under the Investment Company Act and, consequently,
      violation of the Act could subject us to material adverse
      consequences.





ANY
      POTENTIAL ACQUISITION OR MERGER WITH A FOREIGN COMPANY MAY SUBJECT US TO
      ADDITIONAL RISKS.





If
      we
      enter into a business combination with a foreign concern, we will be subject
      to
      risks inherent in business operations outside of the United States. These risks
      include, for example, currency fluctuations, regulatory problems, punitive
      tariffs, unstable local tax policies, trade embargoes, risks related to shipment
      of raw materials and finished goods across national borders and cultural and
      language differences. Foreign economies may differ favorably or unfavorably
      from
      the United States economy in growth of gross national product, rate of
      inflation, market development, rate of savings, and capital investment, resource
      self-sufficiency and balance of payments positions, and in other
      respects.





THERE
      IS
      CURRENTLY NO TRADING MARKET FOR OUR COMMON STOCK.





Outstanding
      shares of our Common Stock cannot be offered, sold, pledged or otherwise
      transferred unless subsequently registered pursuant to, or exempt from
      registration under, the Securities Act and any other applicable federal or
      state
      securities laws or regulations. These restrictions will limit the ability of
      our
      stockholders to liquidate their investment.





OUR
      BUSINESS WILL HAVE NO REVENUES UNLESS AND UNTIL WE MERGE WITH OR ACQUIRE AN
      OPERATING BUSINESS.





We
      are a
      development stage company and have had no revenues from operations. We may
      not
      realize any revenues unless and until we successfully merge with or acquire
      an
      operating business.





THE
      COMPANY INTENDS TO ISSUE MORE SHARES IN A MERGER OR ACQUISITION, WHICH WILL
      RESULT IN SUBSTANTIAL DILUTION.





Our
      certificate of incorporation authorizes the issuance of a maximum of 100,000,000
      shares of common stock and a maximum of 10,000,000 shares of preferred stock.
      Any merger or acquisition effected by us may result in the issuance of
      additional securities without stockholder approval and may result in substantial
      dilution in the percentage of our common stock held by our then existing
      stockholders.





8


Moreover,
      the common stock issued in any such merger or acquisition transaction may be
      valued on an arbitrary or non-arm’s-length basis by our management, resulting in
      an additional reduction in the percentage of common stock held by our then
      existing stockholders. Our Board of Directors has the power to issue any or
      all
      of such authorized but unissued shares without stockholder approval. To the
      extent that additional shares of Common Stock or Preferred Stock are issued
      in
      connection with a business combination or otherwise, dilution to the interests
      of our stockholders will occur and the rights of the holders of Common Stock
      might be materially adversely affected.





OUR
      STOCKHOLDER MAY ENGAGE IN A TRANSACTION TO CAUSE THE COMPANY TO REPURCHASE
      ITS
      SHARES OF COMMON STOCK.





In
      order
      to provide an interest in the Company to a third party, our stockholder may
      choose to cause us to sell our securities to third parties, with the proceeds
      of
      such sale being utilized by us to repurchase shares of common stock held by
      our
      sole stockholder. As a result of such transaction, our management, sole
      stockholder and Board of Directors may change.





THE
      COMPANY HAS CONDUCTED NO MARKET RESEARCH OR IDENTIFICATION OF BUSINESS
      OPPORTUNITIES, WHICH MAY AFFECT OUR ABILITY TO IDENTIFY A BUSINESS TO MERGE
      WITH
      OR ACQUIRE.





We
      have
      neither conducted nor have others made available to us results of market
      research concerning prospective business opportunities. Therefore, we have
      no
      assurances that market demand exists for a merger or acquisition as contemplated
      by us. Our management has not identified any specific business combination
      or
      other transactions for formal evaluation by us, such that it may be expected
      that any such target business or transaction will present such a level of risk
      that conventional private or public offerings of securities or conventional
      bank
      financing will not be available. There is no assurance that we will be able
      to
      acquire a business opportunity on terms favorable to us. Decisions as to which
      business opportunity to participate in will be unilaterally made by our
      management, which may act without the consent, vote or approval of our
      stockholders.





BECAUSE
      WE MAY SEEK TO COMPLETE A BUSINESS COMBINATION THROUGH A “REVERSE MERGER”,
      FOLLOWING SUCH A TRANSACTION WE MAY NOT BE ABLE TO ATTRACT THE ATTENTION OF
      MAJOR BROKERAGE FIRMS.





Additional
      risks may exist since we will assist a privately held business to become public
      through a “reverse merger.” Securities analysts of major brokerage firms may not
      provide coverage of our Company since there is no incentive to brokerage firms
      to recommend the purchase of our common stock. No assurance can be given that
      brokerage firms will want to conduct any secondary offerings on behalf of our
      post-merger company in the future.





WE
      CANNOT
      ASSURE YOU THAT FOLLOWING A BUSINESS COMBINATION WITH AN OPERATING BUSINESS;
      OUR
      COMMON STOCK WILL BE LISTED ON NASDAQ OR ANY OTHER SECURITIES
      EXCHANGE.





Following
      a business combination, we may seek the listing of our common stock on NASDAQ
      or
      the American Stock Exchange. However, we cannot assure you that following such
      a
      transaction, we will be able to meet the initial listing standards of either
      of
      those or any other stock exchange, or that we will be able to maintain a listing
      of our common stock on either of those or any other stock exchange. After
      completing a business combination, until our common stock is listed on the
      NASDAQ or another stock exchange, we expect that our common stock would be
      eligible to trade on the OTC Bulletin Board, another over-the-counter quotation
      system, or on the “pink sheets,” where our stockholders may find it more
      difficult to dispose of shares or obtain accurate quotations as to the market
      value of our common stock. In addition, we would be subject to an SEC rule
      that,
      if it failed to meet the criteria set forth in such rule, imposes various
      practice requirements on broker-dealers who sell securities governed by the
      rule
      to persons other than established customers and accredited investors.
      Consequently, such rule may deter broker-dealers from recommending or selling
      our common stock, which may further affect its liquidity. This would also make
      it more difficult for us to raise additional capital following a business
      combination.





THERE
      IS
      NO PUBLIC MARKET FOR OUR COMMON STOCK, NOR HAVE WE EVER PAID DIVIDENDS ON OUR
      COMMON STOCK.





There
      is
      no public trading market for our common stock and none is expected to develop
      in
      the foreseeable future unless and until we complete a business combination
      with
      an operating business and such business files a registration statement under
      the
      Securities Act of 1933, as amended.




9




Additionally,
      we have never paid dividends on our Common Stock and do not presently intend
      to
      pay any dividends in the foreseeable future. We anticipate that any funds
      available for payment of dividends will be re-invested into the Company to
      further its business strategy.





AUTHORIZATION
      OF PREFERRED STOCK.





Our
      Certificate of Incorporation authorizes the issuance of up to 10,000,000 shares
      of preferred stock with designations, rights and preferences determined from
      time to time by its Board of Directors. Accordingly, our Board of Directors
      is
      empowered, without stockholder approval, to issue preferred stock with dividend,
      liquidation, conversion, voting, or other rights which could adversely affect
      the voting power or other rights of the holders of the common stock. In the
      event of issuance, the preferred stock could be utilized, under certain
      circumstances, as a method of discouraging, delaying or preventing a change
      in
      control of the Company. Although we have no present intention to issue any
      shares of its authorized preferred stock, there can be no assurance that the
      Company will not do so in the future.





CONTROL
      BY MANAGEMENT.





Management
      currently owns approximately 100% of all the issued and outstanding capital
      stock of the Company. Consequently, management has the ability to influence
      control of our operations and, acting together, will have the ability to
      influence or control substantially all matters submitted to stockholders for
      approval, including:




●
              Election
                  of the board of directors;
  ●
                  Removal
                      of any directors;




●
                  Amendment
                      of our certificate of incorporation or bylaws;
                      and




●
            Adoption
                of measures that could delay or prevent a change in control or impede
                a
                merger, takeover or other business
                combination.





These
      stockholders will thus have substantial influence over our management and
      affairs and other stockholders of the Company possess no practical ability
      to
      remove management or effect the operations of the business of the Company.
      Accordingly, this concentration of ownership by itself may have the effect
      of
      impeding a merger, consolidation, takeover or other business consolidation,
      or
      discouraging a potential acquirer from making a tender offer for the common
      stock.





**Item
      2.** **Description
      of Property.**





The
      Company neither rents nor owns any properties. The Company currently has no
      policy with respect to investments or interests in real estate, real estate
      mortgages or securities of, or interests in, persons primarily engaged in real
      estate activities.





**Item
      3.** **Legal
      Proceedings.**





The
      Company is not party to any legal proceedings nor is it aware of any
      investigation, claim or demand made on the Company that may reasonably result
      in
      any legal proceedings.





**Item
      4.** **Submission
      of Matters to a Vote of Security Holders.** ****





None




10




**PART
      II**





**Item
      5.** **Market
      for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
      Securities.** ****





**Common
      Stock**





The
      Company is authorized by its Certificate of Incorporation to issue an aggregate
      of 110,000,000 shares of capital stock, of which 100,000,000 are shares of
      Common Stock, par value $0.0001 per share (the “Common Stock”). As of the date
      hereof, 100,000 shares of Common Stock are issued and outstanding, and there
      is
      one holder of record of the Common Stock.





The
      Common Stock is not listed on a publicly-traded market.





**Preferred
      Stock**





Our
      Certificate of Incorporation authorizes the issuance of up to 10,000,000 shares
      of preferred stock, par value $0.0001 per share (the “Preferred Stock”). The
      Company has not yet issued any of its preferred stock.





**Dividend
      Policy**





The
      Company has not declared or paid any cash dividends on its common stock and
      does
      not intend to declare or pay any cash dividend in the foreseeable future. The
      payment of dividends, if any, is within the discretion of the Board of Directors
      and will depend on the Company’s earnings, if any, its capital requirements and
      financial condition and such other factors as the Board of Directors may
      consider.





**Recent
      Sales of Unregistered Securities**





The
      Registrant issued a total of 100,000 shares of Common Stock on June 27, 2006,
      to
      Getting You There, LLC, an entity owned by Virginia K. Sourlis, the sole officer
      and director of the Registrant, for aggregate cash consideration of $2,100.
      The
      Registrant sold these shares of Common Stock under the exemption from
      registration provided by Section 4(2) of the Securities Act.





The
      purchaser represented in writing that it acquired the securities for its own
      account. A legend was placed on the stock certificate stating that the
      securities have not been registered under the Securities Act and cannot be
      sold
      or otherwise transferred without an effective registration or an exemption
      therefrom, but may not be sold pursuant to the exemptions provided by Section
      4(1) of the Securities Act or Rule 144 under the Securities Act, in accordance
      with the letter from Richard K. Wulff, Chief of the Office of Small Business
      Policy of the Securities and Exchange Commission’s Division of Corporation
      Finance, to Ken Worm of NASD Regulation, Inc., dated January 21,
      2000.





**Item
      6.** **Management’s
      Discussion and Analysis or Plan of Operation.**





The
      Company is continuing its efforts to locate a merger Candidate for the purpose
      of a merger. It is possible that the Company will be successful in locating
      such
      a merger candidate and closing such merger. However, if the Company cannot
      effect a non-cash acquisition, the Company may have to raise funds from a
      private offering of its securities under Rule 506 of Regulation D. There is
      no
      assurance the Company would obtain any such equity funding.





**Results
      of Operation**





For
      the
      period June 27, 2006 (Inception) through December 31, 2006:





a)
            The
                Company did not have any operating
                income,


b)
            The
                Company incurred costs of $2,675 consisting of audit fees paid to
                its SEC
                accounting firm; Conner & Associates, PC, SEC filing fees paid to
                Vintage Filing and formation fees paid to the State of
                Delaware.




11








**Liquidity
      and Capital Resources**





At
      December 31, 2006, the Company had no capital resources and will rely upon
      the
      issuance of common stock and additional capital contributions from shareholders
      to fund administrative expenses pending acquisition of an operating
      company.





**Subsequent
      Event**





On
      February 14, 2007, Fluid Audio Network, Inc. entered into a Subscription
      Agreement (the *“* Subscription
      Agreement *”)* and a
      Plan and Agreement of Merger with Freedom 20, Inc., Inc. (the *“* Merger
      Agreement *”).*





On
      February 14, 2007, Freedom 20, Inc., Inc. entered into a Redemption Agreement *(“* Redemption
      Agreement *”)* with its
      sole shareholder, Getting You There, LLC, pursuant to which the Freedom 20,
      Inc., Inc. redeemed all of the issued and outstanding shares, an aggregate
      of
      100,000 shares, of Freedom 20, Inc.’s Common Stock, par value $0.0001 per share
      (the *“* Freedom
      20, Inc. Common Stock *”)* ,
      in
      consideration of an aggregate payment consisting of $1.00 and 82,500 shares
      of
      the Company’s Common Stock, $0.0001 per share (the *“* Fluid
      Media Common Stock ”) *.*





Concurrently
      with the execution and pursuant to the term of the Merger Agreement, Fluid
      Audio
      purchased 1 share of Freedom 20, Inc. Common Stock for an aggregate purchase
      price of $1.00 and Freedom 20, Inc. became a wholly-owned subsidiary of Fluid
      Audio (the *“* Sale *).* Following the Sale and pursuant to the terms of the Merger Agreement, Freedom
      20, Inc. effected a short-form parent-subsidiary merger of Fluid Audio with
      and
      into Freedom 20, Inc. pursuant to which the separate existence of Fluid Audio
      was terminated (the “Merger”), and Freedom 20, Inc. as the surviving entity,
      changed its name to Fluid Media Networks, Inc. (“Fluid Media”).





Fluid
      Media filed a Current Report on Form 8-K (SEC File No.: 000-52118) with the
      Commission on February 21, 2007 and Amendment No. 1 thereto (SEC File No.:
      000-52118) on March 8, 2007 therein describing the terms and conditions of
      the
      Sale and Merger as well as other information and financial statements required
      to be disclosed in such report.





As
      used
      in this Annual Report on Form 10-KSB all references to the “Company,” “we,”
“our” and “us” for periods prior to the consummation of the Merger refer to
      Freedom 20, Inc, and references to the “Company,” “we,” “our” and “us” for
      periods subsequent to the consummation of the Merger refer to Fluid Media.
      Information regarding Freedom 20, Inc., Fluid Audio and the principal terms
      of
      the Merger are set forth below.





**The
      Merger**





On
      February 14, 2007, Freedom 20, Inc. entered into the Merger Agreement with
      Fluid
      Audio. Concurrently with the execution of the Merger Agreement, Freedom 20,
      Inc.
      redeemed all of its issued and outstanding shares of common stock (100,000
      shares), Fluid Audio purchased one share of Freedom 20, Inc. Common Stock for
      an
      aggregate purchase price of $1.00, and Freedom 20, Inc. became a wholly-owned
      subsidiary of Fluid Audio. Following the Sale, Freedom 20, Inc. effected a
      short-form parent-subsidiary merger pursuant to the Merger Agreement of Fluid
      with and into Freedom 20, Inc., pursuant to which the separate existence of
      Fluid Audio terminated, and Freedom 20, Inc. changed its name to Fluid Media
      Networks, Inc.





Pursuant
      to the Merger Agreement, at closing, stockholders of Fluid Audio received one
      share of Fluid Media Common Stock for each issued and outstanding share of
      Fluid
      Audio Common Stock. As a result, at closing, Fluid Media issued 5,964,818 shares
      of Fluid Media Common Stock, representing 100% of Fluid Media’s issued and
      outstanding Common Stock immediately following the Merger, 1,800,000 shares
      of
      Series A Preferred Stock, 1,044,124 shares of Series B Preferred Stock and
      1,078,000 shares of Series C Preferred Stock, representing 100% of Fluid Media’s
      issued and outstanding Series A, B and C Preferred Stock immediately following
      the Merger.





The
      issuance of shares of Fluid Media Common Stock to holders of Fluid Audio’s
      capital stock in connection with the Merger was not registered under the
      Securities Act of 1933, as amended (the *“* Securities
      Act *”),* in
      reliance upon the exemption from registration provided by Section 4(2) of the
      Securities Act and Regulation D promulgated under that section, which exempts
      transactions by an issuer not involving any public offering. These securities
      may not be offered or sold in the United States absent registration or an
      applicable exemption from the registration requirements under the Securities
      Act
      or state law.





12


**Changes
      Resulting from the Merger** **.** From
      the **** consummation
      of the Merger, we have been conducting Fluid
      Audio’s business as our sole line of business. We relocated our executive
      offices to 5813-A Uplander Way, Culver City, California 90230, and our telephone
      number is (310) 665-9878.





**Changes
      to the Board of Directors** **.** Immediately
      following the execution of the Subscription Agreement and pursuant to the terms
      of the Merger Agreement, Virginia K. Sourlis, Freedom 20, Inc.’s sole director
      and its President and Secretary, resigned and appointed Justin F. Beckett and
      Hank Torbert as directors of Freedom 20, Inc., effective at the effective time
      of the Sale.





All
      directors hold office for one-year terms until the election and qualification
      of
      their respective successors. Officers are elected by the board of directors
      and
      serve at the discretion of the board.





Accounting
      Treatment; Change of Control **.** The
      Merger was accounted for as a “reverse merger,” since the stockholders of Fluid
      Audio immediately prior to the Merger will own all of the outstanding shares
      of
      Fluid Media Common Stock immediately following the Merger. Fluid Audio is deemed
      to be the acquiror in the reverse merger.





**Plan
      of Operation**





The
      Company has not realized any revenues from operations since inception, and
      its
      plan of operation for the next twelve months shall be to locate suitable
      acquisition or merger candidates. The Company may need additional cash advances
      from stockholders to pay for operating expenses until the Company consummates
      the merger with a privately-held company. Although it is currently anticipated
      that the Company can satisfy its cash requirements with additional cash
      advances, if needed, for at least the next twelve months, the Company can
      provide no assurance that it can continue to satisfy its cash requirements
      for
      such period.





**Results
      of Operations**





The
      Company has not conducted any active operations since inception, except for
      its
      efforts to locate suitable acquisition or merger transactions. No revenue has
      been generated by the Company during such period, and it is unlikely the Company
      will have any revenues unless it is able to consummate or effect an acquisition
      of or merger with, an operating company, of which there can be no assurance.
      The
      Company subsequent to the balance sheet date was acquired in a reverse merger.
      Please refer to Part 1, item 1 of this document for details related to the
      acquisition with Fluid Media Networks, Inc.





**Critical
      Accounting Policies and Estimates**





The
      Company’s financial statements are prepared in accordance with U.S. generally
      accepted accounting principles in the United States. Significant accounting
      policies are as follows:





***a.***
            *Use
                of Estimates*-
                The preparation of the statement of financial condition in conformity
                with
                accounting principles generally accepted in the United States requires
                management to make estimates and assumptions that affect the amounts
                of
                assets and liabilities and disclosure of contingent assets and liabilities
                at the date of the statement of financial condition and reported
                amounts
                of revenues and expenses during the reporting period. Actual results
                could
                differ from those estimates.





***b.***
            *Cash
                and Cash Equivalents*-
                For purposes of the statement of cash flows, the Company considers
                highly
                liquid financial instruments purchased with a maturity of three months
                or
                less to be cash equivalents. For the period June 27, 2006 (inception)
                through December 31, 2006, the Company did not maintain any bank
                accounts.





***c.***
            *Income
                Taxes*-
                The Company utilizes the liability method of accounting for income
                taxes.
                Under the liability method, deferred tax assets and liabilities are
                determined based on the differences between financial reporting basis
                and
                tax basis of the assets and liabilities and are measured using enacted
                tax
                rates that will be in effect when the differences are expected to
                reverse.
                An allowance against deferred tax assets is recognized, when it is
                more
                likely than not, that such tax benefits will not be
                realized.




***d.***
            *Loss
                per Common Share*-
                Basic loss per share is calculated using the weighted-average number
                of
                common shares outstanding during each period as required by the Financial
                Accounting Standards Board (FASB) under Statement of Financial Accounting
                Standards (SFAS) No. 128. Diluted loss per share includes potentially
                dilutive securities such as outstanding options and warrants, using
                various methods such as the treasury stock or modified treasury stock
                method in the determination of dilutive shares outstanding during
                each
                period. The Company does not have any potentially dilutive
                instruments.





***e.***
            *Fair
                Value of Financial Instruments -*The carrying value of cash equivalents and accrued expenses approximates
                fair value due to their short term
                nature.




13




**Item
      7.Financial
      Statements.**





FREEDOM
      20, INC.


(A
      Development Stage Company)


Index
      to
      Financial Statements


December
      31, 2006







PageREPORT OF INDEPENDENT REGISTERED PUBLIC
              ACCOUNTING FIRM
            F-2FINANCIAL STATEMENTSBalance
                Sheet
            F−3Statements
                of Operations
            F−4Statements
                of Changes of Stockholder’s Equity
            F−5Statements
                of Cash Flows
            F−6Notes to Financial Statements
            F−7
                −F−9








F-1




REPORT
        OF
        INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
 
 To
        the
        Board of Directors
 Fluid
        Media Networks, Inc.
 Formerly
        known as Freedom 20, Inc.
 A
        Development Stage Company
 
 We
        have
        audited the accompanying balance sheet of Freedom 20, Inc., a development
        stage
        company, as of December 31, 2006 and the related statements of operations,
        changes in stockholder’s equity and cash flows for the period June 27, 2006
        (inception) through December 31, 2006. These financial statements are the
        responsibility of the Company’s management. Our responsibility is to express an
        opinion on these financial statements based on our audit.
 
 We
        conducted our audit in accordance with the standards of the Public Company
        Accounting Oversight Board (United States). Those standards require that
        we plan
        and perform the audit to obtain reasonable assurance about whether the financial
        statements are free of material misstatement. The Company is not required
        to
        have, nor were we engaged to perform, an audit of its internal control over
        financial reporting. Our audit included consideration of internal control
        over
        financial reporting as a basis for designing audit procedures that are
        appropriate in the circumstances, but not for the purpose of expressing an
        opinion on the effectiveness of the company’s internal control over financial
        reporting. Accordingly, we express no such opinion. An audit also includes
        examining, on a test basis, evidence supporting the amounts and disclosures
        in
        the financial statements, assessing the accounting principles used and
        significant estimates made by management, as well as evaluating the overall
        financial statement presentation. We believe that our audit provides a
        reasonable basis for our opinion.
 
 In
        our
        opinion, the financial statements referred to above present fairly, in all
        material respects, the financial position of Freedom 20, Inc., a development
        stage company, as of December 31, 2006 and the results of its operations
        and its
        cash flows for the period June 27, 2006 (inception) through December 31,
        2006,
        in conformity with accounting principles generally accepted in the United
        States
        of America.
 
 The
        accompanying financial statements have been prepared assuming that the Company
        will continue as a going concern. As discussed in Notes 1 & 8 to the
        financial statements, the Company is in the development stage and has not
        commenced operations. Its ability to continue as a going concern is dependent
        upon its ability to develop additional sources of capital, locate and complete
        a
        merger with another company and ultimately achieve profitable operations.
        These
        conditions raise substantial doubt about its ability to continue as a going
        concern. The financial statements do not include any adjustments that might
        result from the outcome of this uncertainty.
 
 As
        discussed in Note 9 to the financial statements, after the balance sheet
        date of
        December 31, 2006, the Company entered into a merger agreement and a stock
        redemption agreement. As these transactions took place on February 14, 2007,
        these transactions were not audited by Conner & Associates, PC nor do the
        financial statements include any adjustments that might result from these
        transactions.
 
 /s/
        Conner & Associates, PC
 
 **CONNER
        & ASSOCIATES, PC**
 Newtown,
        Pennsylvania
 30
        March
        2007


F-2




FREEDOM
                20, INC.A
                DEVELOPMENT STAGE COMPANYBALANCE
                SHEETDecember
                31, 2006AssetsTotal
                assets
            
            $
            -LIABILITIES
                AND STOCKHOLDER'S EQUITYTotal
                liabilities
            
            
            -Commitment
                and contingencies
            
            
            -Stockholder's
                equityPreferred
                stock, $.0001 par value,authorized
                10,000,000 shares, none issued
            
            
            -Common
                stock, $.0001 par value,authorized
                100,000,000 shares100,000
                issued and outstanding
            
            
            10Additional
                paid-in capital
            
            
            2,665Deficit
                accumulated during the development stage
            
            
            (2,675
            )Total
                stockholder's equity
            
            
            -Total
                liabilities and stockholder's equity
            
            $
            -See
                notes to financial statements




F-3




FREEDOM
                20, INC.A
                DEVELOPMENT STAGE COMPANYSTATEMENT
                OF OPERATIONSFor
                the period June 27, 2006 (inception) to December 31, 2006Net
                sales
            
            $
            -Cost
                of sales
            
            
            -Gross
                profit
            
            
            -General
                and administrative expenses
            
            
            2,675Net
                (loss)
            
            $
            (2,675
            )Basic
                and diluted (loss) per common share
            
            $
            (0.03
            )Weighted
                average number of common shares outstanding
            
            
            100,000See
                notes to financial statements




F-4




FREEDOM
                  20, INC.A
                  DEVELOPMENT STAGE COMPANYSTATEMENT
                  OF CHANGES IN STOCKHOLDER'S EQUITYFor
                  the period June 27, 2006 (Inception) to December 31, 2006DeficitAccumulatedAdditional
              
              During
                  thePreferred
                  Stock
              
              Common
                  Stock
              
              Paid-In
              
              Development
              
              Shareholder’sShares
              
              Amount
              
              Shares
              
              Amount
              
              Capital
              
              Stage
              
              EquityBalance
                  - June 27, 2006
              
              
              -
              
              $
              -
              
              
              -
              
              $
              -
              
              $
              -
              
              $
              -
              
              $
              -Issuance
                  of common shares
              
              
              -
              
              
              -
              
              
              100,000
              
              
              10
              
              
              2,090
              
              
              -
              
              
              2,100Capital
                  contributions - shareholder
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              575
              
              
              -
              
              
              575Net
                  (loss)
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              (2,675
              )
              
              (2,675
              )Balance,
                  December 31, 2006
              
              
              -
              
              
              -
              
              
              100,000
              
              $
              10
              
              $
              2,665
              
              $
              (2,675
              )
              $
              -






F-5




FREEDOM
                20, INC.A
                DEVELOPMENT STAGE COMPANYSTATEMENT
                OF CASH FLOWSFor
                the period June 27, 2006 (Inception) to December 31, 2006Cash
                flows from operating activitiesNet
                (loss)
            
            $
            (2,675
            )Adjustments
                to reconcile net (loss) to net cash used in operating
                activities:
            
            
            -Net
                cash used in operating activities
            
            
            (2,675
            )Cash
                flows from financing activitiesProceeds
                from issuance of common stock
            
            
            2,100Capital
                contributions - shareholder
            
            
            575Net
                cash provided by financing activities
            
            
            2,675Net
                increase in cash and cash equivalents
            
            
            -Cash
                and cash equivalents - beginning
            
            
            -Cash
                and cash equivalents - end
            
            $
            -See
                notes to financial statements




**Supplemental
      disclosures:**


There
      were no income taxes paid or interest expense paid for the period June 27,
      2006
      (Inception) to December 31, 2006.





F-6




FREEDOM
      20, INC.


A
      DEVELOPMENT STAGE COMPANY


NOTES
      TO
      FINANCIAL STATEMENTS


December
      31, 2006





NOTE
      1. DEVELOPMENT
      STAGE COMPANY





Freedom
      20, Inc. (“the Company”) was incorporated in the State of Delaware on June 27,
      2006 and is currently in its development stage.





As
      a
      blank check company, the Company’s business is to pursue a business combination
      through acquisition, or merger with, an existing company .
      As of
      the date of the financial statements, the Company has made no efforts to
      identify a possible business combination. As a
      result, the Company has not conducted negotiations or entered into a letter
      of
      intent concerning any target business. No assurances can be given that the
      Company will be successful in locating or negotiating with any target company.
      Since inception, the Company has been engaged in organizational
      efforts.





NOTE
      2. SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES





The
      Company’s accompanying financial statements are prepared in accordance with U.S.
      generally accepted accounting principles in the United States. Significant
      accounting policies are as follows:





*a.*
            *Use
                of Estimates*-
                The preparation of the statement of financial condition in conformity
                with
                accounting principles generally accepted in the United States requires
                management to make estimates and assumptions that affect the amounts
                of
                assets and liabilities and disclosure of contingent assets and liabilities
                at the date of the statement of financial condition and reported
                amounts
                of revenues and expenses during the reporting period. Actual results
                could
                differ from those estimates.





*b.*
            *Cash
                and Cash Equivalents*-
                For purposes of the statement of cash flows, the Company considers
                highly
                liquid financial instruments purchased with a maturity of three months
                or
                less to be cash equivalents. For the period June 27, 2006 (inception)
                through December 31, 2006, the Company did not maintain any bank
                accounts.





*c.*
            *Income
                Taxes*-
                The Company utilizes the liability method of accounting for income
                taxes.
                Under the liability method, deferred tax assets and liabilities are
                determined based on the differences between financial reporting basis
                and
                tax basis of the assets and liabilities and are measured using enacted
                tax
                rates that will be in effect when the differences are expected to
                reverse.
                An allowance against deferred tax assets is recognized, when it is
                more
                likely than not, that such tax benefits will not be
                realized.





*d.*
            *Loss
                per Common Share*-
                Basic loss per share is calculated using the weighted-average number
                of
                common shares outstanding during each period as required by the Financial
                Accounting Standards Board (FASB) under Statement of Financial Accounting
                Standards (SFAS) No. 128. Diluted loss per share includes potentially
                dilutive securities such as outstanding options and warrants, using
                various methods such as the treasury stock or modified treasury stock
                method in the determination of dilutive shares outstanding during
                each
                period. The Company does not have any potentially dilutive
                instruments.





*e.*
            *Fair
                Value of Financial Instruments -*The carrying value of cash equivalents and accrued expenses approximates
                fair value due to their short term
                nature.





NOTE
      3. PREFERRED
      STOCK





The
      Company is authorized to issue 10,000,000 shares of preferred stock. The
      Preferred Stock of the Company shall be issued by the Board of Directors of
      the
      Company in one or more classes or one or more series within any class and such
      classes or series shall have such voting powers, full or limited, or no voting
      powers, and such designations, preferences, limitations or restrictions as
      the
      Board of Directors of the Company may determine, from time to time.





F-7





FREEDOM
        20, INC.
 A
        DEVELOPMENT STAGE COMPANY
 NOTES
        TO
        FINANCIAL STATEMENTS
 December
        31, 2006




NOTE
      4. COMMON
      STOCK





The
      Company is authorized to issue 100,000,000 shares of common stock. On June
      27,
      2006, the Company issued 100,000 shares of common stock for total consideration
      of $2,100 to the sole shareholder of the Company.





Holders
      of shares of common stock shall be entitled to cast one vote for each share
      held
      at all stockholders’ meetings for all purposes, including the election of
      directors. The common stock does not have cumulative voting rights. No holder
      of
      shares of stock of any class shall be entitled as a matter of right to subscribe
      for or purchase or receive any part of any new or additional issue of shares
      of
      stock of any class, or of securities convertible into shares of stock of any
      class, whether now hereafter authorized or whether issued for money, for
      consideration other than money, or by way of dividend.





NOTE
      6. RELATED
      PARTY TRANSACTION





The
      Company utilizes the office space and equipment of its sole stockholder at
      no
      cost. Management estimates such amounts to be immaterial.





NOTE
      7. INCOME
      TAXES





The
      Company has approximately $2,675 in gross deferred tax assets at December 31,
      2006, resulting from net operating loss carry forwards. A valuation allowance
      has been recorded to fully offset these deferred tax assets because the future
      realization of the related income tax benefits is uncertain. Accordingly, the
      net provision for income taxes is zero for
      the
      period June 27, 2006 (inception) to December 31, 2006 .
      At
      December 31, 2006, the Company has federal net operating loss carry forwards
      of
      approximately $2,675 available to offset future taxable income through
      2026.





For
      the
      period June 27, 2006 (inception) to December 31, 2006, the difference between
      the tax provision at the statutory federal income tax rate and the tax provision
      attributable to loss before income taxes is as follows (in
      percentages):




Statutory
                federal income tax rate
            -34%State
                taxes - net of federal benefits
            -5%Valuation
                allowance
            39%Income
                tax rate - net
            0%





NOTE
      8. GOING
      CONCERN





The
      Company’s financial statements have been presented on the basis that it is a
      going concern in the development stage, which contemplates the realization
      of
      assets and the satisfaction of liabilities in the normal course of business.
      As
      of the date of these financial statements, the Company has made no efforts
      to
      identify a possible business combination.





The
      Company’s shareholder shall fund the Company’s activities while the Company
      takes steps to locate and negotiate with a business entity through acquisition,
      or merger with, an existing company; however, there can be no assurance these
      activities will be successful.




F-8




NOTE
      9. SUBSEQUENT
      EVENTS ( **UNAUDITED** )





After
      the
      balance sheet date, Freedom 20, Inc. was acquired in February, 2007 in a reverse
      merger in an exchange of stock for stock. Freedom 20, Inc. then changed its
      name
      to Fluid Media Networks, Inc. Subsequent to the merger date, control of Freedom
      is with Fluid.





On
      February 14, 2007, Fluid Audio Network, Inc. entered into a Subscription
      Agreement (the *“* Subscription
      Agreement *”)* and a
      Plan and Agreement of Merger with Freedom 20, Inc. (the *“* Merger
      Agreement *”).*





On
      February 14, 2007, Freedom 20, Inc. entered into a Redemption Agreement *(“* Redemption
      Agreement *”)* with its
      sole shareholder, Getting You There, LLC, pursuant to which the Freedom 20,
      Inc.
      redeemed all of the issued and outstanding shares, an aggregate of 100,000
      shares, of Freedom 20’s Common Stock, par value $0.0001 per share (the *“* Freedom
      20 Common Stock *”)* ,
      in
      consideration of an aggregate payment consisting of $1.00 and 82,500 shares
      of
      the Company’s Common Stock, $0.0001 per share (the *“* Fluid
      Media Common Stock ”) *.*





Concurrently
      with the execution and pursuant to the term of the Merger Agreement, Fluid
      Audio
      purchased 1 share of Freedom 20 Common Stock for an aggregate purchase price
      of
      $1.00 and Freedom 20 became a wholly-owned subsidiary of Fluid Audio
      (the *“* Sale *).* Following the Sale and pursuant to the terms of the Merger Agreement, Freedom
      20
      effected a short-form parent-subsidiary merger of Fluid Audio with and into
      Freedom 20, pursuant to which the separate existence of Fluid Audio was
      terminated (the “Merger”), and Freedom 20, as the surviving entity, changed its
      name to Fluid Media Networks, Inc. (“Fluid Media”).





Fluid
      Media filed a Current Report on Form 8-K (SEC File No.: 000-52118) with the
      Commission on February 21, 2007 and Amendment No. 1 thereto (SEC File No.:
      000-52118) on March 8, 2007 therein describing the terms and conditions of
      the
      Sale and Merger as well as other information and financial statements required
      to be disclosed in such report.




F-9




**Item
      8.** **Changes
      in and Disagreements with Accountants on Accounting and Financial
      Disclosure.**





None





**Item
      8A.Controls and
      Procedures.**





The
      Company’s management is responsible for establishing and maintaining a system of
      disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e)
      under the Exchange Act) that is designed to ensure that information required
      to
      be disclosed by the Company in the reports that the Company files or submits
      under the Exchange Act is recorded, processed, summarized and reported, within
      the time periods specified in the Commission’s rules and forms. Disclosure
      controls and procedures include, without limitation, controls and procedures
      designed to ensure that information required to be disclosed by an issuer in
      the
      reports that it files or submits under the Exchange Act is accumulated and
      communicated to the issuer’s management, including its principal executive
      officer or officers and principal financial officer or officers, or persons
      performing similar functions, as appropriate to allow timely decisions regarding
      required disclosure.





In
      accordance with Exchange Act Rules 13a-15 and 15d-15, an evaluation was
      completed under the supervision and with the participation of the Company’s
      management, including the Company’s principal executive officer and principal
      financial officer, of the effectiveness of the design and operation of the
      Company’s disclosure controls and procedures as of the end of the period covered
      by this Annual Report. Based on that evaluation, the Company’s Principal
      Executive Officer and Principal Financial Officer concluded that the Company’s
      disclosure controls and procedures are effective, to provide reasonable
      assurance that information required to be disclosed in the Company’s reports
      filed or submitted under the Exchange Act is recorded, processed, summarized,
      and reported within the time periods specified in the Commission’s rules and
      forms. There have been no changes to the Company’s internal controls over
      financial reporting that occurred during our last fiscal quarter of the year
      ended December 31, 2006, that materially affected, or were reasonably likely
      to
      materially affect, our internal controls over financial reporting.





**Item
      8B.** **Other
      Information.**





None


**PART
      III**





**Item
      9.** **Directors,
      Executive Officers, Promoters, Control Persons and Corporate Governance;
      Compliance**  **with
      Section 16(a) of the Exchange Act.**








(a)
      Identification of Directors, Executive Officers, Promoters, and Control Persons
      for the fiscal year ended December 31, 2006:




Name
            Age
            Position
            TermVirginia K. Sourlis
            42
            President and Sole Director
            June 27, 2006 thru
              present





**Virginia
      K. Sourlis,** our
      President and sole Director, is the founder and owner of The Sourlis Law Firm,
      a
      boutique securities law firm located in the heart of Red Bank, New Jersey.
      Her
      firm represents several brokerage firms and SEC and state registered investment
      advisors. Her firm represents numerous private and publicly traded companies
      that are located throughout the world, in all stages of their development,
      from
      start-up to being a publicly traded company.





Virginia’s
      law firm handles Rule 504, 505 and 506 private placements, Underwritten Public
      Offerings (also direct and shelf), Regulation A Offerings, Traditional Initial
      Public Offerings, Reverse Mergers, Rule 15c2-11 Pink Sheet (and unsolicited
      quote) and OTCBB applications, Regulation of formal/informal disclosure
      requirements, 1933 and 1934 Act Registration Statements (i.e. Form SB-2, Form
      10SB), compliance with NASD Rules and Regulations, NASD audits, SEC audits,
      Rule
      144/144A transactions and legal opinions, Sarbanes Oxley Act compliance, Blue
      Sky law compliance, Proxy Statements and Information Statements, Form 10-Ks,
      Form 10-Qs, Form 8-Ks, Forms 3, 4, & 5, and Forms 13G & 13D, and counsel
      and advise companies regarding general securities and corporate/business legal
      matters.





14


Virginia
      K. Sourlis, Esq. studied at Oxford University, England, graduated from Stanford
      University, California and received her MBA and JD from Villanova University,
      Pennsylvania. Virginia serves as an arbitrator and chairperson for the National
      Association of Securities Dealers, Inc. (“NASD”) and New York Stock Exchange
      (“NYSE”), and is a Director of the Eastern Monmouth Area Chamber of Commerce,
      and a member of the New Jersey Bar Association, Monmouth Bar Association, ACCA,
      ABA and NJCCA, received a full scholarship to Stanford University, Palo Alto,
      CA, an All American Collegiate basketball player at Stanford University (point
      guard), an Olympic basketball finalist, a retired professional basketball
      player, All-American high school basketball player, and retired high school
      basketball uniform (#10).





The
      term
      of office of each director expires at the Company’s annual meeting of
      stockholders or until their successors are duly elected and qualified. Directors
      are not compensated for serving as such. Officers serve at the discretion of
      the
      Board of Directors.





(b)
      Significant Employees. None





(c)
      Family Relationships.  None





(d)
      Involvement in Certain Legal Proceedings. There have been no events under any
      bankruptcy act, no criminal proceedings and no judgments, injunctions, orders
      or
      decrees material to the evaluation of the ability and integrity of any director,
      executive officer, promoter or control person of Registrant during the past
      five
      years.





(e)
      The
      Board of Directors acts as the Audit Committee and the Board under has no
      separate committees. The Company does not have a qualified financial expert
      at
      this time because it has not been able to hire a qualified candidate. Further,
      the Company believes that it has inadequate financial resources at this time
      to
      hire such an expert. The Company intends to continue to search for a qualified
      individual for hire.





**COMPLIANCE
      WITH SECTION 16(a) OF THE SECURITIES EXCHANGE ACT OF 1934**





Section  16(a)
      of
      the Exchange Act requires the Company’s directors and officers, and persons who
      beneficially own more than 10% of a registered class of the Company’s equity
      securities, to file reports of beneficial ownership and changes in beneficial
      ownership of the Company’s securities with the SEC on Forms 3, 4 and 5.
      Officers, directors and greater than 10% stockholders are required by SEC
      regulation to furnish the Company with copies of all Section 16(a) forms they
      file.





Based
      solely on the Company’s review of the copies of the forms received by it during
      the period from June 27, 2006 (inception) to December 31, 2006 and written
      representations that no other reports were required, the Company believes that
      no person who, at any time during such fiscal year, was a director, officer
      or
      beneficial owner of more than 10% of the Company’s common stock failed to comply
      with all Section 16(a) filing requirements during such fiscal year.





**CODE
      OF ETHICS**





We
      have
      not adopted a Code of Business Conduct and Ethics that applies to our principal
      executive officer, principal financial officer, principal accounting officer
      or
      controller, or persons performing similar functions in that our officers and
      directors serves in all the above capacities.





**Item
      10.Executive
      Compensation.**





The
      following table sets forth the cash compensation paid by the Company to its
      President and all other executive officers for services rendered during the
      fiscal year ended December 31, 2006.




Name and Position
            Year
            Annual
                CompensationVirginia K. Sourlis, President & Sole
              Director
            2006
            None





**Director
      Compensation**





We
      do not
      currently pay any cash fees to our directors, but we pay directors’ expenses in
      attending board meetings. During the period June 27, 2006 (inception) to
      December 31, 2006, no director expenses were incurred.





15


**Employment
      Agreements**





The
      Company is not a party to any employment agreements.





**Item
      11.** **Security
      Ownership of Certain Beneficial Owners and Management and Related Stockholder
      Matters.**





The
      following tables set forth certain information as of December 31, 2006,
      regarding (i) each person known by the Company to be the beneficial owner of
      more than 5% of the outstanding shares of Common Stock, (ii) each director,
      nominee and executive officer of the Company and (iii) all officers and
      directors as a group. See “Subsequent Events.”




Name and
              Address
            Amount
                and Nature of
              Beneficial
                Ownership
            Percentage of
              ClassGetting
                You There, LLC(1)
              2
                Bridge Avenue
              Red
                Bank, NJ 07701
            100,000
            100%All Officers and Directors as a
              group
            100,000
            100%




(1)
      Virginia K. Sourlis is the sole owner of Getting You There, LLC (located at
      the
      same address of the Company) and is the President and sole director of the
      Company.





**Item
      12.Certain
      Relationships and Related Transactions, and Director
      Independence.**





Except
      as
      otherwise indicated herein, there have been no related party transactions,
      or
      any other transactions or relationships required to be disclosed pursuant to
      Item 404 of Regulation S-B.





**Item
      13.Exhibits and
      Reports on Form 8-K.**





Index
      to
      Exhibits




Exhibit
            
            Description*3.1
            
            Certificate
                of Incorporation, as filed with the Delaware Secretary of State on
                June
                27, 2006.*3.2
            
            By-Laws31.1
            
            Certification
                of the Company’s Principal Executive Officer pursuant to Section 302 of
                Sarbanes Oxley Act of 2002, with respect to the registrant’s Annual Report
                on Form 10-KSB for the year ended December 31, 2006.31.2
            
            Certification
                of the Company’s Principal Financial Officer pursuant to Section 302 of
                Sarbanes Oxley Act of 2002, with respect to the registrant’s Annual Report
                on Form 10-KSB for the year ended December 31, 2006.32.1
            
            Certification
                of the Company’s Principal Executive Officer pursuant to 18 U.S.C. Section
                1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act
                of
                2002.32.2
            
            Certification
                of the Company’s Principal Financial Officer pursuant to 18 U.S.C. Section
                1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act
                of
                2002.





*
      Filed
      as an exhibit to the Company’s Registration Statement on Form 10-SB, as filed
      with the Securities and Exchange Commission on July 7, 2006, and incorporated
      herein by this reference.





(b)
      Reports on Form 8-K.  None





16





**Item
      14.Principal
      Accountant Fees and Services.**





Conner
      & Associates, PC (“Conner”) is the Company’s independent registered public
      accounting firm.





AUDIT
      FEES





The
      aggregate fees billed by Conner for professional services rendered for the
      audit
      of our annual financial statements and review of financial statements included
      in our Form 10-KSB or services that are normally provided in connection with
      statutory and regulatory filings were $2,000 for fiscal year ended December
      31,
      2006.





AUDIT-RELATED
      FEES





Conner’s
      fees billed for assurance and related services related to the audit or review
      of
      the Company’s financial statements were $0 for the fiscal year ended December
      31, 2006.





TAX
      FEES





Conner’s
      fees billed for professional services for tax compliance, tax advice, and tax
      planning were $0 for the fiscal year ended December 31, 2006.





ALL
      OTHER
      FEES





Conner’s
      fees billed for other products and services were $0 for the fiscal year ended
      December 31, 2006.





17





**SIGNATURES**





Pursuant
      to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
      1934, the registrant has duly caused this report to be signed on its behalf
      by
      the undersigned, thereunto duly authorized.




Date:
                March 30, 2007
            **FLUID
                MEDIA NETWORKS, INC.**
              **(formerly
                known as Freedom 20, Inc.)**By:
            /s/
                JUSTIN F. BECKETTName:
                Justin F. BeckettTitle:
                Chief Executive Officer and President








In
      accordance with the Exchange Act, this report has been signed below by the
      following persons on behalf of the registrant and in the capacities and on
      the
      dates indicated.








Date:
                March 30, 2007
            
            /s/ JUSTIN
                F. BECKETTJustin
                F. BeckettPresident,
                Chief Executive Officer and Chairman
              (Principal
                Executive Officer)Date:
                March 30, 2007
            /s/
                DAVID J. WILLIAMS
              David
                J. Williams
              Chief
                Financial Officer and Director
              (Principal
                Financial Officer)Date:
                March 30, 2007
            /s/
                HANK T. TORBERT
              Hank
                T. Torbert
              Director




18