Hi,
I am getting the same “No slide available, click here to add a new one” message with wordpress 4.1.1 and frs 2.1.1.
It seems this issue only surfaced when Polylang plugin is activated; as soon as Polylang is deactivated the slideshow works like a charm!! FYI I am using Polylang 1.7.2. It would be good to get both Polylang and frs to work at the same time!!
Regards,
Eric