Why wont my code run?

After trying to fix a null reference error my code no longer runs. I threw in some debug.logs to see what was going on, and it wont make it passed the second debug.log.

I'm confused, by the third frame/timestep would all conditions not be met?

 /*Item Pickup Ray*/
 /*To be attached to the player CAMERA...*/
                         /*Stetson*/    //25/12/2015
 using UnityEngine;
 using System.Collections;
 
 public class ItemPickupRay : MonoBehaviour {
 
     public float pickupDistance = 2f; //Max distance that an object can be picked up from...
     public LayerMask layerMask; //Go in the inspecter and set this to the same layer all pickupable object...
 
     private GameObject cachedOBJ;
     public ItemDisplayInfoManager cachedMNGR;
 
     // Use this for initialization
     void Start () {
     
     }
     
     // Update is called once per frame
     void FixedUpdate () {
 
         //Create ray...
         Ray pickupRay = new Ray (transform.position, transform.forward);
         //Create a veriable to store the hit object...
         RaycastHit hit;
         //if our ray hits something we'll store the hit info...
         if (Physics.Raycast (pickupRay, out hit, pickupDistance, layerMask)) {
 
             Debug.Log ("hit Something on layer");
 
             //Store the object we are hitting...
             cachedOBJ = hit.collider.gameObject.transform.parent.gameObject;
 
             //if there is a game objects stored already...
             if (cachedOBJ){
 
                 Debug.Log ("Have object cached");
 
                 //Store the object we are hittings manager...
                 cachedMNGR = hit.collider.GetComponentInChildren<ItemDisplayInfoManager>();
 
                 //If we have a manager...
                 if(cachedMNGR){
 
                     Debug.Log ("Have manager cached");
 
                     //If hit object is a weapon...
                     if (cachedOBJ. GetComponent<Firearm>()){ 
 
                         Firearm fireArmScript = cachedOBJ.GetComponent<Firearm>();
 
                         //If the weapon is NOT in the players hand...
                         if(!fireArmScript.isInHand){
 
                             //Display weapon info...
                             cachedMNGR.ShowInfo();
                     
                             //if user presses the "USE" button...
                             if (Input.GetButtonDown ("Use/Select")){
 
                                 //Call PickupWeapon() Method...
                                 fireArmScript.PickupWeapon ();
                             }
 
                          }
 
                      }     
                 }
 
             }
 
          }
 
      }
 }