Yup you got that right. 06 is the sytem timer. It's trying to initialyse the system timer which then manages interrupts from hardware.
Still think there is not much you can do. Not a power issue because at that point nothing is initialized so almost no power draw.
Wll if theres no power to do the intializing then it wont initialize.
I all for the mobo being a piece of crap, but it is smartest to start with the PSU.
Its not to fun to buy a new motherboard plug it in and find out the PSU is bad.
Motherboards generally font die from addind a component via USB, however; power supplies can and do.