"L. Using the provided financial statements as a starting point:

1. Prepare and present a discounted cash flow valuation and pro forma financials with five years of explicit forecasts using license fees and royalties growth rates consistent with recent history (e.g., two to three years) at Spatial.

2. Modify your analysis to consider a more successful scenario where Spatials main revenue sources (combined) grow at 50 percent for five years and then flatten to a more sustainable growth rate.

3. Prepare and present discounted cash flow valuations and pro forma financial statements (five-year explicit period) that justify a $10 share price and a $5 share price at the IPO. Make sure the ratios embedded in your projections conform to reasonable operating ratio assumptions.

4. In all cases, be sure to explain your modeling assumptions on revenue and costs and provide a summary comparison of the four scenarios"