L. Using the provided financial statements as a starting point: 1. Prepare and present a DCF 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.