Stout was engaged by a regional bank to value certain patents, patent applications, trade secrets, know-how, and copyrighted software owned by a start-up company and related to biometric facial recognition access and control technology and devices. The valuation was performed to assist the bank in deciding whether to accept the intellectual property assets as collateral for a loan from the bank to the owner of the assets. The valuation was performed using an Income Approach in which we modeled the capability of the collateral assets to create incremental after-tax cash flows for the owner of the assets. Our analysis was premised on the company's probability-adjusted ability to convert current prospects as of the valuation date into future customers. The bank used our valuation as the basis for providing debt financing to the start-up using the assets we valued as collateral for the loan.