Stout was engaged by a telecommunications company to determine the Fair Value of 197 patents and patent applications related to technologies associated with smartphones, tablets, laptop computers, Wi-Fi terminal devices, and digital music downloads. The valuation was performed for financial reporting purposes after the assets had been acquired by the client as part of a complex transaction with another technology company. Stout implemented and relied upon both an Income Approach and a Market Approach to value the intellectual property. The Income Approach analysis recognized that the most likely use of the assets was by way of a licensing and enforcement strategy. The client's auditor accepted Stout's valuation and our value conclusion was included on the client's year-end balance sheet.