Ann: 9 Spokes signs Letter of Intent with Royal Bank of Canada, page-11

Trying to value and assume stuff for an early growth company is a waste of time, as in 12 months time most assumptions and details would change. Because most company's in early growth phase chop and change their business models etc, new products, new markets and lack of history it all adds up to pretty much guesswork. Best thing to do is look at where this might be in 3 years time growth wise and if you see what you like stick to the story