During your audit, you also learn that "Other Assets" includes a 7-year, nonrenewable license that Zoom acquired at the beginning of the year which gives the company broadcasting rights (and thus can ultimately earn licensing fees) for a series of extreme snowboarding videos. When they purchased the license, Zoom estimated that there would be a resultant $150,000 in cash flows/revenues the first year, a growth rate of 15% year-over-year in years 2-4 and a growth rate of 5% year-over-year in years 5-7. The risk- free interest rate is 4%; however, since the receipt of the cash flows is uncertain, Zoom used a 10% risk-adjusted rate in its calculations. Zoom calculated that the Fair Value of the asset is $1,271,424. Your senior has asked you to tackle this asset. i. What type of asset is the license? What are the critical assertions related to this asset?