At the beginning of the Phase I research, the estimated Technology Readiness Level (TRL) of the system was TRL-1. During the Phase I research, an end-to-end theoretical model of the sensor system was developed from first principles. The model includes laser energy and optical propagation, target heating, melting and evaporation of target material, plume density, thermal radiation from the heated spot, molecular cross section of likely asteroid materials, and estimation of the absorption profile at a distant spectrometer. Results obtained by executing simulations based on the model provide compelling evidence that the concept of remote laser evaporative molecular absorption spectroscopy is feasible. In this document, technical details of the model are presented, and results of simulations are described that indicate the utility of the proposed sensor system. Additionally, an asteroid rendezvous mission is analyzed, with a survey of system requirements to accomplish molecular composition analysis of the asteroid. Based on positive theoretical results obtained during Phase I, the estimated TRL of the system is now TRL-2. This document also describes potential future research and experimentation that could push the system to TRL-4 within 2 years. Steps required for construction of a laboratory prototype are described. An experiment to test predictions of the theory is described, based on the laboratory prototype setup.