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PROCESSOR-SDK-AM437X: EtherNet/IP example problem

Part Number: PROCESSOR-SDK-AM437X

HI,

I am using code composer studio 6.2.0 and SDK "processor_sdk_rtos_am437x_3_01_00_06" environment set up for the application development on AM437x based custom board. Now I am trying to run the EthernetIP adapter example code on the board. After running the code the serial console output is as shown in the below screen shot

After assigning the static IP address the application is not moving further, kindly guide me how to resolve this issue and also guide me how to run and test the EthernetIP adapter example project.

Note: I noticed that QSPI flash is not mounted on the board, does this example project requires QSPI flash to run ? 

Regards

Nagaraj G