Can anyone help with this?
When I select the "dynamic data source option" I am not seeing the Repeating Element input section or the Data Source files in the drop down list either.

Hello,
What kind of data source are you using?

I am just going through the tutorial, in which it shows the data source for "ConferenceRoomRes", I thought that it was a default data source that would come with the the Calendar app, please correct me if I am wrong.

There is no a default data source that is coming with the extension ... It is up to you to setup a database connection and to create a data source.
The tutorial explains that you need to setup a database source before using this option:

Quote

4. We've already defined an HTML5 Data Bindings data source that returns the reserved dates from our database. Select the repeating element of your data source (1). Click the dynamic date icon, in order to select the binding, which returns your dates (2).

OK, thanks for this.

Once I have this all figured out I should be able to create an event calendar using this extension correct?