@spotlightrends,
Was the license previously active. ?
You can try the following steps to activate the license from your Theme Palace my account dashboard.
1. Login to your My Account dashboard.
2. Go to Purchase History .
3. Click View Licenses .
4. Click Manage Sites .
5. Check, if website listed there is your valid website URL. If not, you can edit and update the valid URL.
6. Go to your admin dashboard and check the license status.
If above steps, does not work please confirm the license copied is correct as displayed in your account dashboard.
Hope this will work.