Hello,
All of our premium themes come with the initial one year of subscription and will expire after that.
To renew the license, you need to re-purchase the theme from the Theme Palace and obtain the new license key.
The license you obtain is a single site subscription. It can be connected to only one site at a time. If you have activated your license key more than one website (e.g. localhost or staging site) then you will see Invalid License error. You cannot use the same license on your second website without deactivating it first on the previous setup.
If you’re unable to access the previous setup reset the license, email: info[at]themepalace.com
Hope this helps.
If you have further queries, let us know.
Regards.