The license key is valid. Your license will expire on 08/24/2014. What does it mean? Why does it say that the license will expire?

When making a purchase you get a license for one year, it includes TOP-PRIORITY support and updates for the first year since the moment of purchase. Learn more

This is clearly stated on our website:

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When product license expires, you can extend the license or cancel recurring billing. 

In case of payment cancellation you will no longer receive top-priority support and product updates, however, you will be granted lifetime rights to use the product. Support will be provided on a regular basis. Learn more
 
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After the license expires, you can continue using the plugin, without receiving important security and functionality updates.

For your convenience the product bills ANNUALLY until cancelled:
 
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The specified date (Your license will expire on 08/24/2014) is the date of the license expiration. You will bill automatically charged on this date and the license will be extended for the next year.
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