The license key is valid. Your license will expire on 08/24/2018. 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 free product. Support will be provided on a regular basis. Learn more
 
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After the license expires, you can continue using the free plugin version.

For your convenience the product bills ANNUALLY until canceled:
 
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The specified date (Your license will expire on 08/24/2024) 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.

Still need help? Feel free to contact our friendly support team. Create a private ticket 
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