License Key for FotoMagico 5 not working *SOLVED*

I have resolved this issue. Please disregard.

I have a valid license for FotoMagico 5 Pro which I purchased a few years ago. I just updated my Mac OS to Big Sur, installed the latest version of FotoMagico 5, but the license key is rejected. I get a message that says the license key is incorrect or incomplete. I retrieved my license key from Boinx and it is the same as the one I entered. Please advise how I can get my license entered.