You may use the 1 license for the 1 dev domain and 1 live domain. But keep in mind that you can use our theme license for 1 end product only https://themeforest.net/licenses/standard.
To activate the theme on new site you need to deactivate it (via Theme Options) on old site.
If you will face any activation limit problem, simply provide your code in the Private Content area, we will check it and help activate the theme.
