I have installed the theme and activated on test version to check. Now when I tried to install it on the original site, it says:
You have reached activation number limit.
According to the ThemeForest license policy, you can use 1 license for 1 project only.
Ping us along the way if you have any questions here.
I have already deactivated and delete the theme from test site. But it still gives me the same warning.