Hi Eric,
This is an excellent question, which I’m happy to answer! Also, thanks for considering our plugins for your project! 🙂
To answer your question, yes, that is how licensing works. We actually also have some pretty great resources that go more in depth about licensing topics:
What does buying a license get me?
Expired licenses
I believe these should answer your questions about licensing, but please feel free to reach out if you need more clarification about his, or open a new thread for help with other issues! 🙂
Best,
Shelby