@kim.neville,
I guess you need to use the new license with new (latest) versions of the Aspose APIs/SDKs in the relevant applications. If any of your application is using older (existing) license with an older version of the Aspose APIs, you don’t need to update/replace the license as the application will always work fine.
For your information, when a user purchases a license for Aspose product, he is authorized to use the license file with existing and new versions, hot fixes or interim releases of the component for the next whole year. Please note, the license will never expire if the user continues to use the existing license with the product’s version that should be released before your subscription expiry date (one can open the license file into notepad and check the subscription expiry date for the license). Furthermore, if you need to use a version of the product which is released after your subscription expiry date, then you must upgrade your subscription to use it. For more details about licensing, you may check licensing and subscription policies and FAQs.
Let us know if you still have any confusion or need more clarifications.