After installing Studio v3.8 with (1) "Studio NT\95" license & additional "Studio User Pack" licenses. You are not able to connect more than (4) devices to the Studio Administrator. All other devices connecting will have an error 'User Limit Reached'.
Solution: Before doing this step ,you may want to contact support, if you have not worked with the registry.
The issue was resolved by editing the registry.
The licenses are being stored under the \HKEY_LOCAL_MACHINE\Software\Wow6432Node\Point Information Network, and \HKEY_LOCAL_MACHINE\Software\Wow6432Node\Point Information Network, Corp.
You will need to export the registry, change the path to \HKEY_LOCAL_MACHINE\Software\Point Information Network, and \HKEY_LOCAL_MACHINE\Software\Point Information Network, Corp, then import it back in the registry.
The "Point information Network, and Point Information Network, Corp." have also been found under the HKEY_CLASSES_ROOT or HKEY_LOCAL_USERS.