Hey - I just bought a new license for Mocha P. The plug in works fine; but when I go back to premiere I get a message that I need to activate the software to see the results - but I did activate, no? I mean, how else would I be able to work in Mocha P without the watermark?
Have you tried rebooting Premiere? This sounds like the render part of the license hasn’t kicked in or Premiere is caching the output from before it was licensed.
Can you post your log file from the Mocha help menu?