The error is being caused by a missing configuration setting and only affects localhost installations. It will however affect upgraded installations as well as fresh ones.
I will fix this in the next release of the module (will let you know when it's available). In the meantime you can work around the problem by running the SQL script below. Note you need to edit it to supply the PortalID of the portal in which you have installed Licence Master. After you have run the script, restart DNN from the Host -> Host Settings page to make sure the setting is picked up.
INSERT INTO [dbo].[LicenceMaster_Settings]
FROM dbo.DesktopModules dm
WHERE dm.FriendlyName = 'Licence Master'