Does the license manager have the proper authorization numbers activated for 10.3.x? by the way, I was assuming it was a concurrent license (since I'm more familiar) but I'm starting to think thus is a single use license? If single user, have you authorized the software?
IF it is concurrent user license manager, that software needs to be updated before it is valid for 10.3.x (I can't remerbeer right now if there was an upgrade between 10.3.0 and 10.3.1)