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Older expired license..... extend, or just start over?

#1
I purchases a license in Nov 2013. The website didn't end up working out, so I let support lapse.

Considering starting up a new site now. That license's support ended in Nov 2014. Can I pay the extension fee ($55 or so) and that would bring this stale license up to date and be eligible for updates until Nov 2017, or would the extension only apply until Nov 2015.

Should I try to extend, or just start over with a fresh license?