Dear antares:
Thanks for your message.
Please follow below steps, see whether this helps.
1.download the most updated portable version of Smart Cutter.
http://www.fame-ring.com/smart.cutter.rar
2.decompress it to a directory, say C:\FameRing, but not C:\Program Files this time.
in the directory, run the smart.portable.exe;
in the Options dialog, input the 16-digit key code, click the 'Activate Key Code' button, click the 'Okay' button, then exit the program;
now run the program again, open any video, click the 'Capture Frame' button, the watermark should be gone.
3.if the problem still exists, we have another solution.
in the directory containing the portable program, you can find a sub directory 'profile', in this sub directory 'profile', create a text file 'key.txt' manually, in this text file, input your key code, then save and close the text file.
now run the smart.portable.exe, click the 'Capture Frame' button, the watermark should be gone.
Please feel free to send us your further advice and suggestion.
Thank you very much.
Best Regards,
FameRing Support Team