This WordPress theme is comprised of two parts: 

(1) The PHP code is licensed under the GPL license as is WordPress itself.  You will find a copy of the license text in the same directory as this text file. Or you can read it here: http://wordpress.org/about/gpl/ 

(2) All other parts of the theme including, but not limited to the CSS code, images, and design are licensed according to the license purchased. Read about licensing details here: http://themeforest.net/licenses/regular_extended