The lite version is free. Did you mean you purchased the Personal License?
To check for what version you are on, log into your WP dashboard and go to Plugins. Under Event Espresso you should see the version number (3.1.x.x).
If the licence is valid and within the licence period, and you have entered your licence key into the space for it in the general settings, the plugin will notify you of any updates as per a normal WordPress plugin. It will not update until you click the update button.
The licence is for support and updates and runs for one calendar year at a time.
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