Hi David,
If you are running 4.0(4)SV1(2) code, then support for installing demo licenses have been withdrawn.
When you install this code, by default VSM will contain 16 sockets licenses with 60 days of evaluation time.
To understand your VSM status, It will help if you give o/p of below commands:
1) show license usage
2) show module vem internal license-info
3) show module vem mapping
Your current condition may also araise if you have modified time or used NTP to move VSM date backwards.
Kindly correct the date and see if evaluation licenses are restored.
Thanks
Kishan