Mirillis Action on Win10 - Failed to initialize

[@wetsoup]

It's been over a year since purchasing Action! screen recorder and I have to say they have a very responsive support team. Within a day of requesting help the problem is solved.
Here is the solution for anyone else having the same issue. Keep in mind simply upgrading to the latest version or uninstalling without following these steps will not work 100%.
Follow these steps and you'll be recording again.
FROM THEIR SUPPORT TEAM:
Please try following steps below to completely re-install Action. You will need your serial number to activate your product again.
1. Uninstall Action!
2. Press Start and then type "Regedit" in search and press Enter.
2. Go to the following path: HKEY_CURRENT_USER/Software/Mirillis/
3. Remove Action! catalog.
4. Reboot your PC.
5. Install Action! again. Make sure that your installer file comes from official website - www.mirillis.com (if you have not purchased Action! through Steam).
You can activate Action! with the same serial number as before.
These steps should restore your Action! settings to default.
Thank you mirillis and Action! you have a great team.