We've previously discussed how to get fairly detailed debug information with the MGLS_DEBUG_LOG_DIR variable - Tip of the Week: Check requested license feature with debug. But sometimes a quick confirmation of the license checkout can be nice to see in the transcript. And, if anything fails, an error message will be right there.
The FLEXLM_DIAGNOSTICS variable is a simple way to show some debug information. Simply set FLEXLM_DIAGNOSTICS=3 in your environment and you should see something like the following in the shell where you invoked the application: