Well all these themes are the result of hire magento developer usa which made this application a perfect platform to build an efficient online store that too in a hassle free manner.
1) Can you please tell me how to check which version of this theme I installed on my website? I noticed that you have updated (fixed bugs) some things in May...

2) Is theme update free of charge?

3) What will happen if I try to update theme? Will this break my current settings / modifications?