Error entering the authorization license key in Toad: " System.IO.IOException Unknown error '-1'. (4307464)

The following error occurs after the authorization key and site message is enter in Toad:

System.IO.IOException

Unknown error "-1".
Stack Trace:
at System.IO.__Error.WinIOError(Int32 errorCode, String maybeFullPath)
at System.IO.FileStream.Init(String path, FileMode mode, FileAccess access, Int32 rights, Boolean useRights, FileShare share, Int32 bufferSize, FileOptions options, SECURITY_ATTRIBUTES secAttrs, String msgPath, Boolean bFromProxy)
at System.IO.FileStream..ctor(String path, FileMode mode, FileAccess access, FileShare share, Int32 bufferSize, FileOptions options)
at System.IO.StreamWriter.CreateFile(String path, Boolean append)
at System.IO.StreamWriter..ctor(String path, Boolean append, Encoding encoding, Int32 bufferSize)
at System.IO.StreamWriter..ctor(String path, Boolean append)
at System.IO.File.CreateText(String path)
at Quest.Toad.Map.MapValidation.WriteLicenseFile()
at Quest.Toad.Map.EnterLicenseForm.btnbutton1_Click(Object sender, EventArgs e)
at System.Windows.Forms.Control.OnClick(EventArgs e)

Closing Toad after the error message, results in errors on "Didn't find assemble Toadcore.dll cache file".

An existing Firewall software on the machine.

Turn off any existing anti-virus and/or firewall software installed and running on the machine.

If the above does not resolved the issue, perform the following:
1. Turn off any existing anti-virus and/or firewall software installed and running on the machine.
2. Go to C:\Program Files\Quest Software\Toad for Data Analysis Trial folder
3. Locate and run ngenwrapper.exe
4. Ensure the below files are created in the above Toad folder:
ngen.txt
toad.exe.config
namecache.xml
5. If not, restart machine in safe-mode and re-run the ngenwrapper.exe file.