Hi Jared…. you were lucky when you first signed up last year because since then, the memberships changed. Now the $69 is 6 months and $120 for the full year. However, the $50 that shows up is an upgrade from your “Theme Membership” to the Premium Membership. Because this is related to your membership info and details, should you have other questions related to this, best to contact me via Email Support.
As for what happens if you let it lapse…your user account stays intact, but the theme membership would expire and means you would need to renew for the 6 month or 1 year option. You still have a few days to decide.