Custom Status

I am trying to set up this addon to create a database of licenses. I would like to add a custom status called “STOLEN”. The customer can report as stolen in the MY ACCOUNTS section via a status change form. Their licence should then be changed to stolen. When using the validator form on the front end, i would like the license check to then come back with say a red box with stolen text.

Basically, i need a frontend form where a customer can simply select a new status, that in turn will be reflected in the validator form when the key is typed correctly. Is this possible?

I have tried every plugin like this, and up until now this is the most needed feature for me, that i just cannot work out. I will be definately buying the premium version to get subscriptions etc included, if only i can get something like this working.

Thankyou