Here is how I solved the issue:
There are (12) Default Presets and (12) Bonus Presets . The Bonus Presets were added to
- %userprofile%\AppData\Roaming\FxSound\Presets
This seems to be the same place Custom User Presets reside…therefore hitting the (10) limit, and not allowing me to save more presets. So I tricked FXSound by doing the following:
- Exit FX Sound completely.
- Move all Bonus Presets from
[%userprofile%\AppData\Roaming\FxSound\Presets], to
[C:\Program Files\FxSound LLC\FxSound\Factsoft] - Open FXSound, edit and save presents is allowed
- Make a backup of [both locations default and custom)
Hope this helps others. 
Thank you for such an awesome free app!
Cheerio 