Hello,
Firstly, thanks you for purchasing our theme.
I found it is server issue than the theme one, so try the solution at: http://support.punicatheme.com/forums/topic/installer/#post-92
And the version 1.0.1 was released with the feature of 1-click demo import, just go to Appearance -> Customize -> Demo Import -> click to import.
But please contact your hosting provider first, tell them change the php settings for you. Then if you still have the issue, you can leave a reply with your site credentials here (mark it as private), I will help you set it up.
Notice: if you send your purchase code in a reply, please mark it as private. Thanks you.
Best regards,
Punicatheme