This used to be an indicator of using an older version of the BeatBuddy Manager (BBM). Nowadays, hard to say what it means.
A possible cause: As written, it appears you are you using your project on your SD card to import to. You should be importing to your project located in your bbworkspace folder on your computer.
Did you buy individual premium content folders or the complete premium library content? If individual folders, try downloading, unzipping and trying to import again.
Let us know what you did to get it working. If all else fails, please contact Support, support@singularsound.com for help.