Hey Rick Gessner,

You can find detailed update instructions in our documentation on the following URL: https://support.kreaturamedia.com/docs/layersliderwp/documentation.html#updating

Please note that some themes are restricting the update and/or activation method of the plugin that could result in problems like this.
In case you are not able to use or locate the auto-update section, I'd recommend to manually update the plugin by downloading the newest release from CodeCanyon and reinstalling LayerSlider. 
You will need to completely remove the bundled version first, as there cannot be two instances of the plugin present on your installation. 
Please note that your sliders and settings are stored in the database so they won't be deleted in the process.

You can also find installation instructions in the documentation: https://support.kreaturamedia.com/docs/layersliderwp/documentation.html#plugin-setup