Is it possible to run MATLAB on amazon ec2 single instance?

I have some MATLAB code that I would like to run on an amazon ec2 instance. My code isn't parallel, so I don't need the parallel toolbox. The problem is MATLAB requires a license, and each time I start an ec2 I need to reinstall software or run from a custom AMI. Does anyone know after creating a custom AMI if I need to reinstall MATLAB because of the license?

Also, I do not have a license server.

Thanks! -Matt