It might be in the Reg, it might be encrypted in a txt file, it might be a cookie, the app may have its own internal serial number and cross reference that with its home base.
It might be all of the above.
Recovering the Reg from an earlier date is unlikely to work, because the app and registry entry reads the system date.
"My trial ends on March 6, 2020" (encrypted, so you can't change that expiration date)
Recovering an earlier version of the registry does not change the system date.
And changing the system date can/will mess will all sorts of other things.