How to hack hardlock license

Hi, I'm completely newbie of all this stuff, I have a Hardware License inserted in a serial port, that runs a program.

This hardware license has written on it "Hardlock E-Y-E D50EG".

I'd like to emulate this license, since the PC is really old, and I'd like to run this software in a virtual machine (Windows XP) in a newer laptop.

Is there a way to hack this? Searching on the internet i find hardlock emulators but I'm really confused about all this.

Anyone can help? Thank you.