Trial version is free to use for 7 days. No restrictions in functionalities of the app except the time limit.
Lite version requires yearly subscription to remove the time limit.
Full version comes with life-time license.
All billing and purchases are handled by Google billing mechanism, not by us.
All functionality are exactly the same once purchased.
You'll only need either Lite or Full version to be installed. You don't need both.
Lite version will not change its name after successful subscription. You will see your subscription information displayed in homescreen of the app.
For both versions, you can install the app on multiple devices without having to purchase again as long as you sign in using the same Google account you have used to purchase it the first time.
In case of reinstall, there is no 'Restore' button in the app to get back your subscription. Everything will be automatically restored.