I have fixed this problem, the fix will be available in the next release. It turns out that the bug only occurs for times between 12:00 and 12:59. Also, it turns out that it is ok to use the time( function for this, both time( and seconds( will correctly handle 24 hours times if am/pm is left off (other than the above mentioned bug).
Panorama currently does not have any support for time zones. As far as I can recall, this is the first time anyone has ever requested this, but it certainly could be a possibility in the future.