Real-Time clock in Minecraft using local time for Opencomputers Mod (1.7.10)

local component = require("component")
local gpu = component.gpu

while true do
    local time = os.time()
    local hour = math.floor(time / 3600) % 24
    local minute = math.floor(time / 60) % 60
    local second = time % 60
    gpu.set(1, 1, string.format("%02d:%02d:%02d", hour, minute, second))
    os.sleep(1)
end