It shows both the hours and minutes, but not the seconds. The format can change between the 12-hour and 24-hour clock, depending on the system preferences.
The abbreviations AM and PM appear above the hour when the system is using the 12-hour format.
FLIQLO is a flip-style clock that shows the changing of one minute or one hour to next.
In short, this is a simple screen saver that shows the time while protecting the monitor against any effects from extend inactivity.