It's a very short Python script and I'm confident I get the general idea - there's absolutely nothing related to current time in the decryption process. What they refer to as a "time lock" is just encrypting the key in a loop (so the encrypted key from one loop becomes the plain text for the next one) for the specified duration and then telling you how many iterations were done. That number then becomes a second part of the password - to decrypt, you simply provide the password and the number of iterations, nothing else matters.