Just doing a follow up on this - the component is still broken. I downloaded the txt file attached in two replies previous, replaced the edit.php and it only fixed the issue with being able to choose a time in the event admin but it definitely did not fix the fact the start / end times arbitrarily set to weird hours on their own after saving. Set any even to 6:30 > hit save > time will default a random hour.
ALSO: Back-end will show 10:00pm and front-end will show a different start time.
RECAP: 2 current issues
1) Can't set a start time. After saving ANY time you put in, it will reset to a random hour
2) Front-end and Back-end times are not the same
This pretty much renders an EVENT calendar useless if you can't properly show when an event starts, let alone ends.