First off, they forgot 2^0 in the description. Second of all, I'm guessing you read it as top = hour and bottom = minute, but that would mean the maximum number on the hours would be 15 (8+4+2+1) but there's 24 hours in a day. Unless of course, your interpretation is incorrect (it would be 13 btw or if you make the first place 2 then there would be no odd hours)/the lights are only for demonstration. So then it would display time in the twelve hour format. The bottom seems right though.
Edit: Ok... if it was read left to right... it would be 11:58, which would make sense.