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OUT of TIME trademark watch.
The sailboard rotates as the seconds tick off.
Dial marked: HONG KONG
Back of case marked:
HAND WIND EVERY DAY
WATER RESISTANT
OUT of TIME (R) registered trademark
MADE
IN
BRITISH COLONY OF HONG KONG
& FOREVER & EVER & EVER (upside-down)
(HAND WIND EVERY DAY & FOREVER & EVER & EVER)

This is what I found on a registered trademark search:
(image #4 above is the trademark associated with description below)

OUT OF TIME
By: AVION INTERNATIONAL, INC.
WATCHES
Perfect for these industries
Words that describe this logo
Jewelery Products
watches
This is a brand page for the OUT OF TIME trademark by AVION INTERNATIONAL, INC. in LOS ANGELES, , 90014.
On Monday, November 18, 1985, a U.S. federal trademark registration was filed for OUT OF TIME by AVION INTERNATIONAL, INC., LOS ANGELES 90014. The USPTO has given the OUT OF TIME trademark serial number of 73568946. The current federal status of this trademark filing is CANCELLED - SECTION 8. The correspondent listed for OUT OF TIME is THOMAS H. EDSTROM of 6253 HOLLYWOOD BOULEVARD, SUITE 1120, LOS ANGELES, CALIFORNIA 90028 . The OUT OF TIME trademark is filed in the category of Jewelery Products . The description provided to the USPTO for OUT OF TIME is WATCHES.

Thanks for looking,
Dave