later setInterval can't fire time?

[hetz]

Please help me. I try every is ok , but I try time.

var later = require("later")
// var sched = later.parse.recur().every(5).second();
var sched = later.parse.recur().on('11:59:50').time();
var t = later.setInterval(test, sched);

console.log('server machine time:',new Date());
function test() {
    console.log(new Date());
}

https://runkit.com/htz/later-setinterval-can-t-run-time