Creating your own video player in flash can be tricky sometimes, especially figuring out the logic for the elapsed time counter. Hopefully this snippet will make it easier for you next time.

// DEFAULT TIMER TEXT
timer_txt.text = "00:00";

// TIMECODE VARS
var timecode:Number = 0;
var mins:Number = 0;
var secs:Number = 0;

// PLAYHEAD TIME EVENT LISTENER
var listenerObject:Object = new Object();
listenerObject.playheadUpdate = function(eventObject:Object):Void {
	timecode = Math.round(VidWindow_vid.playheadTime);
	mins = Math.floor(timecode/60); // find number of minutes;
	secs = Math.floor(timecode%60); // find remaining seconds;
	mins = (mins<10) ? "0"+mins : mins;
	secs = (secs<10) ? "0"+secs : secs;

	timer_txt.text = mins+":"+secs;
};
VidWindow_vid.addEventListener("playheadUpdate", listenerObject);