A couple of suggestions:
1) Output the value of that fromtime variable (using cfoutput or cfdump), putting it before the bold line. It seems it's not going to look like the timeFormat function expects.
If you have trouble doing that (seeing output before it errors in the loop), then instead output the schedules variable before the loop. It may not look at all like the code is expecting. It may even be empty.
Once you know the state of things, then you need to determine how it got that way, given the flow of processing.
2) All that said, I sense you may not be a developer (or not a CF developer), and so you may not feel up to that task. You may need to hire someone to help, and you may only need minutes for this, or hours for other facets of getting the app back on its feet.
But I'll add that you may be challenged in doing that, as some folks won't work on cf7--heck, they may have children in college who are older than it is. Others will want (reasonably) to scold/warn you about the grave security risks of running such an old cf version. Still others will want to point out the free alternative cfml engine at lucee.org.
I suspect you don't really want to hear about all that nor want to put in "all that effort" but instead "just want things to work". That's why I offered what I did at the first.
But if you stumble and need more direct help, note that I keep a list of cf dev shops here (cf411.com/cfappdev), or places you can announce your small gig to waiting cf folks (cf411.com/cfjobs).
But maybe you'll get going with what I've shared above. Do let us know how things turn out.
Thank you for the advice. I have managed to resolve the issue.
Please do tell us even just a bit more about your solution, whether what I said helped or not.