So I'm a newb to the Osmo. I've been recording and taking some pics with my new osmo and I'm loving it so far. My only problem is that I remove all videos and pictures from the memory card but my record time still stays the same. Why doesn't it reset or is there something I have to do?

I'm confused, what "record time" are you referring to?  Do you have a screenshot?

I suspect you have only copied them from the Micro SD card. You should copy your files over to you computer, then when you start the OSMO up, format the card.