Yes all times are EDT. A primer for the new guys in the draft:
You can pick as soon as you want as long as the guy in front of you has made his pick. That even goes for if we are into the following day. There are no skips however. That means if someone is supposed to pick at 5, and the guy before him picks at 3, the draft stops until 5:30, when that guy is skipped and the next guys 5:30 time slot is up. Then it proceeds. If the guy at 5:30 picks at 5:31, the guy with a 6 pm time can pick at 5:32 if he wants and the 6:30 guy can pick at 5:33 or whatever. If is OK to get ahead of the times.
Once an owner gets skipped, they can make their pick as soon as they can after the skip, no matter the time. Make sense? Any questions, just let me or everyone else know.