is “Toolset” is in wp repository? Please give me the link.
‘the_time’ is wp core filter and it has 2 arguments. So if any plugin use that they should provide 2 arguments but That plugin did not provide that. That plugin should correct that.

I will also correct my code for this type of issue for those plugin which this hook use wrongly.

You can temporarily correct code to use for now. go to front-end-pm-pro/functions.php and change fep_format_date( $date, $d ) to fep_format_date( $date, $d = '' )