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The query is not set up to sort by the time of the event as well. To do that, you would likely add an additional array to meta_query which would look something like this:

 array(
   'key' => 'mbs_thetime',
   'value' => time(),
   'compare' => '>=',
   ),

This is untested, but it should point you in the right direction. You would also have to convert the field 'mbs_thetime' to a unix time stamp in similar fashion to the way we converted the date picker field.