You can't put the else part on the same line as the IF.

It should look like...
Code:
if not GPIO.1 then
    time1 = 1 
else 
    time1 = 0 
endif
But then, all you are really doing is inverting the bit, so you could do this.
Code:
time1 = GPIO.1 ^ 1
time2 = GPIO.2 ^ 1
time3 = GPIO.3 ^ 1
time4 = GPIO.4 ^ 1
OR, you could do them all at once if the variables are setup right.
Code:
time    VAR BYTE
  time1 VAR time.1
  time2 VAR time.2
  time3 VAR time.3
  time4 VAR time.4

time = GPIO ^ %11110
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