[Inverness]

First of all, nothing should go outside of function definitions (brackets).

There is also scheduleevent(time, eventname, params...).

So if you do scheduleevent(1, "Pancake", null), then function onPancake() will be called in one second. I imagine this is not quite as efficient as a timeout, so use the timeout for stuff that is 0.05.

Edit:

Also your script should have been looping at 0.5 since that is the smallest timer rather than 0.05.