Can I just double check that I understand where you are so far?
As an example, if I say that the live is due to fill up 90s from now, you are currently seeing the time as 1.5 mins but you want to see it as 1m 30s. Is that correct?
If so, you can use the modulo operation “%” to find out how many seconds remain. I’ll apologise in advance if you know any of this already, I don’t want to be patronising but I find it’s useful to spell it all out in case anyone else stumbles across this in future
Modulo will give you the remainder from X when dividing by Y. For example:
local myRemainder = 100 % 30 print(myRemainder) --\> will print "10"
That’s all it does. In my example above, using modulo gave me the remainder if I were to divide 100 by 30.
So for your particular problem, you already know how many total seconds you have until a life is unlocked, but I’ll use a made up number for this example.
local secondsUntilNextLife = 1350
We know how many seconds are in a minute, so what we can now do is find out how many of our total seconds will NOT make up a full minute.
local leftoverSeconds = secondsUntilNextLife % 60
And then find out how many full minutes we have:
local numberOfMinutes = (secondsUntilNextLife - leftoverSeconds) / 60
Now you have number of minutes and number of seconds 
local timeRemainingString = numberOfMinutes.."m "..leftoverSeconds.."s"