There may be different problems you are addressing. The warning light with the exclamation mark is usually for the internal compass.
See this video at 6:20 to recallibrate your internal compass.
There may be other problems with your camera as I’ve not seen it be stuck at 1 second before. If I were you, I would try the official customer support. If you can’t reach customer support, you can try resetting your settings by pressing the power button and Wi-Fi button down together for 10 seconds. I believe this will erase your settings, so only do it if you are prepared to set the configuration again.
If you have access to an Android phone, we have a developer app that we use for testing the Z1 that can delete all the internal settings.
This is only for if you are stuck and have exhausted the options available with official customer support. Please keep in mind that we don’t work for RICOH. This is just a bunch of active users of the RICOH THETA. Although the site does receive sponsorship from RICOH, we’re not a source of official support information. There may be something wrong with your camera.