TokyoFlash didn't invent the e-paper/e-ink watch, but they are the first to present something truly different with the tech.
The following designs are just concepts. However, if you (and others) like them enough, esoteric watchmakers at TokyoFlash will put one into actual production.
Each watch contains e-paper, sure, but it also syncs with your mobile phone over Bluetooth, displaying message, mail and call notification (if you can decode the information). Luckily, they've included this helpful chart to demystify the UI: