You are required to develop a custom component in Java Swing that displays the current time in a specified format. The component should be designed to offer both functional accuracy and aesthetic customization options to the user. The time displayed by the component must be updated in real$-$time, using the javax.swing.Timer class to refresh the display at regular intervals, such as every second. This ensures that the time shown is always accurate and up$-$to$-$date.

Your component should allow users to customize its appearance by providing options to change the font, font size, and text color. Additionally, users should be able to modify the background color of the component to suit their preferences. To manage and format the date and time, you must use the java.util.Calendar library. This library will help you retrieve the current time and ensure that it is displayed correctly according to the user's selected format.

While not mandatory, you are encouraged to implement drag$-$and$-$drop functionality, allowing users to move the clock component freely within the user interface. This feature, although optional, will demonstrate advanced understanding and could be rewarded with additional points if implemented effectively.