Apple's Area 51 stable of mysterious gadgets gets more nebulous everyday, with conflicting rumors and analysts predictions all over the map. An iTV might exist, or not. Likewise, Apple is maybe prepping a smart watch, but a new report suggests the device is still a year off.

According to KGI Securities analyst Ming-Chi Kuo, Apple's iWatch won't debut until 2014 because the company doesn't currently "have adequate resources to develop" the device. Kuo says that developing a version of iOS specifically for a smart watch is proving problematic since Apple has put a lot of man power on revamping iOS 7. As a result, production is being pushed back, conflicting a rumor from earlier this week.

When the little wrist computer does arrive, Kuo claims it'll sport a 1.5-2-inch display and have similar internals to the company's iPod nano, at least in terms of processor and touch technology. Beyond that, Kuo says the iWatch will feature biometrics for wider health applications.

At this point, with reports varying so widely, it's difficult to determine when we might see an iWatch. This year seemed like a lock, but Kuo's report would suggest otherwise. The setback of creating a miniaturized iOS seems believable, but a delay up until next year? Apparently so.