It looks like the SDK does not contain all the components!
To fix this, in Android Studio go to Tools โ Android โ Android SDK Manager
I would install Android SDK Tools, Android SDK Platform-Tools and Android 4.4 files (and others as you plan to develop)
Hope this helps! Here is some link to the pictures if you need more help: http://developer.android.com/tools/help/sdk-manager.html
EDIT: I'm sorry! I should have carefully read your mistake. Android 4.4W seems to be related to Android Wear .
Make sure that when you create the project, you donโt have Android Wear selected on the SDK selection screen (as shown below)

Alternatively, you can also reopen the Android SDK Manager and install the Wear SDK. In the SDK Manager, it is under Android 4.4W (API 20) , install the SDK Manager and two System Images
Zolnoor
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