This is a simple multivibrator kit using two transistors(S9014), two capacitors, and a few other components. The working principle of a multivibrator has been explained in previous posts also. You can read about the multivibrator circuit on this page.
The two LEDs on the PCB flash alternately, that’s all you see on the circuit board. It is a very basic electronic kit for electronics beginners.
The schematic of the kit:
Check out all the assembly steps. You can see all the images on Flickr also.