Two LEDs indicate the power on and off status of bread board power . So it helps to confirm whether the positive and negative rails of the bread board are getting power. Green LED lights at power on and turns off after 3 seconds. Red LED turns on at power off and turns off after 3 seconds. Let us see the circuit
At power on ,Capacitor charges via Green LED and it lights. When the capacitor fully charges,Green LED turns off.It takes around 3 seconds. When the power is switched off, capacitor discharges via Red LED and it lights. When the capacitor fully discharges, Red LED turns off. It takes around 3 seconds.