The reset button is also the power on/off button.
You press the button briefly and it will turn the power either on or off.
The reset button also is the manual advance button. When the controller is lit and you press and hold the button down, it will advance the fleece roll until you release the button (or let go of the button).
The blue and red indicator lights on are normal.
The PS port is part of the original concept design where there was a safety stop float switch which isn't used for the KLIR, it might be still utilized for their IceCap ATO but I'm not exactly sure but I believe they use the same controller for that product.