Got my board exchanged. They said the component looks like a fuse and it would blow if I plugged the battery wrong. It's odd because I didn't even plug the battery when I powered up the system. I wanted to avoid damage to the battery in case of problem so that why I didn't plug it. Anyways, I won't have time to play with it, for the next 2 weeks or so. It's a typo in the schematics sheet for the VAC and VDC. It's supposed to be VAC.