The circuit is simple to understand; the CD4011 IC is wired as a multivibrator in the circuit, the outputs of gate b and gate d of the IC are fed to the transistors through 1K resistors, each transistor is driving two LEDs through a 470 ohms current limiting resistor. Operating voltage of the circuit is 9V DC.
Here is a project of a LED flasher circuit using a CD4011 CMOS IC. The circuit flashes four LEDs, two of each at a time. The number of LEDs can be increased in parallel and maximum 12 to 15 LEDs can be used with each transistor. The number of LEDs can be further increase by using a higher output current
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