Fully assembled kit, includes all original packaging. Sounds fantastic, works with USB and RCA plugs. I've found this works fantastically with my ATH W5k, and is near dead silent (rarity for tubes) with my MDR 1000x. Also powers small speakers very well! I'm not using it much, but it is like new without any markings. Excellent little amp / dac in an awesome silver aluminum housing. I'll put up pictures tomorrow. These seem to sell for $250 unassembled from Japan, this one can be yours assembled and shipped in the USA for $200 obo. Price now dropped to $159 shipped!