This project appears to be a basic setup for a Single Pole Double Throw (SPDT) switch. A SPDT switch is a kind of switch that has three terminals. One terminal is an input and the other two are outputs.

In this schematic, the following components are present:

However, currently, no electrical connections have been made between these components yet. To make a functional switch, connections between the SPDT and the terminals 'A', 'B', and 'COM' would need to be implemented. In a typical SPDT configuration, the 'A' and 'B' pins of the SPDT switch would need to be connected to the 'A' and 'B' terminals respectively, while, the 'COM' pin of the SPDT switch would need to be connected to the 'COM' terminal.

This setup, once connected, allows you to switch between two different circuit paths from a common source. For instance, it could be used to alternate between two LEDs being powered by a single power source or to select between two different signal paths in an audio system.