Tracking Transmitter

The FM transmitter section above operates continually from the 1.5v and the "flasher chip" provides a slight interruption to create a "beep" on the airwaves which is really the transmitter shifting off frequency and the carrier being lost. It does not use the "jacked-up voltage" feature of the chip.
If a load other than a LED is connected to the circuit, the electrolytic will not charge.
The circuit relies on the fact that the LED is an "open-circuit" when the supply voltage is below the characteristic voltage of the LED (approx 1.7v).
The circuit, however, can be used as an oscillator to drive other loads providing the LED and electrolytic are retained as they provide the "timing component" and "load."
This makes the circuit very wasteful with current if required for other applications.
There are other circuits more suitable, as you will see.