While charging the blue LED flashes. When fully charged the LED will be solid blue.
You can use your Zooka while you are charging it.

The LED will alternate blue and red (actually more of a red halo around the blue) when in pairing/discovery mode.
It will flash red briefly as it connects to the audio source device. 

The LED will also flash red briefly when maximum or minimum volume level is reached.
If your Zooka is turned off when you plug it in to charge it, the LED will flash red briefly to show it is resetting.