Hi, I just got one yesterday, mine seems to be the same as yours in that I can see a shiny cone on the left nothing on the right apart from the grille behind the cloth on the front.
If you take the battery door off you can see the magnets for speakers each side so I think there is actually a speaker there.
Build quality good, sound quality good (considering the size of the thing) for the drum machine and for running mp3 through it, but my bass output is very low indeed especially on lower frequencies. Volume is OK if I whack the Drive knob up for the distorted sound but I can hardly get a clean bass sound out of it at all. Is yours the same?
The vid here:
VOX AC1 Rhythm VOX Bass - YouTube is the only one I can find but difficult to tell with Youtube. It seems great on the video ...
Ed