This is an early V1 kit, and from what I can tell it lacks a rear velocity adjuster:
Interestingly, the cocking slots in the body were welded closed and then the entire body was powder coated gloss black.
As an aside, any idea what this gun is worth? It's currently set up with a VM EXC style expansion chamber, a single finger trigger guard, 14 inch armson barrel, and 45 frame with bottom line. It also has a trigger stop installed in the grip frame block.