I'm not insulting your intelligence here with my reply. I don't know you nor your boating experience so I will keep it simple and if you know the terms I explained, just move on with the topic. Wink!
There is a "thru hull" transducer (the thing that sends and receives the "ping" from a target) that has a hole cut through the hull and the transducer is glued in. Then there is a transom (vertical plate upon which the engine is mounted) mounted version, usually mounted outside the boat on the transom but some folks (like me) epoxy the transducer inside the boat on the deck (floor) just in front of the center of the transom.
Neither kind would be easy to get out/off. Best bet is to leave it be if you can't get enough information on here to determine that yours does or doesn't work and buy another complete system.
So let's see if yours works:
Get your boat out in the water, sitting on the trailer, rear of the boat submerged, like you were ready to push it off the trailer, or tied to the dock is fine with your camera and with an umbrella over the camera and viewing screen (to keep the sun from washing out the picture).
Turn it on and when something is visible on the screen take a picture and post it here. Also, if the control knobs on the front of the monitor aren't real clear in this first picture, take another picture or two with any writing/figures on the face clearly visible. You may not have a thing to worry about.
Edit: I did a Google search for info on the LSM-1 and only one reply from iboats no less that didn't show the face of the display unit and as such was no help in answering the questions.