I've connected my HM-10 (from Sunfounder) to the breadboard and wired it up to the Arduino Uno. I get the flashing red light, I can see it on my Android phone and pair with it. This is where I'm unsure of what to expect. I've have an Arduino Bluetooth Serial app, that I can see the paired device, but when I try to connect it fails.
Questions:
Do you need to run code (via Sketch) before you can "connect"?
I've wired/used the code from this link. I get no flashing LED. Am I doing something wrong or is it likely a faulty board?
It might be just a procedural error rather than a faulty board. The pairing and on-board LED actions only apply to Bluetooth<>Android and that doesn't mean everything is kosher. Check your wiring.
I get the impression that the HM-10 is not quite the drop-in replacement for the HC-05 it was first supposed to be, but you might find the following background notes useful