>>What is wrong? Need some advice. Do i need to purchase a new carb?<<
The mix is hosed...due to that adjustment lever not working.
You don't need a new carb, but you do need to replace the missing parts....mopedjunkyard has a diagram of the DelLorto carb, which should help you figure out what parts you are missing...so you can order them.
As far as I recall, those parts are pretty cheap, so....it's all good.