Hmm , that looks to be a Wico flywheel and stator plate . According to the motor # ( M20518B ) and the note in our registry , it should be a Phelon magneto .
What a cobbled mess . The original plug wires just taped and left hanging where ever .
Other wiring seems to be old appliance type cord .
As for the bike working in it's current configuration , who knows .
I don't know how it's wired to work , if it actually does .
I don't see a battery or connections or any place that might have held one , so
Pete .