Haven't heard of this product, it appears to be a worm composter.

Where's all that water coming from? If it's rain, maybe get it under cover somewhere. Is that tray empty-able? In which case you can just use the leachate to fertilize plants around your yard.

I checked out a web-site that sells this product and looked at the picture. The lid doesn't seem to allow air exchange. Does the lid have holes/vents?

Re. water in bottom tray; my guess: you might be feeding kitchen scraps containing too much water. Did you add lots of shredded paper in your trays?

Follow toxcrusadr's advice and you should be OK. By emptying that bottom tray, you are freeing the space for air which will only help the set up.

Steps you could do to minimize liquid in worm food: pre-rot and get rid of pooled liquid before feeding or freeze for a couple of days and thaw and get rid of the thawed liquid before feeding,