I have a Phantom 2, just purchased, and the front right LED (Red) is not functioning.  This is brand new and I received it as a gift.  Any ideas on what may be happening.  Is it just malfunctioning/broken?

Just a guess, but on my V+ the front Red LED,s don't come on until the motors are running.
Do you have the motors running ?

Sounds like a problem with the ESC (Electronic Speed Control) circuit board.  Are all the motors turning when you do the CSC  (Combination Sticks Command)?  Are you getting any LED errors like those depicted on the little car that came attached to the remote control?

Was it from a local dealer or an on-line purchase?  If it turns out to actually have a problem and you're still within 7 days you should be able to return or exchange it.

Yes, motors are running.  Had a hard landing and I don't know if they were lit before.   No visible damage.

Always read manual before flying! Fully.