It means that the little drawer for the water on the side is full of water or that it is not closed completly. In the water drawer there is a switch that makes it turn off the AC if it is running ,then it will give you a P1 code.
Make sure the water drawer is empty of water then. put the drawer back in carefully and gently, the switch that is built into the drawer will make contacts and your problem should go away. you might have to unplug the unit from the wall for it to clear the problem after doing the above steps.
Also here is a link to their site, Midea the company that makes these MPK-10CR units. For the owners manuel
http://www.supportuscenter.com/documents/MPK_Manual.pdf
http://www.supportuscenter.com/pilot.asp
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