As said before--Pull the head off, put the heel of your hand over the top of the cylinder, and rotate the crank with your other hand on the flywheel. If the ring is sealing properly, it will be very difficult to turn the engine over with your hand sealing the compression completely. If that proves that the ring is sealing properly, then it almost certainly means that your valves are leaking. A test that I have made in the past, out of sheer desperation is to make up a dummy sparkplug with a hollow center that you can slip a rubber tube over. Make sure the engine is in the position it would be in with piston at top dead center, ready to fire, and submerge the whole engine in a bucket of clear water and blow your guts out on the other end of that rubber tube. If the exhaust valve is leaking you will get a stream of bubbles coming out of the exhaust pipe. If the intake valve is leaking you will get a stream of bubbles coming out of the carburetor. If the head gasket is bad, you will see bubbles escaping around the sides of the head. Make absolutely certain that when the exhaust valve is not up on the cam that there is .005" to .010" clearance between the rocker arm and the valve stem. 99% of first time engine builders who have the problem of the engine not starting have leaking valves. The engine absolutely must have compression to start. Is it sucking up fuel now when you try and start it? Is it firing at all? try some "quick start" ether sprayed into the carb while turn the engine over with your drill. HAVE YOUR FIRE EXTINGUISHER NEARBY!!! Put your mouth over the inlet spout of your gas tank and blow as hard as you can---does that make the fuel rise up in the line to your carburetor.---that little test shows that you do indeed have a clear passage from the tank up to the carburetor. Do all of that and report back. I damn near went crazy with my first engine build, the Webster, because of leaking valves. Do not despair. I have a fix for everything you may run into.---Brian