50cc Redcat not running

I just got this quad and the previous owner said the starter was bad. He had pulled it off. Well after testing the starter, it is fine so I reinstalled it. I think I found why it won't run when I put the starter on. I get no spark.

I guess I can't post a picture from photobucket for whatever reason. Anyway one side of the magneto wiring is black and looks burnt the other side looks copper colored like i guess it should. Does anyone have a troubleshooting guide to follow to see where I should be getting power, spark signal etc. to get this thing running?

Thanks

Well after looking at website devoted to selling Chinese quad parts I am thinking that the magneto is not the problem. The new ones they sell are the same design/colors so Back to square one.

Does anyone have a guide to follow along to trouble shoot where my no spark issue is?

Ruled out the basics 1st... ie. Bypass Safety s/w & lock s/w using jumping wires... use NEW spark plug for test...
ohms of coil... http://sanxin.com.cn/info5/index.asp?id=20 | ohms of cdi... http://sanxin.com.cn/info5/index.asp?id=10

I pulled the pin off the cdi and now I have spark. I went through the carb, it seems fine but I think I figured out the issue.
Low compression. I had to find an adapter from my tester to the plug hole but I only have 15-20 psi compression. I sprayed some lube (wd-40) in the hole and it didn't change the compression. How much should it have??

Pretty much a pile of junk at this point?? Needs a motor rebuild??

http://www.dansmc.com/compression_test.htm
72cc barrel kit maybe the quick solution IF others in usable state ... Anything beyond that is wasting money/time. Another healthy horizontal engine also not that expensive...

So I was doing some reading and talking to a buddy. He told me to check the valves. Because spraying lube in the cylinder should help seal the rings if that was the reason for no compression. So I checked the valves and couldn't get any feeler gauge in. I adjusted them to .002 inches because I don't have a metric gauge. It is about .05 mm, which is in the middle of numbers I have found to set it.
Anyway now I have 60 psi on compression. I know not right but a lot more than I had. Then the battery went dead so I quit for the night and started drinking beer. Any suggestions?