If the error advice stopped at Preparing Application icon most probably the problem is the size of the icon for your app. Did you provide your own App Icon? The 'icon' needs to be a png or jpg image of about 48 x 48 pixels. Other file formats (except *.ico) can also be used. I think you can use an image as large as 74 x 74 but am not sure so use 48 x 48 .
Try changing the icon back to the default MIT icon. You app should probably compile. Then resize your icon you want to display to 48 x 48 pixels.
There are other reasons possibly your app did not compile but this one is the most likely.
Does changing the icon help?