It's a two stoke engine - one of the simplest pieces of machinery.
Got air
Got fuel
Got spark
Still thinking something is up with that magnet.
John,
If you have an inductive timimg light handy, make some timing marks on the magnet at TDC, remove the plug (to relieve compression) and roll the bike forward and see if the ignition timing is close. Might need two people to do this. One to roll the bike, the other to aim the timing light.