Fuel, Spark and Air are what make up the fire triangle. You say you have fuel and spark. That means I would seriously check into your air intake system to look for something not allowing air into the carb. Low compression will make the engine run really bad, but compression won't keep an engine from at least making an effort to start. You should at least have popping or back firing or something along those lines. You may want to make sure you haven't sheared a key in the top of the head or something that would keep the valves from opening or closing up or keep the cdi mechanism from turning. Best of luck with this and keep us posted as to what you find.
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