Sorry don't know how to set the FLEX_HOME variable. In fact all the build options generate this error.
Where is the full stack trace? Here is what shows up in the panel at the bottom: Moonshine IDE 1.5.1 : Source is under Apache License, Version 2.0 : http://code.google.com/p/moonshineproject/ : Uses as3abc (LGPL), as3swf (MIT), fzip (ZLIB), asblocks (Apache 2), NativeApplicationUpdater (LGPL) : Running on Adobe AIR 27.0.0.124 : Sep 17, 2017 4:26:14 PM org.xsocket.connection.Server$LifeCycleHandler onConnected : INFO: server listening on 0:0:0:0:0:0:0:0:51399 (xSocket 2.8.15) : Compiling Test : Invalid SDK - Please configure a Flex SDK instead Doug -- Sent from: http://apache-flex-users.2333346.n4.nabble.com/