Installed Titanium and cannot get the Kitchen Sink to run in the Android emulator

I installed Titanium (build: 3.1.0.201304151600) and the Android SDK on my Windows 7 x64 machine and am trying to get the Kitchen Sink to run, but it's failing and this is all that I am seeing in the console:

Titanium Command-Line Interface, CLI version 3.1.0, Titanium SDK version 3.1.0.GA
Copyright (c) 2012-2013, Appcelerator, Inc.  All Rights Reserved.
[INFO] :   Running emulator process: python "C:\Users\Norman\AppData\Roaming\Titanium\mobilesdk\win32\3.1.0.GA\android\builder.py" "emulator" "KitchenSink" "C:\android-sdk" "C:\Users\Norman\Documents\Titanium_Studio_Workspace\Kitchen Sink" "com.appcelerator.kitchensink" "2" "WVGA854" "armeabi"
[INFO] :   Running build process:  python "C:\Users\Norman\AppData\Roaming\Titanium\mobilesdk\win32\3.1.0.GA\android\builder.py" "simulator" "KitchenSink" "C:\android-sdk" "C:\Users\Norman\Documents\Titanium_Studio_Workspace\Kitchen Sink" "com.appcelerator.kitchensink" "2" "WVGA854"
[INFO] logfile = C:\Users\Norman\Documents\Titanium_Studio_Workspace\Kitchen Sink\build.log
[ERROR] :  Emulator process exited with code 1
[ERROR] :  Build process exited with code 1
[ERROR] :  Project failed to build after 162ms

I've only installed the Android API 8 SDK, have the Android SDK Tools (21.1) and Android SDK Platform-tools (16.0.2) installed as well.

Under the run configuration for the Kitchen Sink, it's set to Google APIs (Android 2.2), WVGA854 and log level info.

Is there something that I am missing from the configuration? Where can I look to further debug what is not working correctly?

the build.log doesn't seem to contain any additional useful info:

Logfile initialized
[INFO] logfile = C:\Users\Norman\Documents\Titanium_Studio_Workspace\Kitchen Sink\build.log
[INFO] logfile = C:\Users\Norman\Documents\Titanium_Studio_Workspace\Kitchen Sink\build.log
[DEBUG] C:\Users\Norman\AppData\Roaming\Titanium\mobilesdk\win32\3.1.0.GA\android\builder.py emulator KitchenSink C:\android-sdk C:\Users\Norman\Documents\Titanium_Studio_Workspace\Kitchen Sink com.appcelerator.kitchensink 2 WVGA854 armeabi
[DEBUG] C:\Users\Norman\AppData\Roaming\Titanium\mobilesdk\win32\3.1.0.GA\android\builder.py simulator KitchenSink C:\android-sdk C:\Users\Norman\Documents\Titanium_Studio_Workspace\Kitchen Sink com.appcelerator.kitchensink 2 WVGA854

thanks