Your Xcode installation is not right so Corona can’t build and sign the app. There may be a conflict if you recently updated Xcode or moved it from it’s default location. You may need to remove and reinstall Xcode.
2014-09-01 10:43:44.248 Corona Simulator[1132:507] xcode-select is set to an invalid location:
/Volumes/Xcode/Xcode.app/Contents/Developer/Toolchains/XcodeDefault.xctoolchain/usr/bin/clang++: No such file or directory"}</error>
Run this command in the terminal to show where it thinks Xcode is located:
xcode-select -print-path