Steps Towards Totality...

Error #1053:

VerifyError: Error #1053: Illegal override of skinParts in com.riageeks.comps.TestComponent.

    at flash.display::MovieClip/nextFrame()
    at mx.managers::SystemManager/deferredNextFrame()[E:\dev\i11.5\frameworks\projects\framework\src\mx\managers\SystemManager.as:349]
    at mx.managers::SystemManager/preloader_initProgressHandler()[E:\dev\i11.5\frameworks\projects\framework\src\mx\managers\SystemManager.as:3230]
    at flash.events::EventDispatcher/dispatchEventFunction()
    at flash.events::EventDispatcher/dispatchEvent()
    at mx.preloaders::Preloader/timerHandler()[E:\dev\i11.5\frameworks\projects\framework\src\mx\preloaders\Preloader.as:418]
    at flash.utils::Timer/_timerDispatch()
    at flash.utils::Timer/tick()

Solution: I was using different build of Gumbo, so the library(swc) created in one version was not able to found some classes. To fix this error, make sure that you are using same version of build for both your library(swc) and the application project.