Default code from Cocos2d-V3 isn't working at all?

I ran the default code provided with the cocos2d template but doesn't seems to work. But a tutorial at Ray Wenderlich says it should be working.

I Couldn't get any far from boilerplate code. when I ran the initial code provided by default. got crashed with the following out put :-

cocos2d: cocos2d-iphone version 3.0.alpha
cocos2d: compiled with Profiling Support: NO
cocos2d: OS version: 6.1 (0x06010000)
cocos2d: GL_VENDOR: Apple Computer, Inc.
cocos2d: GL_RENDERER: Apple Software Renderer
cocos2d: GL_VERSION: OpenGL ES 2.0 APPLE
cocos2d: GL_MAX_TEXTURE_SIZE: 4096
cocos2d: GL_MAX_TEXTURE_UNITS: 8
cocos2d: GL_MAX_SAMPLES: 4
cocos2d: GL supports PVRTC: YES
cocos2d: GL supports BGRA8888 textures: YES
cocos2d: GL supports NPOT textures: YES
cocos2d: GL supports discard_framebuffer: YES
cocos2d: GL supports shareable VAO: NO
AudioStreamBasicDescription: 2 ch, 44100 Hz, 'lpcm' (0x00000029) 32-bit little-endian float, deinterleaved
2014-02-10 18:12:19.669 Cocos2DSimpleGame[2532:16103] Error '!obj' trying to fetch default input device's sample rate
2014-02-10 18:12:19.670 Cocos2DSimpleGame[2532:16103] Error getting audio input device sample rate: '!obj'
2014-02-10 18:12:19.671 Cocos2DSimpleGame[2532:16103] AQMEIOManager::FindIOUnit: error 'NoHW'
2014-02-10 18:12:19.672 Cocos2DSimpleGame[2532:12203] AURemoteIO::Initialize failed: -10851 (enable 2, outf< 2 ch, 44100 Hz, Float32, non-inter> inf< 2 ch, 0 Hz, Int16, inter>)
2014-02-10 18:12:19.673 Cocos2DSimpleGame[2532:13e03] <0xb0197000> AQMEIOManager::FindIOUnit: error 'NoHW'
(lldb)

What am i missing here ?

PS:- I am using Xcode 4.6.2