Did you ever put oil in it ?
They are only shipped with enough oil to prevent the contact surfaces from siezing during transport.
If that is the case, engine will most likely be toast but you will need to pull the engine off and pull it down to be sure.
From memory the GVC series uses a one piece crank case & barrel so if either of the ends of the crak, or the bore are bad the only salvagable part will be the head magneto & carb.