The missing voltage regulator would not matter if no lights were connected. It looks like the older bikes used different wire colours than the newer bikes. The yellow/green wire that I refer to as ground, looks to be the blue wire on your bike. With that blue wire disconnected, your light bulbs aren't in the circuit. What happens when you hookup that ground? The flashing should at least stop.
Actual stator output is a different story. It is possible that your stator is bad. As long as the bottom end of the winding is grounded, you should be able to measure reasonable voltage ouput when testing from the yellow wire to ground (bike running).
Keep at it, it's not rocket science.
All lights were connected., but when I got it, taillight were missing, and front bulb was broken.
This would not have been a problem, ive dealt with some bike-wiring before, but the wiring diagram for GG is terrible quality, and ive never had problems with stator before, so didnt know the symtoms.
Quick question, I believe its a 2k-3 stator in a EC300 07, I just saw that an ad for a 2k-2 stator in here. Would this be a match? Im using standard tail-light, no indicators, trailtech vapor and 2011 front headlight.