If you see something like:
PowerD v0.2: PreProcessing(100)...

This pass changes all high-level macros to low-level data streams.
PowerD v0.2: Scanning(100)...

It converts your source to my tables.
PowerD v0.2: Scanning(100) in intuition/intuition...

It reads modules.
PowerD v0.2: Working...

It regenerates lists of OBJECTs and adds links between OBJECTs.
PowerD v0.2: Writing(12%)...

It writes/optimizes assembler source.
PowerD v0.2: Cleaning...

It frees all memory allocations.
PowerD v0.2: Assembling...

It executes phxass/pasm to compile assembler source.
PowerD v0.2: Linking...

It executes vlink to link startup header, object files and link libraries.
PowerD v0.2: Done.

If everything went ok, or:
PowerD v0.2: Not Done.

If not.