Cycling through successive colors means changing colors.
Cycling is not referring to the led going on and off.
In your example above you are expecting it to cycle through Green, Magenta,Green, Magenta, ... It is doing that. And it is cycling to the next color approximately every 10 seconds (or whatever it is for the lite version) -- if there is more than one color to be notified then a color change takes place approximately every 10 seconds. It flashes one color for 10 seconds, then flashes the next color for 10 seconds, etc. It is working as advertised. If you get the full version then you can configure for a color change to occur approximately every 2.5 seconds (about 1 slow on/off).