Hey I am sort of having the same problem, although it says 1.3 instead. The log says:
[11:57:08] [main/INFO]: Loading tweak class name cpw.mods.fml.common.launcher.FMLTweaker
[11:57:08] [main/INFO]: Using primary tweak class name cpw.mods.fml.common.launcher.FMLTweaker
[11:57:08] [main/INFO]: Calling tweak class cpw.mods.fml.common.launcher.FMLTweaker
[11:57:08] [main/INFO]: Forge Mod Loader version 7.99.36.1558 for Minecraft 1.7.10 loading
[11:57:08] [main/INFO]: Java is Java HotSpot(TM) 64-Bit Server VM, version 1.8.0_51, running on Windows 10:amd64:10.0, installed at C:\Program Files (x86)\Minecraft\runtime\jre-x64
[11:57:08] [main/WARN]: The coremod codechicken.core.launch.CodeChickenCorePlugin does not have a MCVersion annotation, it may cause issues with this version of Minecraft
[11:57:09] [main/WARN]: The coremod cofh.asm.LoadingPlugin does not have a MCVersion annotation, it may cause issues with this version of Minecraft
[11:57:09] [main/WARN]: The coremod codechicken.nei.asm.NEICorePlugin does not have a MCVersion annotation, it may cause issues with this version of Minecraft
[11:57:09] [main/INFO]: Loading tweak class name cpw.mods.fml.common.launcher.FMLInjectionAndSortingTweaker
[11:57:09] [main/INFO]: Loading tweak class name cpw.mods.fml.common.launcher.FMLDeobfTweaker
[11:57:09] [main/INFO]: Calling tweak class cpw.mods.fml.common.launcher.FMLInjectionAndSortingTweaker
[11:57:09] [main/INFO]: Calling tweak class cpw.mods.fml.common.launcher.FMLInjectionAndSortingTweaker
[11:57:09] [main/INFO]: Calling tweak class cpw.mods.fml.relauncher.CoreModManager$FMLPluginWrapper
[11:57:12] [main/INFO]: Found valid fingerprint for Minecraft Forge. Certificate fingerprint e3c3d50c7c986df74c645c0ac54639741c90a557
[11:57:12] [main/INFO]: Found valid fingerprint for Minecraft. Certificate fingerprint cd99959656f753dc28d863b46769f7f8fbaefcfc
So I was wondering if anyone could help me, any help is appreciated.
Thanks!