So lets try this and see if it helps.
Hard Reset using buttons:
Press and hold the Camera + Volume Down + Power until the phone vibrates. Then release the Power key and keep pressing the Camera + Volume Down for a few seconds.
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My Nokia Lumia 920 shows the lightning bolt and gear icon. does not start and is frozen on that icon.
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So lets try this and see if it helps.
Hard Reset using buttons:
Press and hold the Camera + Volume Down + Power until the phone vibrates. Then release the Power key and keep pressing the Camera + Volume Down for a few seconds.
A HAD SAME PROBLEM TOOK OUT MEMORY CARD ATTACHED TO LAPTOP AND PRESSED VOLUME <DOWN> AND POWER BUTTON AND IT CAME ON
I reset the phone from the stagnant lightning bolt/cog screen. After I realized the phone wasn't doing anything, I held down the aforementioned three buttons for a few seconds. Immediately after the phone vibrated, I let go of the power button, holding the volume down and camera buttons for an extra 7-10 seconds from what I remember. I held them pretty well into the process. I then saw the cogs again for a few minutes but not nearly as long as I was seeing them before. Then the AT&T logo appeared as well as the blue Windows Phone splash screen and the phone began its reset process. At this point, it prompted me with all the necessary login info. I hope this helps.
I do the reset and right after the vibrate I release the power button (but remain holding the camera + volume down) and I get the AT&T screen. Then it says Nokia, but it goes back to the cogs or it goes to a low battery symbol. I don't get the Windows Phone screen. Any ideas? It's been non-functional for 10 hours now and is getting frustrating. I have a long car trip tomorrow and not having a phone would be difficult.
It can't perform the system update on a low battery. Do that step while being plugged in and see if it works.
Thanks,
All I did was press the volume down + power keys for 5 seconds and it resolved the issue. however, it did reset the phone date and time to when I first got the contract and then later gave me an update :)
Aarif