I bought an R4 yesterday, and I tried pretty much every firmware for every clone out there, to no avail. I guess I'm just trying one last ditch effort to see if anybody has any ideas, it's stuck on the "loading..." screen with every firmware. Here is the box and cartridge, any help would be greatly appreciated.
I had this problem and i had to delete the _DS_MENU.SYS file, i would make sure i'm not using a fake R4 under "My R4 boots, but gets stuck at the "Loading..." screen." http://r4ds-forums.com/viewtopic.php?f=12&t=1354