Original R4 still stuck on "Loading" screen

I know, this question has been asked a countless times, but I *still* can't get my original R4 booting. I have formatted the SDCard with Panasonic SDFormatter, I have tried out various kernels, but it's just stuck there on the black and white "Loading..." screen.

Also, if I take out the cartridge on this "Loading" screen, I get an "SD/TF card error" message

fyi, I have a 128M SDCard