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Yes. I also tried a CD-R. Same issue. The only difference is that when it freezes at the "now loading" screen, it eventually starts playing the CD stage tracks starting with Ryu.

I confirmed all of the above and the game still crashes on before loading the first fight. After I select my character, it crashes on "Now Loading" without the progress bar showing up.

Same as  this video capture at 7:04. 

Awesome. Thanks for following up on that.

JP Neo Geo CD Top Loader with SD Loader: New version works at the correct speed (with occasional slowdown) but the last boss still does not appear making the game unbeatable.

Played a few rounds on my Neo Geo CD and it's turning out to be a good port. Nice work!

Same issue here. JP Top Loader Neo Geo CD with SD Loader. Game freezes on NOW LOADING screen after selecting a character.

Sure, here's a pic of stage 3. I'm using a Japanese top loader modded with an SD Loader.

On NGCD hardware with SD Loader, stage backgrounds go black near the boss starting on Stage 3. Otherwise, I was able to finish the game.

Pretty good port. Runs well on the NGCD SD Loader. 

Feedback:

• Sound FX for item pickups sound very different from the arcade original.
• The intro pictures seem slightly corrupted around the borders.
• BGM tracks start a little early and cut off on the CD SD Loader.
• Some sound and gfx corruption on bonus stages. Especially if you get a perfect and a life bar extension.

The game runs on the NGCD but in the last stage, the background is garbled.

The good news: Game plays on the NGCD. The bad news, it's about 3x speed. Way too fast. The game also hung when the last boss transformed into smoke and then disappeared never to be seen again.

Good start though.

Hoping to see Moonwalker Arcade someday!