UPDATE: All, I just retried again with Samsung Orange (EVO mircoSDHC UHS-I) card (https://www.google.com/express/u/3/product/11210768920829180850_336654991217493402_6136318)
I formatted it with FAT32Formatter (guiloader.exe) and used 16KB as the allocation unit size and replaced my 64GB SanDisk (which I had taken 6-7 pics/videos)
FINDINGS: Still did not work (Red light above shutter flashing, memory still ~50MB).
NOTE: One weird thing I noticed is that the pictures I had taken while the 64GB card was in WERE STILL IN "Camera Images" on app - My theory is that there is an "onboard" memory of ~50MB that is currently being used by the camera and it is not even recognizing either card's add'l memory. As more evidence, the 64GB that I pulled out (and thought I took pictures on) is empty when viewed on computer.
Is there something that I am not doing correctly that the camera is not recognizing the "known to work" Samsung Orange? Is it a wrong Samsung Orange? Am I not formatting it properly? Do we have to copy the same folder structure onto the new card (I did not and assumed the first picture would create the folders needed)? Has anyone tried to run the Theta with no card?
Thanks in advance and I hope this helps anyone else out...
I'm going to have to try to reload my original 8GB to eliminate the possibility that other factors are affecting the memory readability.