Do not use NeoMax to format the NeoKey. It will not detect properly for a while after doing so.
If you are using neomax, just dont format the key. Simply detect it, tell it OK when it says "you should format" then click add. Add the menu, and press single ROM. It will burn and then give you an error message about not finding the cart after, and then a cart burned OK message. Just dont format the NeoKey.