That same problem has just occured with me for the second time (1st time it never worked, 2nd time-lasted 3 weeks). My ‘New Loop’ button won’t engage record mode, nor will it play the tracks I recorded yesterday.
To multiply my problem I purchased mine in the States and I’m now living in Melbourne. The Aussie EHX dealers say they won’t fulfill the warranty and I have to send it back to the States.

Is there some kind of button sequence that will reset the unit? I have a gig in 2 days and am desperate for a quick solution.

If there isn’t a button sequence, is there anyway at all (without returning it) I can get it back to normal.

I need help and fast.