to people getting the ,sp-s2.sp1, error make sure you have the bios (neogeo.zip). If that doesnt work then unzip the neogeo.zip file and rename the following files.
NG-LO.ROM should be named 000-LO.LO
NG-SFIX.ROM should be named SFIX.SFX
NEO-GEO.ROM should be named SP-S2.SP1
now rezip the file.