Searching around i've found what i guess is the answer to solve the problem:
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RouterBOOT booter 1.3 RouterBoard 532 CPU frequency: 266 MHz Memory size: 32 MB Press any key within 1 seconds to enter setup. loading kernel from nand... OK setting up elf image... OK jumping to kernel code Kernel panic: No init found. Try passing init= option to kernel.
I'm just worried about the license... does it keep it?