As I thought, you’re attempting to put the wrong firmware on it. According to your screenshot, the file name is m300a.bin.
If you go to this page here on the forum & download from the link that says
Manual Firmware update
Firmware Download for All Regions - Click here to download (you can actually click on this link; it will take you directly to the download), it will download a file named “clipplus01.02.18.zip”.
This is a compressed file. Once downloaded to your computer, click on it and it will extract your firmware file “clppa.bin”. THIS is the file you copy to your root directory; just as you did the other one. When this is copied, unplug your player and it should install the lateast firmware for you and you’ll be in business. 
You can delete the m300a.bin file.
