image created with "Building a Mender Debian image" bootloops on Beaglebone

I've created a SD image using the "Building a Mender Image" tutorial. `mender-convert` did not report any error, but once flashed the sdimg results in a bootloop on the device.

mender-convert version: tag 1.2.0 (commit d62fe36ba2298a4ed50730e8864ba985bb085f9c)

The base image I used is bone-debian-9.9-iot-armhf-2019-08-03-4gb.img from http://beagleboard.org/latest-images

Command line:

~~~
mender-convert from-raw-disk-image \
--raw-disk-image input/bone-debian-9.9-iot-armhf-2019-08-03-4gb.img \
--mender-disk-image bone-debian-9.9-iot-armhf-2019-08-03-4gb.sdimg \
--device-type beaglebone \
--artifact-name bone-debian-9.9-iot-armhf-2019-08-03-4gb \
--bootloader-toolchain arm-buildroot-linux-gnueabihf \
--storage-total-size-mb 7500 \
--demo --demo-host-ip 10.20.0.200
~~~

I've attached the `beaglebone_variables.cfg` which seems to contain possibly useful information, as well as the output of one boot (between two resets)