Trouble with QEMU when running run/demo on branch 12.05

Hello to all! I have switched on commit daf4300 and tried to run demo with command "make run/demo". The output gives no error, but for some reason qemu shows only black screen. I tried to use qemu provided by Ubuntu (0.15.1) and tried to compile version 0.14.1 with SDL support - the result is the same - black screen.

The emulated system is foc_pbxa9.

Command "make run/demo" works fine on tag 12.05. So I guess that the problem is in some commit between b54bdea and daf4300.