Out of curiosity, I tested a bit further by adding more time to the preroll.
I wanted to see if the red indicators would change based on the location of 00:00:00:00, and in fact, they do. I reset the start time to 23:59:35:00 so that the TC would roll over in the middle of the timeline to confirm. Red only shows after the zero mark. Tried a few other start times to verify successfully.
Definitely a timecode bug.
Doug Metz
Dalton Agency