I loaded the 1462564395 firmware and see a similar but not identical behavior after the meter has been disconnected for a while – just over 30 minutes. If I reconnect within this window, I don’t see any issues. The 5 second LED blink is no longer present after the 30 minutes.
I do notice that when you go to the device scan page after the 30 minutes, that the signal strength value will update for a few seconds and then stop. If you switch to a different app and then switch back, the dBm updates again for a little while and then stops.
Selecting that entry will fail to connect – Says “Initializing” for a minute or so and then the messages “The Android device is not scanning. Please tap “Scan” to scan for Mooshimeters.” and “No Device Found” appears. At this point, the “Connection Plug” icon is greyed out and the dBm does not change.
I’ve also seen “Discovering Services” followed by “Initialization Failed. Status -1” as well. When this happens, the device disappears from the list entirely and scanning doesn’t show anything.

If I reset the device and scan a new entry with a bold “connection plug” icon will appear and I can connect the meter without issue. At this point, the dBm for the old entry no longer changes.

This is on a Verizon LG G3 Marshmallow phone.

P.S. Great device that will only get better with age. Good job guys!