Server Backup Schedule cannot be created - Cannot find the file specified

Hi All

I've tried to create a Full Server Backup schedule through the wizard as well as through wbadmin in command prompt. I'll paste the command prompt here which is the same error I get when I try to add the schedule through the Windows Server Backup schedule:

wbadmin enable backup -systemState -allcritical -schedule:21:00 -addtarget:{6ef6b4bf-0000-0000-0000-000000000000}
wbadmin 1.0 - Backup command-line tool
(C) Copyright 2004 Microsoft Corp.

Retrieving volume information...
The scheduled backup settings:

Bare metal recovery : Included
System state backup: Included
Volumes in backup: Local Disk(C:),System Reserved (100.00 MB)
Files excluded: None
Advanced settings: VSS Backup Option (COPY)
Location to store backup: StoreJet Transcend USB Device
Times of day to run backup: 21:00

Do you want to enable scheduled backups with the above settings? [Y] Yes [N] No
y

Do you want to format and use StoreJet Transcend USB Device (that includes volumes D:) as the location to store scheduled backups? [Y] Yes [N] No
y

Label the backup disk as SERV 2019_03_25 11:54 Disk_01.
This information will be used to identify this backup disk during a recovery.
The operation to format the disk failed. Please ensure the disk is online and accessible.

The system cannot find the file specified.

Any assistance would be appreciated!

Thanks