Hello KF Buyers,
CycleBoard is back after completing our 2nd Co-Op about 6 months ago. For those of you who don't know us, a CycleBoard is a 3 wheel stand up electric vehicle designed to significantly reduce the fall risk normally associated with stand up riding. CycleBoarding is crazy fun and offers a ride experience similar to surfing or snowboarding. We have been in business approximately 4 years. Our first full year in 2016 was strictly dedicated to R&D. In 2017, we successfully produced and sold 500 CycleBoard units. Since then we have developed generation two of our first CycleBoard (The Elite) as well as 3 new models that we brought to market in 2018 for pre-order and delivered those in late 2018 and have now delivered approximately 1500 units. The new models are: 1) A lower price point entry-level model called the SPORT, 2) The GEN2 Elite model with added features and improvements, 3) An all-terrain model called the ROVER, and 4) A higher performance version of the Elite model called the Elite Pro. This month we also released the Rover GEN2 with multiple upgrades over our Rover GEN1 model which is our best selling model to date, and we just released the new Transport model which is a utility version of the Rover. Our Golf model was put on hold last year as we decided to make some design improvements and we expect to launch the Golf model for pre-order in July.
We have been experiencing non-stop growth since inception and recently placed another Purchase Order with our supplier. Our biggest challenge to date is funding inventory and keeping it in stock. As soon as it arrives, it's already pre-sold in most cases, particularly with our higher-end models.
Our Production is currently underway on our latest purchase order which includes our: Elite/Elite Pro/Rover/Transport/Golf models and we expect the inventory to be completed in August. We have placed a 50% deposit with our supplier already and are looking to Kickfurther for assistance in financing part of the remaining 50%. Outside of Kickfurther, we have substantial investor support as well as free cash flow from ongoing sales and deposits on pre-orders and we are confident that we will easily be able to complete our Co-Op on time.
This Co-Op is the first of two that will be posted in the next couple weeks. This one will be funding specifically the Rover, our most popular model.
Thanks for your support, and please ask any questions you have in the comments!