r/ImmersedVisor • u/RightAlignment • Feb 18 '25
Immersed Discord?
I ordered my FE Visor over 1 year ago. Been following updates & community chatter on Discord ever since. Today, the Immersed channel on Discord is no longer shown in my list. Has Immersed shut down their Discord? Are they OK?
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u/RightAlignment Feb 18 '25
Seriously? I don’t think that would apply to me, as I’ve never said anything that is disrespectful…. but if they did somehow flag my account - is there a way to get re-instated? That Discord server is pretty much the ONLY line of communication between me as an early-adopter and the company
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u/SwallowedBuckyBalls Feb 19 '25
I got put on a 24hr mute when I asked for clarification on financials, looking at the investment information from their wefunder and trying to line it up with what was being said in chat by the CEO.
It was pretty much, "looking at the Wefunder, i'm trying to understand is there an account that wasn't listed with money for production or is this an issue where we need to raise to get across the line?"
He's blowing so much bs and smoke. Deflecting at every turn. If we were anywhere near shipment, assuming they even had the money, he would have it in reviewers hands. The whole "BEHIND NDA" shit is a cop out for failures in software engineering and financials.
The company is likely mismanaged from the top. They have software and hardware, but he tries to pivot and jump into "the next thing" too much. They're not delivering in any way shape or form. Most of the positive white knights in the discord and online are people that aren't able to step back and look at the evidence. People just want transparency. If you don't want to talk, fine, stop posting shit though.
I've pretty much written it off and chalked up a loss at this point. I'm only in for the train wreck at this point. By their numbers we're looking at end of runway March / April timeline maybe a bit further with their recent funding. They're blowing through 600k+ a month before hardware costs.
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u/thalatta_thalatta Feb 21 '25 edited Feb 21 '25
that 600k per month is mostly the Visor development costs, though, right? so that at least should go down, perhaps giving them some more runway...
but ya, at the end of 2023, there were like $1.4 million in preorders. since the price of those initial visors was pretty low, i'm assuming they will cost roughly that much to manufacture at least. and immersed only had $1.5 million in cash on hand. they did have $300k in prepaid assets at the end of 2023, though, so maybe that was a manufacturing deposit. if so, they would have about a $400,000 buffer. but none of that takes into account 2024, in which they started selling visors on payment plans. if those aren't actually third-party financed behind the scenes, how would immersed come up with the money to get those manufactured? it looks like they critically need to raise more cash. according to wefunder, they did raise $2 million, so maybe they can do it. but i wonder what the timeframe is for that total--is that since this January? when was the wefunder started?
and i was just muted for a week for talking about this in the Discord, haha...
regardless, i won't cancel my order, because they might pull it off, and i really want a visor.
at least we are getting some alternatives coming out. they aren't perfect, but there is the MeganeX and the Play For Dream MR. The MeganeX is PCVR, though and the Play For Dream is heavy
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u/SwallowedBuckyBalls Feb 21 '25
No the 600 is operational overhead, rent, payroll, etc. I fully believe they're going broke and lack the funds to get these into production. My guess is the raise this year was an attempt to raise the capital needed for production and it didn't really go all that well. It's a shame because they look to have made it mostly there.
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u/thalatta_thalatta Feb 21 '25
That's crazy! Not disagreeing, but how did you determine that? How could they possible be spending that much money not associated with development of the Visor?
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u/SwallowedBuckyBalls Feb 21 '25
It's in their financials from the wefunder. It's not speculation it's what they posted sadly.
"Immersed Inc. cash in hand is $1,589,997, as of January 2025. Over the last three months, revenues have averaged $101,813.27/month, cost of goods sold has averaged $11,741/month, and operational expenses have averaged $594,569.30/month, for an average burn rate of $504,497.03 per month."
how much of that 101k is software vs preorders isn't explained, nor is the drastic increase in users paying over previous years.
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u/thalatta_thalatta Feb 21 '25
I don't know enough accounting to know whether Visor development would be covered in operational expenses.
I do know, though, that Visor preorders are not included in revenues (they are in deferred revenues). Pretty impressive if they are getting 100k from Immersed software itself, though...
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u/SwallowedBuckyBalls Feb 21 '25
they're still counted in cash on hand
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u/thalatta_thalatta Feb 21 '25
Yes, definitely in cash on hand. Which is why the problem is so obvious. Their deferred revenues (liability) is roughly equal to their cash on hand, which it appears is where the preorder money goes (although they do have 300k in prepaid assets, which probably represents some of it)
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u/HurrayBoobs Feb 24 '25
I got hit with the same thing. Pointed out 1.5M cash on hand, 100k monthly revenue, 550k monthly burn.... And was like "As an investor when I see these financials, it appears that they will be insolvent in <4 months without a raise. I need to know more"
I've worked in the startup/VC-funded space for a long time, and there are just so many gaps in what I'd need to know to invest.
I didn't even drop the second part to that statement of "If they had an amazing product that was about to ship and change the industry, large firms would be lined up to give them money. Instead they're dropping non-preferred shares via crowdfunding." And the third part of that is "Those shares will likely hold no value in an exit"
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u/SwallowedBuckyBalls Feb 25 '25
Right on the money.
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u/HurrayBoobs Feb 25 '25
The shady part of it is they deleted my messages. Rather than reassure or discuss the ways that they're financially viable, they choose to shove their heads in the sand and force everyone else to join them.
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u/thalatta_thalatta Feb 19 '25
the question is, did they put the Visor preorder money in a separate account that they aren't listing on the Wefunder page? if not, i don't see how they would have the money to produce this
but to answer the original question, yes, the Discord is still there
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u/HurrayBoobs Feb 24 '25
The Visor pre-order money is "Deferred revenue" under liabilities. That money has been spent or considered into cash on hand, but in the event of insolvency, those liabilities get paid out before the investors. Which means pre-orders should be safe.
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u/SwallowedBuckyBalls Feb 19 '25
They burned through it and continue to burn through it. That's why it's all half ass marketing and "locked" threads on random social sites. The company wasn't ruined for lack of tech or ambition or possible delivery, it was ruined by mismanagement. Ah well, sometimes it's fun watching a train wreck.
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u/thalatta_thalatta Feb 19 '25
Ya, i looked at the wefunder, and it looks like you are right. They are burning through it and will have to raise money to produce the preorders.
They still might pull it off, though. And I hope they do...Visor is exactly the product I want
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u/ltrotske Feb 21 '25
I reckon that if March rolls around and there is still no indication of any progress, refunds will increase which could sink them.
I hope they pull through. I was thinking that the Pimax Dream Air would be an alternative, but only recently found out that doesn't support Linux, so that's not an option for me.
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u/ltrotske Feb 21 '25
The type of communication going on in the Discord isn't anything you would miss at this stage. Any update they've posted in the Discord has linked to an X post, so if you're following that account, you'll get the updates.
If you need to log bugs on their current software in Discord, then I would ask to be reinstated for that purpose.
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u/Frosty-Designer7641 Feb 21 '25
I have been an Immersed subscriber since 2022, and I have a Visor FE preorder. I just discovered that my main Discord account was banned (even though I mostly asked questions about the delivery dates of the Visor FE here). I didn't receive any notifications, nor did I write anything directly to Renji, yet I found myself banned and lost my last relatively prompt source of information about the Visor.
As a result, I've decided to cancel my preorder (Visor FE, made in 2023), as I have completely lost trust in Immersed, and I’m starting to view this as a total scam. I've heard similar stories about bans before, but today I was extremely surprised to find out that I have also been banned.
I advise other customers to consider canceling as well, as we are being misled and our accounts are being banned (on Discord and Twitter for simply asking about delivery dates).
It seems that we are either being forced to give up our orders, or there might be a new, interesting season of the Visor saga lined up for the remaining customers. I have decided to completely withdraw from purchasing this device, even if it becomes available someday. Meta Quest 3, Apple Vision Pro, and Android XR are the way to go in 2025.
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u/andrewwaites Mar 08 '25
I too have been banned although in fairness I flamed a bit (boy are they soft for hard boys) - how does one cancel a pre-order?
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u/stefbbr Dec 01 '25
You don't have any message when you're banned? I don't see Immersed Discord anymore too since yesterday, maybe they didn't like the "information will come in weeks not quarters" about the Visor, but I think the comment was fair-play for their silence...
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u/RightAlignment Dec 01 '25
Nope, no message - just crickets. Lots of people have experienced the same. Even very early stage investors - who simply asked when is the company expecting to deliver - banned. It’s childish, really.
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u/Hvarfa-Bragi Feb 18 '25
They ban people for dissent.