IMMERSED
SCAM ALERT

A pre-IPO growth story built on big promises is colliding with years of delays, brutal financials and a credibility problem that is now impossible to hide.

Immersed sells the future: spatial computing, Visor, AI, 1.5 million users and a possible Nasdaq listing. The public record is far less flattering. By the end of 2025, the company reported $11.23 million in liabilities, $5.22 million owed to vendors and service providers, and a formal going-concern warning — while Visor was still years into a cycle of delays and revised production timelines.

Executive Summary

The case against the Immersed story — in 60 seconds.

Scam Alert: High Risk

This is not one bad quarter or one botched demo. The public record shows a pattern: repeated Visor delays, severe balance-sheet pressure, millions in vendor obligations and management openly acknowledging the need for more capital to meet obligations.

Immersed is still marketing a high-upside future to retail investors. That is why the gap matters: the pitch stayed ambitious while the operating reality became harder to defend.

$11.23MTotal liabilities

$5.22MAccounts payable

-$4.16M2025 net loss

$2.22MVisor-related deferred revenue

Financial condition

Severe pressure

Product execution

Chronic delays

Vendor exposure

Material

Public-market path

Prior SPAC terminated

01 — What Happened

A great pitch. A long wait. Then the public record caught up.

Renji Bijoy holding the Immersed Visor headset

Immersed started with something real: a widely used XR productivity app. Then it made Visor the centerpiece of a much larger story — a lightweight work headset, a future-of-computing narrative and a new reason for customers and investors to put money into the company.

The pitch was easy to understand and easy to market. A sleek device. Multiple virtual displays. A productivity-first alternative to bulky headsets. Then came the pre-IPO framing, cumulative revenue claims, user-growth figures, AI and a reserved Nasdaq ticker.

Execution did not keep pace with that confidence. The first major Visor demonstration damaged trust instead of resolving it. A second demo improved, but remained partial. Mass-production expectations moved again. Shipping expectations moved again. Customers kept waiting.

By the end of 2025, the story had become bigger than a delayed hardware launch. Immersed’s own audited statements were warning about its ability to continue as a going concern. At that point, product risk, financing risk and credibility risk were no longer separate issues. They were the same story.

Read Immersed’s current investor-facing pitch

02 — Executive Dashboard

The numbers are not a footnote. They are the story.

Startups can lose money while growing. That is not the issue. The issue is scale: Immersed ended 2025 with total liabilities roughly 16.6 times its annual revenue, marketing spend nearly twice annual revenue, negative operating cash flow and a working-capital deficit approaching $10 million.

$11.23M

Total liabilities

As of Dec. 31, 2025

$5.22M

Accounts payable

Vendors & service providers

$677K

2025 revenue

Software + contract services

-$4.16M

2025 net loss

Audited statement

$9.79M

Working-capital deficit

At year-end 2025

-$4.30M

Operating cash flow

2025

2025 audited financial statements · Form 1-KOpen the SEC filing ↗

Balance sheet and annual performance
Reported measure	Amount (USD)	Period
Cash in bank	$305,301	Dec 31, 2025
Current assets	$1,193,473	Dec 31, 2025
Accounts payable	$5,216,354	Dec 31, 2025
Current liabilities	$10,979,767	Dec 31, 2025
Working-capital deficit	($9,786,294)	Dec 31, 2025
Revenue	$677,250	Full year 2025
Net loss	($4,157,021)	Full year 2025
Marketing & advertising expense	$1,322,604	Full year 2025
Accumulated deficit	($35,531,412)	Dec 31, 2025
Net cash used in operating activities	($4,304,131)	Full year 2025

Source: Form 1-K, financial statement pages FS-5, FS-6, FS-8 and FS-9. Parentheses indicate a loss, deficit or cash outflow. Cash in bank excludes $159,789 of separately reported restricted cash. [01]

“These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.”Immersed Inc. — 2025 audited financial statements

Revenue vs. liabilities

Revenue$0.68M

Liabilities$11.23M

Revenue vs. marketing

Revenue$677K

Marketing$1.323M

Current assets vs. liabilities

Assets$1.19M

Liabilities$10.98M

Primary evidence: Immersed Inc. 2025 Form 1-K

03 — Hype vs. Reality

The fundraising page and the audited filing are selling two very different versions of Immersed.

Investor marketing is supposed to be optimistic. But cumulative achievements and projections can create a radically different impression from audited annual results. Put the two side by side and the gap is hard to miss.

What Immersed puts in front of investors

Unique users1.5M

Total raised$40.8M

Revenue to date$7M

Projected revenue$71M

Reserved ticker$IMRS

What 2025 actually looked like

Annual revenue$677K

Total liabilities$11.23M

Accounts payable$5.22M

Working-capital deficit$9.79M

Net loss-$4.16M

The marketing and the math are not telling the same story.

“Revenue to date” is cumulative. Projected revenue is a forecast. A reserved ticker is not a listing. Capital raised is not operating health. Strip those ideas apart and the 2025 financial picture looks dramatically weaker than the promotional framing.

04 — Product Execution

Visor: the headset that was always almost ready.

Visor existed just enough to keep belief alive — but not enough to stop the finish line from moving.

September 2023

The money starts coming in before the product is proven in public.

Immersed says it began taking Visor preorder deposits in September 2023. The community-run Immersed / Visor record archives the sales story around a 2024 ship promise — before a finished product had been publicly demonstrated.

Immersed / Visor — documented preorder timeline

September 2024

The first major demo damages confidence.

The first major public showing was supposed to prove readiness. Instead, VR media reported a barely functional demo and raised direct concerns about deliverability.

October 2024

The second demo is better — but still “partially functional.”

The second showing improved, but remained partial. UploadVR reported rendering problems, poor desktop readability and a headset being cooled against an iced coffee.

March 2025

Mass production moves to “after summer.”

Another production target moved. UploadVR reported mass production was now expected only “after summer” and still recommended against preordering until mass-produced hardware could be reviewed.

December 31, 2025

$2.216M in Visor-related deposits is still deferred revenue.

Immersed still carried $2.216 million in Visor preorder and Visor Plus deposits as deferred revenue — recognized only when the related orders are fulfilled.

July 2026

Nearly three years after preorders began, the headline is still “getting ready to ship.”

Nearly three years after preorders began, Road to VR was still reporting that Immersed was “finally getting ready to ship.” The launch was still trying to cross the finish line.

Road to VR: “finally getting ready to ship”

UploadVR: mass production pushed to “after summer”

The market did not wait for Visor.

Delay has a competitive cost. The Immersed / Visor accountability site points to rival products reaching buyers while Visor remained stuck in prototypes, production updates and revised timelines. Whatever first-mover advantage existed in 2023 is worth less after years of waiting.

Immersed / Visor — Market Reality

05 — The Demo Problem

The demo was supposed to kill the doubts. It multiplied them.

Immersed virtual workspace demonstration

The promise: a polished future of work.

Visor’s appeal was visual and immediate: a lightweight headset replacing a desk full of monitors. That made stability, readability and readiness the entire point of the demo.

The investor story was riding on the same hardware.

Visor was not just another product. It sat at the center of Immersed’s pre-IPO narrative about hardware, software, AI and future growth.

UploadVR still found a product far from the polished image.

The second hands-on was described as partially functional, with visible rendering struggles and poor desktop readability. UploadVR ultimately said it could not recommend preordering Visor based on what it had seen across two demonstrations.

Read UploadVR’s hands-on report

Road to VR came away with the same problem: less confidence, not more.

The first big showing was supposed to reduce uncertainty around delivery. Instead, it became evidence for the opposite.

Road to VR: concerns about deliverability

06 — Liquidity

In its 2025 filing, Immersed said it needed more capital to meet obligations.

This is not a critic’s interpretation. Management’s own going-concern note says its mitigation plan includes raising additional funds through private capital and public crowdfunding, and that meeting obligations depends on operating cash flow and/or additional external financing.

The 2025 statements showed operations were not generating enough cash to carry the business on their own.Editorial conclusion based on Immersed’s audited going-concern disclosure.

07 — Vendor Exposure

Immersed finished 2025 owing vendors and service providers $5.2 million.

Immersed defines accounts payable as obligations for goods and services already received. At year-end 2025, that balance stood at $5.216 million.

$5.216M

Accounts payable

Current obligations to vendors and service providers for goods and services received.

~75%

Concentrated among a small group

Immersed says roughly three-quarters of the balance is concentrated among a small number of vendors and that extended payment terms were granted during the Visor scale-up.

For a vendor, this is the number that changes the risk calculation.

This is not a forecast or a future procurement budget. It is a disclosed balance tied to goods and services already received — with roughly 75% concentrated among a small group of vendors.

08 — Leadership Under Scrutiny

Renji Bijoy: the CEO behind the promises.

Renji Bijoy identified as Founder and CEO of Immersed VR

Renji Bijoy
Founder, CEO & Director

Public business contact information ↓

Renji Bijoy founded Immersed, remains CEO and Director, fronted Visor demonstrations and became the public face of the investor story. The delays, shifting expectations and damage to customer confidence all happened on his watch.

The Pitch

Bijoy personally fronted the Visor, future-of-work and pre-IPO narrative.

The Record

Under his leadership, Visor timelines moved repeatedly while public messaging kept signaling that delivery was getting closer.

The Trust Problem

Public threads repeatedly describe bans, deleted criticism and frustration around shipping and refund questions.

SEC Offering Circular: Renji Bijoy biography and leadership role

≈$2.75M

The secondary-sale question investors should not skip.

The Regulation A disclosure allows Bijoy to offer up to 3,481,013 shares at $0.79 each — a maximum gross value of roughly $2.75 million if every allocated share were sold. Immersed does not receive those selling-stockholder proceeds apart from disclosed transaction fees.

This does not mean Bijoy has already received $2.75 million. It means the structure permits that scale of secondary sale while Immersed reports a $9.79 million working-capital deficit and seeks more capital.

SEC: Regulation A secondary offering and selling stockholders

The Reddit reaction was much harsher.

A widely shared thread called the structure executives “pocketing” millions. The filing does not prove that claim, but it does show a potential insider liquidity event while Immersed was asking outsiders for more capital.

Read the Reddit discussion

Renji Bijoy

Chief Executive Officer · Immersed Inc. [02]

Public business contacts

Publicly listed email

renji@immersed.com

Listed as the Immersed app's support email on Google Play. [08]

Corporate phone / SEC

+1 512-649-5589

Immersed Inc.'s registrant telephone number in its SEC filing. [02]

Company phone / Google Play

+1 512-298-5799

Company contact under “About the developer.” [08]

Principal executive offices

Immersed Inc.
106 E. 6th St., STE 900-202
Austin, TX 78701, United States

Business address reported in the SEC filing. [02]

These are publicly listed business channels. The telephone numbers are company contacts, not verified direct numbers for Renji Bijoy; the email's direct recipient is not independently confirmed. For invoice correspondence, identify your company, invoice numbers, amounts, due dates and requested resolution.

09 — Reputation

The trust problem stopped looking isolated.

One angry post proves little. The same complaints resurfacing across multiple communities are harder to dismiss: “shady” behavior, vaporware concerns, refund frustration and claims of deleted criticism or muted questions.

Public reaction

“Immersed is a super shady company”

A prominent r/virtualreality thread captured the sharp turn in sentiment after the troubled demo and criticism of management’s response.

Open thread

Product skepticism

“Was it vaporware?” became a real question.

The fact that Visor generated a serious “vaporware” debate shows how far confidence had fallen.

Open thread

Moderation

Customers said difficult questions were met with bans and deleted posts.

A widely shared thread focused on claims that uncomfortable questions were dodged and critical users removed from community spaces.

Open thread

Refunds

Some preorder customers decided waiting was no longer worth it.

Refund discussions became another sign that some preorder customers no longer considered the wait worth the risk.

Open thread

The complaints are not limited to Reddit.

The community-run Immersed / Visor record also compiles reports of deleted Discord messages, blocked accounts and removed YouTube comments — showing the moderation controversy extended beyond one Reddit thread.

Immersed / Visor — consumer accountability summary

10 — The Public-Market Detour

The first route to the public markets ended before it got there.

MAY 20
2024Business combination terminated

Immersed’s planned business combination with Maquia was mutually terminated.

The record does not support saying Nasdaq rejected Immersed. It does show that the earlier SPAC route did not close. Today’s “pre-IPO” framing therefore follows a prior public-market transaction that ended without completion.

SEC-filed termination agreement

11 — Verdict

Why this belongs under a “Scam Alert.”

Not because of one angry customer, one bad demo or one ugly metric. Because the pattern keeps repeating.

Our assessment

On the public record available today, Immersed belongs under a Scam Alert.

Ambitious promises. Slipping execution. Large obligations. Dependence on fresh capital. Deteriorating trust. And an investor story that remains aggressively future-facing. No leak or rumor is required; the hardest facts for Immersed to explain are already public.

16.6×Liabilities vs. 2025 revenue

$5.22MVendor/service-provider payables

YearsOf shifting Visor timelines

Going concernFormal disclosure in audited financials