Jivr Bike are back - on Seedrs this time. Still their Kickstarter paid up customers wait for wheels

Anyone contemplating supporting the current funding round for Jivr  (Jam Vehicles) should read the comments section of their still undelivered Kickstarter campaign. 

You can find them here -  https://www.kickstarter.com/projects/1831115152/jivr-bike-chainless-folding-beacon-enabled-e-bike/comments

We make no comment as to whether this would be a wise investment but we do ask investors to be informed. You wont find this link on Seedrs, where they are currently asking for EU850k. In fact you wont find a reference to the KS confusion (customers' views, not ours). Promised refunds have not been received. And you will find it quite hard to see that EU600k of this round had already been raised prior to the Seedrs campaign - so the current EU619k raised doesnt look quite so impressive. Bit like a painting where viewers are not told that the image was traced from the original and then coloured in.

Seedrs never used to try this sort of thing and it is a shame commercial pressures have changed that. Jivr started on Crowdcube with £160k in 2013.

It isnt just that there are so many complaints over such a long time but its the consistency in topic - Delivery promises broken, refunds unpaid. Misinformation rife.

We have written a few times about this company here. They may well go onto become a success but please invest with all the information in front of you.

In future this information will only be available to members of our new ECF.Buzz which is now taking on members and will open in the summer.

Jam Vehicles file new losses of £80k and are still striving to deliver their Jivr bike

Jivr bikes are almost ready to go. Having raised £160k on Crowdcube in 2013 and the same amount in pre sales on Kickstarter - the long delay is almost over.

In the meantime, the company has just filed accounts to April 17 showing losses of £80k. They would appear to be somewhat short of money unless they are about to raise more cash.

It is not clear from these minimal accounts whether the pre orders have already been paid for or indeed what state the business is really in. Still updates on KS declare that delivery of the bikes promised some years ago are about to start.

What will happen next? 

JAM Vehicles raising £2m for electric JIVR

JAM have featured here before. They dont do accounts - why bother? They just raise cash and spend it. Well the first part is what they claim.

Correction

It seems we may have been a bit fast to judge JIVR. We asked the company to explain all the things below and he said - 

Sales are going very well - no figures.

Accounts are very complicated due to various subsidies which he wouldnt name. They are late but so what.

The monies raised in 2016 was a mix of equity and notes - notes dont appear at CH until or if they are converted into equity or accounted for as debt in the annual accounts - which are te ones that are 5 months late. 

Who knows but the accounts when filed may give us a better clue. We think trying to raise £2m without them will be hard. 

The Jivr bike needs cash. Anyone reading this blog will know that. But wouldn't you think that a company trying to raise £2m in the private sector, would file accounts. Their accounts were due January 2017. Their filing record reads like the South Eastern Trains records - late late late.

In a new pitch deck dated 2017, the company claims to have raised over £1m last year, in two tranches. But this money isnt filed at CH. Could that be the reason for the accounts being sidelined?

JAM raised £160k on Crowdcube in 2014 and have struggled ever since. The directors' revolving office door has been spinning to The Swing. 

The new PD is littered with glossy pictures and quotes taken completely out of context. Substance almost zero. It's a neat enough design idea and has been generally well received but this looks very much like a case of the inventor turned CEO making a mess of things. 

Maybe go back to the Waltz lessons before you get into the Electric Jive. 

Is the JivR Bike an elaborate con?

Jam Vehicles who own the JivR Bike raised £160k on Crowdcube in 2013. The folding ebike is a great piece of design but also comes with a great big price tag and is not yet in production.

On their website, https://jivrbike.com/ , you can pay a small sum of Euro 99.00 to book your bike and then pay the rest of the Euro 2,499 when its ready. No time frame is given but we are told the deposit is refundable.

This all looks fine.

But then you should also know that the company, JAM Vehicles, is 5 months late with its accounts. Previous accounts showed the money had run out. A month or two is ok but five is more than careless? Maybe they are in the middle of a buyout?

For sure the money on deposit wont be returned if the accounts problem is genuine - so if you want a JivR Bike I'd be inclined to wait and see what happens.

The JIVR bike freewheeling journey could be coming to an end.

JIVR raised over £160k on Crowdcube in 2014. It also raised over £120k on Kickstarter - where they stated the estimated delivery was April 2015. To date nothing has been delivered and the accounts are overdue with a compulsory closure notice sitting on their file.

It is a great looking electric bike but at well over £2000 retail, I suppose it should be. We just wonder about its demand level.

Why the company cant manage to file the appropriate accounts on time isnt clear, but it does indicate that the team may not be very efficient.

When they pitched on Crowdcube in 2014, they gave a specific list of outcomes for 2016, the year they predicted they would sell the business. 

Forecasted valuation as of December 2016:

P/E    Valuation    1st Round Investors’ Stake   Equity Stake Valuation     ROI (pre-tax)

 15    £21,532,039                17.5%                          £3,768,106                 2,512%

 20    £28,709,385                17.5%                          £5,024,142                 3,349%

 25    £35,886,731                17.5%                          £6,280,177                 4,186%

Of course a PE ratio demands an E to make it work. They have no E except for the rather tenuous pre sales they are trying off their website. The accounts will show the extent of the damage if they are filed. Around £500k of new money was invested in 2016, so there is still hope. Probably best to put the Crowdcube pitch figures down as a joke in poor taste.