Ha! Yes, I saw this the other day, was intrigued enough by it to spend about 10 minutes reading about it online. It actually has been given FAA approval as a light sport aircraft. To me it's more of a roadable aircraft than a flying car, and I can't think of enough reasons to have one, but for some reason I still find myself wanting one!
Don't understand giving it only a 100HP engine though.
If it makes it to production you sure have to appreciate the effort required to get both FAA
and DOT approval, even if they never sell one.