Immersed held $1,999,429 in refundable Visor pre-order and Visor Plus deposits at June 30, 2026, according to MIXED's report on its SEC Form 1-SA. The company also reported "substantial doubt" about its ability to continue as a going concern. For anyone waiting for Visor or considering a deposit, the warning makes the company's ability to deliver or repay a central buying question.
The September 29 filing covers the first six months of 2026. Its financial statements are unaudited, and the June balances are three months old. They describe the position at that date, rather than how much cash or deposit money Immersed holds today.
Deposits remain an obligation until delivery
MIXED reports that the deposit balance fell from $2,216,297 at December 31, 2025, to $1,999,429 at June 30. Immersed received additional deposits during the half-year, but the filing gives no refund total. The $216,868 decline therefore cannot tell buyers how much the company refunded.
Immersed records the deposits as deferred revenue and recognizes revenue when it fulfills the related orders. The filing gives no Visor unit count, so the balance also cannot establish how many buyers are waiting.
More funding and a conditional shipping target
The company ended June with $3,757,201 in cash and cash equivalents and a $6,207,828 working capital deficit, MIXED reports. Its half-year net loss was $12,576,581 on about $160,000 in revenue.
Two large expenses were $5.09 million in advertising connected with its Regulation A+ share offering and $5.06 million in stock-based compensation. That compensation figure matters when interpreting the loss, since a net loss and cash spent are different measures.
Management's plans include a private capital raise, public crowdfunding and more sales staff. Its statement that funding would support operations through December 2027 depends on raising the primary offering's maximum amount.
Visor pre-orders opened in September 2023. According to MIXED, the filing says Immersed delivered initial evaluation units in 2025 and targets larger production batches for the fourth quarter of 2026. That target depends on completing development and manufacturing within the expected schedule. Early buyers have now waited three years.
