Storm Sondors successfully crowdfunded an electric bicycle, AND now he wants to do the same with a battery electric car with a $10,000 price tag.

The Sondors eBike crowdfunding campaign was Indiegogo’s second largest ever project, raising more than $6 million for a high-profile fat tire, electric bike.

Sondors not only built the 50-mile range bike, he has shipped it to customers world wide for $700, while similar bikes cost $2,000.

The entrepreneur is currently promoting the electric car, the Model Sondors, on social media with teaser images.

It’s a three-wheeler similar to Electra Meccanica’s $15,000 Solo, but is larger with seating for three.

SEE ALSO: 2017 Solo Single Seat Three-Wheel Electric Car Unveiled

Other than wanting to offer the car with three battery pack options of 50, 100 and 200 miles of driving range on single charge, there is no information.

However, Electrek did dig up some financial information from the Form-C Sondor filed with the Securities and Exchange Commission (SEC) ahead of the crowdfunding campaign on StartEngine that should be launched next week.

Electrek posted the filings on its website.

The filing states that after the offering there will be 2,783,333 shares outstanding valuing the firm at over $33 million. The proceeds of the offer will be used primarily to complete the design and development of the Model Sondors prototype, which remains a concept.

The disclosure document states that Sondors estimates an additional $10 million will be needed to reach the vehicle production stage.

Crowdfuding campaigns are not only a risky investment, but producing a $10,000 electric car is completely different than producing a $700 electric bike.

In other words, it’s buyer beware.