Seen it. A solution for a problem which has already been answered and yet another example of an industrial designer imagining that he can re-invent the bicycle without really understanding the complex dynamics (Starck, Guigaro Sinclair et al). A cycle which requires the learner to constantly shift between steering (a trike) and balancing (a bike) is adding a layer of complexity to an already challenging process and actually does nothing to make difficult bit; the transition from three wheels to two, any easier.
I hope he hasn't sunk his life savings into it, aside from it being a stupid design getting that thing into production at a price which parents would be prepared to spend will be impossible without some radical re-think of the materials used. Injection moulding is only cost effective if you can sell many hundreds of thousands of units.
And another thing, at any point of the transition between trike mode and bike mode the thing will be physically unrideable due to the extreme toe-in/ toe-out of the rear wheels.
Sorry, it's rubbish.