Whether Cyclone is just a contract R&D shop or an engine manufacturer depends on who they're trying to con at the moment.
When it comes to investors and customers for engines, they're a manufacturer who is going to be in production in six months. After all, why would anyone willingly pay Harry Schoell to do nothing but play with his "Schoell cycle" engine?
When it comes to investors or customers six months (and many years) later wondering where the working engines are, they're a development-only company.
Phoenix Power originally ordered two Mark 5 engines, but they were smart. They put in a $50,000 per month late delivery penalty with a $400.000 cap.
They got every penny of that $400,000 and they only had to pay $100,000 in development fees to get it.
