Jonathan, did you look at the site? From the news page:

"Letter from the President: September 2002

Dear Skycar Fans:

Our immediate flight program for the M400 calls for optimizing and continued reliability testing of the Skycar's automatic stability systems. We had a very pleasant surprise in a recent flight when a fuel problem caused one of the engines to essentially quit during the flight. The Skycar continued to fly in a controlled manner and was landed under vehicle control. With the lower powered engines we are presently using (single rather than double rotor) we had not expected our stability system to be able to handle this condition. In another flight we were able to precisely hover the Skycar in sizable gusting winds.
Flight Test Videos
The two Skycar activities that dominate our present efforts are designing and building a production version Skycar nacelle for testing with the larger engines. We have also hired an aircraft composite design consultant to assist us in moving from the present prototype M400 to the higher volume production model. We expect to build three of these fully tooled aircraft over the next 12 months."

September 2002 seems pretty recent to me.