In my opinion, the only misstep that Elio has made so far is they should have made some "limited edition" prototypes to get things rolling... and charge like double for them. Maybe 100 or so. That would be a good way to get things rolling at the factory and make some cash. Maybe they will auction off the first ~30 prototypes.
People don't understand how hard it is to raise capital, or how much tooling and engineering it takes to make a large quantity of anything. The engineering effort that would go into adapting a motorcycle engine as a temporary Band-Aid solution is way too much effort, IMO.
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