So let me attempt go give the executive summary, and both sides can feel free to rebuke anything I got wrong:
1) The folks promoting this are indeed who they say they are, and their reputations are indeed on the line. This does not imply there intent is good or bad, but in all likelihood they are genuinely attempting to follow through on their promises.
2) It's a "promissory" membership to be redeemed at a venue as of yet undefined and as of yet unlicensed or operating. This does not imply a fumbled execution, but rather an execution that can as of yet be measured as successful or not.
From where I sit it's basically:
We intend to do this, but as of yet have not completely followed through. This does not imply Mal-intent, but does mean the risks are raised for investors.
I will simply leave you then with the following thoughts:
The road to hell is paved with good intentions, so be careful.
Most successful products are 10% inspiration and 90% perspiration.
Invest accordingly to your risk profile.