ARCA Space Corporation launched its own version of a hoverboard that can actually hover over ground. Dubbed the ArcaBoard, the device uses nothing more but vaporware with 36 electric fans packed inside the rectangular board. The fans generate a lot of downward thrust and that pushes the board up into the air about a foot high, according to PC Magazine.

"Ride across any terrain or water with the vehicle that was virtually impossible, until today. Do what you want, whenever you want, wherever you want. Each time you ride the ArcaBoard you will find yourself at the center of a new exhilarating experience," according to the Arca Space website.

Those weighing 110kg (220 pounds) get three minutes while those weighing 80kg (176 pounds) and above get about six minutes, according to Mashable. ARCA offers its hoverboard in beige, blue and green for $20,000. A charger, which promises to charge the ArcaBoard in 35 minutes, will cost a separate $4,500, Mashable adds.

ARCA Space Corporation was established in 1999 with the mission to create rockets and other aerospace technology. It moved from Romania to New Mexico in 2014 and in more than 15 years, it's performed numerous tests on aerospace technology, but it seems to have not ever really done, made or sold anything, according to Engadget.