Indeed, looks like a hell of a funny ride.
Initially the plane looks like a glider, but if I'm not completely mistaken, it's a late 70 / early 80 ultralight design, in particular the one that holds an altitude record for aircraft weighing less than 600 pounds, of over 26,000 ft. It also holds the sustained altitude record of a little less than 26,000 ft.
The design was a great success and hundreds of kits where sold all over the world, with many of them still flying.
Mike