This is not a head-mounted display, it's a chair-mounted display and as such totally unsuited for VR. The mirror system they are using for the display is autostereoscopic (the eyes receive different pictures), but this is not sufficient for VR, which also requires head tracking.

How the autostereoscopic effect is achieved isn't explained either, and it sounds as if this part isn't even new.

Their main innovation seems to be: they mounted the display to a rotating chair and attached an iPad to the chair in order to track the chair rotation.