I remember these. The local Schwinn dealer, W.L.A. Bike & Hobby had one. I thought it could be fun but the pricing was in the three figures, probably too much money.

Reminds me of the little 16" wheeled bike Schwinn made for adults at about that time or a bit later, the Runabout, with derailleur gearing too. Kind of a semi knock down bike, the bars and the seat post were hand adjustable.