I'm not sure that it's just a hovercraft.
It's impossible to know what state of completeness it's in, but a hovercraft needs some means of moving forwards - usually a large propeller or two - which this doesn't have. Also you would expect some sort of skirt to hold the air in as much as possible, and a large surface area to maximise the lift.
I wonder if this is some sort of cross between a jet ski and a hovercraft, using the fans for a bit of extra lift, but being driven by a jet arrangement. I haven't been able to find anything that looks like it yet.
It's a pity you didn't flip it over and photograph the underneath...