I don't know what it will end up being, but I really doubt it will be under $100. There's just no way to make something like this and put good LEDs in it for less than that.
Do you think Hank can defy the laws of physics and make the light stay cooler while maintaing the same level of output? Either the output will be low and the temperature low, or the output will be high and the temperature high. Big light or small light. You can't have it both ways.
I say this slightly in jest, but people keep on wanting smaller and smaller lights with more and more LEDs, more lumens, then expect them to run on high or turbo indefinitely and are upset when they don't.