Good afternoon everybody, I’m Timmy, I am nine years old, and I am the founder, the Chief Executive Officer, Chairman, and Supreme Leader for the lemonade stand I set up at my house.
Before we dig into our numbers for this quarter, I would like to discuss some of the micro and macro factors that have been a huge factor in our business. When I started this lemonade stand over 20 days ago, the idea was simple. Getting people quality lemonade and making enough money to buy Super Mario Odyssey for the Nintendo Switch—and that idea drives our values to this day. Setting up this stand in my backyard all those days ago, I never imagined the places we would go; we are now in the front yard.
But like any business, we are not without our challenges.
As you all know, some potential funding from our lead investor (Mom) that we used as part of our spending projections was rescinded due to an unfair decision to withhold funding and my personal Nintendo Switch due to a disagreement over bedtime procedures. While we continue to appeal the decision, the inability to grab a 20 from Mom's purse has had negative impacts upon our inventory this quarter.
Additionally, we have not been immune to public health issues that have affected the broader market. The cooties outbreak has had a negative impact on foot traffic at our location. The girls (more specifically Angelica McNulty) and their reckless behavior have turned the cooties into a pandemic that has now spread to the boys in my class. We are hoping once the cooties vaccine becomes readily available we will be able to increase sales to pre-pandemic levels.
Due to changing market conditions and strategies, we have also downsized our staff in order to maintain a nimble and strong business. Terminating my little sister was one of the hardest decisions of my career and it was not a step I took lightly. While the tantrum was uncalled for, we offered a generous severance package of 50% of Halloween candy accrued by the firm during Q3 and that deal was accepted. We realize replacing my sister with our dog Sparky has been a contentious topic amongst our investors and we will work hard to prove that Sparky was a good hire and is a good boy.
While we have had many challenges this quarter, I think it is important to acknowledge some of the things we did right. We believe our acquisition of my friend Joey’s Pokemon card business will help us branch out into new revenue streams. While many argued five dollars plus the other 40% of Halloween candy was a high price to pay, we believe this purchase will pay for itself and will be a massive part of the firm going forward. Offering complimentary cards for members of our lemonade stand membership program and hosting Pokemon battles at our location have already proven to increase our revenue by several dollars.
We also have an exciting announcement to make regarding our board of directors. Adam Neumann, the mercurial founder of WeWork has joined our board and will act as a crucial advisor. Adam and I share a very similar worldview and work style and I am very excited to have someone on my wavelength joining the firm. We were able to bring in Adam Neumann as a partner after agreeing to provide him 10% of our Halloween candy, which he says he will use to change the universe.
Overall, I am very optimistic about the future of this company and will devote all of my time to growing us to our full potential, or at least until my Mom gives me my Nintendo Switch back.
I will not be taking questions as I have to get ready for soccer practice.