Q2 2020 Investors And Partners Earnings Report
COVID-19 has been on the rise since we last spoke and we need to address how April, May, and June went. April came and went, we tested 2 new stores in that month and both of which were unprofitable. PetBand, focused on products like the Apple Watch Band and made it so much more personal. Then SnugglePup a higher end product for custom blankets. Both of which got sales of up to $200 each, making $400 in the month of April. We spent $600 total testing the stores.
In May, we weren't able to test any products but focused on getting a mentor to help us expand the product line into June. We are incredibly excited to work with Yash Shah, a great mentor to take us into Q3 & Q4.
June, we finally launched a product toward the end of the month after relearning everything we had learned to that point. Also in June we started working on WiggyMedia, and I can't wait to tell you all about it in the next paragraph. As the focus on Lifeprovement, our store of the month, Flexi our product. We spent a little over $350 to test the product and made $186.88 in revenue. We were unprofitable finishing out Q2, though we were incredibly close to seeing a profit, and we are confident that Q3 will be profitable with us testing a new product every single month, hopefully 2 new every month.
WiggyMedia, we will focus a lot of our attention on working with creators on TikTok and connecting them with brands like Bang Energy, Dollar Shave Club, and SkillShare. This brings Adam Elrefaie into the company.
We are no longer working with much of our partners into the future due to poor shipping times due to COVID-19. We are only working with US suppliers and On-Coast Chinese Suppliers. We worked with Printify for the Apple Watch Bands, that was exciting, but we weren't able to get traction and shipping times were really long. We will continue to work with Gooten, ShineOn, and Lisa our supplier agent in China.
Earnings: We weren't profitable this quarter, though we see the future and understand that Q3 will have higher and more consistent sales reports. I believe that we should see a profit into Q4, though the early part of Q3 probably will not be very profitable.
Threats: For the first time on these reports, I want to talk about a handful of threats we have on the horizon. One of which is the second round of COVID-19 cases on the rise. Just a few days ago, massive cities in the US began to announce a mask mandate to try to flatten the curve, Omaha did this just today. Though I have kept an eye on the cases since the begin of many of these cities enacting this mandate, though they have NOT flattened the curve or even touched it. I have a good feeling shutdowns are on the horizon.
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