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End of 2001 financial report

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This year was clearly tough on Internet companies. Many went belly up, and even the shakeout survivors suffered exponential stock slides. Yet as 2001 closes, we are proud to report that Streetplay is weathering the storm. Furthermore, our time-tested and marketplace-honed financial strategy will allow us to continue performing in 2002 consistent with our original vision. From the start we've realized that Streetplay never had a prayer to make any real money--we're proud to say we've exceeded that expectation.

History of our approach

Streetplay (originally named "Games We Used To Play") made an auspicious debut in the spring of 1999, within several weeks becoming a Yahoo! "pick of the week" (click here to see it). Internet stocks were flying high and, while we had no clue how to make money, everyone else expected us to cash in.

Not wanting to disappoint our friends, we decided to learn from the people in the business who clearly knew what they were doing: the top tier Internet companies. We decided to mimic their strategy of losing as much money as quickly as possible. We publicly committed ourselves to doubling the amount of money we'd lose each month, anticipating losses of $1M per month by year's end. We confidently began plans for our initial public offering with a stock valuation of a billion dollars.

Hindsight proved that, like many other Internet companies, Streetplay was overly optimistic in its initial financial targets. Although Wall Street darlings like, Kozmo and E-toys were able to ramp up operations and achieve incredible losses, we achieved a somewhat slower performance (see our 1999 real vs. projected losses). We learned from our mistakes, remained hopeful and predicted bigger and better results in the future.

Fine-tuning our Strategy

By early 2000 it was clear that most of the traditional dotcoms far surpassed us at losing money. With no hope of outspending our these rivals, we fashioned a new distinguishing strategy. Turning adversity into opportunity, we created our own money and gave it away, confident that this bold approach would separate us from the pack (see our Streetplay money).

Perhaps Streetplay should have done more market analysis before adopting this approach. Our freshly minted SP$7, SP$23, SP$52, and SP$86 notes lacked the production quality of conventional currency, much less counterfeit bills. Furthermore, we were forced to recognize our competitive disadvantage to the U.S. Treasury Department, the dominant player in the American money printing business. We contemplated bringing an antitrust lawsuit against the Treasury, but counsel advised against it (even though we were paying them with Streetplay money).

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Rivals in the "Internet money" marketplace, like Beans and Flooz, bested us by eschewing the physical realm. They gave away virtual money and had some big corporations give it away too. Much more Flooz changed virtual hands than Streetplay dollars. Most importantly, Flooz could be used for all kinds of real products (our money didn't actually buy anything).

Eventually, all Internet money giveaways failed. But while our competitors endured messy legal procedures (like bankruptcy), our initial vision and low expectations shielded us from such ignominy. There were no venture capitalists to mollify, nor a board of directors to pull our plug. We're happy to report that though many others have crashed and burned along the information superhighway, Streetplay survives. We're still skipping down our own slim dirt road, kicking up dust. With integrity in hand and levity still the goal, we restate our theme: Time passes quickly. Go out and have some fun.

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