(The)m (a)r(e) snakes!
(The)m (a)r(e) not!
O(h), (ye)s (Th)a[sic](y) (a)r(e)
(See)(The)m (itty)b(itty)(eye)s
(Wel)l, I b(e)
(The)m (a)r(e) snakes!

EDIT: What's hilarious is that in my neck of the woods I learned this as "ducks" instead of "snakes" almost almost 40 years ago at this point.

It's a haiku relating to the famous court case between Mr S Nakes and Mr N Ot, as represented by his lawyer Oscar Zamebdis (common misspelling) who liberated Mr Nakes from participating in a reading test due to his sunburn.

The watermark of circles in the background reference how much he won in the settlement

Would have been better if the letters were properly spaced