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**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**








**FORM
      10-QSB**








(check
      one)





x **** QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE


SECURITIES
      EXCHANGE ACT OF 1934





For
      the
      Quarterly Period Ended December 31, 2005





o **** TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF


THE
      EXCHANGE ACT OF 1934





Commission
      File Number 000-23737





**CLICKABLE
      ENTERPRISES, INC.**


(Exact
      Name Of Small Business Issuer As Specified In Its Charter)





**Delaware**


(State
      Or
      Other Jurisdiction Of


Incorporation
      Or Organization)





**82-0290939**


(I.R.S.
      Employer Identification No.)





**711
      South Columbus Avenue, Mount Vernon, NY 10550**


(Address
      Of Principal Executive Offices)





**(914)
      699-5190**


(Issuer's
      Telephone Number)





Check
      whether the registrant (1) filed all reports required to be filed by Section
      13
      or 15(d) of the Exchange Act during the past 12 months (or for such shorter
      period that the registrant was required to file such reports), and (2) has
      been
      subject to such filing requirements for the past 90 days.


**Yes**x**No**o





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act) **Yes**o**No**x





As
      of
      January 31, 2006, there were 129,776,826 shares of the registrant's common
      stock, par value $.001 per share, issued and outstanding and 1,200 shares of
      the
      registrant’s series a preferred stock, par value $.001 per share, issued and
      outstanding.





Transmittal
      Small Business Disclosure Format (Check One):


**Yes**o**No**x









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**Clickable
      Enterprises, Inc.**


**Index
      To Form 10-QSB**




**PART
                  I - FINANCIAL
                  INFORMATION**





**Item
                1.**
            Condensed
                Consolidated Financial Statements (Unaudited)Condensed
                Consolidated Balance Sheets as of December 31, 2005
                (Unaudited) and March 31, 2005Condensed
                Consolidated Statements of Operations for the Three
                and Nine Months Ended December 31, 2005 and 2004
                (Unaudited)Condensed
                Consolidated Statements of Cash Flows for the Nine
                Months Ended December 31, 2005 and 2004 (Unaudited)Condensed
                Consolidated Statement of Changes in Stockholders’
                Deficiency for the Nine Months Ended December 31, 2005
                (Unaudited)Notes
                to Condensed Consolidated Financial Statements as of
                December 31, 2005 (Unaudited)**Item
                2.**
            Management’s
                Discussion and Analysis or Plan of
                Operation**Item
                3.**
            Controls
                and
                Procedures





**PART
                  II - OTHER
                  INFORMATION**





**Item
                1.**
            Legal
                Proceedings**Item
                2.**
            Unregistered
                Sales of Equity Securities and Use of
                Proceeds**Item
                3.**
            Defaults
                Upon Senior Securities**Item
                4.**
            Submission
                of Matters to a Vote of Security
                Holders**Item
                5.**
            Other
                Information**Item
                6.**
            Exhibits








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*In
      this report, the terms the “Company”, “we”, “our” and “us” refer to Clickable
      Enterprises, Inc. and unless the context otherwise requires, the Company’s
      wholly-owned subsidiary, ClickableOil.com, Inc.
      (“ClickableOil.com”).*





**Cautionary
      Statement Regarding Forward-Looking Statements**





*Certain
      statements in the "Management’s Discussion and Analysis or Plan of Operation"
      and elsewhere in this quarterly report constitute "forward-looking statements"
      (within the meaning of the Private Securities Litigation Reform Act of 1995
      (the
      "Act")) relating to us and our business, which represent our current
      expectations or beliefs including, but not limited to, statements concerning
      our
      operations, performance, financial condition and growth. The Act may, in certain
      circumstances, limit our liability in any lawsuit based on forward-looking
      statements that we have made. All statements, other than statements of
      historical facts, included in this quarterly report that address activities,
      events or developments that we expect or anticipate will or may occur in the
      future, including such matters as our projections, future capital expenditures,
      business strategy, competitive strengths, goals, expansion, market and industry
      developments and the growth of our businesses and operations are forward-looking
      statements. Without limiting the generality of the foregoing, words such as
      "may,” “believes,” ”expects,” "anticipates,” "could,” "estimates,” “grow,”
“plan,” "continue," “will,” “seek,” “scheduled,” “goal” or “future” or the
      negative or other comparable terminology are intended to identify
      forward-looking statements. These statements by their nature involve substantial
      risks and uncertainties, such as credit losses, dependence on management and
      key
      personnel, variability of quarterly results, our ability to continue our growth
      strategy and competition, certain of which are beyond our control. Any or all
      of
      our forward-looking statements may turn out to be wrong. They may be affected
      by
      inaccurate assumptions that we might make or by known or unknown risks or
      uncertainties. Should one or more of these risks or uncertainties materialize
      or
      should the underlying assumptions prove incorrect, actual outcomes and results
      could differ materially from those indicated in the forward-looking
      statements.*




*Because
      of the risks and uncertainties associated with forward-looking statements,
      you
      should not place undo reliance on them. Further, any forward-looking statement
      speaks only as of the date on which it is made, and we undertake no obligation
      to update any forward-looking statement to reflect events or circumstances
      after
      the date on which the statement is made or to reflect the occurrence of
      unanticipated events.*




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**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONDENSED
        CONSOLIDATED BALANCE SHEETS**


**December
                31,**
            
            **March
                31,****2005**
            
            **2005**(Unaudited)**ASSETS**Current
                AssetsCash
            
            $
            226,526
            
            $
            372,909Accounts
                receivable, net of allowance for
            
            
            522,649
            
            
            311,858doubtful
                accounts of $25,101 and $8,379 respectivelyInventory
            
            
            45,445
            
            
            16,592Prepaid
                expenses
            
            
            281,867
            
            
            23,276Due
                from related parties
            
            
            18,713
            
            
            —Debt
                financing costs, net of accumulatedamortization
                of $12,500 and $0, respectively
            
            
            62,500
            
            
            —Total
                Current Assets
            
            
            1,157,700
            
            
            724,636Property
                and equipment, net
            
            
            68,287
            
            
            64,561Intangible
                assets, net of accumulated
            
            
            767,585
            
            
            192,465amortization
                of $42,130 and $3,285, respectivelyOther
                assets
            
            
            68,575
            
            
            69,260**TOTAL
                ASSETS**
            
            $
            2,062,147
            
            $
            1,050,922**LIABILITIES
                & STOCKHOLDERS' DEFICIENCY**Current
                LiabilitiesAccounts
                payable and other accrued expenses
            
            $
            782,180
            
            $
            496,307Notes
                payable
            
            
            38,221
            
            
            —Due
                to related parties
            
            
            —
            
            
            14,711Customer
                deposits
            
            
            108,972
            
            
            45,003Accrued
                interest
            
            
            581,397
            
            
            437,382Total
                Current Liabilities
            
            
            1,510,770
            
            
            993,403Long
                Term LiabilitiesConvertible
                debentures, net of discount of $779,762 and $0
            
            
            2,061,780
            
            
            2,517,949Other
                Accrued Expenses
            
            
            84,151
            
            
            —Notes
                payable
            
            
            76,769
            
            
            —Total
                Long Term Liabilities
            
            
            2,222,699
            
            
            2,517,949**TOTAL
                LIABILITIES**
            
            
            3,733,469
            
            
            3,511,352**COMMITMENTS
                AND CONTINGENCIES****STOCKHOLDERS'
                DEFICIENCY**Series
                A 6% Cumulative Preferred stock, $.001 par value,1,200
                shares authorized, issued and outstanding, net of
            
            
            1
            
            
            1Common
                stock, $.001 par value, 500,000,000shares
                authorized, 129,776,826 and 74,296,826 shares issuedand
                outstanding, respectively
            
            
            129,777
            
            
            74,297Additional
                paid-in capital
            
            
            3,458,044
            
            
            1,845,629Deferred
                compensation
            
            
            180,892
            
            
            —Accumulated
                deficit
            
            
            (5,440,036
            )
            
            (4,380,358
            )**TOTAL
                STOCKHOLDERS' DEFICIENCY**
            
            
            (1,671,322
            )
            
            (2,460,431
            )**TOTAL
                LIABILITIES AND STOCKHOLDERS' DEFICIENCY**
            
            **$**
            **2,062,147**
            
            **$**
            **1,050,922**


See
      accompanying notes to condensed consolidated financial statements




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**CLICKABLE
      ENTERPRISES, INC. AND SUBSIDIARY**


**CONDENSED
      CONSOLIDATED STATEMENTS OF OPERATIONS**


**(UNAUDITED)**


**Three
                Months Ended**
            
            **Nine
                Months Ended****December
                31,**
            
            **December
                31,****2005**
            
            **2004**
            
            **2005**
            
            **2004****NET
                FUEL SALES**(including
                related party sales
            
            $
            1,829,303
            
            $
            728,954
            
            $
            2,611,694
            
            $
            1,079,184of
                $47,812 and $57,000 respectively)**COST
                OF SALES**
            
            
            1,652,585
            
            
            717,198
            
            
            2,395,743
            
            
            1,041,330**GROSS
                PROFIT**
            
            
            176,718
            
            
            11,756
            
            
            215,951
            
            
            37,854**OPERATING
                EXPENSES**Selling,
                general and administrative
            
            
            376,478
            
            
            299,731
            
            
            911,439
            
            
            655,166Depreciation
                and amortization
            
            
            34,867
            
            
            16,059
            
            
            65,455
            
            
            72,305**TOTAL
                OPERATING EXPENSES**
            
            
            411,345
            
            
            315,790
            
            
            976,894
            
            
            727,471**LOSS
                FROM OPERATIONS**
            
            
            (234,627
            )
            
            (304,034
            )
            
            (760,943
            )
            
            (689,617
            )**OTHER
                INCOME (EXPENSE)**Forgiveness
                of accrued interest
            
            
            —
            
            
            250,000
            
            
            —
            
            
            250,000Other
                income
            
            
            6,249
            
            
            16,072
            
            
            23,252
            
            
            16,094Interest
                expense
            
            
            (99,733
            )
            
            (126,514
            )
            
            (269,046
            )
            
            (554,911
            )**TOTAL
                OTHER INCOME (EXPENSE)**
            
            
            (93,484
            )
            
            139,558
            
            
            (245,794
            )
            
            (288,817
            )Loss
                before provision for income taxes
            
            
            (328,111
            )
            
            (164,476
            )
            
            (1,006,737
            )
            
            (978,434
            )Provision
                for income taxes
            
            
            —
            
            
            —
            
            
            —
            
            
            —**NET
                LOSS**
            
            $
            (328,111
            )
            $
            (164,476
            )
            $
            (1,006,737
            )
            $
            (978,434
            )Amortization
                of beneficial conversion featureof
                Series A preferred stock
            
            $
            (17,647
            )
            $
            (17,647
            )
            $
            (52,941
            )
            $
            (17,647
            )Net
                loss available to common stockholders
            
            $
            (345,758
            )
            $
            (182,123
            )
            $
            (1,059,678
            )
            $
            (996,081
            )Net
                loss per share, basic and diluted
            
            $
            (0.00
            )
            $
            (0.00
            )
            $
            (0.01
            )
            $
            (0.01
            )**Weighted
                average number of common shares****outstanding
                - basic and diluted**
            
            
            115,369,869
            
            
            74,296,826
            
            
            91,492,462
            
            
            74,296,826


See
        accompanying notes to condensed consolidated financial statements
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  **CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONDENSED
        CONSOLIDATED STATEMENT OF CASH FLOWS**
 **(UNAUDITED)**


**For
                The Nine Months Ended****December
                31,****2005**
            
            **2004****CASH
                FLOWS FROM OPERATING ACTIVITIES:**Net
                loss
            
            $
            (1,006,737
            )
            $
            (978,434
            )Adjustments
                to reconcile net loss to net cash used in operating
                activities:Depreciation
                and amortization
            
            
            65,455
            
            
            72,305Provision
                for bad debts
            
            
            8,762
            
            
            29,724Amortization
                of beneficial conversion debt discount expense
            
            
            120,238
            
            
            375,000Recognition
                of deferred compensation
            
            
            —
            
            
            178,125Stock
                issued for services
            
            
            97,795
            
            
            8,000Gain
                on debt forgiveness
            
            
            —
            
            
            (250,000
            )Changes
                in operating assets and liabilities:(Increase)
                decrease in:Accounts
                receivable
            
            
            (219,552
            )
            
            (10,772
            )Inventory
            
            
            (28,853
            )
            
            (26,763
            )Prepaid
                expenses
            
            
            6,386
            
            
            (53,819
            )Other
                assets
            
            
            685
            
            
            1,078Increase
                (decrease) in:Accounts
                payable and accrued expenses
            
            
            101,840
            
            
            (84,892
            )Accrued
                interest
            
            
            144,015
            
            
            178,975Customer
                deposits
            
            
            63,969
            
            
            49,954Net
                cash used in operating activities
            
            
            (645,997
            )
            
            (511,519
            )**CASH
                FLOWS FROM INVESTING ACTIVITIES:**Acquisition
                of property and equipment
            
            
            (17,836
            )
            
            (17,464
            )Acquisition
                of intangible assets
            
            
            (230,792
            )
            
            —Net
                cash used in investing activities
            
            
            (248,628
            )
            
            (17,464
            )**CASH
                FLOWS FROM FINANCING ACTIVITIES:**Payments
                of financing costs
            
            
            (75,000
            )
            
            —Increase
                in due to related parties
            
            
            (33,424
            )
            
            —Proceeds
                from issuance of Series A Preferred Stock
            
            
            —
            
            
            1,171,657Proceeds
                from issuance of convertible debentures
            
            
            856,667Net
                cash provided by financing activities
            
            
            748,242
            
            
            1,171,426**NET
                INCREASE IN CASH**
            
            
            (146,383
            )
            
            642,444**CASH
                AT BEGINNING OF PERIOD**
            
            
            372,909
            
            
            130,902**CASH
                AT END OF PERIOD**
            
            $
            226,526
            
            $
            773,346





**SUPPLEMENTAL
      DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:**





During
      the nine months ended December 31, 2005, convertible debentures in the principal
      amount of $576,407 were converted into 50,640,000 shares of common
      stock.





During
      the nine months ended December 31, 2005, stock purchase warrants exercisable
      for
      9,000,000 shares of common stock were issued in connection with closings on
      $900,000 of convertible debentures, resulting in an aggregate discount on the
      convertible debentures of $856,667, with a corresponding increase in additional
      paid-in capital.





During
      the nine months ended December 31, 2005, a supply agreement, recorded as an
      intangible asset, was purchased for $30,000, with a corresponding increase
      in
      accounts payable of $10,000.





During
      the nine months ended December 31, 2005, in connection with the pending
      acquisition of a business, the entire $24,036 balance of accounts receivable
      due
      from the seller was reclassified from accounts receivable to intangible
      assets.





During
      the nine months ended December 31, 2005, in connection with an acquisition
      of a
      business, $249,141 of the purchase price was recorded as notes payable and
      accrued expenses, $88,221 in current liabilities, and $160,920 in long-term
      liabilities.





During
      the nine months ended December 31, 2005, 7,000,000 shares of common stock were
      granted in connection with three financial services agreements, resulting in
      a
      cost of $268,280, with corresponding aggregate increases in common stock,
      additional paid-in capital and deferred compensation in stockholders’
deficiency.








During
      the nine months ended December 31, 2005, stock purchase warrants exercisable
      for
      7,500,000 shares of common stock were issued in connection with a financial
      services agreement, resulting in a cost of $94,492, with a corresponding
      increase in deferred compensation in stockholders’ deficiency.




See
      accompanying notes to condensed consolidated financial statements




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**CLICKABLE
      ENTERPRISES, INC. AND SUBSIDIARY**


**CONDENSED
      CONSOLIDATED STATEMENT OF CHANGES IN**


**STOCKHOLDERS’
      DEFICIENCY**


**FOR
      THE NINE MONTHS ENDED DECEMBER 31, 2005**


**(UNAUDITED)**


**Series
                A Preferred Stock**
            
            
            **Common
                Stock**
            
            
            **Additional
                  Paid in**
            
            
            **Accumulated**
            
            
            **Deferred****Shares**
            
            
            **Amount**
            
            
            **Shares**
            
            
            **Amount**
            
            
            **Capital**
            
            
            **Deficit**
            
            
            **Compensation**
            
            
            **Total**Balance
                April 1, 2005
            
            
            1,200
            
            $
            1.20
            
            
            74,296,826
            
            $
            74,297
            
            $
            1,845,629
            
            $
            (4,380,358
            )
            $
            —
            
            $
            (2,460,431
            )Conversion
                of Debentures
            
            
            —
            
            
            —
            
            
            50,640,000
            
            
            50,640
            
            
            525,767
            
            
            —
            
            
            —
            
            
            576,407Beneficial
                conversion feature of convertible debentures
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            239,167
            
            
            —
            
            
            —
            
            
            239,167Warrants
                issued with convertible debentures and to consultant for
                services
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            617,500
            
            
            —
            
            
            94,492
            
            
            711,992Amortization
                of Series A Preferred Stock beneficial conversion
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            52,941
            
            
            (52,941
            )
            
            —
            
            
            —Deferred
                stock compensation to consultants for services
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            86,400
            
            
            86,400Stock
                issued to consultants for services
            
            
            —
            
            
            —
            
            
            4,840,000
            
            
            4,840
            
            
            177,040
            
            
            —
            
            
            —
            
            
            181,880Net
                loss for the period
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            —
            
            
            (1,006,737
            )
            
            —
            
            
            (1,006,737
            )**Balance
                December 31, 2005**
            
            
            **1,200**
            
            **$**
            **1.20**
            
            
            **129,776,826**
            
            **$**
            **129,777**
            
            **$**
            **3,458,044**
            
            **$**
            **(5,440,036**
            **)**
            **$**
            **180,892**
            
            **$**
            **(1,671,322**
            **)**


See
      accompanying notes to condensed consolidated financial statements




-4-
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**CLICKABLE
      ENTERPRISES, INC. AND SUBSIDIARY**


**NOTES
      TO CONDENSED CONSOLIDATED FINANCIAL
      STATEMENTS**


**AS
      OF DECEMBER 31, 2005**


**(UNAUDITED)**


**NOTE
      1.**  **SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION**





**(A)
      Organization And Recent Company History**





Clickable
      Enterprises, Inc., through its wholly-owned subsidiary ClickableOil.com, Inc.
      ("ClickableOil.com") (incorporated in the State of Delaware on April 4, 2000),
      provides a low cost and highly efficient means of servicing the heating oil
      market through an Internet-based approach. Clickable Enterprises, Inc. and
      ClickableOil.com, Inc. (collectively, the "Company") streamline the process
      of
      heating oil ordering and delivering through providing a more accessible point
      of
      contact for the customer. The Company subcontracts with local delivery companies
      to deliver heating oil to its customers.





**(B)
      Principles Of Consolidation**





The
      condensed consolidated financial statements include the accounts of Clickable
      Enterprises, Inc. and its wholly-owned subsidiary ClickableOil.com, Inc.
      (collectively, the "Company").





**(C)
      Use Of Estimates**





In
      preparing condensed consolidated financial statements in conformity with
      accounting principles generally accepted in the United States, management is
      required to make estimates and assumptions that affect the reported amounts
      of
      assets and liabilities and the disclosure of contingent assets and liabilities
      at the date of the condensed consolidated financial statements and revenues
      and
      expenses during the reported period. Actual results could differ from those
      estimates.





**(D)
      Loss Per Share**





Basic
      and
      diluted net loss per common share for the three and nine months ended December
      31, 2005 and 2004 are computed based upon the weighted-average number of common
      shares outstanding. The assumed conversion of common stock equivalents was
      not
      included in the computation of diluted loss per share because the assumed
      conversion and exercise would be anti-dilutive due to net losses incurred in
      all
      periods presented. The Company’s common stock was not listed and trading on
      December 31, 2004; however, based on the closing market price of the Company’s
      common stock on December 31, 2005, the conversion of its convertible debentures
      and Series A convertible preferred stock would have resulted in the issuance
      of
      additional common shares in the amount of 269,154,000 and 70,588,000,
      respectively. Additionally, 13.000,000 and 10,500,000 stock purchase warrants
      were exercisable at December 31, 2005 and December 31, 2004, respectively,
      and
      also were not included in the weighted-average number of common shares
      outstanding.




**(E)
      Interim Condensed Consolidated Financial Statements**





The
      condensed consolidated financial statements as of and for the three and nine
      months ended December 31, 2005 and 2004 are unaudited. In the opinion of
      management, such condensed consolidated financial statements include all
      adjustments (consisting only of normal recurring accruals) necessary for the
      fair presentation of the consolidated financial position and the consolidated
      results of operations. The consolidated results of operations for the three
      and
      nine months ended December 31, 2005 and 2004 are not necessarily indicative
      of
      the results to be expected for the full year. The consolidated balance sheet
      information as of March 31, 2005 was derived from the audited consolidated
      financial statements included in the Company's annual report Form 10-KSB for
      the
      year ended March 31, 2005. The interim condensed consolidated financial
      statements should be read in conjunction with that report.





**NOTE
      2.**  **RELATED
      PARTY TRANSACTIONS**





During
      the nine months ended December 31, 2005, the Company's due from (due to) related
      parties for oil purchases and interest bearing cash advances to/from NRG Heat
      & Power, LLC (“NRG”) and Flaw, Inc. (“Flaw”), oil suppliers that are owned
      and managed by Messrs. Cirillo and Pipolo, officers of the Company, changed
      by
      $33,424, with a balance of $18,713 included in due to related parties in current
      assets on December 31, 2005 compared to a balance of $14,711 included in due
      from related parties in current liabilities on March 31, 2005. As of December
      31, 2005, accrued interest due to/from related parties was $0.





During
      the nine months ended December 31, 2005 and 2004, the Company purchased oil
      for
      resale from NRG and Flaw in the amount of $859,464 and $226,060, respectively,
      or 41.7% and 23.8%, respectively, of total heating oil purchased, and had fuel
      sales to NRG and Flaw in the amount of $47,811 and $56,999,
      respectively.




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**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
        OF DECEMBER 31, 2005**
 **(UNAUDITED)**





**NOTE
      3.**  **CONVERTIBLE
      DEBENTURES**





On
      June
      30, 2005, the Company entered in a Securities Purchase Agreement with AJW
      Partners, LLC and its related entities for the sale of $900,000 of 10%
      three-year (due June 30, 2008) secured convertible debentures and for stock
      purchase warrants exercisable for 9,000,000 shares of common stock expiring
      June
      30, 2010. The debentures are convertible, at the holder’s option, into shares of
      common stock, in whole or in part, at any time after the original issue date.
      The number of shares of common stock issuable upon a conversion is to be
      determined by dividing the outstanding principal amount of the debenture to
      be
      converted, plus related accrued interest, by the conversion price. The
      conversion price in effect on any conversion date will be 60% of the average
      of
      the three day lowest bid prices during the twenty trading days immediately
      preceding the applicable conversion date. The stock purchase warrants have
      an
      exercise price of $0.15 per share.




Also
      on
      June 30, 2005, the Company closed on $650,000 of the $900,000 of convertible
      debentures contemplated by the  Securities
      Purchase Agreement and issued stock purchase warrants exercisable for 6,500,000
      shares of common stock in connection therewith. The Company is required to
      file
      a registration statement within 60 days of the June 30, 2005 closing registering
      sufficient underlying shares to be reserved for issuance upon conversion of
      the
      convertible debentures and exercise of the stock purchase warrants. To date
      the
      Company has not filed such registration statement. This requirement was waived
      by the debenture holders and on November 14, 2005, the Company closed on the
      remaining $250,000 of convertible debentures.





In
      connection with the aforementioned issuances of an aggregate of $900,000 of
      convertible debentures, of which the Company received net proceeds of $856,667,
      the Company granted a first priority security interest in all the assets of
      the
      Company. The issuances resulted in a beneficial conversion feature in the amount
      of $239,167, (since it is limited to the amount received net of a discount
      of
      $43,333 and warrants having a fair market value of $617,500), which is treated
      as a discount on the debenture. The beneficial conversion expense of $239,167
      is
      deferred as of December 31, 2005 in additional paid in capital. In addition,
      the
      debenture holders withheld $43,333 as prepaid interest (through February 28,
      2006), which is treated as a discount on the debentures. Additionally, the
      Company issued the aforementioned warrants to purchase 9,000,000 shares of
      common stock having a fair value of $617,500, which is being treated as a
      discount on the debenture and is recorded in additional paid in capital. Debt
      discount on the debentures aggregated $900,000 and will be accreted through
      the
      term of each issue from date of issuance through June 30, 2008 as interest
      expense in accordance with EITF
      00-27:  Application of Issue
      No. 98-5 ,
      "Accounting for Convertible Securities with Beneficial Conversion Features
      or
      Contingently Adjustable Conversion Ratios to Certain Convertible
      Instruments”. $120,238
      has been charged to interest expense during the nine months ended December
      31,
      2005. Debt discount associated with prior issuances of convertible debentures
      has been accreted as interest expense in full prior to March 31,
      2005.





As
      of
      December 31, 2005, interest of $581,397 has accrued on all of the convertible
      debentures and is included in current liabilities.





During
      the nine months ended December 31, 2005, convertible debentures in the principal
      amount of $576,407 were converted into 50,640,000 shares of common stock at
      the
      election of the holders.





On
      May
      13, 2005, the Company entered into a financial services agreement with an
      unrelated third party to perform financial advisory services, principally in
      connection with the $650,000 convertible
      debenture closing
      on June 30, 2005. The term of the agreement was for a period of three months
      with automatic extensions for successive one-month terms. Payments for services
      in the nine months ended December 31, 2005 amounted to $50,000, of which $25,000
      was a success fee paid upon the aforementioned convertible debenture closing.





**NOTE
      4.**  **STOCKHOLDERS’
      DEFICIENCY**





On
      June
      15, 2005 and August 1, 2005, the Company entered into financial services
      agreements with two unrelated third parties to perform financial advisory and
      other professional  services.
      The terms of the agreements were for a period of twelve and six months, with
      payment for services consisting of 1,000,000 shares of common stock valued
      at
      $0.04 per share and 500,000 shares of common stock valued at $0.07 per share
      based on market value on the respective dates granted, for an aggregate cost
      of
      $75,000. The cost of such shares and warrants will be expensed over the period
      of the agreements.




-6-
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**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
        OF DECEMBER 31, 2005**
 **(UNAUDITED)**




On
      October 1, 2005, the Company entered into a financial services agreement with
      an
      unrelated third party to perform financial advisory and other
      professional  services.
      The term of the agreement was for a period of eighteen months, with payment
      for
      services consisting of 5,500,000 shares common stock, of which 3,340,000 shares
      have been issued as of December 31, 2005, and stock purchase warrants expiring
      September 30, 2010 exercisable for an aggregate of 7,500,000 shares of common
      stock. The stock purchase warrants have exercise prices as follows: 5,000,000
      shares at $0.10 per share and 2,500,000 shares at $0.15 per share. The shares
      of
      common stock issued were valued at $0.04 per share based on market value on
      the
      date granted, resulting in a cost of $193,280. The fair value of the stock
      purchase warrants was based on the Black Sholes pricing model, resulting in
      an
      additional cost of $94,492. The cost of such shares and warrants will be
      expensed over the eighteen month period of the agreement.





**NOTE
      5.**  **COMMITMENTS
      AND CONTINGENCIES**





(A)
      Sales
      Commitments





At
      December 31, 2005, the Company has an aggregate obligation to deliver at varying
      prices approximately 300,000 gallons of heating oil to customers under fixed
      price contracts.





(B)
      Purchase Commitments





At
      December 31, 2005, the Company has an aggregate obligation to purchase
      approximately 260,000 gallons of heating oil at varying prices under fixed
      price
      contracts.





**NOTE
      6.**  **INTANGIBLE
      ASSETS**





The
      Company entered into an Agreement dated September 20, 2005 under which the
      Company acquired the assets of a heating oil distributor, principally its
      customer list. The purchase price consists of a $70,000 payment at closing
      and
      36 fixed monthly installment payments of $4,000 each, and potential additional
      quarterly payments based on gallons sold. The purchase price of $343,965 is
      included in intangible assets in non-current assets, is being amortized over
      an
      eight year period. The additional amount payable is included in accrued
      expenses.




On
      October 24, 2005, the Company closed on an Asset Purchase Agreement that it
      entered into on July 15, 2005, and Amendment No. 1 to the Asset Purchase
      Agreement (the “Purchase Agreement”), with Allamuchy Transport, Inc. for the
      Company’s purchase of the customer lists and related customer information of
      Allamuchy’s home heating oil business, and certain other intangible assets. The
      purchase price, included in intangible assets in non-current assets, consisted
      of a fixed payment of $124,943 that was payable at closing, and a potential
      additional amount payable on the first anniversary of closing based on a formula
      utilizing a defined gross profit per gallon realized on heating oil sold to
      the
      purchased customers in the 12-month period ending October 24, 2006, less the
      fixed payment. The additional amount payable is included in accrued
      expenses.





Allamuchy
      currently also distributes diesel fuel and will retain that business. In
      addition, under the Purchase Agreement Allamuchy will provide oil delivery
      services as the Company’s subcontractor within Allamuchy’s former market area
      for a five-year period.





**NOTE
      7.**  **GOING
      CONCERN**





The
      accompanying consolidated financial statements have been prepared on a going
      concern basis, which contemplates the realization of assets and the settlement
      of liabilities and commitments in the normal course of business.




As
      reflected in the accompanying consolidated financial statements, the Company
      had
      a net loss of $1,006,737 and a negative cash flow from operations of $645,998
      for the nine months ended December 31, 2005, as well as working capital
      deficiency of $353,070 and a stockholders' deficiency of $1,671,322 at December
      31, 2005. The ability of the Company to continue as a going concern is dependent
      on the Company's ability to raise additional capital through private or public
      transactions and implement its business plan. The accompanying consolidated
      financial statements do not include any adjustments that might be necessary
      if
      the Company is unable to continue as a going concern. Management's business
      plan
      includes increasing revenues by the addition of customers through marketing
      and
      advertising as well as acquisitions of competitors’ businesses.




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**Item
      2.****Management's
      Discussion And Analysis Or Plan Of Operation**





The
      following is management's discussion and analysis of certain significant factors
      that will or have affected our financial condition and results of operations.
      Certain statements under this section may constitute "forward-looking
      statements". The following discussion should be read in conjunction with the
      audited financial statements and notes thereto included in the Company's Form
      10-KSB for the year ended March 31, 2005.





**FINANCIAL
      CONDITION**





We
      had
      net losses of $1,007,000 and $978,000 during the nine months ended December
      31,
      2005 and 2004, respectively. As of December 31, 2005, we had a cash balance
      of
      $227,000 and current liabilities of $1,511,000 with obligations aggregating
      $782,000 for trade creditors and accrued expenses, 581,000 in interest payable,
      $38,000 in a note payable, as well as total long-term obligations in the amount
      of $3,003,000 to convertible debenture holders and others. As described in
      Note
      3 to the condensed consolidated financial statements, on June 30, 2005, the
      Company entered in a Securities Purchase Agreement with AJW Partners, LLC and
      its related entities for the sale of $900,000 of 10% three-year secured
      convertible debentures, and closed on the sale of an aggregate of $900,000
      of
      convertible debentures since that date. We believe that the proceeds from the
      sale of the convertible debentures will be sufficient for the next twelve-month
      period to meet our working capital needs, including funds needed to (a) attract
      additional customers through marketing and promotional efforts or (b) acquire
      customer lists.





Our
      independent auditors have added an explanatory paragraph to their audit opinions
      issued in connection with our consolidated financial statements for the fiscal
      years 2005 and 2004, which states that our ability to continue as a going
      concern depends upon our ability to resolve liquidity problems, principally
      by
      obtaining capital, increasing sales and generating sufficient revenues to become
      profitable. Our ability to obtain additional funding, as well as attracting
      additional customers as described above, will determine our ability to continue
      as a going concern. Our financial statements do not include any adjustments
      that
      might result from the outcome of this uncertainty.





**RELATED
      PARTY TRANSACTIONS**





During
      the nine months ended December 31, 2005, the Company's due from (due to) related
      parties for oil purchases and interest bearing cash advances to/from NRG Heat
      & Power, LLC (“NRG”) and Flaw, Inc. (“Flaw”), oil suppliers that are owned
      and managed by Messrs. Cirillo and Pipolo, officers of the Company, changed
      by
      $33,424, with a balance of $18,713 included in due to related parties in current
      assets on December 31, 2005 compared to a balance of $14,711 included in due
      from related parties in current liabilities on March 31, 2005. As of December
      31, 2005, accrued interest due to/from related parties was $0.





During
      the nine months ended December 31, 2005 and 2004, the Company purchased oil
      for
      resale from NRG and Flaw in the amount of $859,464 and $226,060, respectively,
      or 41.7% and 23.8%, respectively, of total heating oil purchased, and had fuel
      sales to NRG and Flaw in the amount of $47,811 and $56,999, respectively.





During
      the nine months ended December 31, 2005, the Company's liability to related
      parties for oil purchases and non-interest bearing cash advances to/from NRG
      Heat & Power, LLC (“NRG”) and Flaw, Inc. (“Flaw”), oil suppliers that are
      owned and managed by Messrs. Cirillo and Pipolo, officers of the Company, was
      netted against other payments by the Company and, accordingly, $19,000 was
      included in due from related parties in current assets on December 31, 2005.
      As
      of December 31, 2005, accrued interest due to/from to related parties was
      $0.





**COMPARISON
      OF THE THREE MONTHS ENDED DECEMBER 31, 2005 TO THE THREE MONTHS ENDED DECEMBER
      31, 2004**





**Overall
      Results Of Operations**





For
      the
      three months ended December 31, 2005, we incurred a net loss of $328,000, or
      $(.00) per share, an increase of $164,000 from the net loss of $164,000 or
      $(.00) per share for the comparable prior year period. The net loss for the
      three months ended December 31, 2005 and December 31, 2004 included non-cash
      charges of $66,000 and $125,000, respectively, for debt discount amortization
      expense, and $74,000 and $59,000, respectively, for amortization of deferred
      compensation and stock issued to consultants. The increase in net loss is
      primarily attributable to an increase in selling, general and administrative
      expenses as well as depreciation expense, and a gain of $250,000 for the
      forgiveness of accrued and unpaid interest for the convertible debentures in
      the
      2004 period, offset by the decrease in non-cash charges discussed
      above.




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**Sales**





Total
      net
      sales for the three months ended December 31, 2005 were $1,829,000 compared
      to
      $729,000 for the three months ended December 31, 2004. The increase of
      $1,100,000, or 151%, can be attributed to a substantial increase in the average
      selling price per gallon of heating oil to $2.30 from $1.61, or 43.2%, caused
      by
      world market conditions, and a 75.3% increase in gallons sold in the current
      period compared to the earlier period. The increase in gallons sold is
      attributable to a larger customer base that increased through acquisitions
      in
      January, September and October 2005, as well as through marketing activities.





**Gross
      Profit**





Gross
      profit increased to $177,000 for the three months ended December 31, 2005
      compared to $12,000 for the three months ended December 31, 2004, or $165,000,
      with gross margin increasing to 9.7% from 1.6% for the period. Despite the
      increase, these margins are lower than historical levels and are principally
      due
      to the continued increase in product costs caused by world market conditions
      and
      rising transportation expenses. Heating oil retailers generally cannot raise
      selling prices as quickly as product costs increase in a rising market;
      conversely, selling prices generally do not fall as quickly as product costs
      decrease in a falling market. In the recent trend toward high prices that has
      occurred for the past eighteen months, fewer customers elected fixed price
      contracts. Such contracts allow the related purchase requirements to be hedged
      and, therefore, typically generate greater gross margins than selling and
      purchasing on the spot market allow. As prices decrease to more traditional
      levels, or stabilize, it is anticipated that customers will generally elect
      fixed price contracts in greater proportions.





**Operating
      Expenses**





Total
      operating expenses increased to $411,000 for the three months ended December
      31,
      2005, from $316,000 for the three months ended December 31, 2004, or $95,000,
      attributable to increased employee compensation of $59,000, increased insurance
      of $15,000, increased professional fees of $18,000 and an increase of
      $19,000 in amortization costs offset by a decrease in advertising of
      $23,000.





Other
      Income (Expense)





Interest
      expense decreased to $100,000 from $127,000 for the three months ended December
      31, 2005 as compared with the three months ended December 31, 2004, or $27,000,
      due to a decrease in the debt discount expense to $66,000 from $75,000, as
      well
      as the effect of a decrease in the interest rate on convertible debentures
      to 8%
      from 10% that was an element of a debt restructuring on October 15, 2004 a
      decrease in interest expense due to convertible debenture conversions. Further,
      a gain of $250,000 for the forgiveness of accrued and unpaid interest for the
      convertible debentures was recorded in the earlier period .





**COMPARISON
      OF THE NINE MONTHS ENDED DECEMBER 31, 2005 TO THE NINE MONTHS ENDED DECEMBER
      31,
      2004**





**Overall
      Results Of Operations**





For
      the
      nine months ended December 31, 2005, we incurred a net loss of $1,007,000,
      or
      $(.01) per share, which was an increase of $28,000 from the net loss of $978,000
      or $(.01) per share for the comparable prior year period. The net loss for
      the
      nine months ended December 31, 2005 and December 31, 2004 included non-cash
      charges of $120,000 and $375,000, respectively, for debt discount amortization
      expense, and $98,000 and $178,000, respectively, for amortization of deferred
      compensation and stock issued to consultants. The increase in net loss is
      primarily an increase in selling, general and administrative expenses, and
      gain
      of $250,000 for the forgiveness of accrued and unpaid interest for the
      convertible debentures in the 2004 period, offset by the decrease in non-cash
      charges described above.





**Sales**





Total
      net
      sales for the nine months ended December 31, 2005 were $2,612,000 compared
      to
      $1,079,000 for the nine months ended December 31, 2004. The increase of
      $1,533,000, or 142%, can be attributed principally to a substantial increase
      in
      the average selling price per gallon of heating oil to $2.19 from $1.49, or
      47.1%, caused by world market conditions, and a 64.5% increase in gallons sold
      in the current period compared to the earlier period. The increase in gallons
      sold is attributable to a larger customer base that increased through
      acquisitions in January, September and October 2005, as well as through
      marketing activities.




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**Gross
      Profit**





Gross
      profit increased to $216,000 for the nine months ended December 31, 2005
      compared to $38,000 for the nine months ended December 31, 2004, or $178,000,
      with gross margin increasing to 8.3% from 3.5% for the period. Despite the
      increase, these margins are lower than historical levels and are principally
      due
      to the continued increase in product costs caused by world market conditions
      and
      rising transportation expenses. Heating oil retailers generally cannot raise
      selling prices as quickly as product costs increase in a rising market;
      conversely, selling prices generally do not fall as quickly as product costs
      decrease in a falling market. In the recent trend toward high prices that has
      occurred for the past 18 months, fewer customers elected fixed price contracts.
      Such contracts allow the related purchase requirements to be hedged and,
      therefore, typically generate greater gross margins than selling and purchasing
      on the spot market allow. As prices decrease to more traditional levels, or
      stabilize, it is anticipated that customers will generally elect fixed price
      contracts in greater proportions.





**Operating
      Expenses**





Total
      operating expenses increased to $977,000 for the nine months ended December
      31,
      2005, from $727,000 for the nine months ended December 31, 2004, or $250,000,
      attributable to increased employee compensation of $210,000 and increased
      insurance of $32,000 offset by lower bad debt expense of $21,000 and advertising
      of $7,000.





**Other
      Income (Expense)**





Interest
      expense decreased to $269,000 from $555,000 for the nine months ended December
      31, 2005 as compared with the nine months ended December 31, 2004, or $286,000,
      due principally to a decrease in the debt discount expense to $120,000 from
      $375,000, as well as a decrease in the interest rate on convertible debentures
      to 8% from 10% that was an element of a debt restructuring on October 15, 2004.
      Further, a gain of $250,000 for the forgiveness of accrued and unpaid interest
      for the convertible debentures was recorded in the earlier period .





**Seasonality**





Profitability
      is negatively affected by the seasonality of our business whereby the first
      two
      quarters of our fiscal year are traditionally the slowest quarters for
      deliveries of fuel oil due to warmer weather conditions in our market, the
      northeastern United States. Demand increases substantially in the third quarter
      and peaks in the fourth quarter of each fiscal year.





**Off-Balance
      Sheet Arrangements**





The
      Company has no off-balance sheet arrangements that have or are reasonably likely
      to have a current or future effect on the Company’s financial condition, changes
      in financial condition, revenue or expenses, results of operations, liquidity,
      capital expenditures or capital resources that is material to investors, and
      the
      Company does not have any non-consolidated special purpose
      entities.





**LIQUIDITY
      AND CAPITAL RESOURCES**





As
      of
      December 31, 2005, we had a cash balance of $227,000 and a negative cash flow
      from operations of $646,000 for the nine month period then ended. Since
      inception through the period ended December 31, 2005, we have financed our
      operations through loans from related parties and through private placements
      of
      both debt and equity. On June 30, 2005, the Company entered in a Securities
      Purchase Agreement with AJW Partners, LLC and its related entities for the
      sale
      of $900,000 of 10% three-year secured convertible debentures and closed on
      the
      sale of convertible debentures of that amount, before expenses, since that
      date.
      We believe that the December 31, 2005 proceeds from the convertible debentures
      will be sufficient for the next twelve-month period to meet our working capital
      needs, including funds needed to (a) attract additional customers through
      marketing and promotional efforts or (b) acquire customer lists.





The
      holders of Series A Preferred Stock are entitled to receive cumulative cash
      dividends of six percent (6%) per annum, payable in arrears on March 31, June
      30, September 30 and December 31 of each year, commencing December 31, 2004,
      out
      of funds legally available thereof. As of December 31, 2005, dividend arrearage
      on the Series A Preferred Stock aggregated approximately $89,000. The Company
      had a stockholders’ deficiency of $1,671,000 at December 31, 2005; accordingly
      it did not have legally available funds available to declare and pay a dividend.
      Other provisions relating to the Series A Preferred Stock include:





Ÿ
            In
                the event dividends are distributed to holders of shares of common
                stock,
                the holders of Series A Preferred Stock shall be entitled to receive
                dividends on a pari passu basis.






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Ÿ
            In
                the event of a Liquidation Event, as defined in the Certificate of
                Designation, Preferences, and Rights of the Series A Preferred Stock
                (the
                “Certificate of Designation”), the holders of Series A Preferred Stock
                shall be entitled to a Liquidation Preference consisting of the Stated
                Value, accrued and unpaid dividends, and any other amounts owed.





Ÿ
            Mandatory
                redemption provisions are effective if and when the Company fails
                to issue
                shares of common stock to holders of the Series A Preferred Stock
                upon
                exercise of conversion rights, or the common stock of the Company
                fails,
                after having been initially listed, to remain listed on the
                Over-the-Counter Bulletin Board, NASDAQ National Market, NASDAQ SmallCap
                Market, New York Stock Exchange or American Stock Exchange, for any
                reason
                within the control of the Company.





Ÿ
            The
                Company may elect to optionally redeem the Series A Preferred Stock
                in an
                amount equal to 120% of the Stated Value of each share, accrued and
                unpaid
                dividends, and any other amounts owed.





Ÿ
            Each
                share of Series A Preferred Stock is convertible into common shares
                at the
                Conversion Price generally set at 85% of the average of the lowest
                three
                Average Daily Prices, as defined the Certificate of Designation,
                for the
                Company’s common stock during the 20-day trading period prior to the date
                of a conversion notice. In connection with this discounted conversion
                feature, the Company recorded a discount to Series A Preferred Stock
                in
                the amount of $212,000, which is being amortized over the 36-month
                period
                prior to the automatic conversion date described below, unless conversion
                occurs prior to that date. During the three-month period ended December
                31, 2005, amortization of $53,000 was charged to accumulated deficit.





Ÿ
            So
                long as certain conditions are met, all shares of Series A Preferred
                Stock
                issued and outstanding on October 14, 2007, shall be automatically
                converted into shares of common stock at the Conversion Price.





The
      notes
      to our condensed consolidated financial statements as of December 31, 2005
      contain footnote disclosure regarding an uncertainty with respect to our ability
      to continue as a going concern. We have not generated sufficient revenues to
      cover our expenses, and we have an accumulated deficit of $5,440,000. However,
      we believe that by concentrating on our core business of selling home heating
      oil, as well as by seeking the possible acquisition of profitable businesses
      and
      the addition of customers through marketing and promotional efforts and
      reserving a portion of the proceeds of the recent sale of convertible
      debentures, we will generate sufficient revenues and liquidity for the Company
      to operate for the next twelve months. However, as of December 31, 2005, we
      had
      $1,511,000 of current liabilities and there can be no assurances that the
      Company will be successful in developing its business and achieving a profitable
      level of operations sufficient to meet its ongoing cash needs.





The
      Company has total liabilities and contractual obligations of $4,513,000 as
      of
      December 31, 2005. These contractual obligations, along with the dates on which
      such payments are due, are described below:




**Contractual
                  Obligations****(as
                  of December 31, 2005)****Total**
              
              **1
                  Year or Less**
              
              **More
                  Than 1 Year**Convertible
                  Debentures
              
              $
              2,842,000
              
              $
              —
              
              $
              2,842,000Accounts
                  Payable and AccruedExpenses
              
              
              782,000
              
              
              782,000
              
              
              —Note
                  Payable**(a)**
              
              
              115,000
              
              
              38,000
              
              
              77,000Accrued
                  Interest
              
              
              581,000
              
              
              581,000
              
              
              —Other
              
              
              193,000
              
              
              109,000
              
              
              84,000**Total
                  Contractual Obligations**
              
              **$**
              **4,513,000**
              
              **$**
              **1,510,000**
              
              **$**
              **3,003,000**


**(a)**
            During
                the nine months endedDecember
                31,
                2005, the purchase price of a customer list acquired by the Company
                included a note payable in the amount of $123,965, net of imputed
                interest.





The
      Company’s failure to develop its business and achieve a sufficiently profitable
      level of operations will likely have a material, adverse effect on the Company’s
      business, results of operations and financial condition and the Company’s
      ability to continue as a going concern. As a consequence of such failure, we
      may
      be forced to seek protection under the bankruptcy laws. In that event, it is
      unclear whether we could successfully reorganize our capital structure and
      operations, or whether we could realize sufficient value for our assets to
      satisfy our creditors in full. Accordingly, should we be forced to file for
      bankruptcy protection, there is no assurance that our stockholders would receive
      any value.




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Below
      is
      a discussion of our sources and uses of funds for the nine months ended December
      31, 2005 and 2004.





**Net
      Cash Used In Operating Activities**





Net
      cash
      used in operating activities was $646,000 and $512,000 in the nine months ended
      December 31, 2005 and 2004, respectively. The use of cash in operating
      activities for the nine months ended December 31, 2005 was principally the
      result of a net loss of $1,007,000 and seasonable increases in accounts
      receivable of $220,000 as sales increase with colder weather and inventory
      of
      $29,000 as heating oil purchasing increases, partially offset by a seasonable
      increase in accounts payable and accrued expenses of $102,000, non-cash charges
      of $292,000 and an increase in accrued interest of $144,000 and customer
      deposits of $64,000. The use of cash in operating activities for the nine months
      ended December 31, 2004 was principally the result of a net loss of $978,000
      and
      seasonable increases in accounts receivable of $11,000, inventory of $27,000
      and
      prepaid expenses of $54,000, and a decrease in accounts payable of $85,000
      following the receipt of proceeds
      from the Series A Preferred Stock issuance ,
      partially offset by non-cash charges of $413,000 and an increase in accrued
      interest of $179,000 and customer deposits of $50,000.





**Net
      Cash Used In Investing Activities**





We
      used
      $249,000 during the nine months ended December 31, 2005 for the acquisition
      of
      intangible assets, principally customer lists, $18000 and $17,000 during the
      nine months ended December 31, 2005 and 2004, respectively, for the acquisition
      of property and equipment.





**Net
      Cash Provided By Financing Activities**





Net
      cash
      provided by financing activities for the nine months ended December 31, 2005
      amounted to $748,000, principally attributable to $857,000 of funds received
      from the issuance of convertible debentures (net of prepaid interest withheld)
      offset by transaction costs of $75,000. Net cash provided by financing
      activities for the nine months ended December 31, 2004 was $1,171,000 from
      the
      proceeds from the Series A Preferred Stock issuance.





**RISK
      FACTORS**




*RISKS
      RELATED TO OUR BUSINESS:*




*WE
      HAVE HAD LOSSES SINCE OUR INCEPTION. WE EXPECT LOSSES TO CONTINUE IN THE FUTURE
      AND THERE IS A RISK WE MAY NEVER BECOME PROFITABLE.*





For
      the
      nine months ended December 31, 2005 and 2004, we had net losses of $1,007,000
      and $978,000, respectively. For the fiscal years ended March 31, 2005 and 2004,
      we had net losses of $1,254,000 and $1,319,000, respectively. We expect to
      continue to incur significant operating expenses until such time as the volume
      of heating oil sold increases and/or we add ancillary products or product lines
      to our business.





*OUR
      INDEPENDENT AUDITORS HAVE EXPRESSED DOUBT ABOUT OUR ABILITY TO CONTINUE AS
      A
      GOING CONCERN, WHICH MAY HINDER OUR ABILITY TO OBTAIN FUTURE FINANCING.*





In
      their
      report dated June 21, 2005 (except for Note 11 as to which the date is July
      5,
      2005) on our consolidated financial statements for the fiscal year ended March
      31, 2005, our independent auditors have expressed doubt about our ability to
      continue as a going concern. Our ability to continue as a going concern is
      a
      result of recurring losses from operations, a stockholders' deficit, and
      requirement for a significant amount of capital financing to proceed with our
      business plan. Our ability to continue as a going concern is subject to our
      ability to generate a profit and/or obtain necessary funding from outside
      sources, including obtaining additional funding from the sale of our securities,
      increasing sales or obtaining loans where possible. The going concern
      qualification in the auditor's report increases the difficulty in meeting such
      goals and there can be no assurances that such methods will prove successful.





*WE
      HAVE A WORKING CAPITAL DEFICIT, WHICH MEANS THAT OUR CURRENT ASSETS ON SEPTEMBER
      30, 2005 WERE NOT SUFFICIENT TO SATISFY OUR CURRENT LIABILITIES ON THAT DATE.*





We
      had a
      working capital deficiency of $353,000 at December 31, 2005 which means that
      our
      current liabilities exceeded our current assets by $353,000. Current assets
      are
      assets that are expected to be converted into cash within one year and,
      therefore, may be used to pay current liabilities as they become due. Our
      working capital position was such that our current assets on December 31, 2005
      were not sufficient to satisfy all of our current liabilities on that
      date.




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*OUR
      OPERATIONS ARE HAZARDOUS AND COULD EXPOSE US TO THE RISK OF MATERIAL
      LIABILITIES, LOST REVENUES OR INCREASED EXPENSES.*





There
      are
      risks associated with the handling of oil, such as operational hazards and
      unforeseen interruptions caused by events beyond our control. These include
      accidents, the breakdown or failure of equipment or processes, and catastrophic
      events. Liabilities incurred and interruptions in operations caused by the
      handling of oil, have the potential to materially impact our consolidated
      results of operations, financial position and liquidity.





*OUR
      OPERATIONS ARE HAZARDOUS AND COULD EXPOSE US TO THE RISK OF ENVIRONMENTAL
      LIABILITIES.*





There
      are
      environmental risks associated with the risks in the handling of oil mentioned
      above, which include injury or loss of life and extensive property or
      environmental damage. In addition, the general handling of oil has the potential
      for serious impact on human health and the environment.




*WE
      MAY HAVE TO CURTAIL OUR BUSINESS IF WE CANNOT FIND ADEQUATE FUNDING.*





While
      we
      are negotiating with the holders of our convertible debentures for additional
      financing, we currently have no legally binding commitments with any third
      parties to obtain any amount of additional equity or debt financing. Our
      principal stockholders have limited financial resources and may not be able
      to
      continue to lend funds to us. We may not be able to obtain any additional
      financing in the amounts or at the times that we may require the financing
      or,
      if we do obtain any financing, that it would be on acceptable terms because
      of
      the following:





·
            we
                have no additional assets to pledge as security for a loan;
                and




·
            we
                may be viewed as a high market
                risk.





As
      a
      result, we may not have adequate capital to implement future expansions, to
      maintain our current levels of operation or to pursue strategic acquisitions.
      Our failure to obtain sufficient additional financing could result in the delay
      or abandonment of some or all of our expansion and expenditures, which could
      harm our business and the value of our common stock.





*OUR
      BUSINESS OPERATIONS WILL BE HARMED IF WE ARE UNABLE TO OBTAIN ADDITIONAL
      FUNDING.*





Although
      we closed on $900,000 of convertible debentures during the nine months ended
      December 31, 2005, our business operations will be harmed if we are unable
      to
      obtain additional funding from related parties or from other investors or
      lenders. We do not know if additional financing will be available when needed,
      or if it is available, if it will be available on acceptable terms. Insufficient
      funds may prevent us from implementing our business strategy or may require
      us
      to delay, scale back or eliminate certain business opportunities for our product
      and services.





*RISKS
      RELATING TO OUR CURRENT FINANCING AGREEMENTS:*





*POSSIBILITY
      OF ANOTHER DEFAULT ON OUR CONVERTIBLE DEBENTURES*





Prior
      to
      a restructuring on October 15, 2004, convertible debentures issued in 2001,
      2002
      and June 2003 aggregating $2,517,949 had matured and were in
      default. **** There
      can
      be no assurance that we will be successful in generating the cash flow or
      raising the funds necessary to retire these debentures now with maturity dates
      of October 14, 2007 and the additional debentures issued during the nine months
      ended December 31, 2005 **** with
      a
      maturity date of June 30, 2008. The debentures are collateralized by all of
      our
      assets and, in the event we are unable to repay or restructure these debentures,
      there is no assurance that the holders of the debentures will not institute
      legal proceedings to recover the amounts owed including foreclosure on our
      assets.





*THERE
      ARE A LARGE NUMBER OF SHARES UNDERLYING OUR CONVERTIBLE DEBENTURES, CONVERTIBLE
      PREFERRED STOCK AND WARRANTS THAT MAY BE AVAILABLE FOR FUTURE SALE AND THE
      SALE
      OF THESE SHARES MAY DEPRESS THE MARKET PRICE OF OUR COMMON STOCK.*





As
      of
      January 31, 2006, we had 129,776,826 shares of common stock issued and
      outstanding, outstanding convertible debentures and shares of convertible
      preferred stock that may be converted into an estimated 323,564,186 shares
      of
      common stock at current market prices, and outstanding warrants to purchase
      up
      to 13,000,000 shares of common stock. In addition, the number of shares of
      common stock issuable upon conversion of the outstanding convertible debentures
      may increase if the market price of our stock declines. The sale of these shares
      may adversely affect the market price of our common stock.




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*THE
      CONTINUOUSLY ADJUSTABLE CONVERSION PRICE FEATURE OF OUR CONVERTIBLE DEBENTURES
      COULD REQUIRE US TO ISSUE A SUBSTANTIALLY GREATER NUMBER OF SHARES TO THE
      SELLING STOCKHOLDERS, WHICH WILL CAUSE DILUTION TO OUR EXISTING STOCKHOLDERS.*





Our
      obligation to issue shares upon conversion of our convertible securities is
      essentially limitless.





The
      following is an example of the number of shares of our common stock that is
      potentially issuable to the holders of our convertible debentures and
      convertible preferred stock, upon conversion of such securities and their
      subsequent exercise of warrants, based on market prices 25%, 50% and 75% below
      our current market price of $.028 per share:





**Percentage
                Below Market**
            
            **Price
                Per Share**
            
            **Number
                of Shares Issuable**
            
            **Percentage
                of Outstanding Shares**25%
            
            $
            0.0158
            
            
            349,180,819
            
            
            82%50%
            
            $
            0.0105
            
            
            517,271,229
            
            
            87%75%
            
            $
            0.0053
            
            
            1,021,524,458
            
            
            93%




The
      issuance of shares upon conversion of the convertible debentures and convertible
      preferred stock and exercise of warrants may result in substantial dilution
      to
      the interests of other stockholders since the holders of such securities may
      ultimately convert and sell the full amount issuable on conversion. Although
      the
      holders of our convertible debentures, convertible preferred stock and warrants
      may not convert and/or exercise such securities if such conversion or exercise
      would cause them to own more than 4.99% of our outstanding common stock, this
      restriction does not prevent them from converting and/or exercising some of
      their holdings and then converting the rest of their holdings. In this way,
      the
      holders of our convertible debentures, convertible preferred stock and warrants
      could sell more than this limit while never holding more than this limit. There
      is no upper limit on the number of shares that may be issued which will have
      the
      effect of further diluting the proportionate equity interest and voting power
      of
      all holders of our common stock.





*IF
      WE
      ARE REQUIRED FOR ANY REASON TO REPAY OUR OUTSTANDING CONVERTIBLE DEBENTURES,
      WE
      WOULD BE REQUIRED TO DEPLETE OUR WORKING CAPITAL, IF AVAILABLE, OR RAISE
      ADDITIONAL FUNDS. OUR FAILURE TO REPAY THE CONVERTIBLE DEBENTURES, IF REQUIRED,
      COULD RESULT IN LEGAL ACTION AGAINST US, WHICH COULD REQUIRE THE SALE OF
      SUBSTANTIAL ASSETS.*





We
      entered into Securities Purchase Agreements for the sale of an aggregate of
      $800,000 of convertible debentures in fiscal 2004 and assumed $1,717,949 of
      convertible debentures in the merger and recapitalization transaction with
      ClickableOil.com, Inc. that, less an aggregate reduction of $526,000 through
      November 11, 2005 due to conversions into shares of our common stock, are due
      and payable, with 8% interest, on October 15, 2007. During the nine months
      ended
      December 31, 2006, we closed on an additional $900,000 of convertible debentures
      that are due and payable, with 10% interest, on June 30, 2008. Unless sooner
      converted into shares of our common stock, we are required to repay the
      convertible debentures. To do so, we would be required to use our working
      capital, if any at that time, and/or raise additional funds. If we were unable
      to repay the debentures when required, the debenture holders could commence
      legal action against us to recover the amounts due. Any such action may require
      us to curtail or cease operations.





*RISKS
      RELATING TO OUR COMMON STOCK:*





*OUR
      BOARD OF DIRECTORS CAN ISSUE PREFERRED STOCK WITHOUT STOCKHOLDER CONSENT AND
      DILUTE OR OTHERWISE SIGNIFICANTLY AFFECT THE RIGHTS OF EXISTING STOCKHOLDERS.*





Our
      certificate of incorporation provides that preferred stock may be issued from
      time to time in one or more series. Our Board of Directors is authorized to
      determine the rights, preferences, privileges and restrictions granted to and
      imposed upon any unissued series of preferred stock and the designation of
      any
      such shares, without any vote or action by our stockholders. The Board of
      Directors may authorize and issue preferred stock with voting power or other
      rights that could adversely affect the voting power or other rights of the
      holders of common stock. In addition, the issuance of preferred stock could
      have
      the effect of delaying, deferring or preventing a change in control, because
      the
      terms of preferred stock that might be issued could potentially prohibit the
      consummation of any merger, reorganization, sale of substantially all of our
      assets, liquidation or other extraordinary corporate transaction without the
      approval of the holders of the outstanding shares of the preferred
      stock.




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*THE
      PRICE OF OUR COMMON STOCK MAY BE AFFECTED BY A LIMITED TRADING VOLUME AND MAY
      FLUCTUATE SIGNIFICANTLY.*





There
      is
      a limited public market for our common stock and there can be no assurance
      that
      an active trading market will develop. An absence of an active trading market
      could adversely affect our stockholders' ability to sell our common stock in
      short time periods, or possibly at all. Our common stock was only relisted
      by
      the NASD in March 2005, at which time trading resumed. In the foreseeable future
      our common stock is likely to experience significant price and volume
      fluctuations that could adversely affect its market price without regard to
      our
      operating performance. In addition, we believe that factors such as quarterly
      fluctuations in our financial results and changes in the overall economy or
      the
      condition of the financial markets could cause the price of our common stock
      to
      fluctuate substantially.





*OUR
      COMMON STOCK IS SUBJECT TO "PENNY STOCK" RULES.*





The
      Securities and Exchange Commission has adopted Rule 15g-9 which establishes
      the
      definition of a "penny stock," for the purposes relevant to us, as any equity
      security that has a market price of less than $5.00 per share or with an
      exercise price of less than $5.00 per share, subject to certain exceptions.
      For
      any transaction involving a penny stock, unless exempt, the rules require that:





Ÿ
            a
                broker or dealer approve a customer's account for transactions in
                penny
                stocks;





Ÿ
            the
                broker or dealer receive from the customer an agreement to the
                transaction, setting forth the identity and quantity of the penny
                stock to
                be purchased; and





Ÿ
            effective
                September 12, 2005, the broker or dealer wait for a period of not
                less
                than two business days after the broker or dealer sends such agreement
                before effecting a transaction in a penny stock by, for or with the
                account of the customer.





In
      order
      to approve a customer's account for transactions in penny stocks, the broker
      or
      dealer must





Ÿ
            obtain
                financial information and investment experience objectives of the
                customer;





Ÿ
            make
                a reasonable determination that the transactions in penny stocks
                are
                suitable for that customer and the customer has sufficient knowledge
                and
                experience in financial matters to be capable of evaluating the risks
                of
                transactions in penny stocks,





Ÿ
            provide
                a written statement to the customer which sets forth the basis on
                which
                the broker or dealer made the suitability determination,
                and





Ÿ
            receive
                the signed, written agreement from the customer prior to the transaction.





The
      broker or dealer must also deliver, prior to any transaction in a penny stock,
      a
      disclosure schedule prepared by the Securities and Exchange Commission relating
      to the penny stock market. Disclosures must include the risks of investing
      in
      penny stocks in both public offerings and in secondary trading, the commissions
      payable to both the broker-dealer and the registered representative, current
      quotations for the securities and the rights and remedies available to an
      investor in cases of fraud in penny stock transactions. Effective September
      12,
      2005, the broker or dealer must obtain from a customer a signed and dated
      acknowledgment of the customer’s receipt of the disclosure schedule before the
      broker or dealer may effect a transaction in a penny stock for such
      customer.





**Item
      3.****Controls
      And Procedures**





**(A)
      Evaluation Of Disclosure Controls And Procedures**





Prior
      to
      the filing of this Report on Form 10-QSB, an evaluation was performed under
      the
      supervision of and with the participation of the Company’s management, including
      the President and Chief Financial Officer, of the effectiveness of the Company’s
      disclosure controls and procedures. Based on the evaluation, the President
      and
      the Chief Financial Officer have concluded that, as of December 31, 2005, the
      Company’s disclosure controls and procedures were effective to ensure that
      information required to be disclosed by the Company in reports that it files
      or
      submits under the Securities Exchange Act of 1934, as amended, is recorded,
      processed, summarized and reported within the time periods specified in SEC
      rules and forms. It should be noted that the design of any system of controls
      is
      based in part upon certain assumptions about the likelihood of future events,
      and there can be no assurance that any design will succeed in achieving its
      stated goals under all potential future conditions, regardless of how remote.





**(B)
      Changes In Internal Controls**





During
      the nine months ended December 31, 2005, there were no significant changes
      in
      the Company’s internal control over financial reporting that have materially
      affected, or are reasonably likely to materially affect, the Company’s internal
      control over financial reporting.




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**Part
      II-Other Information**





**Item
      1.****Legal
      Proceedings**





None.





**Item
      2.****Unregistered
      Sales Of Equity Securities And Use Of Proceeds**





**Recent
      Sales Of Unregistered Securities**





The
      information required by Item 701 of Regulation S-B regarding our entering into
      a
      Securities Purchase Agreement for the private placement of $900,000 of
      convertible debentures and warrants to purchase shares of common stock on June
      30, 2005 and our closing on that date on the sale of $650,000 of such
      convertible debentures and warrants to purchase 6,500,000 shares of common
      stock
      is incorporated herein by reference to our Current Report on Form 8-K filed
      with
      the Securities and Exchange Commission on July 7, 2005.





Pursuant
      to the Purchase Agreement described in that 8-K, on
      November 14, 2005, the Company sold an additional $250,000 of convertible
      debentures and warrants exercisable for 2,500,000 shares of common stock to
      the
      same investors. The Purchase Agreement originally required that a registration
      statement with respect to the shares issuable upon conversion of the debentures
      and exercise the warrant be in effect prior to the additional $250,000
      investment. The investors waived this requirement, and no registration statement
      has been filed. The description of the terms of the debentures and warrants
      and
      applicable exemption from registration are incorporated herein from the
      foregoing 8-K.





**Item
      3.****Defaults
      Upon Senior Securities**





None.





**Item
      4.****Submission
      Of Matters To A Vote Of Security Holders******





None.





**Item
      5.****Other
      Information**





None.




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**Item
      6.****Exhibits**





**Exhibit
                No.**
            
            **Description****(1)**3(i)(a)
            
            Articles
                of Incorporation (Incorporated by reference to our Registration Statement
                on Form 10-SB filed February 6, 1998).3(i)(b)
            
            Certificate
                of Amendment (Incorporated by reference to our Registration statement
                on
                Form SB-2/A filed on May 14, 2004).3(i)(c)
            
            Certificate
                of Designations, Preferences, and Rights of Series A Convertible
                Preferred
                Stock of Clickable Enterprises, Inc. (Incorporated by reference to
                our
                Current Report on Form 8-K filed November 16, 2004)3(ii)
            
            Bylaws
                (Incorporated by reference to our Registration Statement on Form
                10-SB
                filed February 6, 1998).4.1
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due June 29,
                2003 in
                the principal sum of $794,119.79, issued to AJW Partners, LLC
                (Incorporated by reference to our Registration Statement on Form
                SB-2
                filed August 3, 2001).4.2
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due June 29,
                2003 in
                the principal sum of $398,829.30, issued to AJW Partners, LLC
                (Incorporated by reference to our Registration Statement on Form
                SB-2
                filed August 3, 2001).4.3
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due August
                13, 2003
                in the principal sum of $125,000, issued to New Millennium Capital
                Partners II, LLC (Incorporated by reference to our Current Report
                on Form
                8-K, filed August 14,2001).4.4
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due August
                13, 2003
                in the principal sum of $125,000, issued to AJW Partners, LLC
                (Incorporated by reference to our Current Report on Form 8-K, filed
                August
                14, 2001).4.5
            
            Security
                Agreement among the Company and the Initial Purchasers (Incorporated
                by
                reference to our Current Report on Form 8-K, filed July 17, 2001).4.6
            
            Intellectual
                Property Security Agreement among the Company and the Initial Purchasers
                (Incorporated by reference to our Current Report on Form 8-K, filed
                July
                17, 2001).4.7
            
            Secured
                Convertible Debenture Purchase Agreement dated as of May 8, 2002
                among the
                Company and AJW Partners, LLC, New Millennium Capital Partners II,
                LLC,
                Pegasus Capital Partners, LLC and AJW/New Millennium Offshore Ltd.
                (the
                "Subsequent Purchasers") (Incorporated by reference to our Registration
                Statement on SB-2 filed June 21, 2002).4.8
            
            Registration
                Rights Agreement dated as of May 8, 2002, among the Company and the
                Subsequent Purchasers (Incorporated by reference to our Registration
                Statement on SB-2 filed June 21, 2002).4.9
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $37,500, issued to New Millennium Capital Partners
                II, LLC (Incorporated by reference to our Registration Statement
                on SB-2
                filed June 21, 2002).4.10
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $37,500, issued to AJW Partners, LLC (Incorporated
                by
                reference to our Registration Statement on SB-2 filed June 21, 2002).4.11
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $112,500, issued to Pegasus Capital Partners,
                LLC
                (Incorporated by reference to our Registration Statement on SB-2
                filed
                June 21, 2002).4.12
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $112,500, issued to AJW/New Millennium Offshore
                Ltd.
                (Incorporated by reference to our Registration Statement on SB-2
                filed
                June 21, 2002).4.13
            
            Security
                Agreement among the Company and the Subsequent Purchasers (Incorporated
                by
                reference to our Registration Statement on SB-2 filed June 21, 2002).4.14
            
            Intellectual
                Property Security Agreement among the Company and the Subsequent
                Purchasers (Incorporated by reference to our Registration Statement
                on
                SB-2 filed June 21, 2002).4.15
            
            Securities
                Purchase Agreement among the Company and AJW Partners, LLC, AJW Offshore,
                Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners
                II,
                LLC, dated June 30, 2005 (Incorporated by reference to our Form 10-QSB
                for
                the period ended June 30, 2005 filed on August 24,
                2005).4.16
            
            Form
                of Callable Secured Convertible Note entered into in connection with
                Exhibit 4.15 (Incorporated by reference to our Form 10-QSB for the
                period
                ended June 30, 2005 filed on August 24, 2005).4.17
            
            Form
                of Stock Purchase Warrant entered into in connection with Exhibit
                4.15
                (Incorporated by reference to our Form 10-QSB for the period ended
                June
                30, 2005 filed on August 24, 2005).4.18
            
            Security
                Agreement among the Company and AJW Partners, LLC, AJW Offshore,
                Ltd., AJW
                Qualified Partners, LLC and New Millennium Capital Partners II, LLC,
                dated
                June 30, 2005 (Incorporated by reference to our Form 10-QSB for the
                period
                ended June 30, 2005 filed on August 24, 2005).31.1
            
            Rule
                13a-14(a) Certification of Nicholas Cirillo, Jr., Chief Executive
                Officer
                (filed herewith).31.2
            
            Rule
                13a-14(a) Certification of Guy Pipolo, Chief Financial Officer (filed
                herewith).32.1
            
            Certification
                Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section
                906 of
                the Sarbanes-Oxley Act of 2002 (filed herewith).32.2
            
            Certification
                Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section
                906 of
                the Sarbanes-Oxley Act of 2002 (filed herewith).





**(1)**
            In
                the case of incorporation by reference to documents filed by the
                registrant under the Securities Exchange Act of 1934, as amended,
                the
                registrant’s file number under the Exchange Act is
                000-23737.







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**SIGNATURES**





In
      accordance with the requirements of the Exchange Act, the registrant caused
      this
      report to be signed on its behalf by the undersigned, thereunto duly authorized.





**CLICKABLE
      ENTERPRISES, INC.**


*By:
                /s/Nicholas Cirillo, Jr.*
              *Name:
                Nicholas Cirillo, Jr.*
              *Title:
                President (Principal Executive Officer)*
              
              *Date:
                February 13, 2006*
              
              *By:
                /s/Guy Pipolo*
              *Name:
                Guy Pipolo*
              *Title:
                Chief Financial Officer**(Principal
                Accounting Officer)*
              
              *Date:**February
                13, 2006*





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