**UNITED
      STATES SECURITIES AND EXCHANGE COMMISSION**


**WASHINGTON,
      D.C. 20549**





**FORM
      10-KSB**





Annual
      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934





**For
      the Year Ended March 31, 2008**





Commission
      File Number 0-23737





**CLICKABLE
      ENTERPRISES, INC.**


(Name
      of
      Small Business Issuer in Its Charter)


**Delaware**
              
              **82-0290939**(State
                  or other jurisdiction of
                incorporation
                  or organization)
              
              (I.R.S.
                  Employer
                Identification
                  No.)





2
      Madison Avenue, Suite 209, Larchmont, NY 10538


(Address
      of principal executive offices) (Zip Code)





**** (914)
      833-9125


(Issuer’s
      telephone number)





**Securities
      registered under Section 12(b) of the Exchange Act:**





**Title
      of each class** **:
      None**





**Securities
      registered pursuant to Section 12(g) of the Exchange Act:**





**Common
      Stock, $.001 par value, 2,000,000,000 shares authorized**





Check
      whether the issuer is not required to file reports pursuant to Section 13 or
      15(d) of the Exchange Act. o





Check whether
      the issuer (1) has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act of 1934 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





Check if there
      is no disclosure of delinquent filers pursuant to Item 405 of Regulation S-B
      contained in this form, and no disclosure will be contained, to the best of
      registrant’s knowledge, in definitive proxy or information statements
      incorporated by reference in Part III of this Form 10-KSB or any amendment
      to
      this Form 10-KSB.





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




State
      issuer’s revenues for its most recent fiscal year :
      $8,404,225





The
      aggregate market value as of May 29, 2008 of the voting common equity held
      by
      non- affiliates
      was $240,597 based on the average of the bid and asked prices as quoted on
      the
      OTC Bulletin Board.







**ISSUERS
      INVOLVED IN BANKRUPTCY**


**PROCEEDINGS
      DURING THE PAST FIVE YEARS**





N/A


Indicate
      by checkmark whether the Registrant has filed all documents and reports to
      be
      filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934
      subsequent to the distribution of securities under a plan confirmed by a
      court.


**YES
      ____**  **NO
      ____**





**APPLICABLE
      ONLY TO CORPORATE REGISTRANTS**





Indicate
      the number of shares outstanding of each of the issuer's classes of common
      equity, as of the latest practicable date. As of May 29, 2008, there were
      481,194,033 shares of the Company’s $.001 Common Stock issued and
      outstanding.





FORWARD-LOOKING
      STATEMENTS :





This
      Form
      10-KSB contains “forward-looking statements” relating to the Registrant which
      represent the Registrant’s current expectations or beliefs including, but not
      limited to, statements concerning Registrant’s operations, performance,
      financial condition and growth. For this purpose, any statements contained
      in
      this Form 10-KSB that are not statements of historical fact are forward-looking
      statements. Without limiting the generality of the foregoing, words such as
      “may”, “anticipation”, “intend”, “could”, “estimate”, or “continue” 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 and variability of quarterly results, ability of Registrant to
      continue its growth strategy and competition, certain of which are beyond the
      Registrant’s control. 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.




i


**CLICKABLE
      ENTERPRISES, INC.**


**TABLE
      OF CONTENTS**


**PAGE(S)****Part
                  I**Item
                  1. Description of Business
              
              1-3Item
                  2. Description of Property
              
              3Item
                  3. Legal Proceedings
              
              3Item
                  4. Submission of Matters to a Vote of Security Holders
              
              3**Part
                  II**Item
                  5. Market for Common Equity and Related Stockholder Matters and
                  Small
                  Business Issuer Purchases of Equity Securities
              
              4-5Item
                  6. Management's Discussion and Analysis or Plan of
                  Operation
              
              5-15Item
                  7. Financial Statements
              
              16Item
                  8. Changes in and Disagreements with Accountants on Accounting
                  and
                  Financial Disclosure
              
              16Item
                  8A. Controls and Procedures
              
              16Item
                  8B. Other Information
              
              17**Part
                  III**Item
                  9. Directors, Executive Officers, Promoters and Control Persons;
                  Compliance with Section 16(a) of the Exchange Act
              
              18-19Item
                  10. Executive Compensation
              
              19-20Item
                  11. Security Ownership of Certain Beneficial Owners and Management
                  and
                  Related Stockholder Matters
              
              20-21Item
                  12. Certain Relationships and Related Transactions
              
              22Item
                  13. Exhibits
              
              23-26Item
                  14. Principal Accounting Fees and Services
              
              27CLICKABLE
                  ENTERPRISES, INC. AND SUBSIDIARIESCONSOLIDATED
                  FINANCIAL STATEMENTS AS OF MARCH 31, 2008 AND 2007
              
              F1-F21





*In
      this Form 10-KSB, the terms the “Company,”, “we,” “us” and “our” refer to
      Clickable Enterprises, Inc. and its wholly-owned subsidiary ClickableOil.com,
      Inc.*




ii


**Part
      I**




**ITEM
      1. DESCRIPTION OF BUSINESS**





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 principally through an Internet-based approach. Clickable Enterprises,
      Inc. and ClickableOil.com, Inc. (collectively, the "Company") streamline the
      process of heating oil ordering and delivering by providing a more accessible
      point of contact for the customer. The Company subcontracts with local delivery
      companies to deliver heating oil to its customers.





Unlike
      its industry competitors, ClickableOil.com, Inc. is unburdened with an expensive
      infrastructure of tangible assets. We currently do not, nor are we expected
      to
      own barges, trucks or storage facilities. Our principal operating assets will
      be
      proprietary software, attendant computer hardware and the possible inventory
      of
      heating oil in some markets. Although we are generally less burdened with the
      substantial costs that are often associated with intangible assets arising
      from
      the purchase of customers of acquired businesses, we are, however, required
      to
      continue to bill on account for heating oil deliveries to those residential
      customers of acquired businesses, which in turn requires us to carry receivable
      balances for residential customers for the first time. This is in contrast
      to
      our residential customers that we have acquired through advertising and
      marketing who are charged immediately by credit card for heating oil deliveries.
      Over time we anticipate converting these acquired customers to the credit card
      based billing arrangement described below. We only intend to purchase customer
      lists and relationships when (a) doing so is justified strategically in terms
      of
      territorial expansion and (b) acquiring customers through marketing and selling
      activities is not practical due to market conditions, such as during the past
      year when prices have been unstable. In fiscal 2007, we purchased a customer
      list from one heating oil distributor at terms we believe are favorable to
      us.
      In fiscal 2006, we purchased customer lists from two heating oil distributor
      at
      terms we believe are favorable to us, while in fiscal 2005, we purchased a
      customer list from one heating oil distributor at terms we believe are favorable
      to us.





We
      also
      provide service installation and repair of heating equipment as a service to
      our
      customers, which we consider to be a necessary part of our business. We provide
      home heating equipment repair service on a 24 hours a day, seven days-a-week
      basis in most of our delivery regions. We contract with local third parties
      to
      provide such services, which we believe would be unprofitable to offer
      ourselves.





We
      believe that we obtain new customers and maintain existing customers by offering
      full service home energy products at discount prices, providing quick repair
      operations, providing automatic deliveries to customers by monitoring historical
      use and weather patterns, and by providing customers a variety of payment and
      fixed price purchase options.





**Operations**





Our
      retail fuel oil distribution business is conducted through ClickableOil.com,
      Inc. We serve both residential and commercial fuel oil accounts. We sell quality
      home heating oil to our residential and commercial customers offering delivery
      seven days a week. We also contract with various third parties to provide an
      oil
      burner service that is available 24 hours a day for the maintenance, repair,
      and
      installation of oil burners. These services are performed on an as needed basis.
      Heating oil customers are not required to enter into service contracts; however,
      we do offer such service contracts if desired.





Approximately
      50% of our customers receive their home heating oil pursuant to an automatic
      delivery system without the customer having to make an affirmative purchase
      decision. These deliveries are scheduled by computer, based on each customer's
      historical consumption patterns and prevailing weather conditions. Customers
      can
      also order deliveries of home heating oil through our web site located at
      www.clickableoil.com. We deliver home heating oil approximately seven times
      each
      year to the average customer. We have credit cards on file for approximately
      40%
      of our automatic customers and charge them promptly upon delivery, or we receive
      payment upon delivery (“COD”). Our customers can pay for fuel deliveries with
      cash, check or credit card or budget plan. We offer both fixed price plans
      for
      one or two years or variable price deals that fluctuate with the market.
      Historically approximately **** 10%
      of
      our customers have been on a fixed price plan but due to the high prices this
      spring the fixed price option has been less attractive to
      consumers.




1


We
      contract with third party owner-operator fuel oil companies to deliver our
      fuel
      with their delivery trucks within 48 to 72 hours after orders are received.
      Additionally, all automatic customer deliveries are scheduled and given to
      truckers at least 7 days in advance (earlier if bad weather is forecasted).
      Truckers generally make deliveries in accordance with their existing routes,
      allowing sufficient time to make deliveries even during extreme weather
      conditions. Through-put agreements permit us to store inventory at a terminal
      and pay a fee to load our inventory out by truck as needed. This lowers our
      operating costs as we do not have idle fleet costs in the warm weather months.
      The fuel trucks have fuel capacities ranging from 2,800 to 5,500 gallons. Each
      vehicle is assigned to a specific delivery route, and services between fifteen
      and fifty customer locations per day depending on market density and customers'
      fuel requirements.





**Suppliers**





We
      purchase fuel from various suppliers both "spot" and "contract", with both
      fixed
      price and variable price agreements. We also have several throughput/ storage
      agreements where the Company utilizes a third party terminal to store our
      product for a per gallon fee. During
      the fiscal years ended March 31, 2008 and 2007, the Company purchased heating
      oil for resale from NRG Heat & Power, LLC (“NRG”) and Flaw, Inc. (“Flaw”) in
      the amount of $946,751 and $519,782, respectively, or approximately 13% and
      8%,
      respectively, of total heating oil purchased. NRG and Flaw are owned and managed
      by Messrs. Cirillo and Pipolo, both of whom are directors and officers of the
      Company.





**Environmental
      Considerations and Regulation**





We
      have
      implemented environmental programs and policies designed to avoid potential
      liability under applicable environmental laws. We have not incurred any
      significant environmental compliance cost, and compliance with environmental
      regulations has not had a material effect on our operating or financial
      condition. This is primarily due to our general policies of closely monitoring
      compliance with all environmental laws. In the future, we do not expect
      environmental compliance to have a material effect on operations and financial
      condition. Our policy for determining the timing and amount of any environmental
      cost is to reflect an expense as and when the cost becomes probable and
      reasonably capable of estimation.





**Employees**





As
      of
      March 31, 2008, the total number of our employees was nine, of which seven
      were
      full-time employees.





**Retail
      Heating Oil Industry**





Our
      business is highly competitive. In addition to competition from alternative
      energy sources, we compete with distributors offering a broad range of services
      and prices, from full service distributors similar to us, to those offering
      delivery only. Competition with other companies in the home heating oil industry
      is based primarily on customer service and price. Longstanding customer
      relationships are typical in the retail home heating oil industry. We, like
      many
      companies in the industry, deliver fuel oil to customers based upon weather
      conditions and historical consumption patterns without the customers having
      to
      make an affirmative purchase decision each time fuel oil is needed. In addition,
      most companies, including us, provide equipment repair service on a 24
      hour-a-day basis, which tends to build customer loyalty. As a result, we may
      experience difficulty in acquiring new retail customers due to existing
      relationships between potential customers and other fuel oil distributors.





Distillate
      fuel oil in the United States involves two products: i) low-sulfur distillate,
      which is used for vehicle transportation fuel; and ii) #2 high-sulfur
      distillate, which is used for space heating in residential and commercial
      sectors, also known as home heating oil. The United States' two sources of
      home
      heating oil are domestic refineries and imports from foreign countries. The
      home
      heating oil industry, at least from a consumer's perspective, has been the
      only
      alternative for millions of consumers. Homes have to be heated, and with
      electricity being so costly and gas being either unavailable or more expensive
      than home heating oil, the only remaining option to heat a home is through
      the
      delivery of home heating oil. The same holds true for commercial operations,
      despite various efficiencies and price decreases in the industry in general.
      Home heating oil continues to be sold in large part throughout the Northeast
      for
      full price and delivered door to door somewhat as coal was in former days.
      Retail price inflexibility is all the more remarkable given that most retail
      sellers of home heating oil rarely do more than deliver oil. Home heating oil
      retailers do not search for oil, nor are they engaged in refining heating oil.
      Similarly, most retail home heating oil companies do not own the storage tanks
      that hold the oil delivered to the home and often do not even own the oil
      actually supplied to the home prior to loading the truck and its delivery.
      Nonetheless, the pricing of home heating oil from the consumer's perspective
      is
      fairly inelastic: when home heating oil prices rise, retail sellers increase
      their prices, but when prices decline, only a small portion of the price savings
      is passed on to the consumer.




2





Home
      heating oil prices paid by consumers are determined by: **





**·**
            the
                cost of crude oil;


**·**
            the
                cost of producing, marketing and distributing the oil;


**·**
            the
                profits and losses of refiners, wholesalers and dealers; and


**·**
            supply/demand
                equation often influenced by weather.





Heating
      oil prices paid by consumers can fluctuate over time due to a variety of factors
      including:





**Seasonality
      in the demand for home heating oil.** When
      crude oil prices are stable, heating oil prices tend to rise gradually in the
      winter months when demand is highest. A homeowner in the Northeast may use
      650
      to 1,000 gallons of home heating oil during a typical winter, while consuming
      very little during the rest of the year. However, prices can surge quickly
      to
      very high levels when there is a rapid change to colder weather, which impacts
      both supply and demand. Consumers want more heating oil at the same time that
      harbors and rivers are frozen or delivery systems are interrupted by weather
      conditions. During this time, the available home heating oil in storage is
      used
      faster than it can be replenished.





**Changes
      in the cost of crude oil.** Crude
      oil prices are determined by worldwide supply and demand. Demand can vary
      worldwide depending on the economy, weather and political instability in oil
      producing countries. Supply can be influenced by the Organization of Petroleum
      Exporting Countries ("OPEC"), other petroleum exporting countries, and other
      factors. Since crude oil is a major price component of home heating oil, changes
      in the price of crude oil will generally affect the price of heating oil
      (residential and commercial).





**Competition
      in local markets.** Competitive
      differences can be substantial between a locality with only one or few suppliers
      or retailers versus an area with a large number of competitors. Consumers in
      remote or rural locations may face higher heating oil prices because there
      are
      fewer competitors.





**Regional
      operating costs.** Prices
      also are impacted by higher costs of transporting heating oil to and from
      wholesale locations. In addition, other costs of doing business with retailers
      can vary substantially depending on the area of the country in which the dealer
      is located. Such costs include wages and salaries, benefits, equipment,
      lease/rent, insurance, overhead, and state and local fees.





**ITEM
      2. DESCRIPTION OF PROPERTY**





At
      March
      31, 2008, our offices were located at 2 Madison Avenue, Larchmont, NY 10538.
      Under the lease for this office, which commenced on August 1, 2006 for a lease
      term of five years, monthly rent is $4,020.





**ITEM
      3. LEGAL PROCEEDINGS**





In
      May,
      2008, the Company received a Demand for Arbitration filed with the American
      Arbitration Association by the Company's former auditor, Weinberg & Company,
      P.A. Weinberg has alleged that the Company owes $26,404.82 for prior services,
      and has demanded this amount plus fees, costs and interest. The Company disputes
      the claim and has taken the position that the claim is not governed by an
      arbitration provision,.





**ITEM
      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**





None.




3





**Part
      II**





**ITEM
      5. MARKET FOR COMMON EQUITY****,
      RELATED STOCKHOLDER MATTERS AND SMALL ISSUER PURCHASES OF EQUITY SECURITIES**





Our
      common stock is traded in the over-the-counter market and quotations are
      published on the OTC Bulletin Board ("Bulletin Board") under the symbol "CKEI".
      As of March 31, 2008, there were approximately 294 shareholders of record based
      on transfer agent reports, which figure does not take into account those
      shareholders whose certificates are held in the name of broker-dealers. The
      closing price of the common stock on the Bulletin Board on March 31, 2008 was
      $0.0004. As of March 31, 2008, 481,194,033 shares of common stock were issued
      and outstanding, of which 392,462,318 were unrestricted shares with the
      remainder of 88,731,715 being restricted shares.





The
      common stock commenced trading on the Bulletin Board on November 29, 2000.
      Set
      forth below are the high and low sales prices for shares of the common stock
      for
      the last two fiscal years:


2006-2007
              
              
              
              2007-2008First
                  Quarter
              
              $
              0.0029
              
              $
              0.0029
              
              
              First
                  Quarter
              
              $
              0.0019
              
              $
              0.0030Second
                  Quarter
              
              $
              0.0142
              
              $
              0.0060
              
              
              Second
                  Quarter
              
              $
              0.0017
              
              $
              0.0029Third
                  Quarter
              
              $
              0.0430
              
              $
              0.0010
              
              
              Third
                  Quarter
              
              $
              0.0020
              
              $
              0.0005Fourth
                  Quarter
              
              $
              0.0055
              
              $
              0.0028
              
              
              Fourth
                  Quarter
              
              $
              0.0003
              
              $
              0.0012





The
      above
      quotations reflect inter-dealer prices, without retail mark-up, mark-down or
      commission and may not represent actual transactions.





The
      ability of an individual shareholder to trade its shares in a particular state
      may be subject to various rules and regulations of that state. A number of
      states require that an issuer's securities be registered in the state or
      appropriately exempted from registration before the securities are permitted
      to
      trade in that state. Presently, the Company has no plans to register its
      securities in any particular state. Further, most likely the Company's shares
      will be subject to the provisions of Section 15(g) and Rule 15g-9 of the
      Securities Exchange Act of 1934, as amended (the "Exchange Act"), commonly
      referred to as the "penny stock" rule. Section 15(g) sets forth certain
      requirements for transactions in penny stocks and Rule 15g-9(d)(1) incorporates
      the definition of penny stock as that used in Rule 3a51-1 of the Exchange Act.





**Dividend
      Policy**





We
      did
      not pay any dividends during the 2008 fiscal year and have never paid any
      dividends on our capital stock. We currently expect that we will retain future
      earnings for use in the operation and expansion of our business and do not
      anticipate paying any cash dividends in the foreseeable future. In addition,
      our
      convertible debentures contain covenants restricting our ability to pay
      dividends. Any decision on the future payment of dividends will depend on our
      earnings and financial position at the time and such other factors as the Board
      of Directors deem relevant.





**Recent
      Sales of Unregistered Securities**





On
      June
      30, 2005, Clickable Enterprises, Inc. (the "Company") entered into Securities
      Purchase Agreement (the "Purchase Agreement") for the sale of $900,000 in its
      Callable Secured Convertible Notes ("Notes") in a privateplacement
      to AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and New
      Millennium Capital Partners II, LLC (collectively, the "Investors"). On that
      date, the Company sold Investors purchased $650,000 in principal amount of
      Notes, together with warrants exercisable for 6,500,000 shares of Common Stock
      at $.15 per share. Terms of the Notes and warrants and the applicable exemption
      from registration are incorporated herein by reference to our Current Report
      on
      Form 8-K filed with the Securities and Exchange Commission on July 7, 2005.





On
      November 14, 2005, the Company sold an additional $250,000 of convertible
      debentures and issued 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.




4





On
      March
      21, 2006, we entered into Securities Purchase Agreement (the “Purchase
      Agreement”) for the sale of $1,000,000 in its Callable Secured Convertible Notes
      (“Notes”) in a private placement to AJW Partners, LLC, AJW Offshore, Ltd., AJW
      Qualified Partners, LLC and New Millennium Capital Partners II, LLC
      (collectively, the “Investors”). Closing under the Purchase Agreement occurred
      on March 22, 2006. In addition to the Notes, at Closing we issued warrants
      exercisable for 4,000,000 shares of Common Stock at $.10 per share. The terms
      of
      the Notes and warrants and the applicable exemption from registration are
      incorporated herein by reference to our Current Report on Form 8-K filed with
      the Securities and Exchange Commission on March 28, 2006.





On
      May
      31, 2007, The Company entered into a Securities Purchase Agreement ( the
“Purchase Agreement”) for the sale of $800,000 in its Callable Secured
      Notes(“Notes”) in a private placement to AJW Partners, LLC, and its related
      entities (collectively, the “Investors”). In addition to the Notes, the Company
      issued warrants ( the “Warrants”) exercisable for 10,000,000 shares of the
      Company’s common stock, par value $.001 per share (the “Common Stock”). The
      Warrants are exercisable for a period of seven years from the closing date
      at an
      exercisable price of $.002, subject to certain adjustments, including, but
      not
      limited to, adjustments for stock splits, stock dividends, mergers,
      consolidations and distributions. Closing under the Purchase Agreement occurred
      on May 31, 2007. 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 40% of the average
      of
      the three day lowest bid prices during the twenty trading days immediately
      preceding the applicable conversion date.





The
      convertible debentures bear interest at the rate of 8% per annum, payable
      quarterly. If, however, in any month, the trading price of the common stock
      is
      $.028125 or more for each trading day of the month, no interest will be payable
      for such month. The principal amount of the convertible debentures and all
      accrued interest, if not previously paid or converted, will be due and payable
      on May 31, 2010.





In
      January 2008, the Company issued $220,086 in Convertible Debentures to AJW
      Partners and its related parties for payment of accrued interest on the existing
      convertible debentures. 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 50% of the average
      of
      the three day lowest bid prices during the twenty trading days immediately
      preceding the applicable conversion date.





The
      convertible debentures bear interest at the rate of 2% per annum, payable
      quarterly. If, however, in any month, the trading price of the common stock
      is
      $.028125 or more for each trading day of the month, no interest will be payable
      for such month. The principal amount of the convertible debentures and all
      accrued interest, if not previously paid or converted, will be due and payable
      on January 31, 2011.




**ITEM
      6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION**





The
      following is management’s discussion and analysis of certain significant factors
      that will 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 consolidated financial statements and notes thereto as of and for the
      years ended March 31, 2008 and 2007 included in the this Form 10-KSB.




**Financial
      Condition**




We
      had
      net income (loss) of ($4,303,759) and $3,389,153 during the years ended March
      31, 2008 and 2007, respectively. As of March 31, 2008, we had a total
      stockholder deficiency in excess of $10,000,000, a cash balance of $93,888
      and
      current liabilities of $4,078,462 with obligations of $838,128 to trade
      creditors, $145,144 in bank borrowings $123,964 in interest payable $50,570
      in
      notes payable, $221,616 due to related parties, $2,583,071 due to convertible
      debenture holders and $115,969 in miscellaneous current liabilities, as well
      as
      total long-term obligations in the principal amount of $881,391 to convertible
      debenture holders and $37,927 in a note payable.




5





The
      company is looking into various financing methods, there is no assurance that
      our efforts to conduct such a private placement or other financing will be
      successful, and we therefore may not presently have sufficient cash or other
      assets to meet our current liabilities and other cash requirements arising
      in
      the next twelve months. In order to meet those obligations, we will need to
      raise cash from the additional sale of securities or from borrowings. Our
      independent auditors have added an explanatory paragraph to their audit opinions
      issued in connection with the fiscal year 2008 and 2007 consolidated financial
      statements, 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 consolidated financial statements do not include any adjustments
      that might result from the outcome of this uncertainty.





**Related
      Party Transactions**





During
      the year ended March 31, 2008, the Company's due from (due to) related parties
      for oil purchases and non-interest bearing cash advances to/from NRG Heat &
Power, LLC (“NRG”), NexGen Energy, LLC (“NexGen”) and Flaw, Inc. (“Flaw”), oil
      companies that are owned and managed by Messrs. Cirillo and Pipolo, officers
      of
      the Company, changed by $(289,947). As of March 31, 2008, the non-interest
      bearing obligation of $(221,616) from NRG, NexGen and Flaw is included in due
      to
      related parties in current liabilities. During the years ended March 31, 2008
      and 2007, the Company purchased oil for resale from NRG and Flaw in the amount
      of $946,751 and $519,782 respectively. In addition, during the years ended
      March
      31, 2008 and 2007, the company paid NRG, NexGen and Flaw $544,909 and $441,842,
      respectively, for trucking to pick up and deliver fuel.





During
      the years ended March 31, 2008 and 2007, the Company had fuel sales of $14,460
      and $133,410, respectively, to NRG and Flaw.





Due
      to
      the increased cost of #2 fuel oil and the financial condition of the Company,
      virtually all of the Company’s fuel suppliers required personal guarantees from
      the Officers in order to extend trade credit to purchase product to
      Clickableoil.com, Inc. In exchange for these guarantees, and in order to provide
      product for the Company’s operations, a security interest was filed on behalf of
      the Officers as individuals and by extension their related companies, against
      Clickableoil.com. This security interest allows for certain remedies under
      the
      law for recompense in the event of default of reimbursement by
      Clickableoil.com.




**Year
      Ended March 31, 2008 Compared To Year Ended March 31, 2007**




***Overall
      Results Of Operations***




For
      the
      year ended March 31, 2008, we realized an overall loss of $(4,303,759) or
      $(0.0089) per share which is a decrease of $7,692,912 from the net income of
      $3,389,153 or $.008 per share for the period ended March 31, 2007. Included
      in
      the net results are non cash expenses including interest of $266,893 and
      $250,049 respectively; derivative instrument income (expense) of $(2,953,613)
      and $4,903,111 respectively; and $193,413 in 2007 for expense related to stock
      issued for services. Operating income improved by $180,000 in 2008 over 2007
      due
      to a $343,000 decrease in marketing and administrative expenses.





***Sales***





Total
      sales revenue for the year ended March 31, 2008 was $8,404,225 compared to
      $7,747,044 an increase of $657,180 or 8.5%.This was due to the historical
      increase in the cost of heating oil during the winter of 2007 - 2008. The
      average sales price increased overall by $.70 per gallon or 31.2%. The high
      price of fuel oil led to conservation by our customers. This conservation
      combined with the Company’s decision to no longer service low margin commercial
      business resulted in a decrease in gallons sold of 17.3% or 583,000
      gallons.




6





***Gross
      Profit***




Gross
      profit decreased by $110,659 to $325,270, or -25.4%, for the year ended March
      31, 2008 compared to $435,929 for the year ended March 31, 2007. This was due
      to
      the Company’s decision to eliminate low margin sales of diesel fuel during the
      summer of 2007 and conservation by the consumers due to the record high prices
      of heating oil during the past winter. The company’s product margin due to lower
      gallons delivered declined by $176,000 but this was off set by lower delivery
      costs of $66,000 for the year. Margin per gallon remained level during 2008
      compared to 2007 reflecting the Company’s attention to margin during the time of
      drastic price increases.




***Operating
      Expenses***




Operating
      expenses for the year ended March 31, 2008 totaled $1,442,000 compared to
      $1,732,000 for the year ended March 31, 2007. The decrease of $290,000 or 16.7%
      is due to lower administrative expenses associated with professional fess and
      bad debt expenses. These reductions were partially offset by an increase of
      $53,000 associated with the amortization of customer lists and
      depreciation.




***Other
      Income (Expense)***




Non-cash
      charges for the valuation of the derivative instruments totaled $2,953,613
      for
      the year ended March 31, 2008 compared with non-cash income of $4,903,111 for
      the comparable period a year ago. Interest expense of $294,885 for the year
      ended March 31, 2008 was an increase of $44,000 from March 31, 2007 expense
      of
      $250,048.




**Liquidity
      and Capital Resources**





***Overview***




As
      of
      March 31, 2008, we had a cash balance of $93,888 and a negative cash flow from
      operations of $948,102. Since inception through the period ended March 31,
      2008,
      we have financed our operations through private placements of both debt and
      equity and through loans from related parties. As of March 31, 2008, we have
      available lines of credit totaling $150,000 of which $145,144 is outstanding.





In
      January 2008, the Company issued $220,086 in Convertible Debentures to AJW
      Partners and its related parties for payment of accrued interest on the existing
      convertible debentures. 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 50% of the average
      of
      the three day lowest bid prices during the twenty trading days immediately
      preceding the applicable conversion date.





The
      convertible debentures bear interest at the rate of 2% per annum, payable
      quarterly. If, however, in any month, the trading price of the common stock
      is
      $.028125 or more for each trading day of the month, no interest will be payable
      for such month. The principal amount of the convertible debentures and all
      accrued interest, if not previously paid or converted, will be due and payable
      on January 31, 2011.




On
      May
      31, 2007, The Company entered into a Securities Purchase Agreement ( the
“Purchase Agreement”) for the sale of $800,000 in its Callable Secured Notes(the
“2007 Notes”) in a private placement to AJW Partners, LLC, and its related
      entities (collectively, the “Investors”). In addition to the 2007 Notes, the
      Company issued warrants (the 2007 “Warrants”) exercisable for 10,000,000 shares
      of the Company’s common stock, par value $.001 per share (the “Common Stock”).
      The 2007 Warrants are exercisable for a period of seven years from the closing
      date at an exercisable price of $.002, subject to certain adjustments,
      including, but not limited to, adjustments for stock splits, stock dividends,
      mergers, consolidations and distributions.




7





On
      March
      21, 2006, the Company entered into Securities Purchase Agreement with AJW
      Partners, LLC and related funds for the sale of $1,000,000 of 6% three-year
      secured convertible debentures (the “2006 Notes”). Closing under the Securities
      Purchase Agreement occurred on March 22, 2006. In addition to the 2006 Notes,
      at
      closing the Company issued warrants exercisable for 4,000,000 shares of common
      stock at $.10 per share.





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 sales of the
      convertible debentures in the amounts of $650,000 and $250,000, before expenses,
      on June 30, 2005 and November 14, 2005, respectively.





On
      October 15, 2004, the Company entered into two contemporaneous transactions
      with
      the holders of the Company’s convertible debentures pursuant to which we
      restructured the terms of the convertible debentures and sold 1,200 shares
      of
      Series A Preferred Stock for $1,200,000 in cash, before transaction expenses
      in
      the amount of $28,343.





Prior
      to
      the restructuring on October 15, 2004, the convertible debentures issued in
      2001, 2002 and June 2003 (aggregating $2,517,949) had matured and were in
      default. On October 15, 2004, the Company entered into a letter agreement with
      the holders of the convertible debentures whereby certain provisions of the
      debenture agreements were amended as follows:





**·**
            Extension
                of the then-expired maturity dates of all convertible debentures
                to
                October 15, 2007;  **·**
            Modification
                of the conversion price by eliminating the ceiling price of $.05
                per
                share;




**·**
            Lowering
                the interest rate to 8% from 10%;
                and





**·**
            Forgiveness
                of $250,000 of interest accrued and unpaid for the debentures. The
                gain
                associated with this reduction in accrued interest is reported in
                the
                accompanying statements of
                operations.





As
      of
      March 31, 2008, the Company owed, in the aggregate, $3,464,462 on all of the
      convertible debentures and
      $123,964 of related accrued interest that is included in current liabilities.
      As
      of March 31, 2008, none of the related stock purchase warrants had been
      exercised.





The
      convertible debentures and their associated warrants have been classified
      as derivative liabilities in
      accordance with EITF 00-19. Our
      derivative instrument liabilities are re-valued at the end of each reporting
      period, with changes in the fair value of the derivative liability recorded
      as
      charges or credits to income, in the period in which the changes occur. For
      options, warrants and bifurcated conversion options that are accounted for
      as
      derivative instrument liabilities, we determine the fair value of these
      instruments using the Black-Scholes option pricing model. For
      the
      years ended March 31, 2008 and 2007, the charges to income for derivative
      instrument expenses were $2,953,613 and ($4,903,111), respectively.





The
      holders of Series A Preferred Stock are entitled to receive cumulative cash
      dividends of six percent 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. The Company
      had a stockholders’ deficiency of $10,161,967 at March 31, 2008; accordingly, it
      does not have legally available funds available to declare and pay a dividend,
      and, as of March 31, 2008, a dividend arrearage on the Series A Preferred Stock
      aggregated approximately $249,000. Other provisions relating to the Series
      A
      Preferred Stock include:





**·**
            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.





**·**
            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.




8




**·**
            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 Small
                Cap
                Market, New York Stock Exchange or American Stock Exchange, for any
                reason
                within the control of the Company.





**·**
            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.





**·**
            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.





**·**
            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
                shares
                were not presented and no conversion took place.





These
      provisions classify the Preferred Stock as a derivative instrument subject
      to
      SEC ruling EITF-00-19 and EITF Abstracts Topic D-98. In accordance with D-98,
      the Preferred Stock is removed from the Stockholders Equity section of the
      Balance Sheet and presented after the Liabilities Section. In
      accordance with EITF 00-19, the Stock is re-valued at the end of each reporting period, with changes in the fair value
      of
      the derivative liability recorded as charges or credits to income, in the period
      in which the changes occur.





The
      report of the independent certified public accountants on our consolidated
      financial statements as of March 31, 2008 contains an explanatory paragraph
      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 $13,936,383 of March 31, 2008. 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
      additional financings, we will generate sufficient revenues and liquidity for
      the Company to operate for the next 12 months. As of March 31, 2008 we had
      $4,078,462 of current liabilities and working capital deficit of ($3,179,908).
      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
      cash needs.





We
      anticipate that over the next twelve months we will need additional financing
      to
      fund acquisitions of businesses similar to that of ours and operating losses
      expected to be incurred until such time as we are able to generate positive
      cash
      flow.





The
      Company has total liabilities and contractual obligations of $5,017,290 as
      of
      March 31, 2008. These contractual obligations, along with the dates on which
      such payments are due, are described below:





**Contractual
                Obligations**
            
            **Total**
            
            **1
                Year**
              **or
                Less**
            
            **More
                Than**
              **1
                Year**Convertible
                Debentures
            
            $
            3,705,587
            
            $
            2,685,481
            
            $
            1,020,086Accounts
                Payable and Accrued Expenses
            
            
            838,128
            
            
            838,128
            
            
            —Installment
                obligation**1**
            
            
            88,497
            
            
            50,570
            
            
            37,927Accrued
                Interest
            
            
            123,964
            
            
            123,964
            
            
            —Other
            
            
            261,114
            
            
            261,114
            
            
            —Total
                Contractual Obligations
            
            $
            5,017,290
            
            $
            3,959,257
            
            $
            1,058,013




**1**
            The
                purchase price of a customer list acquired by the Company during
                the year
                ended March 31, 2007 included an obligation to make monthly payments
                based
                upon gallons delivered after one year from the acquisition date totaling
                $101,000 of which a balance of $88,497 is remaining at March 31,
                2008.




9




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.





Below
      is
      a discussion of our sources and uses of funds for the years ended March 31,
      2008
      and 2007:





**Net
      Cash Used In Operating Activities**




Net
      cash
      used in operating activities was $948,102 and $680,020 in the years ended March
      31, 2008 and 2007, respectively. The cash used in operating activities for
      the
      year ended March 31, 2008 was principally the result of the net loss of
      $4,303,759 and a decrease in accounts payable and accrued expenses of ($333,727)
      and customer balances ($31,476). This was partially offset by non-cash charges
      of $2,953,613 associated with the derivative instruments, decrease in trade
      receivables, $151,788, and inventory, $38,198, reflecting the high cost of
      heating oil and the Company’s decision not to extend additional credit or to
      carry excess inventory.




The
      cash
      used in operating activities for the year ended March 31, 2007 was principally
      the result of a net income of $3,389,153 augmented by a seasonable increase
      in
      accounts payable and accrued expenses of $459,152, non-cash charges of $433,550
      and an increase in accrued interest of $234,888. This was offset by non-cash
      income of $4,903,111 from derivative instrument valuation and a seasonable
      increase in accounts receivable of $319,315.




**Net
      Cash Used In Investing Activities**




We
      used
      $1,720 and $223,535 during the years ended March 31, 2008 and 2007,
      respectively, for the acquisition of fixed assets in 2008 and customer lists
      and
      fixed assets in 2007.




**Net
      Cash Provided By Financing Activities**




Net
      cash
      provided by financing activities for the year ended March 31, 2008 was $924,071
      principally attributable to the proceeds from convertible debentures $760,000
      net of financing costs, an increase in related party debt of $289,947 offset
      by
      decreases in notes payable of ($141,070). Net cash provided by financing
      activities for the year ended March 31, 2007 was $38,399, principally
      attributable to proceeds from the Company’s credit lines of $129,950 offset by a
      decrease in notes payable of $39,185 and an increase in related party receivable
      of $52,366.





**Recently
      Issued Accounting Pronouncements**





In
      September 2006, the FASB issued SFAS 157, Fair Value Measurements (“SFAS 157”),
      which defines fair value, establishes a framework for measuring fair value
      in
      generally accepted accounting principles and expands disclosures about fair
      value measurements. This Statement applies under other accounting pronouncements
      that require or permit fair value measures, the FASB having previously concluded
      in those account pronouncements that fair value is the relevant measurement
      attribute. Accordingly, this Statement does not require any new fair value
      measurements. SFAS 157 is effective for fiscal years beginning after November
      15, 2007 and we are currently assessing the impact that SFAS 157 will have
      on
      our results of operations and financial position.





In
      February 2007,  the
      FASB
      issued SFAS No. 159 *The
      Fair Value Option for Financial Assets and Financial Liabilities* (“
SFAS
      159”). SFAS 159 expands the use of fair value accounting but does not affect
      existing standards that require assets or liabilities to be carried at fair
      value. Under SFAS 159, a company may elect to use fair value to measure accounts
      and loans receivable, available-for-sale and held-to-maturity securities,
      accounts payable and issued debt. If the use of fair value is elected, any
      upfront costs and fees related to the item must be recognized in earnings and
      cannot be deferred. The fair value election is irrevocable and generally made
      on
      an instrument-by-instrument basis, even if a company has similar instruments
      that it elects not to measure based on fair value. At the adoption date,
      unrealized gains and losses on existing items for which fair value has been
      elected are reported as a cumulative adjustment to beginning retained earnings.
      Subsequent to the adoption of SFAS 159, changes in fair value are recognized
      in
      earnings. SFAS 159 is effective for fiscal years beginning after November 15,
      2007. We are currently assessing the impact of SFAS 159 will have on our results
      of operations and financial position.




10





In
      December 2007, The FASB issued SFAS No. 141 (revised 2007), *Business
      Combinations* (“SFAS
      141R”), which replaces FASB No. 141 and SFAS 160, *Noncontrolling
      Interests in Consolidated Financial Statements - an amendment of AFB No, 51,* (“SFAS
      160”). SFAS 141R establishes principles and requirements for how an acquirer
      recognizes and measures in its financial statements the identifiable assets
      acquired, the liabilities assumed, any noncontrolling interest in the acquiree
      and the goodwill acquired. The Statement also establishes disclosure
      requirements that will easily enable users to evaluate the nature and financial
      effects of the business combination. SFAS 160 will change the accounting and
      reporting for minority interests, reporting them as equity separate from the
      parent entity’s equity, as well as requiring expanded disclosures. SFAS 141R and
      SFAS 160 are effective as of the beginning of an entity’s fiscal year beginning
      after December 15, 2008. We have not yet determined the impact of these
      pronouncements will have on our results of operations and financial
      position.




***Risks
      Related To Our Business***




*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
      fiscal years ended March 31, 2008 and 2007, we had net income (loss) of
      ($4,303,759) and $3,389,153, 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.





*MANAGEMENT
      HAS EXPRESSED DOUBT ABOUT THEIR ABILITY TO CONTINUE AS A GOING CONCERN, WHICH
      MAY HINDER THE COMPANIES ABILITY TO OBTAIN FUTURE FINANCING.*





In
      their
      report dated July 14, 2008, on our consolidated financial statements for the
      fiscal year ended March 31, 2008, our independent auditors have agreed and
      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 from increasing sales
      and/or to obtain necessary funding from outside sources, including obtaining
      additional funding from the sale of our securities 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. If the Company is unsuccessful in its goals,
      Management will explore all options to continue operations including
      restructuring and reorganization options available under the law.





*WE
      TYPICALLY HAVE A WORKING CAPITAL DEFICIT, WHICH MEANS THAT CURRENT ASSETS ARE
      NOT SUFFICIENT TO SATISFY OUR CURRENT LIABILITIES.*





As
      of
      March 31, 2008, our current liabilities exceeded our current assets by
      $3,179,908. 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. There can be no assurances that we will be successful in
      developing our business and achieving a profitable level of operations, or
      be
      able to raise funding through the sale of equity or incurrence of debt
      financing, sufficient to meet our cash needs in the next twelve months.





*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.




11





*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
      have been able to obtain additional financing from the holders of our
      convertible debentures, we currently have no legally binding commitments with
      them or 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.*





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. As of
      March 31, 2008, we had an aggregate outstanding balance of $785,481 of
      convertible debentures with maturity dates of October 15, 2007, $1,900,000
      in
      convertible debentures issued during the fiscal year ended March 31, 2006 with
      maturity dates of June 30, 2008 and March 22, 2009 and $1,020,087 in convertible
      debentures issued during the fiscal year ended March 31,2008 with maturity
      dates
      of May 2010 and January 2011. 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. 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 May
      29, 2008, we had 481,194,033  shares
      of
      common stock issued and outstanding, outstanding convertible debentures and
      shares of convertible preferred stock that may be converted into an estimated
      17,179,134,743 shares of common stock at current market prices, and outstanding
      warrants to purchase up to 27,000,000 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.




12





*WE
      MAY BE IN DEFAULT* ****** *OF
      OUR CONVERTIBLE DEBENTURES AS WE DO NOT HAVE SUFFICIENT AUTHORIZED COMMON STOCK
      TO ISSUE UPON CONVERSION OF OUR CONVERTIBLE DEBENTURES, CONVERTIBLE PREFERRED
      STOCK AND WARRANTS* ******





We
      are
      authorized by our amended Certificate of Incorporation to issue 2,000,000,000
      shares of common stock. As of March 31, 2008 we had 481,194,033  shares
      of
      common stock issued and outstanding, outstanding convertible debentures and
      shares of convertible preferred stock that may be converted into an estimated
      21,473,917,781 shares of common stock at current market prices, and outstanding
      warrants to purchase up to 27,000,000 shares of common stock. On April 29,
      2008,
      the shareholders of Clickable Enterprises, Inc. approved the following:




The
      authorized shares of common stock were increased from 500,000,000 shares to
      2,000,000,000 of
      $.001
      par value common stock.





The
      approval of a one for one hundred (1:100) reverse stock split of common
      stock.





These
      actions, approved by the shareholders, would enable the Company to meet its
      obligation for the conversion of derivative instruments and preferred stock.
      As
      of July 10, 2008 the Company has not enacted the reverse stock
      split.





*THE
      CONTINUOUSLY ADJUSTABLE CONVERSION PRICE FEATURE OF OUR CONVERTIBLE DEBENTURES
      AND PREFERRED STOCK COULD REQUIRE US TO ISSUE A SUBSTANTIALLY GREATER NUMBER
      OF
      SHARES TO THE HOLDERS OF OUR CONVERTIBLE DEBENTURES AND PREFERRED STOCK, 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
      a
      market price of $0.0005 per share on May 29, 2008:





**Percentage
                Below Market**
            
            **Price
                Per**
              **Share**
            
            **Number
                of**
              **Shares**
              **Issuable**
            
            **Percentage
                of Outstanding**
              **Shares**25%
            
            $
            0.00038
            
            
            22,932,512,993
            
            
            98
            %50%
            
            $
            0.00015
            
            
            34,385,269,490
            
            
            99
            %75%
            
            $
            0.00013
            
            
            68,743,538,980
            
            
            99
            %





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.




13





*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 $1,732,468 through
      March 31, 2007 due to conversions into shares of our common stock, are due
      and
      payable, with 8% interest, at various dates commencing October 15, 2007. During
      the fiscal year ended March 31, 2006, we closed on an additional $900,000 of
      convertible debentures on June 30, 2005 that are due and payable, with 10%
      interest, on June 30, 2008, and $1,000,000 of convertible debentures on March
      22, 2006 that are due and payable, with 6% interest, on March 22, 2009, and
      $1,020,087 in convertible debentures issued during the fiscal year ended March
      31,2008 with maturity dates of May 2010 and January 2011 Unless sooner converted
      into shares of our common stock, we are required to repay the convertible
      debentures on such dates. 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.





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





There
      can
      be no assurance that the active trading market that developed during fiscal
      2006
      will continue. 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:





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





·
            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





·
            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.




14




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





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





·
            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,





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





·
            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.




15


**ITEM
      7. FINANCIAL STATEMENTS**





The
      Company's consolidated financial statements as of and for the fiscal year ended
      March 31, 2008 have been examined to the extent indicated in their report by
      Simontacchi & Company, LLP., Independent Registered Public Accounting
      Firm, and have been prepared in accordance with accounting principles generally
      accepted in the United States of America and pursuant to Regulation S-B as
      promulgated by the Securities and Exchange Commission. The aforementioned
      consolidated financial statements are included in this Report on Form 10-KSB
      beginning on page F-1.




**ITEM
      8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
      DISCLOSURE**





None.





**ITEM
      8A. CONTROLS AND PROCEDURES**





**(a)**  **Evaluation
      of Disclosure Controls and Procedures:**




Under the
      supervision and with the participation of our Chief Executive Officer and Chief
      Financial Officer, we
      carried out an evaluation, as
      of the
      end of the period covered by this report, of the
      effectiveness of the design and operation of our disclosure controls and
      procedures (as
      defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act
      of
      1934, as amended (the “Exchange Act”)) .
      Based
      on this evaluation, our Chief Executive Officer and Chief Financial Officer
      concluded that our disclosure controls and procedures are effective to ensure
      that information required to be disclosed
      by us in our
      reports that are filed or
      submitted under the Exchange Act
      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** **Control
      Over Financial Reporting** **:**




There
      were no changes
      in the Company's internal control
      over financial reporting that has materially affected, or is reasonably likely
      to materially affect ,
      the
      Company’s internal control over financial reporting during the year
      ended March 31, 2008.





*MANAGEMENT’S
      REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING*





The
      management of the Company is responsible for establishing and maintaining
      adequate internal control over financial reporting as defined in Rules 13a-15(f)
      and 15d-15(f) under the Securities Exchange Act of 1934, as amended. The
      Company’s internal control over financial reporting is designed to provide
      reasonable assurance regarding the reliability of financial reporting and the
      preparation of financial statements for external purposes in accordance with
      generally accepted accounting principles. The Company’s internal control over
      financial reporting includes those policies and procedures that:





(i)  pertain
      to the maintenance of records that, in reasonable detail, accurately and fairly
      reflect the transactions and dispositions of the assets of the Company;





(ii)  provide
      reasonable assurance that transactions are recorded as necessary to permit
      preparation of financial statements in accordance with U.S. generally accepted
      accounting principles, and that receipts and expenditures of the company are
      being made only in accordance with authorizations of management and directors
      of
      the Company; and





(iii)  provide
      reasonable assurance regarding prevention or timely detection of unauthorized
      acquisition, use or disposition of the Company’s assets that could have a
      material effect on the financial statements.





Because
      of inherent limitations, internal control over financial reporting may not
      prevent or detect misstatements. Also, projections of any evaluation of
      effectiveness to future periods are subject to risk that controls may become
      inadequate because of changes in conditions, or that the degree of compliance
      with the policies or procedures may deteriorate.




16





The
      Company’s management assessed the effectiveness of the Company’s internal
      control over financial reporting as of March 31, 2008. In making this
      assessment, management used the criteria set forth by the Committee of
      Sponsoring Organizations of the Treadway Commission (COSO) in Internal
      Control-Integrated Framework. Based on management’s assessment and those
      criteria, management has concluded that the Company’s internal control over
      financial reporting was effective as of March 31, 2008.





This
      annual report does not include an attestation report of the company’s registered
      public accounting firm regarding internal control over financial reporting.
      Management’s report was not subject to attestation by the company’s registered
      public accounting firm pursuant to temporary rules of the Securities and
      Exchange Commission that permit the company to provide only management’s report
      in this annual report.




**ITEM
      8B. OTHER INFORMATION**





None.




17


**Part
      III**





**ITEM
      9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
      WITH
      SECTION 16(a) OF THE EXCHANGE ACT**





The
      following table sets forth the names and ages of our current directors and
      executive officers and their principal offices and positions. Our executive
      officers are elected annually by the Board of Directors. Our directors serve
      one-year terms until their successors are elected. The executive officers serve
      terms of one year or until their death, resignation or removal by the Board
      of
      Directors. There are no family relationships or understandings between any
      of
      the directors and executive officers. In addition, there was no arrangement
      or
      understanding between any executive officer and any other person pursuant to
      which any person was selected as an executive officer.





Our
      directors and officers are as follows:


Name
                  and Address
              
              Age
              
              PositionNicholas
                  Cirillo, Jr.
                c/o
                  ClickableOil.com, Inc.
                2
                  Madison Avenue
                Larchmont
                  NY 10538
              
              45
              
              Chief
                  Executive Officer, President and DirectorGuy
                  Pipolo
                c/o
                  ClickableOil.com, Inc.
                2
                  Madison Avenue
                Larchmont
                  NY 10538
              
              45
              
              Chief
                  Operating Officer, Chief Financial Officer and DirectorDavid
                  Rodgers
                c/o
                  ClickableOil.com, Inc.
                2
                  Madison Avenue
                Larchmont
                  NY 10538
              
              55
              
              Secretary
                  and Director





Nicholas
      Cirillo, Jr. is the Chief Executive Officer, President and co-founder of
      Clickable Enterprises, Inc. Effective, as of the June 6, 2003 merger with
      ClickableOil.com, Inc., Mr. Cirillo was appointed President and Director of
      the
      Company. Prior to this, Mr. Cirillo co-founded, along with Guy Pipolo, National
      Retailers Group (which later became ClickableOil.com, Inc., when National
      Retailers Group became an Internet-based company), a New-York based discount
      oil
      company that provided purchasing, hedging and logistical services to wholesale
      terminal operations in both the Bronx and Westchester, marketed #4 and #6 oil
      to
      commercial customers in New York, Connecticut and Massachusetts, and offered
      homeowners reduced-priced oil using state-of-the-art distribution strategies.
      From 1987 to 1995, Mr. Cirillo was a Manager with Cibro Petroleum where his
      responsibilities included overseeing the hedging and purchasing strategies
      for
      over $1 billion in home heating oil. Mr. Cirillo was also employed by Bear
      Stearns and by a privately held petroleum trading company. He received his
      Bachelor of Arts in Economics from Georgetown University, and his Masters of
      Business Administration from Fordham University.





Guy
      Pipolo is the Chief Operating Officer, Chief Financial Officer and co-founder
      of
      Clickable Enterprises, Inc. Effective, as of the June 6, 2003 merger with
      ClickableOil.com, Inc., Mr. Pipolo was appointed Chief Operating Officer, Chief
      Financial Officer and Director of the Company. Prior to this, Mr. Pipolo
      co-founded along with Mr. Cirillo National Retailers Group (which later became
      ClickableOil.com, Inc., when National Retailers Group became an Internet-based
      company), a New-York based discount oil company that provided purchasing,
      hedging and logistical services to wholesale terminal operations in both the
      Bronx and Westchester, marketed #4 and #6 oil to commercial customers in New
      York, Connecticut and Massachusetts, and offered homeowners reduced-priced
      oil
      using state-of-the-art distribution strategies. From 1988 to 1995, Mr. Pipolo
      was the Supply Manager with Cibro Petroleum. Mr. Pipolo earned his Bachelor
      of
      Business Administration in Finance from Iona College.





David
      Rodgers is co-founder of Clickable Enterprises, Inc. Effective, as of the June
      6, 2003 merger with ClickableOil.com, Inc., Mr. Rodgers was appointed Secretary
      and Director of the Company. He currently serves as Chief Financial Officer
      of
      Refuse Systems Corp., and Appliance Brokers Ltd Inc. Previously, he served
      as
      the Director of Information Technology and Chief Financial Officer with Burnside
      Coal and Oil/West Vernon Petroleum Corp., Mr. Rodgers received his Bachelor
      of
      Science in Accounting from the University of Bridgeport.




18





The
      Company does not have a separately-designated standing Audit Committee. The
      entire Board of Directors is acting as the Company’s Audit Committee in
      accordance with Section 3(a)(58)(B) of the Exchange Act. The Board of Directors
      has determined that no member of the Board of Directors qualifies as an audit
      committee financial expert (as defined in Item 401(e)(2) of Regulation
      S-B).





**Code
      of Ethics**





On
      July
      11, 2005, the Board of Directors adopted a written Code of Ethics designed
      to
      deter wrongdoing and promote honest and ethical conduct, full, fair and accurate
      disclosure, compliance with laws, prompt internal reporting and accountability
      to adherence to the Code of Ethics. A copy of this Code of Ethics is filed
      as an
      Exhibit to our Annual Report on Form 10-KSB, filed with the SEC on July 14,
      2005.





**Section
      16(a) Beneficial Ownership Reporting Compliance**





Section
      16(a) of the Exchange Act requires our officers, directors, and persons who
      beneficially own more than 10% of our common stock to file reports of securities
      ownership and changes in such ownership with the SEC. Officers, directors and
      greater than 10% beneficial owners are also required by rules promulgated by
      the
      SEC to furnish us with copies of all Section 16(a) forms they file.





Based
      solely upon a review of the copies of such forms furnished to us, or written
      representations that no Form 5 filings were required, we believe that during
      the
      fiscal year ended March 31, 2008, there
      was
      compliance with all Section 16(a) filing requirements applicable to our
      officers, directors and greater than 10% beneficial owners, with the exception
      of a Form 4 filed by Nicholas Cirillo, Jr. in connection with several purchases
      through an IRA which was filed approximately 14 days late.





**ITEM
      10. EXECUTIVE COMPENSATION**





**Summary
      Compensation Table**





The
      following table shows compensation paid by us to
      our
      Chief Executive Officer and our other executive officer (the “Named Executive
      Officers”) for
      the
      fiscal years 2008, 2007 and 2006. Other than as set forth below, no Named
      Executive Officers’ salary
      and bonus exceeded $100,000 in any of the applicable years. The following
      information includes the dollar value of base salaries, bonus awards, the value
      of restricted shares issued in lieu of cash compensation and certain other
      compensation, if any, whether paid or deferred.


Name
                  and Principal Position
              
              Year
              
              Salary
                ($)
              
              Bonus
                ($)
              
              Stock
                Awards
                ($)
              
              Option
                  Awards
                ($)
              
              Non-Equity
                  Incentive Plan Compen-sation
                ($)
              
              Nonqualified
                  Deferred Compensa-tion
                Earnings
                ($)
              
              All
                  Other Compensa-tion ($)
              
              Total
                  ($)(a)
              
              (b)
              
              (c)
              
              (d)
              
              (e)
              
              (f)
              
              (g)
              
              (h)
              
              (i)
              
              (j)Nicholas
                  Cirillo, Jr.
                Chief
                  Executive Officer, President
              
              
              2008
                2007
                2006
              
              $
                $
                $
              95,000
                91,346
                53,846
              
              
              0
                0
                0
              
              
              0
                0
                348,0001
              
              
              0
                0
                0
              
              
              0
                0
                0
              
              
              0
                0
                0
              
              
              0
                0
                0
              
              $
                $
                $
              95,000
                91,346
                401,8461Guy
                  Pipolo
                Chief
                  Financial Officer, Chief Operating Officer
              
              
              2008
                2007
                2006
              
              $
                $
                $
              95,000
                91,346
                53,846
              
              
              0
                0
                0
              
              
              0
                0
                348,0001
              
              
              0
                0
                0
              
              
              0
                0
                0
              
              
              0
                0
                0
              
              
              0
                0
                0
              
              $
                $
                $
              95,000
                91,346
                401,8461




(1)
      At
      the year ended March 31,2007, each of Messrs. Cirillo and Pipolo had aggregate
      restricted stock holdings of 15,000,000 shares of common stock valued at $45,000
      based upon the value of the Company’s common stock as of March 31, 2007 ($0.003
      per share). Such restricted stock was awarded on February 2, 2006 pursuant
      to
      the Company’s 2006 Stock Plan and vested in full immediately upon the date of
      grant. No dividends will be paid on such restricted stock.




19





During
      the last fiscal year, there were no individual grants of stock options or
      freestanding SARs, nor were there any exercises of stock options or freestanding
      SARs, to or by any executive officer, nor were there any unexercised options
      or
      SARs granted to any executive officer, nor were there any awards made to any
      executive officers under any long term incentive plan.





**Employment
      Agreement**





On
      April
      1, 2007, the Company entered into employment agreements with its Chief Executive
      Officer and Chief Operating Officer. The rate of pay will be $125,000 per annum
      and to be reviewed after the first anniversary, related to increases in the
      base
      rate in accordance with the policies of the Company or by the resolution of
      the
      Board of Management. The agreement will end on the earliest of (1) the third
      anniversary or the ending date of any extension of this agreement or (2) the
      date of termination of Executive’s employment pursuant to this agreement. The
      agreement also includes non-compete provision by the executive(s). The Company’s
      executives in order to improve cash flow voluntarily reduced their pay to the
      rate of $95,000 per annum for all of fiscal 2008.





The
      agreement includes an amendment whereby the Officer has offered to provide
      assistance and support by providing short term capital funding and vendor
      support for the company, by use of personal credit and signature to secure
      financing. This assistance at the Officer’s option may be compensated in cash or
      the issuance of stock and warrants for the purchase of common stock; 1,500,000
      common share and 3,000,000 common warrants, to be issued on the anniversary
      date
      of the agreement. Further, such compensation shall be reviewed and revised
      in a
      manner consistent with the employment agreement. During fiscal 2008, there
      we no
      issuance of stock or warrants under this agreement.





**Director
      Compensation**





None
      of
      the Company’s directors are compensated for their services in that
      capacity.





**ITEM
      11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
      STOCKHOLDER MATTERS**





The
      following table contains information about the beneficial ownership of our
      common stock as of March 26, 2008 for:





**·**
            each
                person who beneficially owns more than five percent of the common
                stock;




**·**
            each
                of our directors;




**·**
            the
                Named Executive Officers; and




**·**
            all
                directors and executive officers as a group.




Unless
      otherwise indicated, the address for each person or entity named below is c/o
      Clickable Enterprises, Inc., 2 Madison Avenue, Larchmont, NY 10538.




20





Beneficial
      ownership is determined in accordance with the rules of the SEC and generally
      includes voting or investment power with respect to securities. Except as
      indicated by footnote, and subject to community property laws where applicable,
      the persons named in the table below have sole voting and investment power
      with
      respect to all shares of common stock shown as beneficially owned by them.
      The
      percentage of beneficial ownership is based on 481,194,033 shares of common
      stock outstanding as of March 31, 2008.


Common
                  Stock
                Beneficially
                  OwnedName
                  and Address
              
              Number
              
              PercentNicholas
                  Cirillo, Jr. (1)
              
              
              32,670,532
              
              
              6.8
              %Guy
                  Pipolo (1)
              
              
              32,670,532
              
              
              6.8
              %David
                  Rodgers (1)
              
              
              18,670,531
              
              
              3.9
              %All
                  Executive Officers and Directors as a Group
              
              
              84,011,595
              
              
              17.5
              %




(1)
            Some
                shares are beneficially owned by (a) DGN Holdings, LLC, a New York
                limited
                liability company in which Messrs. Cirillo, Pipolo and Rodgers each
                owns a
                33.33% interest and (b) NexGen Energy, LLC, a New York limited liability
                company in which Messrs. Cirillo, Pipolo and Rodgers each owns a
                33.33%
                interest.




**EQUITY
      COMPENSATION PLANS**




On
      February 4, 2004, the Company filed an S-8 Registration Statement to register
      10,000,000 shares of common stock at a proposed maximum offering price of $.05
      per share under the Company’s 2004 Stock Incentive Plan (the “2004 Plan”). On
      February 6, 2006, the Company filed an S-8 Registration Statement to register
      50,000,000 shares of common stock at a proposed maximum offering price of $.024
      per share under the Company’s 2006 Stock Plan (the “2006 Plan”).]





The
      purpose of each Plan is to assist in attracting, motivating, retaining and
      compensating highly competent key employees, non-employee directors and
      consultants to achieve long-term corporate objectives and to reduce debt of
      the
      Company through the issuance of common stock rather than the payment of cash.




An
      aggregate of 14,000,000 and 160,000 common shares were issued to consultants
      pursuant to the Plans during the years ended March 31, 2006 and 2005,
      respectively, and an additional 31,000,000 common shares were issued to Messrs.
      Cirillo, Pipolo and another stockholder pursuant to the 2006 Plan during the
      year ended March 31, 2006.




The
      following table sets forth information, as of March 31, 2007, regarding the
      Company’s existing compensation plans pursuant to which the Company’s common
      stock is authorized for issuance to employees or non-employees (such as
      directors, consultants and advisors) in exchange for consideration in the form
      of services :




**Plan category**
            
            **Number
                of securities to**
              **be
                issued upon exercise**
              **of
                outstanding options,**
              **warrants
                and rights (a)**
            
            **Weighted-average**
              **exercise
                price of**
              **outstanding
                options,**
              **warrants
                and rights (b)**
            
            **Number
                of securities**
              **remaining
                available for**
              **future
                issuance under**
              **equity
                compensation**
              **plans
                (excluding**
              **securities
                reflected**
              **in
                column (a)) (c)**Equity
                compensation plans
              approved
                by security
              holders
            
            
            NoneEquity
                compensation plans
              not
                approved by security
              holders
            
            
            None
            
            
            N/A
            
            
            8,840,000(1
            )Total
            
            
            None
            
            
            N/.A
            
            
            8,840,000





(1)
            Securities
                have been issued in the form of restricted stock and securities are
                issuable pursuant to the Company’s 2004 Stock Incentive Plan or 2006 Stock
                Plan.




21




**ITEM
      12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**





During
      the past two fiscal years, there have been no transactions between us and any
      officer, director, nominee for election as director, or any shareholder owning
      greater than five percent (5%) of our outstanding shares, nor any member of
      the
      above referenced individuals' immediate family, except as follows:





During
      the year ended March 31, 2008, the Company's due from (due to) related parties
      for oil purchases and non-interest bearing cash advances to/from NRG Heat &
Power, LLC (“NRG”), NexGen Energy, LLC (“NexGen”) and Flaw, Inc. (“Flaw”), oil
      companies that are owned and managed by Messrs. Cirillo and Pipolo, officers
      of
      the Company, changed by $(289,947). As of March 31, 2008, the non-interest
      bearing obligation of $(221,616) from NRG, NexGen and Flaw is included in due
      to
      related parties in current liabilities. During the years ended March 31, 2008
      and 2007, the Company purchased oil for resale from NRG and Flaw in the amount
      of $946,751 and $519,782 respectively. In addition, during the years ended
      March
      31, 2008 and 2007, the company paid NRG, NexGen and Flaw $544,909 and $441,842,
      respectively, for trucking to pick up and deliver fuel.





During
      the years ended March 31, 2008 and 2007, the Company had fuel sales of $14,460
      and $133,410, respectively, to NRG and Flaw.





Due
      to
      the increased cost of #2 fuel oil and the financial condition of the Company,
      virtually all of the Company’s fuel suppliers required personal guarantees from
      the Officers in order to extend trade credit to purchase product to
      Clickableoil.com, Inc. In exchange for these guarantees, and in order to provide
      product for the Company’s operations, a security interest was filed on behalf of
      the Officers as individuals and by extension their related companies, against
      Clickableoil.com. This security interest allows for certain remedies under
      the
      law for recompense in the event of default of reimbursement by
      Clickableoil.com.





The
      above-referenced transactions with our affiliates were made on terms that are
      no
      less favorable to us than those generally available from unaffiliated third
      parties.




22


**ITEM
      13. 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 September
                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 September
                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 September 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 September 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 September 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 September 21,
                2002).




23




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
                September 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
                September 21, 2002).4.13
            
            Security
                Agreement among the Company and the Subsequent Purchasers (Incorporated
                by
                reference to our Registration Statement on SB-2 filed September 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 September 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
            
            Securities
                Purchase Agreement dated as of October 15, 2004 among the Company
                and AJW
                Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and
                New
                Millennium Capital Partners II, LLC (Incorporated by reference to
                our
                Current Report on Form 8-K filed on January 2, 2008).4.19
            
            Debentures
                Amendment dated as of October 15, 2004 ((Incorporated by reference
                to our
                Current Report on Form 8-K filed on January 2, 2008).4.20
            
            Securities
                Purchase Agreement, dated as of March 21, 2006, entered into by and
                among
                Clickable Enterprises, Inc., AJW Partners, LLC, AJW Offshore, Ltd.,
                AJW
                Qualified Partners, LLC and New Millennium Capital Partners II, LLC
                (Incorporated by reference to our Form 10-KSB for the year ended
                March 31,
                2006 filed on June 29, 2006).4.21
            
            Form
                of 6% Callable Secured Convertible Note issued in connection with
                Exhibit
                4.20 (Incorporated by reference to our Form 10-KSB for the year ended
                March 31, 2006 filed on June 29, 2006).4.22
            
            Form
                of Stock Purchase issued in connection with Exhibit 4.20 (Incorporated
                by
                reference to our Form 10-KSB for the year ended March 31, 2006 filed
                on
                June 29, 2006).4.23
            
            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 May 31, 2007(Incorporated by reference to our Current
                Report on
                Form 8-K/A filed on January 2, 2008).4.24
            
            Security
                Agreement dated May 31, 2007, entered into by and among the Company,
                AJW
                Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and
                New
                Millennium Capital Partners II, LLC (Incorporated by reference to
                our
                Current Report on Form 8-K/A filed on January 2,
                2008).




24




4.25
            
            Intellectual
                Property Security Agreement among the Company and AJW Partners, LLC,
                AJW
                Offshore, Ltd., AJW Qualified Partners, LLC and New Millennium Capital
                Partners II, LLC, dated May 31, 2007 (Incorporated by reference to
                our
                Current Report on Form 8-K/A filed on January 2, 2008).4.26
            
            Form
                of Stock Purchase Warrant entered into in connection with Exhibit
                4.23
                (Incorporated by reference to our Current Report on Form 8-K/A filed
                on
                January 2, 2008).4.27
            
            Form
                of Callable Secured Convertible Note entered into in connection with
                Exhibit 4.23 (Incorporated by reference to our Current Report on
                Form
                8-K/A filed on January 2, 2008).10.1
            
            Independent
                Contractor/Trucking Agreement dated March 2004 (Incorporated by reference
                to our Amended Registration Statement on Form SB-2/A filed on May
                14,
                2004).10.2
            
            Terminal
                Agreement dated October 2000 between ClickableOil.com, Inc. and New
                Hyde
                Park Oil Terminal, LLC (Incorporated by reference to our Amended
                Registration Statement on Form SB-2/A filed on May 14,
                2004).10.3
            
            Independent
                Contractor Agreement dated June 2002 between ClickableOil.com, Inc.
                and
                NexGen Energy, LLC. (Incorporated by reference to our Amended Registration
                Statement on Form SB-2/A filed on May 14, 2004).10.4
            
            Purchase
                Agreement, dated as of September 20, 2005, by and between
                ClickableOil.com, Inc. and Mr. Patsy Rubbino(Incorporated
                by reference to our Form 10-KSB for the year ended March 31, 2007
                filed on
                September 27, 2007).10.5
            
            Asset
                Purchase Agreement, dated as of July 15, 2005, entered into by and
                among
                Clickable Enterprises, Inc. and Allamuchy Transport, Inc.(Incorporated
                by reference to our Form 10-KSB for the year ended March 31, 2007
                filed on
                September 27, 2007).10.6*
            
            Clickable
                Enterprises, Inc. 2004 Incentive Stock Plan (Incorporated by reference
                to
                Exhibit to our Registration Statement on Form S-8 filed on February
                6,
                2004).10.7*
            
            Clickable
                Enterprises, Inc. 2006 Stock Plan (Incorporated by reference to Exhibit
                4.15 to our Registration Statement on Form S-8 filed on February
                7,
                2006).10.8
            
            Executive
                Employment Agreement between the Company and Guy Pipolo, dated April
                1,
                2007(Incorporated
                by reference to our Form 10-KSB for the year ended March 31, 2007
                filed on
                September 27, 2007)10.9
            
            Executive
                Employment Agreement between the Company and Nicholas Cirillo, dated
                April
                1, 2007 (Incorporated by reference to our Form 10-KSB for the year
                ended
                March 31, 2007 filed on September 27, 2007)10.10
            
            Compensation
                  Amendment relating to issuance of shares and warrants to Guy
                  Pipolo(Incorporated by reference to our Form 10-KSB for the year
                  ended
                  March 31, 2007 filed on September 27,
                  2007)10.11
            
            Compensation
                Amendment relating to issuance of shares and warrants to Nicholas
                Cirillo(Incorporated by reference to our Form 10-KSB for the year
                ended
                March 31, 2007 filed on September 27, 2007)14
            
            Code
                of Ethics (Incorporated by reference to Exhibit 14.1 to our Report
                on Form
                10-KSB for the year ended March 31, 2005 filed on July 14,
                2005).




25




16
            
            Letter
                from Weinberg & Company, P.A., addressed to the Securities and
                Exchange Commission regarding its agreement to the statements made
                in our
                Current Report on Form 8-K/A filed on January 26, 2006 (incorporated
                herein by reference to Exhibit 16 to our Current Report on Form 8-K/A
                filed on January 26, 2006).21
            
            Subsidiaries
                of the Small Business Issuer (filed herewith).23
            
            Consent
                of Accountants (filed herewith).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
            
            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.


*
      Management contract or management compensatory plan or arrangement.




26


**ITEM
      14. PRINCIPAL ACCOUNTING FEES AND SERVICES**





**Audit
      Fees.** The
      aggregate fees billed for
      professional services rendered by
      the
      Company’s principal accountant were $50,190
      and $47,702 for the audit of the Company’s annual financial statements for the
      fiscal years ended March 31, 2008 and 2007, respectively, and the reviews of
      the
      financial statements included in the Company’s Forms 10-QSB for those
      fiscal years. Simontacchi, the Company’s present principal accountant, billed
      $50,190 in the fiscal year ended March 31,2008 and $36,202 in the fiscal year
      ended March 31, 2007. Weinberg, the Company’s former principal accountant,
      billed $11,500 in the fiscal year ended March 31, 2007.





**Audit-Related
      Fees.** No fees
      were billed in each of the last two fiscal years for assurance and related
      services by the principal accountant that are reasonably related to the
      performance of the audit or review of the Company’s financial statements and not
      reported under the caption “Audit Fees.”





**Tax
      Fees** .
      No fees
      were billed in each of the last two fiscal years for professional services
      rendered by the principal accountant for tax compliance, tax advice and tax
      planning services.





**All
      Other Fees.** ****** Other
      than the services described above, no other fees were billed by the principal
      accountants for the fiscal years ended March 31, 2008 and 2007.




27




**SIGNATURES**




In
      accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused
      this amended 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
                and Chief Executive Officer (Principal Executive
                Officer)Date:
                August 11, 2008




In
      accordance with the Exchange Act, this amended report has been signed below
      by
      the following persons on behalf of the registrant and in the capacities and
      on
      the dates indicated.





**SIGNATURE**
            
            **TITLE**
            
            **DATE***/s/
                Nicholas Cirillo, Jr.*
            
            President,
              Chief Executive
              Officer  (PrincipalNicholas
                Cirillo, Jr.
            
            Executive
                Officer) and Director
            
            August
                11, 2008*/s/
                Guy Pipolo*
            
            Chief
                Operating Officer, Chief FinancialGuy
                Pipolo
            
            Officer (Principal Financial
                Officer) and Director
            
            August
                11, 2008*/s/
                David Rodgers*
            
            Secretary
                and DirectorDavid
                Rodgers
            
            
            
            August
                11, 2008




28


**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED** **FINANCIAL STATEMENTS**
 **AS
        OF AND FOR THE YEARS ENDED**
 **MARCH
        31, 2008 AND 2007**







**CLICKABLE
      ENTERPRISES, INC.**


**AND
      SUBSIDIARY**





**CONTENTS**





PAGE
            
            F-1
            
            REPORT
                OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMPAGE
            
            F-2
            
            CONSOLIDATED
                BALANCE SHEETS AS OF MARCH 31, 2008 AND 2007PAGE
            
            F-3
            
            CONSOLIDATED
                STATEMENTS OF OPERATIONS FOR THE YEARS ENDED MARCH 31, 2008 AND
                2007PAGE
            
            F-4
            
            CONSOLIDATED
                STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY FOR THE YEARS ENDED
                MARCH 31, 2008 AND 2007PAGE
            
            F-5
            
            CONSOLIDATED
                STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2008 AND
                2007PAGES
            
            F-7-F-21
            
            NOTES
                TO CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2008 AND
                2007









**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED
        FINANCIAL STATEMENTS**
 **AS
        OF MARCH 31, 2007 AND 2006**
 **REPORT
        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
  
  F-1
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED
          BALANCE SHEETS**
 **AS
          OF MARCH 31, 2008 AND 2007**
 
 2008
                
                2007ASSETSCurrent
                    AssetsCash
                
                $
                93,888
                
                $
                119,639Accounts
                    receivable,net
                    of allowance for doubtful accounts of $133,000 and $ 151,000,
                    respectively
                
                
                680,203
                
                
                795,710Inventory
                
                
                29,571
                
                
                67,769Prepaid
                    expenses
                
                
                51,648
                
                
                61,625Due
                    from related parties
                
                
                0
                
                
                68,331Debt
                    financing costs,net
                    of accumulated amortization of $96,756 and $52,312,
                    respectively
                
                
                43,244
                
                
                47,688Total
                    Current Assets
                
                $
                898,554
                
                $
                1,160,762Property
                    and equipment,net
                    of accumulated depreciation of $90,239 and $64,298,
                    respectively
                
                
                47,653
                
                
                72,610Intangible
                    asset,net
                    of accumulated amortization of $249,514 and $132,537,
                    respectively
                
                
                665,832
                
                
                798,171Other
                    assets
                
                
                80,194
                
                
                80,108TOTAL
                    ASSETS
                
                $
                1,692,233
                
                $
                2,111,651LIABILITIES
                    & STOCKHOLDERS' DEFICIENCYCurrent
                    LiabilitiesAccounts
                    payable and other accrued expenses
                
                $
                838,128
                
                $
                1,137,451Credit
                    Lines
                
                
                145,144
                
                
                129,950Deferred
                    Revenue
                
                
                33,286
                
                
                35,531Note
                    payable
                
                
                50,570
                
                
                105,112Due
                    to related parties
                
                
                221,616
                
                
                0Customer
                    deposits
                
                
                82,684
                
                
                114,160Accrued
                    interest
                
                
                123,964
                
                
                77,157Convertible
                    Debentures
                
                
                2,583,071
                
                
                749,784Total
                    Current Liabilities
                
                $
                4,078,462
                
                $
                2,349,145Long
                    Term LiabilitiesConvertible
                    Debentures
                
                
                881,391
                
                
                1,659,826Derivative
                    Instrument Liabilities - Convertible Notes
                
                
                5,682,763
                
                
                2,765,915Derivative
                    Instrument Liabilities - Warrants
                
                
                2,000
                
                
                0Notes
                    payable
                
                
                37,927
                
                
                23,316TOTAL
                    LIABILITIES
                
                $
                10,682,543
                
                $
                6,798,202COMMITMENTS
                    AND CONTINGENCIES
                
                
                —
                
                
                —Series
                    A 6% convertible preferred stock, $.001 par value at Carrying
                    Cost,1,200
                    shares authorized, issued and outstanding, Redemption Value of
                    $1,200,000
                
                $
                1,171,657
                
                $
                1,171,657STOCKHOLDERS'
                    DEFICIENCYCommon
                    stock, $.001 par value, 500,000,000 shares authorized,481,194,033
                    and 481,194,033 shares issued and outstanding,
                    respectively
                
                $
                481,194
                
                $
                481,194Additional
                    paid-in capital
                
                
                3,198,731
                
                
                3,198,731Deferred
                    compensation
                
                
                94,492
                
                
                94,492Accumulated
                    deficit
                
                
                (13,936,383
                )
                
                (9,632,624
                )TOTAL
                    STOCKHOLDERS' DEFICIENCY
                
                
                ($10,161,967
                )
                
                ($5,858,207
                )TOTAL
                    LIABILITIES AND STOCKHOLDERS' DEFICIENCY
                
                $
                1,692,233
                
                $
                2,111,651
  F-2
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED** **STATEMENTS OF OPERATIONS**
 **FOR
          THE YEARS ENDED MARCH 31, 2008 AND 2007**
 2008
                  
                  2007FUEL
                      SALES (including related party sales of $14,460 and $133,410,
                      respectively)
                  
                  $
                  8,404,225
                  
                  $
                  7,747,044COST
                      OF SALES
                  
                  
                  8,078,954
                  
                  
                  7,311,115GROSS
                      PROFIT
                  
                  $
                  325,271
                  
                  $
                  435,929OPERATING
                      EXPENSESSelling,
                      general and administrative
                  
                  $
                  1,250,162
                  
                  $
                  1,593,532Depreciation
                      and amortization
                  
                  
                  191,799
                  
                  
                  138,640TOTAL
                      OPERATING EXPENSES
                  
                  $
                  1,441,961
                  
                  $
                  1,732,172LOSS
                      FROM OPERATIONS
                  
                  
                  ($1,116,690
                  )
                  
                  ($1,296,243
                  )OTHER
                      INCOME (EXPENSE)Derivative
                      Instrument Income (Expense)
                  
                  
                  ($2,953,613
                  )
                  $
                  4,903,111Other
                      income
                  
                  
                  61,429
                  
                  
                  32,334Interest
                      expense
                  
                  
                  (294,886
                  )
                  
                  (250,049
                  )TOTAL
                      OTHER INCOME (EXPENSE)
                  
                  
                  ($3,187,069
                  )
                  $
                  4,685,396Income
                      (Loss) before provision for income taxes
                  
                  
                  ($4,303,759
                  )
                  $
                  3,389,153Provision
                      for income taxes
                  
                  
                  —
                  
                  
                  —Net
                      Income (Loss)
                  
                  
                  ($4,303,759
                  )
                  $
                  3,389,153Net
                      Income (Loss) available to common stockholders
                  
                  $
                  (4,303,759
                  )
                  $
                  3,389,153Net
                      Income (Loss) per share, basic and diluted
                  
                  $
                  (0.0089
                  )
                  $
                  0.0084Weighted
                      average number of common shares outstanding - basic and
                      diluted
                  
                  
                  481,194,033
                  
                  
                  402,844,064
 
 F-3
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED** **STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY**
 **FOR
          THE YEARS ENDED MARCH 31, 2008 AND 2007**
 
 **Additional**
                
                
                
                **Deferred****Common
                    Stock**
                
                **Paid
                    in**
                
                **Accumulated**
                
                **Equity****Shares**
                
                **Amount**
                
                **Capital**
                
                **Deficit**
                
                **Compensation**
                
                **Total**Balance,
                    April 1, 2006
                
                
                239,956,826
                
                $
                239,957
                
                $
                2,069,061
                
                
                ($13,021,777
                )
                $
                94,492
                
                
                ($10,618,267
                )Conversion
                    of Debentures and accrued interest
                
                
                241,237,207
                
                
                241,237
                
                
                1,129,669
                
                
                
                
                
                
                
                $
                1,370,907Net
                    Income, Year ended March 31, 2007
                
                
                
                
                
                
                
                
                
                
                
                3,389,153
                
                
                
                
                
                3,389,153Balance,
                    March 31, 2007
                
                
                481,194,033
                
                $
                481,194
                
                $
                3,198,731
                
                
                ($9,632,624
                )
                $
                94,492
                
                
                ($5,858,207
                )Net
                    (loss) for the period
                
                
                
                
                
                
                
                
                
                
                
                (4,303,759
                )
                
                
                
                
                ($4,303,759
                )Balance,
                    March 31, 2007
                
                
                481,194,033
                
                $
                481,194
                
                $
                3,198,731
                
                
                ($13,936,383
                )
                $
                94,492
                
                
                ($10,161,966
                )
  F-4
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED
          STATEMENTS OF CASH FLOWS**
 **FOR
          THE YEARS ENDED MARCH 31, 2008 AND 2007**
 2008
                
                2007CASH
                    FLOWS FROM OPERATING ACTIVITIES:Net
                    Income (Loss)
                
                
                ($4,303,759
                )
                $
                3,389,153Adjustments
                    to reconcile net (loss) income to net cash used in operatingactivities:Depreciation
                    and amortization
                
                
                188,099
                
                
                138,640Provision
                    for bad debts
                
                
                (36,281
                )
                
                101,497Derivative
                    Instrument (Income) Expense
                
                
                2,953,613
                
                
                (4,903,111
                )Recognition
                    of deferred compensation
                
                
                
                
                
                193,413Changes
                    in operating assets and liabilities:(Increase)
                    decrease in:Accounts
                    receivable
                
                
                151,788
                
                
                (319,315
                )Inventory
                
                
                38,198
                
                
                (20,420
                )Prepaid
                    expenses
                
                
                9,976
                
                
                (37,441
                )Other
                    assets
                
                
                (86
                )
                
                3,668Increase
                    (decrease) in:Accounts
                    payable and other accrued expenses
                
                
                (333,727
                )
                
                459,152Deferred
                    Revenue
                
                
                (2,245
                )
                
                35,531Accrued
                    interest
                
                
                417,798
                
                
                234,888Customer
                    deposits
                
                
                (31,476
                )
                
                44,325Net
                    cash used in operating activities
                
                
                ($948,102
                )
                
                ($680,020
                )CASH
                    FLOWS FROM INVESTING ACTIVITIES:Acquisition
                    of property and equipment
                
                
                ($1,720
                )
                
                ($21,785
                )Acquisition
                    of other current assets
                
                
                
                
                
                (17,108
                )Acquisition
                    of intangible asset
                
                
                
                
                
                (201,750
                )Net
                    cash used in investing activities
                
                
                ($1,720
                )
                
                ($240,643
                )CASH
                    FLOWS FROM FINANCING ACTIVITIES:Payments
                    of financing costs
                
                
                ($40,000
                )
                $
                0Increase
                    (decrease) in Credit Lines
                
                
                15,194
                
                
                129,950Increase
                    (decrease) in Notes Payable
                
                
                (141,070
                )
                
                (39,185
                )Decrease
                    (increase) in due from related parties
                
                
                289,947
                
                
                (52,366
                )Net
                    proceeds from issuance of convertible debentures
                
                
                800,000
                
                
                0Net
                    cash provided by financing activities
                
                $
                924,071
                
                $
                38,399NET
                    DECREASE IN CASH
                
                
                ($25,750
                )
                
                ($882,264
                )CASH
                    AT BEGINNING OF YEAR
                
                
                119,639
                
                
                1,001,903CASH
                    AT END OF YEAR
                
                $
                93,888
                
                $
                119,639
  F-5
  SUPPLEMENTAL
          DISCLOSURE OF CASH FLOW INFORMATION:
  Income
          taxes paid for the years ended March 31, 2008 and March 31, 2007 were $0
          and $0,
          respectively. Interest  paid
          for
          the years ended March 31, 2008 and March 31, 2007 were $27,992 and $179,039,
          respectively.
  NON-CASH
          INVESTING AND FINANCING ACTIVITIES
  During
          the year ended March 31, 2008, in conjunction with the issuance of convertible
          debentures, the Company issued 10,000,000
          warrants to purchase the Company’s common stock.
 
 During
          the year ended March 31, 2007, convertible debentures in the principal
          amount of
          $1,206,986 and related interest of $163,921
          were converted into 241,237,207 shares of common stock.
  F-6
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2008 AND 2007**
 **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, (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 the heating oil to its customers.
 
 ***(B)
          Revenue Recognition***
 
 The
          Company recognizes revenue at the time heating oil is delivered to
          customers.
 
 ***(C)
          Concentrations of Credit Risk from Deposits in Excess of Insured
          Limits***
 
 The
          Company's cash balances on deposit with two banks are guaranteed by the
          Federal
          Deposit Insurance Corporation up to $100,000 per banking institution. The
          cash
          balances at these banks did not exceed this limit as at March 31,
          2008.
 
 The
          Company performs on-going evaluations of its customers’ financial condition and
          requires no collateral from its customers. The customers are principally
          individuals in the Northeastern United States.
 
 ***(D)
          Allowance for Doubtful Accounts***
 
 The
          Company provides for estimated losses on accounts receivable based on prior
          bad
          debt experience and a review of existing receivables. Based on these factors,
          there is a allowance for doubtful accounts of $133,000 and $151,000 for
          the
          years ended March 31, 2008 and 2007, respectively.
 
 ***(E)
          Inventory***
 
 Inventory
          consists primarily of heating oil and is valued at the lower of cost (first-in,
          first-out) or market.
 
 ***(F)
          Property and Equipment***
 
 Property
          and Equipment are stated at cost less accumulated depreciation. Expenditures
          for
          maintenance and repairs are charged to expense as incurred. Depreciation
          is
          provided using the straight-line method over the estimated useful lives
          of the
          assets from three to five years. These long-lived assets are generally
          evaluated
          on an individual basis in making a determination as to whether such assets
          are
          impaired. Periodically, the Company reviews its long-lived assets for impairment
          based on estimated future undiscounted cash flows attributed to the assets.
          In
          the event such cash flows are not expected to be sufficient to recover
          the
          recorded value of the assets, the assets are written down to their estimated
          fair values. There has been no impairment loss recorded for the years ended
          March 31, 2008 and 2007.
 
 ***(G)
          Income Taxes***
 
 Deferred
          tax assets and liabilities are recognized for the future tax consequences
          attributable to differences between the financial statement carrying amounts
          of
          existing assets and liabilities and their respective tax basis. Deferred
          tax
          assets and liabilities are measured using enacted tax rates expected to
          apply to
          taxable income in the years in which those temporary differences are expected
          to
          be recovered or settled. The effect on deferred tax assets and liabilities
          of a
          change in tax rates is recognized in income in the period that includes
          the
          enactment date. In accordance with FASB Interpretation 48 “Accounting for
          Uncertainty in Income Taxes”, the Company does not have any material uncertain
          income tax positions. The Company’s policy is to accrue associated penalties in
          selling, general and administrative expenses if any occur.
  F-7
 **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2008 AND 2007**
  The
          Company recorded no current or deferred income tax expense (benefit) for
          the
          years ended March 31, 2008 and 2007. As set forth below, the deferred tax
          asset
          of approximately $4,238,000 arising from the Company's ability to carry
          forward
          its net operating losses of approximately $14,863,000 to future years expiring
          at various dates through 2027 has been fully offset by a valuation allowance
          because the future utilization of the deferred tax asset is
          uncertain:
 
 **Deferred
                    Tax Asset, Gross**
                
                **Valuation
                    Allowance**
                
                **Deferred
                    Tax Asset, Net**Balance,
                    March 31, 2007
                
                $
                3,929,000
                
                $
                3,929,000
                
                $
                —increase
                    during year
                
                
                309,000
                
                
                309,000
                
                
                —Balance,
                    March 31, 2008
                
                **$**
                **4,238,000**
                ****
                **$**
                **4,238,000**
                ****
                **$**
                **—**
                ****
 
 The
          net
          operating loss carryforward may be restricted in future years under Section
          382
          of the Internal Revenue Code.
 
 ***(H)
          Use of Estimates***
 
 In
          preparing 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 financial statements and revenues and expenses during the reported
          period. Actual results could differ from those estimates.
 
 ***(I)
          Fair Value of Financial Instruments***
 
 The
          carrying amounts of the Company’s financial instruments, including cash,
          accounts receivable, accounts payable and other accrued expenses, note
          payable
          and related party payables, approximate fair value due to the short-term
          maturities of these instruments. The carrying value of the convertible
          debentures approximates the fair value based on the effective interest
          rates
          compared to current market rates. Long-term debt consisting of convertible
          debentures approximate fair value based upon debt terms for entities under
          similar terms.
 
 ***(J)
          Advertising Costs***
 
 Costs
          incurred for advertising are charged to operations as incurred. Advertising
          expenses for the years ended March 31, 2008 and 2007 were $44,810 and $86,848,
          respectively.
 
 ***(K)
          Income (Loss) Per Share***
 
 Basic
          and
          diluted net loss per common share for the years ended March 31, 2008 and
          2007
          are computed based upon the weighted average number of common shares
          outstanding. Based on the closing market price of the Company’s common on March
          31, 2008, the conversion of its convertible debentures and Series A convertible
          preferred stock would have resulted in the issuance of additional common
          shares
          in the total amount of 21,473,917,781. In addition to the effect of the
          assumed
          conversions, 27,000,000 stock purchase warrants were exercisable at March
          31,
          2008. Adding these 21,500,917,781 shares into the weighted average number
          of
          common shares outstanding would have the following results. Basic and diluted
          are the same because the conversion would be antidilutive.
 
 (See
          Note
          1M)
  F-8
 **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2008 AND 2007**
  ***(L)*** **Derivative
          Instruments**
 
 In
          connection with the sale of debt or equity instruments, we may sell options
          or
          warrants to purchase our common stock. In certain circumstances, these
          options
          or warrants may be classified as derivative liabilities, rather than as
          equity.
          Additionally, the debt or equity instruments may contain embedded derivative
          instruments, such as conversion options, which in certain circumstances
          may be
          required to be bifurcated from the associated host instrument and accounted
          for
          separately as derivative instrument liability.
 
 The
          identification of, and accounting for, derivative instruments is complex.
          Our
          derivative instrument liabilities are re-valued at the end of each reporting
          period, with changes in the fair value of the derivative liability recorded
          as
          charges or credits to income, in the period in which the changes occur.
          For
          options, warrants and bifurcated conversion options that are accounted
          for as
          derivative instrument liabilities, we determine the fair value of these
          instruments using the Black-Scholes option pricing model. That model requires
          assumptions related to the remaining term of the instrument and risk-free
          rates
          of return, our current common stock price and expected dividend yield,
          and the
          expected volatility of our common stock price over the life of the option.
          Because of the limited trading history of our common stock, we have estimated
          the future volatility of our common stock price based on not only the history
          of
          our stock price but also the experience of other entities considered comparable
          to us. The identification of, and accounting for, derivative instruments
          and the
          assumptions used to value them can significantly affect our financial
          statements.
 
 ***(M)
          Registration Rights Agreements***
 
 In
          connection with the sale of debt or equity instruments, we may enter into
          Registration Rights Agreements. Generally, these Agreements require us
          to file
          registration statements with the Securities and Exchange Commission to
          register
          common shares that may be issued on conversion of debt or preferred stock,
          to
          permit re-sale of common shares previously sold under an exemption from
          registration or to register common shares that may be issued on exercise
          of
          outstanding options or warrants.
 
 The
          Agreements usually require us to pay penalties for any time delay in filing
          the
          required registration statements, or in the registration statements becoming
          effective, beyond dates specified in the Agreement. These penalties are
          usually
          expressed as a fixed percentage, per month, of the original amount we received
          on issuance of the debt or preferred stock, common shares, options or warrants.
          We account for these penalties as a contingent liability and not as a derivative
          instrument. Any penalties are expensed over the period to which they
          relate.
 
 ***(N)
          Recent Accounting Pronouncements***
 
 In
          September 2006, the FASB issued SFAS 157, *Fair
          Value Measurements* (“SFAS
          157”), which defines fair value, establishes a framework for measuring fair
          value in generally accepted accounting principles and expands disclosures
          about
          fair value measurements. This Statement applies under other accounting
          pronouncements that require or permit fair value measures, the FASB having
          previously concluded in those account pronouncements that fair value is
          the
          relevant measurement attribute. Accordingly, this Statement does not require
          any
          new fair value measurements. SFAS 157 is effective for fiscal years beginning
          after November 15, 2007 and we are currently assessing the impact that
          SFAS 157
          will have on our results of operations and financial position.
 
 In
          February 2007, the
          FASB
          issued SFAS No. 159 *The
          Fair Value Option for Financial Assets and Financial Liabilities* (“
SFAS
          159”). SFAS 159 expands the use of fair value accounting but does not affect
          existing standards that require assets or liabilities to be carried at
          fair
          value. Under SFAS 159, a company may elect to use fair value to measure
          accounts
          and loans receivable, available-for-sale and held-to-maturity securities,
          accounts payable and issued debt. If the use of fair value is elected,
          any
          upfront costs and fees related to the item must be recognized in earnings
          and
          cannot be deferred. The fair value election is irrevocable and generally
          made on
          an instrument-by-instrument basis, even if a company has similar instruments
          that it elects not to measure based on fair value. At the adoption date,
          unrealized gains and losses on existing items for which fair value has
          been
          elected are reported as a cumulative adjustment to beginning retained earnings.
          Subsequent to the adoption of SFAS 159, changes in fair value are recognized
          in
          earnings. SFAS 159 is effective for fiscal years beginning after November
          15,
          2007. We are currently assessing the impact of SFAS 159 will have on our
          results
          of operations and financial position.
  F-9
 **CLICKABLE
              ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
              TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
              OF MARCH 31, 2008 AND 2007**
 In
          December 2007, The FASB issued SFAS No. 141 (revised 2007), *Business
          Combinations* (“SFAS
          141R”), which replaces FASB No. 141 and SFAS 160, *Noncontrolling
          Interests in Consolidated Financial Statements - an amendment of AFB No,
          51,* (“SFAS
          160”). SFAS 141R establishes principles and requirements for how an acquirer
          recognizes and measures in its financial statements the identifiable assets
          acquired, the liabilities assumed, any noncontrolling interest in the acquiree
          and the goodwill acquired. The Statement also establishes disclosure
          requirements that will easily enable users to evaluate the nature and financial
          effects of the business combination. SFAS 160 will change the accounting
          and
          reporting for minority interests, reporting them as equity separate from
          the
          parent entity’s equity, as well as requiring expanded disclosures. SFAS 141R and
          SFAS 160 are effective as of the beginning of an entity’s fiscal year beginning
          after December 15, 2008. We have not yet determined the impact of these
          pronouncements will have on our results of operations and financial
          position.
  F-10
 **CLICKABLE
              ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
              TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
              OF MARCH 31, 2008 AND 2007**
 ***(O)
          Stock Based Compensation***
 
 Statement
          of Financial Accounting Standards No. 123R, “Shared Based Payment”, the Company
          is to recognize in the statement of operations the cost of employee services
          received in exchange for awards in equity instruments based on the grant
          date
          fair value of the awards. This same principal applies to share based payments
          to
          non-employees for both suppliers of goods and services. The cost will be
          recognized over the service period. There was a charge to operations in
          the year
          ended March 31, 2008 and 2007 of $0 and $193,413, respectively.
 
 ***(P)
          Segment Information***
 
 The
          Company’s business is organized, managed and internally reported as a single
          segment. All revenues except immaterial amounts are derived from the sale
          of
          heating oil in the northeastern United States.
 
 ***(Q)
          Cash***
 
 For
          the
          purpose of the statement of cash flows, cash is defined as balances held
          in
          corporate checking accounts and money market accounts.
 
 **NOTE
                  2**
                **ACCOUNTS
                    RECEIVABLE**
 
 Accounts
          receivable as of March 31, 2008 and 2007 consisted of the
          following:
 
 **2008**
                
                **2007**Accounts
                    receivable-trade
                
                $
                813,202
                
                $
                946,710Less
                    allowance for doubtful accounts
                
                
                (133,000
                )
                
                (151,000
                )$
                680,202
                
                $
                795,710
 
 For
          the
          years ended March 31, 2008 and 2007, the Company recorded bad debt (recovery)
          expense of ($36,280) and $101,497, respectively.
 
 **NOTE
                  3**
                **PROPERTY
                    AND EQUIPMENT**
 
 Property
          and equipment as of March 31, 2008 and 2007 consisted of the
          following:
 
 **2008**
                
                **2007**Office
                    equipment
                
                $
                7,995
                
                $
                7,995Computer
                    equipment and software
                
                
                129,896
                
                
                128,913137,891
                
                
                136,908Less:
                    accumulated depreciation
                
                
                (90,239
                )
                
                (64,298
                )$
                47,652
                
                $
                72,610
 
 Total
          depreciation expense for the years ended March 31, 2007 and 2006 was $26,676
          and
          $24,633, respectively.
  **NOTE
                  4**
                **DEBT
                    FINANCING COSTS**
  Debt
          financing costs, which relate to convertible debentures (See Note 6), as
          of
          March 31, 2008 and 2007 respectively consisted of the following:
 
 **2008**
                
                **2007**Debt
                    financing costs on $800,000 of Convertible Debentures
                
                $
                40,000
                
                $Debt
                    financing costs on $650,000 of Convertible Debentures
                
                
                75,000
                
                
                75,000Debt
                    financing costs on $1,000,000 of Convertible Debentures
                
                
                25,000
                
                
                25,000Less:
                    accumulated amortization
                
                
                (96,756
                )
                
                (52,312
                )Balance
                    as of March 31, 2008 and 2007 respectively
                
                $
                43,244
                
                $
                47,688
  F-11
 **CLICKABLE
              ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
              TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
              OF MARCH 31, 2008 AND 2007**
 Total
          amortization expense for the years ended March 31, 2008 and 2007 was $44,444
          and
          $33,333, respectively.
  **NOTE
                  5**
                **INTANGIBLE
                    ASSET**
  The
          Company entered into an Agreement of Sale dated February 10, 2005 under
          which
          the Company acquired the assets of a heating oil distributor, principally
          its
          customer list. The purchase price consisted of a $75,000 payment at closing
          and
          a promissory note for a contingent payment due January 10, 2006, estimated
          at
          $120,750, based on a formula utilizing the gross profit realized on heating
          oil
          sold to the purchased customers in the 12-month period ending January 10,
          2006.
          The actual payment of $91,377 was made in March 2006, and an appropriate
          adjustment was made to the purchase price.
 
 The
          Company closed on an Asset Purchase Agreement dated September 20, 2005
          under
          which the Company acquired the assets of a heating oil distributor, principally
          its customer list. The purchase price of $205,887 consisted of a $70,000
          payment
          at closing and 36 monthly installment payments of $4,000 each, and potential
          contingent payments based on gallons sold. The contingent payment, initially
          estimated to be $120,965, was re-estimated to be $0. The remaining amounts
          payable is included in current and long term liabilities as notes
          payable.
 
 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 a heating oil distributor for the
          purchase of its customer list and related customer information, and certain
          other intangible assets for a payment of $124,943 at closing.
 
 On
          December 7, 2006, the Company closed on an Asset Purchase Agreement under
          which
          the Company acquired the assets of a heating oil distributor, principally
          its
          customer list. The purchase price of $403,500 consisted of a $100,000 payment
          at
          closing, a one year $ 187,000 note with varying monthly payments and payments
          based on gallons sold after one year from the acquisition date totaling
          $101,000. The remaining amounts payable is included in current and long
          term
          liabilities as notes payable.
 
 At
          March
          31, 2008 and 2007, the intangible asset consisted of the following:
 
 **2008**
                
                **2007**Customer
                    lists
                
                $
                885,346
                
                $
                900,708Supply
                    agreement
                
                
                30,000
                
                
                30,000Less:
                    accumulated amortization
                
                
                (249,514
                )
                
                (132,537
                )$
                665,832
                
                $
                798,171
 
 Customer
          lists are being amortized over an eight year period. The supply contract
          is
          being amortized over its five-year term. Total amortization expense for
          the
          years ended March 31, 2008 and 2007 was $120,607 and $80,673, respectively.
          Remaining amortization of the purchase price will be expensed as
          follows:
 
 **Years
                    ending March 31,**
                
                **Amount**2009
                
                $
                116,9772010
                
                
                116,9772011
                
                
                112,3302012
                
                
                110,9782013
                
                
                108,218Thereafter
                
                
                100,352$
                665,832
  F-12
 **CLICKABLE
              ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
              TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
              OF MARCH 31, 2008 AND 2007**
 **NOTE
                        6**
                    **LINES
                        OF CREDIT**
  The
          Company has Lines of Credit with two banks; One in the amount of $50,000
          with a
          current interest rate  of
          10.49%
          an the other line in the amount of $100,000 with a current interest rate
          of
          9.25% No Company  assets
          are pledged as security. The Company’s officers have personal guarantees on
          repayment of the lines.  Total
          amounts due on the lines as of March 31, 2008 were $49492 and $95,652
          respectively, totaling  $145,144.
  **NOTE
                  7**
                **CONVERTIBLE
                    DEBENTURES**
  On
          June
          6, 2003, coincident with the ClickableOil.com merger transaction, the Company
          entered in a Securities Purchase Agreement with AJW Partners, LLC and its
          related funds for the sale of $800,000 of 10% one-year secured convertible
          debentures and 4,000,000 stock purchase warrants expiring June 5, 2008.
          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 was the lesser of $.05 and 50% 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 $.05 per share.
 
 Also
          on
          June 6, 2003, the Company closed on $300,000 of the $800,000 convertible
          debentures with additional closings of $300,000 and $200,000 occurring
          at the
          time the Company became current in all of its SEC filings and files a
          registration statement registering the underlying shares, respectively.
          The
          Company also issued 1,500,000 stock purchase warrants on the above closing.
          On
          November 3, 2003, the Company closed on an additional $300,000 of the
          convertible debentures maturing on November 3, 2004 and issued an additional
          1,500,000 stock purchase warrants subsequent to becoming current in all
          of its
          SEC filings. On January 16, 2004, the Company closed on the final $200,000
          of
          the convertible debentures maturing on January 16, 2005 and issued an additional
          1,000,000 stock purchase warrants subsequent to filing the aforementioned
          registration statement.
 
 The
          convertible debentures and warrants contain a conversion feature which
          results
          in a formula calculation and issuing varying amount of shares upon conversion,
          as such, the conversion features are required to be accounted for as embedded
          derivative liabilities in accordance with EITF 00-19, Accounting for Derivative
          Financial Instruments Indexed to and Potentially Settled in a Company’s Own
          Stock and SFAS 133, Accounting for Derivative Instruments and Hedging Activities
          (See Note 7).
 
 Prior
          to
          a restructuring on October 15, 2004, convertible debentures previously
          issued in
          2001 and 2002, and on June 6, 2003 (aggregating $2,017,949 before discount)
          had
          matured and were in default. On October 15, 2004, the Company entered into
          a
          letter agreement with the holders of the convertible debentures whereby
          certain
          provisions of the debenture agreements were amended as follows:
 
 1.
                Extension
                    of the then-expired maturity dates of all convertible debentures
                    to
                    October 15, 2007;
  2.
                Modification
                    of the conversion price by eliminating the ceiling price of $.05
                    per
                    share;
  3.
                Lowering
                    the interest rate to 8% from 10%;
                    and
  4.
                    Forgiveness
                        of $250,000 of interest accrued and unpaid for the debentures.
                        The gain
                        associated with this reduction in accrued interest is reported
                        in the
                        accompanying statements of
                        operations.
 
 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%
          secured
          convertible debentures due June 30, 2008 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.
  F-13
 **CLICKABLE
                ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
                TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
                OF MARCH 31, 2008 AND 2007**
 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 issuance of the convertible notes and warrants resulted in
          the
          conversion features being accounted for as embedded derivative liabilities
          in
          accordance with EITF 00-19 and SFAS 133 (See Note 7).
 
 On
          March
          21, 2006, the Company entered into Securities Purchase Agreement with AJW
          Partners, LLC and its related entities for the sale of $1,000,000 in convertible
          debentures and for stock purchase warrants exercisable for 4,000,000 shares
          of
          common stock at $.10 per share expiring June 30, 2010. Closing under the
          Purchase Agreement occurred on March 22, 2006. 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
          convertible debentures bear interest at the rate of 6% per annum, payable
          quarterly. If, however, in any month, the trading price of the common stock
          is
          $.028125 or more for each trading day of the month, no interest will be
          payable
          for such month. The principal amount of the convertible debentures and
          all
          accrued interest, if not previously paid or converted, will be due and
          payable
          on March 21, 2009.
 
 On
          May
          31, 2007, The Company entered into a Securities Purchase Agreement ( the
          “Purchase Agreement”) for the sale of $800,000 in its Callable Secured
          Notes(“Notes”) in a private placement to AJW Partners, LLC, and its related
          entities (collectively, the “Investors”). In addition to the Notes, the Company
          issued warrants ( the “Warrants”) exercisable for 10,000,000 shares of the
          Company’s common stock, par value $.001 per share (the “Common Stock”). The
          Warrants are exercisable for a period of seven years from the closing date
          at an
          exercisable price of $.002, subject to certain adjustments, including,
          but not
          limited to, adjustments for stock splits, stock dividends, mergers,
          consolidations and distributions. Closing under the Purchase Agreement
          occurred
          on May 31,2007. 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 40% of the average
          of
          the three day lowest bid prices during the twenty trading days immediately
          preceding the applicable conversion date.
 
 The
          convertible debentures bear interest at the rate of 8% per annum, payable
          quarterly. If, however, in any month, the trading price of the common stock
          is
          $.028125 or more for each trading day of the month, no interest will be
          payable
          for such month. The principal amount of the convertible debentures and
          all
          accrued interest, if not previously paid or converted, will be due and
          payable
          on May 31, 2010.
  F-14
 **CLICKABLE
              ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
              TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
              OF MARCH 31, 2008 AND 2007**
 In
          January 2008, the Company issued $220.086 in Convertible Debentures to
          AJW
          Partners and its related parties for payment of accrued interest on the
          existing
          convertible debentures. 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 50% of the average
          of
          the three day lowest bid prices during the twenty trading days immediately
          preceding the applicable conversion date.
 
 The
          convertible debentures bear interest at the rate of 2% per annum, payable
          quarterly. If, however, in any month, the trading price of the common stock
          is
          $.028125 or more for each trading day of the month, no interest will be
          payable
          for such month. The principal amount of the convertible debentures and
          all
          accrued interest, if not previously paid or converted, will be due and
          payable
          on January 31, 2011.
  The
          Company has granted the purchasers a security interest in substantially
          all of
          its assets to secure its obligations under the convertible debentures.
          The
          Company is obligated to file a registration statement registering the resale
          of
          the shares issuable upon conversion of the debentures upon demand by the
          purchasers. The registration statement is required to be filed within 30
          days
          following demand by the purchasers and to become effective within 90 days
          after
          filing.
 
 The
          issuance of the convertible notes and warrants resulted in the conversion
          features being accounted for as embedded derivative liabilities in accordance
          with EITF 00-19 and SFAS 133 (See Note 7).
 
 As
          of
          March 31, 2008, the Company owed, in the aggregate, $3,705,568 on all of
          the
          long-term convertible debentures, net of the amount of debentures that
          have been
          converted into stock, and $123,964 of related accrued interest, which is
          included in current liabilities. The maturity of the convertible debentures,
          if
          not extinguished by conversion into stock, is as follows for the years
          ending:
 March
                      31, 2009
                  
                  $
                  2,685,481March
                      31, 2010
                  
                  
                  0March
                      31, 2011
                  
                  
                  1,020,086Total
                  
                  $
                  3,705,567
 
 See
          Note
          1(K) for the potentially dilutive effect of the convertible debentures
          and the
          stock purchase warrants .
          $785,481 of convertible debentures matured on October 15, 2007, to date
          there
          has been no demand for payment.
  F-15
 **CLICKABLE
              ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
              TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
              OF MARCH 31, 2008 AND 2007**
 **NOTE
                    8**
                **DERIVATIVE
                    FINANCIAL INSTRUMENT
                    LIABILITIES**
  We
          use
          the Black-Scholes option pricing model to value options and warrants, and
          the
          embedded conversion option components of any bifurcated embedded derivative
          instruments that are recorded as derivative liabilities. See Note 1 **(** L **)** **** related
          to embedded derivative instruments accounting policy.
 
 In
          valuing the options in warrants and the embedded conversion option components
          of
          the bifurcated embedded derivative instruments, at the time they were issued
          and
          at March 31, 2008, we used the market price of our common stock on the
          date of
          valuation, an expected dividend yield of 0% and the remaining period to
          the
          expiration date of the options or warrants or repayment date of the convertible
          debt instrument. All options, warrants and conversion options can be exercised
          by the holder at any time.
 
 Because
          of the limited historical trading period of our common stock, the expected
          volatility of our common stock over the remaining life of the options and
          warrants has been estimated at 266% based on a review of the historical
          volatility. The risk-free rates of return used ranged from 1.20% to 1.51%
          based
          on constant maturity rates published by the U.S. Federal Reserve, applicable
          to
          the remaining life of the options or warrants.
  At
          March
          31, 2008, the following derivative liabilities related to common stock
          options
          and warrants and embedded derivative instruments were outstanding (see
          Note
          6).
 
 Issue
                    Date
                
                Expiry
                    Date
                
                No.
                    of Warrants
                
                Issued
                    To
                
                Exercise
                    Price per Share
                
                Value
                    Issue Date
                
                Value
                    at March 31, 20086/6/2003
                
                
                6/5/2008
                
                
                1,500,000
                
                
                AJW
                    Partners
                
                
                Various
                
                $
                0
                
                $
                011/3/2003
                
                
                11/3/2008
                
                
                1,500,000
                
                
                AJW
                    Partners
                
                
                Various
                
                
                0
                
                
                01/16/2004
                
                
                1/16/2009
                
                
                1,000,000
                
                
                AJW
                    Partners
                
                
                Various
                
                
                0
                
                
                06/30/2005
                
                
                6/30/2010
                
                
                6,500,000
                
                
                AJW
                    Partners
                
                
                Various
                
                
                585,000
                
                
                011/14/2005
                
                
                11/14/2010
                
                
                2,500,000
                
                
                AJW
                    Partners
                
                
                Various
                
                
                69,982
                
                
                03/21/2006
                
                
                3/21/2011
                
                
                4,000,000
                
                
                AJW
                    Partners
                
                
                Various
                
                
                76,000
                
                
                05/31/2007
                
                
                5/31/2014
                
                
                10,000,000
                
                
                AJW
                    Partners
                
                
                Various
                
                
                20,000
                
                
                2,000Fair
                    value of derivative instrument liabilities for warrants
                $
                750,982
                
                $
                2,000
  Issue
                    Date
                
                Due
                    Date
                
                Note
                    Amount
                
                Instrument
                
                Exercise
                    Price per Share
                
                Value-Issue
                    Date
                
                Value
                    March 31, 20083/31/2003
                
                
                10/15/2007
                
                
                1,717,949
                
                
                Convertible
                    Notes
                
                
                Various
                
                $
                3,435,898
                
                $
                06/6/2003
                
                
                10/15/2007
                
                
                300,000
                
                
                Convertible
                    Notes
                
                
                Various
                
                
                600,000
                
                $
                285,48111/3/2003
                
                
                10/15/2007
                
                
                300,000
                
                
                Convertible
                    Notes
                
                
                Various
                
                
                600,000
                
                
                300,0001/16/2004
                
                
                10/15/2007
                
                
                200,000
                
                
                Convertible
                    Notes
                
                
                Various
                
                
                400,000
                
                
                200,0006/30/2005
                
                
                6/30/2008
                
                
                650,000
                
                
                Convertible
                    Notes
                
                
                Various
                
                
                1,598,361
                
                
                541,66711/14/2005
                
                
                11/14/2008
                
                
                250,000
                
                
                Convertible
                    Notes
                
                
                Various
                
                
                489,510
                
                
                312,5003/21/2006
                
                
                3/21/2009
                
                
                1,000,000
                
                
                Convertible
                    Notes
                
                
                Various
                
                
                2,083,333
                
                
                1,250,0005/31/2007
                
                
                5/31/2010
                
                
                800,000
                
                
                Convertible
                    Notes
                
                
                Various
                
                
                1,523,810
                
                
                2,000,0001/31/2008
                
                
                1/31/2011
                
                
                220,087
                
                
                Convertible
                    Notes
                
                
                Various
                
                
                440,174
                
                
                440,17410/15/2004
                
                
                10/15/2007
                
                
                1,200,000
                
                
                Convertible
                    Preferred Stock
                
                
                Various
                
                
                1,411,765
                
                
                352,941Fair
                    value of bifurcated embedded derivative instrument
                    liabilities
                $
                12,582,851
                
                $
                5,682,763Total
                    derivative financial instruments
                
                
                
                $
                13,333,833
                
                $
                5,684,763
 
 F-16
 **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2008 AND 2007**
  **NOTE
                  9**
                **STOCKHOLDERS’
                    DEFICIENCY**
  ***(A)*** ***Stock
              Plans***
 
 On
          February 4, 2004, the Company filed an S-8 Registration Statement to register
          10,000,000 shares of common stock at a proposed maximum offering price
          of $.05
          per share under the Company’s 2004 Stock Incentive Plan (the “2004 Plan”). On
          February 6, 2006, the Company filed an S-8 Registration Statement to register
          50,000,000 shares of common stock under the Company’s 2006 Stock Plan (the “2006
          Plan”). .
 
 The
          purpose of the Plans are to assist in attracting, motivating, retaining
          and
          compensating highly competent key employees, non-employee directors and
          consultants to achieve long-term corporate objectives and to reduce debt
          of the
          Company through the issuance of common stock rather than the payment of
          cash.
          There have been no issuances under the Plans during the years ended March
          31,
          2008 and 2007, respectively.
 
 ***(B)
          Stock Issued For Services***
 
 On
          November 1, 2004, the Company entered into a financial services agreement
          with
          an unrelated third party to perform investor relations services. The initial
          term of the agreement was for a period of three months automatic extensions
          for
          successive one month terms unless cancelled by either party. Payment for
          services rendered shall be $4,000 per month plus an equity component of
          160,000
          restricted shares of common stock issued on November 24, 2004 (see Note
          8(A)
          above). These shares have been valued at $.05 per share based on the current
          market value. For the year ended March 31, 2005, the Company recorded consulting
          expense of $8,000 for the equity component.
 
 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. Total expenses recorded for the fiscal years ended March
          31,
          2007 and March 31, 2006 were $8,333 and $66,667, respectively.
 
 On
          October 1, 2005, the Company entered into a financial services agreement,
          amended February 16, 2006, with an unrelated third party to perform financial
          advisory and other professional  services
          for a period of eighteen months, with payment for services consisting of
          an
          aggregate of 12,500,000 shares common stock and stock purchase warrants
          expiring
          September 30, 2010 exercisable for an aggregate of 7,500,000 shares of
          common
          stock. Of the 12,500,000 common stock award, 5,500,000 shares were issued
          at an
          average value of $0.0333 per share based on market value on the dates issued,
          and 7,000,000 shares was issued at $0.0353 per share based on market value
          on
          the date issued, resulting in a cost of $430,228. 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 fair value of the stock purchase
          warrants was calculated using the Black Sholes pricing model, resulting
          in an
          additional cost of $94,492.
 
 The
          cost
          of the 5,500,000 share award and the stock purchase warrants will be expensed
          over the eighteen month period of the agreement. The cost of the 7,000,000
          share
          award was expensed upon issuance as no further services are to be performed.
          Total expenses recorded for the fiscal years ended March 31, 2008 and March
          31,
          2007 were $0 and $185,080, respectively.
  F-17
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2008 AND 2007**
  ***(C)*** ** ***Stock
          Issued for Officer Compensation***
 
 On
          February 6, 2006, the Board of Directors approved the issuance of 31,000,000
          shares of restricted common stock, 15,000,000 shares to each of Mssrs.
          Cirillo
          and Pipolo, both of whom are directors and officers of the Company, and
          1,000,000 to another employee, as additional compensation for services
          rendered
          to the Company. These shares have been valued at $.0232 per share, based
          on the
          current market value at date of issuance.
  ***(D)*** ** ***Preferred
          Stock Issued for Additional Financing from Related
          Party***
 
 Contemporaneously
          with the restructuring of the convertible debentures described in Note
          6, the
          Company sold to the holders of the convertible debentures 1,200 shares
          of Series
          A Convertible Preferred Stock (“Series A Preferred Stock”), par value $.001 per
          share, Stated Value $1,000 per share, in exchange for cash proceeds of
          $1,171,657 net of transaction costs of $28,343. 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. The Company had a stockholders’ deficiency at March 31, 2008
          and 2007; accordingly it did not have legally available funds available
          to
          declare and pay a dividend. As of March 31, 2008 and 2007, dividend arrearage
          on
          the Series A Cumulative Preferred Stock aggregated $248,942 and $176,942,
          respectively. Other provisions include:
 
 1.
                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.
  2.
                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.
  3.
                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.
  4.
                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.
  5.
                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. See Note 1 (J) for the potentially dilutive
                    effect
                    of the Series A Preferred Stock.
  The
          features of this Series A Preferred Stock require it to be accounted for
          as an
          embedded  derivative
          liability in accordance with EITF 00-19, Accounting
          for Derivative Financial  Instruments
          Indexed to and Potentially Settled in a Company’s Own Stock and SFAS
          133,  Accounting
          for Derivative Instruments and Hedging Activities. See Note
          7 for the valuation of  the
          derivative feature.
  6.
                In
                    accordance with EITF Topic D-98,Classification
                    and Measurement of Redeemable Securities,
                    the Series A Preferred Stock has been classified outside of permanent
                    equity on the Consolidated Balance Sheets, see Note 1 (N). The
                    valuation
                    of the Series A Preferred Stock is as
                    follows:
 Redemption
                      Value(1,200
                      shares, par value $.001 per share, Stated Value $1,000 per
                      share)
                  
                  $
                  1,200,000.00Financing
                      Costs incurred at Closing
                  
                  
                  (28,343.00
                  )Carrying
                      Cost
                  
                  $
                  1,171,657.00
  F-18
 **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2008 AND 2007**
  7.
                So
                    long as certain conditions are met, all shares of Series A Preferred
                    Stock
                    issued andoutstanding
                    on October 14, 2007, shall be automatically converted into shares
                    of
                    common stock atthe
                    Conversion Price. The holder of the preferred stock has not presented
                    the
                    shares forconversion.
  **NOTE
                  10**
                **RELATED
                    PARTY TRANSACTIONS**
 
 During
          the fiscal years ended March 31, 2008 and 2007, the Company purchased heating
          oil for resale from NRG Heat & Power, Inc. (“NRG”), NexGen Energy, LLC
          (“NexGen”) and Flaw, Inc. (“Flaw”), oil suppliers that are owned and managed by
          Mssrs. Cirillo and Pipolo, both of whom are directors and officers of the
          Company, in the aggregate amount of $946,751 and $519,782, respectively,
          or
          approximately 13% and 8%, respectively, of total heating oil purchased.
          In
          addition, during the years ended March 31, 2008 and 2007, the company paid
          NRG,
          NexGen and Flaw $544,909 and $441,842, respectively, for trucking to pick
          up and
          deliver fuel.
 
 As
          of
          March 31, 2008 and 2007, the amounts due (to) from the related parties
          referred
          to above amounted to ($221,616)  and
          $68,331, respectively.
 
 During
          the years ended March 31, 2008 and 2007, the Company had fuel sales of
          $14,460
          and $133,410, respectively, to NRG and Flaw.
 
 The
          Company has amounts due from various related entities and business transactions
          referred to above which are under common control. These entities are not
          considered to be variable interest entities requiring consolidation under
          FASB
          interpretation FIN 46(R), Consolidation of Variable Interest Entities,
          which
          requires the Company to evaluate its transactional and contractual relationships
          with other entities to determine whether any such entities are subject
          to
          consolidation, as they did not have a material effect on the Company’s financial
          position or on the consolidated results of operations.
 
 Due
          to
          the increased price of #2 fuel oil, and the financial condition of the
          Company,
          virtually all of the Company’s fuel suppliers required personal guarantees from
          the Officers in order to extend trade credit to purchase product to
          Clickableoil.com, Inc. In exchange for these guarantees, and in order to
          provide
          product for the Company’s operations, a security interest was filed on behalf of
          the Officers as individuals and by extension their related companies, against
          Clickableoil.com. This security interest allows for certain remedies under
          the
          law for recompense in the event of default of reimbursement by Clickableoil.com.
  For
          related party stock transactions, see Notes 6, 9 (B), and 9 (C).
 
 **NOTE
                    11**
                  **COMMITMENTS
                      AND
                      CONTINGENCIES**
 
 ***(A)
          Sales Commitments***
 
 As
          of
          March 31, 2008 and 2007, the Company had an aggregate obligation to deliver
          approximately 0 gallons and 346,000 gallons, respectively, of heating oil
          to
          customers at varying prices under fixed price contracts.
 
 ***(B)
          Forward Purchase Commitment***
 
 As
          of
          March 31, 2008 and 2007, the Company had entered into futures contracts
          with an
          unrelated supplier to purchase, in aggregate, approximately 0 gallons and
          42,000
          gallons, respectively, of heating oil for delivery in the winter season
          of the
          next fiscal year. The heating oil purchased was provided to customers under
          existing sales commitments (estimate based on number of customers) whereby
          the
          customers have agreed to purchase all of their heating oil from the Company.
          The
          amounts due under these contracts as of March 31, 2008 and 2007 total
          approximately $0 and $94,000, respectively, and are payable as deliveries
          are
          received by the Company. The contracts specified that the Company was to
          be bill
          for each delivery and the credit terms call for electronic transfer of
          funds
          within 10 days. The Company performed on all contracts during the heating
          season
          of 2007-2008.
  F-19
 **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2008 AND 2007**
  ***(C)
          Lease Agreement***
 
 On
          June
          20, 2006, the Company entered into a lease agreement with an unrelated
          third
          party for its administrative offices. The term of the lease is for five
          years
          commencing on August 1, 2006. Through July 2012 the current monthly rent
          is
          $3,593 with scheduled annual increases to $4,277 for year five, in addition
          there is a monthly charge for electric of $428.
 
 Year
                      Ending March 31,
                  
                  Amount2009
                  
                  $
                  52,0172010
                  
                  
                  54,2882011
                  
                  
                  56,5082012
                  
                  
                  19,107
 **NOTE
                        12**
                      **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 ($4,303,759) which includes non-cash derivative loss of
          ($2,953,613); excluding this item there would have been a net loss of
          ($1,350,146) and a negative cash flow from operations of ($948,102) for
          the year
          ended March 31, 2008 and a stockholders' deficiency of ($10,161,967) at
          March
          31, 2008. The ability of the Company to continue as a going concern is
          dependent
          on the Company's ability to raise additional funds 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
          plans include the raising of additional capital through private or public
          transactions and implementation of its business plan to increase revenues.
          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,
          The
          Company may be forced to seek protection under the bankruptcy laws. In
          that
          event, it is unclear whether the Company could successfully reorganize
          its
          capital structure and operations, or whether it could realize sufficient
          value
          for its assets to satisfy the Company’s creditors in full. Accordingly, should
          the Company be forced to file for bankruptcy protection, there is no assurance
          that the Company’s stockholders would receive any value.
  **NOTE
                    13******
                  **DERIVATIVE
                      INSTRUMENTS EXPENSE,
                      NET**
 
 Derivative
            instruments expense of $2,953,613 represents the net unrealized (non-cash)
            change during the year ended March 31, 2008, in the fair value of our
            derivative
            instrument liabilities related to certain warrants and embedded derivatives
            in
            our convertible debt and preferred stock that have been bifurcated and
            accounted
            for separately.
  F-20
 **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2008 AND 2007**
  **NOTE
                  14**
                **SUBSEQUENT
                    EVENTS**
 
 On
          April
          29, 2008, the shareholders of Clickable Enterprises, Inc. approved the
          following:
  The
          authorized shares of common stock were increased from 500,000,000 shares
          to
          2,000,000,000 of
          $.001
          par value common stock.
 
 The
          approval of a one for one hundred (1:100) reverse stock split of common
          stock.
 
 These
          actions, approved by the shareholders, would enable the Company to meet
          its
          obligation for the conversion of derivative instruments and preferred stock.
          As
          of July 10, 2008 the Company has not enacted the reverse stock
          split.
  F-21