**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, 2006**





Commission
      File Number 0-23737





**CLICKABLE
      ENTERPRISES, INC.**


(Name
      of
      Small Business Issuer in Its Charter)





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


****


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


(Address
      of principal executive offices) (Zip Code)





**** **(914)
      699-5190**


(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, 500,000,000 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. x





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 :
      $5,052,237





The
      aggregate market value as of June 16, 2006 of the voting common equity held
      by
      non- affiliates
      was $2,533,713 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**





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 June 16, 2006, there were
      310,956,826 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
            4**Part
                II**Item
                5.
            Market
                for Common Equity and Related Stockholder Matters and Small Business
                Issuer Purchases of Equity Securities
            5-6Item
                6.
            Management's
                Discussion and Analysis or Plan of Operation
            6-16Item
                7.
            Financial
                Statements
            16Item
                8.
            Changes
                in and Disagreements with Accountants on Accounting and Financial
                Disclosure
            17Item
                8A.
            Controls
                and Procedures
            17Item
                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
            20-22Item
                12.
            Certain
                Relationships and Related Transactions
            21Item
                13.
            Exhibits
            22-23Item
                14.
            Principal
                Accounting Fees and Services
            24CLICKABLE
              ENTERPRISES, INC. AND SUBSIDIARIESCONSOLIDATED
              FINANCIAL STATEMENTS AS OF MARCH 31, 2006 AND 2005
            F1-F16




*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 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.
      Approximately **** 10%
      of
      our customers are on a fixed price plan.





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, 2006 and 2005, the Company purchased heating
      oil for resale from NRG Heat & Power, LLC (“NRG”) and Flaw, Inc. (“Flaw”) in
      the amount of $186,379 and $125,983, respectively, or approximately 5% and
      6%,
      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, 2006, the total number of our employees was nine, of which eight
      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**





Our
      offices are located at 711 South Columbus Avenue, Mount Vernon, New York 10550.
      Under the lease for the Mount Vernon office, which commenced on June 1, 2003
      for
      a lease term of two years, monthly rent was $1,260 through December 31, 2003,
      and $1,470 from January 1, 2004 through May, 31, 2005. Beginning June 1, 2005,
      we began paying rent on a month-to-month basis and commenced negotiations for
      a
      new lease. The Company has continued on a month-to-month basis through the
      year
      ended March 31, 2006. The current monthly rent is approximately
      $1,860.





**ITEM
      3. LEGAL PROCEEDINGS**





None.





**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 June 16, 2005, there were approximately 465 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 June 16, 2006 was
      $0.0115. As of June 16, 2006, 310,956,826 shares of common stock were issued
      and
      outstanding, of which 217,389,466 were unrestricted shares with the remainder
      of
      93,567,360 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:




**2004-2005**First
                  Quarter
              
              $
              0.05
              
              $
              0.05Second
                  Quarter
              
              $
              0.05
              
              $
              0.05Third
                  Quarter
              
              $
              0.05
              
              $
              0.05Fourth
                  Quarter
              
              $
              0.75
              
              $
              0.05**2005-2006**First
                  Quarter
              
              $
              0.55
              
              $
              0.01Second
                  Quarter
              
              $
              0.08
              
              $
              0.02Third
                  Quarter
              
              $
              0.03
              
              $
              0.02Fourth
                  Quarter
              
              $
              0.04
              
              $
              0.01




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 2006 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. 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**





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





4




Pursuant
      to the Purchase Agreement described in that 8-K, on November 14, 2005, the
      Company sold an additional $250,000 of convertible debentures and 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.





The
      information required by Item 701 of Regulation S-B regarding our entering into
      a
      Securities Purchase Agreement for the private placement of $1,000,000 of
      convertible debentures and warrants to purchase shares of common stock on March
      21, 2006 and our closing on March 22, 2006 on the sale of such convertible
      debentures and issuance of warrants to purchase 4,000,000 shares of common
      stock
      is incorporated herein by reference to our Current Report on Form 8-K filed
      with
      the Securities and Exchange Commission on March 28, 2006.





**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, 2006 and 2005 included in the this Form 10-KSB.




**Financial
      Condition**




We
      had
      net losses of $(2,223,302) and $(1,254,402) during the years ended March 31,
      2006 and 2005, respectively. As of March 31, 2006, we had a cash balance of
      $1,001,903 and current liabilities of $1,307,483 with obligations of $511,729
      to
      trade creditors, $629,236 in interest payable and $131,369 in miscellaneous
      current liabilities, as well as total long-term obligations in the principal
      amount of $3,246,335 to convertible debenture holders and $85,643 miscellaneous
      non-current liabilities. As described in Note 6 to the consolidated financial
      statements, during the fiscal year ended March 31, 2006, we entered into two
      financing transactions with the holders of the Company’s convertible debentures
      pursuant to which we sold an aggregate of $1,900,000 of convertible debentures.
      As described in Note 11 to the consolidated financial statements, on April
      4,
      2006, we entered into a financial services agreement with an unrelated third
      party to serve as placement agent for a private placement of up to $15,000,000
      of common stock. However, there is no assurance that our efforts to conduct
      such
      a private placement 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 2006 and
      2005
      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, 2006, the Company's liability for non-interest bearing
      cash advances and oil purchases from NRG Heat & Power, LLC (“NRG”) and Flaw,
      Inc. (“Flaw”), oil suppliers that are owned and managed by Messrs. Cirillo and
      Pipolo, officers and directors of the Company, decreased in the net amount
      of
      $30,676. As of March 31, 2005, the non-interest bearing obligation of $15,965
      from NRG and Flaw is included in due from related parties in current assets.
      During the years ended March 31, 2006 and 2005, the Company purchased oil for
      resale from NRG and Flaw in the amount of $186,379 and $125,983, respectively.





During
      the years ended March 31, 2006 and 2005, the company paid NexGen Energy, LLC
      (“NexGen”), a company owned by Messrs. Cirillo, Pipolo and another stockholder,
      $201,506 and $114,001, respectively, for trucking to pick up and deliver of
      fuel. As of March 31, 2005, the Company owed $12,500 to NexGen for accrued
and
      unpaid interest pertaining to an earlier obligation that was satisfied with
      the
      issuance of common stock effective January 27, 2004. During the year ended
      March
      31, 2006, the Company satisfied this obligation.





5




During
      the years ended March 31, 2006 and 2005, the Company had fuel sales of $54,786
      and $60,172, respectively, to NRG and Flaw.




**Year
      Ended March 31, 2006 Compared To Year Ended March 31, 2005**




***Overall
      Results Of Operations***




For
      the
      year ended March 31, 2006, we incurred an overall loss of $(2,223,302), or
      ($.02) per share, which was an increase of $968,899 from the net loss of
      $(1,254,402), or ($.02) per share for the prior period. The net losses for
      the
      years ended March 31, 2006 and 2005 include non-cash expenses including interest
      expense of $408,543 and $613,151, respectively, of which $207,347 and $383,333,
      respectively, relates to debt discount amortization expense, and expense charges
      for stock issued for services of $1,125,507 and $8,000, respectively. The year
      ended March 31, 2005 also includes $188,542 of amortization of deferred
      compensation and a gain of $250,000 for the forgiveness of interest accrued
      and
      unpaid for the convertible debentures. The increase in expense charges for
      stock
      issued for services and employee expenses are the principal causes of the
      increase of $968,899 in the loss from operations.





***Sales***





Total
      sales revenue for the year ended March 31, 2006 was $5,052,237 compared to
      $2,442,466 for the year ended March 31, 2005. The total increase of $2,609,771,
      or 106.8%, can be attributed principally to a sharp increase in the average
      selling price per gallon to $2.25 from $1.58, or 42.3%, caused by worldwide
      market conditions, and an increase in gallons sold of 45.3%. The increase in
      gallons sold is attributable to a larger customer base that increased
      principally through acquisition of three heating oil distributors’ businesses,
      and to a lesser extent marketing activities, partially offset by fewer degree
      days in the current period due to warmer weather conditions in January-March
      2006 compared to the same period in 2005.





***Gross
      Profit***




Gross
      profit increased by $394,092 to $479,283, or 463%, for the year ended March
      31,
      2006 compared to $85,191 for the year ended March 31, 2005. We also experienced
      an increase in gross margin to 9.5% from 3.5% for the year ended March 31,
      2006
      compared to the year ended March 31, 2005. The increase in gross profit is
      attributable to both the increase in gallons sold and the gross margin increase.
      The latter is principally due to the relatively more rapid and dramatic increase
      in product cost and rising transportation expenses experienced in the year
      ended
      March 31, 2005 compared to that experienced in the current year. This typically
      has an adverse impact on margins since heating oil retailers generally cannot
      raise selling prices as quickly as product costs increase in a rising market.
      Conversely, selling prices generally do not fall as quickly as product costs
      decrease in a falling market which is to the advantage of heating oil retailers
      such as us. Gross profit in the earlier period was also adversely affected
      by
      the need for the Company to liquidate certain hedging positions (at $.85 per
      gallon) that it had entered to match fuel costs to fixed price customer
      contracts. These positions were liquidated to make additional funds available
      to
      meet current operating cash needs early in the fiscal year.





Fuel
      oil
      costs, inclusive of delivery expenses, averaged $2.03 per gallon during the
      current year compared to $1.52 in the prior year, or an increase of 33.5%.
      The
      effect of the relatively lower percentage increase in fuel oil cost compared
      to
      the percentage increase in average selling price was to increase both gross
      profit and gross margin for current year.





***Operating
      Expenses***




Total
      operating expenses for the year ended March 31, 2006 increased by $1,327,910
      to
      $2,327,238 from $999,328 for the year ended March 31, 2005, due principally
      to
      an increase in expense charges for stock issued for services to consultants
      to
      $247,100 from $8,000 and to two executive officers to $719,200 from $0, and
      employee compensation to $526,241 from $316,926.




6




***Other
      Income (Expense)***




Interest
      expense decreased $204,608 to $408,543 for the year ended March 31, 2006 from
      $613,151, for the year ended March 31, 2005, attributable to lower debt discount
      expense, as well as the reduction of interest charges on convertible debentures
      due to the greater effect of conversions of convertible debentures compared
      to
      the issuance of new convertible debentures.





**Year
      Ended March 31, 2005 Compared To Year Ended March 31, 2004**





***Overall
      Results Of Operations***




For
      the
      year ended March 31, 2005, we incurred an overall loss of $(1,254,402), or
      ($.02) per share, which was a decrease of $64,675 from the net loss of
      $(1,319,077), or ($.03) per share for the prior period. The net losses for
      the
      years ended March 31, 2005 and 2004 included non-cash expenses, including
      interest expense of $613,151 and $641,062, respectively, of which $383,333
      and
      $416,667, respectively, related to debt discount amortization expense, and
      expense charges for stock issued for services of $8,000 and $213,958,
      respectively. The results for the year ended March 31, 2005 also included
      $188,542 of amortization of deferred compensation and a gain of $250,000 for
      the
      forgiveness of interest accrued and unpaid for the convertible debentures.
      The
      gain for the forgiveness of interest offset an increase of $233,918 in the
      loss
      from operations.





***Sales***





Total
      sales revenue for the year ended March 31, 2005 was $2,442,466 compared to
      $1,879,565 for the year ended March 31, 2004. The total increase of $562,901,
      or
      29.9%, can be attributed principally to a sharp increase in the average selling
      price per gallon to $1.58 from $1.23, or 28%, caused by world market conditions,
      and an increase in gallons sold of 2%. The increase in gallons sold is
      attributable to a larger customer base that increased principally through
      marketing activities, partially offset by fewer degree days in January and
      February 2005 as compared to the same period in 2004.





***Gross
      Profit***




Gross
      profit decreased by $167,245 to $85,191, or 66.3%, for the year ended March
      31,
      2005 compared to $252,436 for the year ended March 31, 2004, while gross margin
      decreased to 3.5% from 13.4% from period to period. This is principally due
      to
      the rapid and dramatic increase in product cost and rising transportation
      expenses experienced in the year ended March 31, 2005. Heating oil retailers
      generally cannot raise selling prices as quickly as product costs increase
      in a
      rising market; conversely, selling prices generally do not fall as quickly
      as
      product costs decrease in a falling market. Gross profit in fiscal 2005 was
      also
      adversely affected by the need for the Company to liquidate certain hedging
      positions (at $.85 per gallon) that it had entered to match fuel costs to fixed
      price customer contracts. These positions were liquidated to make additional
      funds available to meet current operating cash needs early in fiscal 2005.
      This
      action resulted in fuel oil purchases at a higher average cost of $1.52 per
      gallon during fiscal 2005 as compared to $1.07 in the prior year, the effect
      of
      which was to reduce gross profit fiscal 2005 by approximately $52,000, and
      contributed to the decrease in gross margin.





***Operating
      Expenses***




Total
      operating expenses for the year ended March 31, 2005 increased by $66,673 to
      $999,328 from $932,655 for the year ended March 31, 2004 due principally to
      increases in employee compensation, amortization of deferred compensation and
      professional fees associated with debt restructuring and financing matters,
      offset by a $42,000 reduction in advertising expense.




7




***Other
      Income (Expense)***




Interest
      expense decreased $27,911 to $613,151 for the year ended March 31, 2005 from
      $641,062, for the year ended March 31, 2004, attributable to slightly lower
      debt
      discount expense, as well as the reduction in the convertible debentures
      interest rate to 8% from 10% in connection with the October 15, 2004 amendment
      described in Note 5 to the consolidated financial statements accompanying the
      Company’s Report on Form 10-KSB for the year ended March 31, 2005.




**Liquidity
      and Capital Resources**




***Overview***




As
      of
      March 31, 2006, we had a cash balance of $1,001,903 and a negative cash flow
      from operations of $697,503. Since inception through the period ended March
      31,
      2006, we have financed our operations through private placements of both debt
      and equity and through loans from related parties. As of March 31, 2006, we
      have
      available an unused line of credit for $100,000.





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 “Notes”). Closing under the Securities
      Purchase Agreement occurred on March 22, 2006. In addition to the Notes, at
      closing the Company issued warrants exercisable for 4,000,000 shares of common
      stock at $.10 per share. We do not believe that the proceeds from the Notes
      will
      be sufficient for the next twelve-month period to meet our working capital
      needs, including funds needed to (a) attract additional customers through
      marketing and promotional efforts or (b) acquire customer lists.





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 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:




Ÿ
              Extension
                  of the then-expired maturity dates of all convertible debentures
                  to
                  October 15, 2007;


Ÿ
              Modification
                  of the conversion price by eliminating the ceiling price of $.05
                  per
                  share;


Ÿ
              Lowering
                  the interest rate to 8% from 10%;
                  and


Ÿ
              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, 2006, the Company owed, in the aggregate, $3,246,335 on all of the
      convertible debentures and
      $629,236 of related accrued interest that is included in current liabilities.
      As
      of March 31, 2006, none of the related stock purchase warrants had been
      exercised.





Each
      convertible debentures issue sold contains a beneficial conversion feature
      computed at its intrinsic value which is the difference between the conversion
      price and the fair market value of the Company’s common stock on the debenture
      issuance date, multiplied by the number of shares into which the debt is
      convertible at the commitment date. Since the beneficial conversion feature
      is
      to be settled by issuing equity, the amount attributed to the beneficial
      conversion feature, an amount equal to each convertible debentures issue is
      recorded as a discount on the debt and as a component of additional paid-in
      capital at the time of the sale. Such amounts are accreted over the respective
      terms of each convertible debenture issue as interest expense in accordance
      with
      EITF 00-27. For the years ended March 31, 2006 and 2005, the Company accreted
      $207,347 and $383,333, respectively, of debt discount as interest
      expense.





8




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 $337,000 at March 31, 2006; accordingly, it
      does not have legally available funds available to declare and pay a dividend,
      and, as of March 31, 2006, a dividend arrearage on the Series A Preferred Stock
      aggregated approximately $106,000. Other provisions relating to the Series
      A
      Preferred Stock include:





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





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





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





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





Ÿ
            Each
                share of Series A Preferred Stock is convertible into common shares
                at the
                Conversion Price generally set at 85% of the average of the lowest
                three
                Average Daily Prices, as defined the Certificate of Designation,
                for the
                Company’s common stock during the 20-day trading period prior to the date
                of a conversion notice. In connection with this discounted conversion
                feature, the Company recorded a discount to Series A Preferred Stock
                in
                the amount of $212,000, which is being amortized over the 36-month
                period
                prior to the automatic conversion date described below, unless conversion
                occurs prior to that date. During the year ended March 31, 2006,
                amortization of $71,000 was charged to accumulated deficit.





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





The
      report of the independent certified public accountants on our consolidated
      financial statements as of March 31, 2006 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 $6,674,248 of March 31, 2006. 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 although as of March 31, 2006
      we
      had $1,307,483 of current liabilities and working capital of $634,244. 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.





9




The
      Company has total liabilities and contractual obligations of $4,639,461 as
      of
      March 31, 2006. 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
            
            $
            3,246,335
            
            $
            -
            
            $
            3,246,335Accounts
                Payable and Accrued Expenses
            
            
            569,228
            
            
            569,228
            
            
            -Installment
                obligation**1**
            
            
            105,788
            
            
            39,185
            
            
            66,603Accrued
                Interest
            
            
            629,236
            
            
            629,236
            
            
            -Other
            
            
            88,874
            
            
            69,835
            
            
            19,039Total
                Contractual Obligations
            
            $
            4,639,461
            
            $
            1,307,484
            
            
            3,331,977





**1**
            The
                purchase price of a customer list acquired by the Company during
                the year
                ended March 31, 2006 included an obligation to make 36 fixed monthly
                installment payments of $4,000 each, or $144,000 in total. The Company
                recorded a discounted liability in the amount of $123,964, of which
                a
                balance of $105,788 is remaining at March 31,
                2006.





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,
      2006
      and 2005:




**Net
      Cash Used In Operating Activities**




Net
      cash
      used in operating activities was $697,503 and $830,669 in the years ended March
      31, 2006 and 2005, respectively. The cash used in operating activities for
      the
      year ended March 31, 2006 was principally the result of a net loss of
      $2,223,302, a seasonal increase in accounts receivable of $288,694 attributable
      to a higher level of sales volume and the addition of customers not paying
      by
      credit card, offset by non-cash charges of $1,125,507 for charges for stock
      issued for services and $317,051 for other items, a seasonable increase in
      accounts payable and accrued expenses of $180,971 attributable to increased
      spending and an increase in accrued interest of $195,205. The use of cash in
      operating activities for the year ended March 31, 2005 was principally the
      result of a net loss of $1,254,402, a seasonal increase in accounts receivable
      of $204,856, offset by non-cash charges of $692,490 and an increase in accrued
      interest of $228,644.




**Net
      Cash Used In Investing Activities**




We
      used
      $399,494 and $95,945, respectively, during the years ended March 31, 2006 and
      2005, respectively, for the acquisition of customer lists in both fiscal years,
      and fixed assets.




**Net
      Cash Provided By Financing Activities**




Net
      cash
      provided by financing activities for the year ended March 31, 2006 was
      $1,725,991, principally attributable to the proceeds from convertible debentures
      of $1,856,667, net of financing costs, offset by a net decrease in related
      party
      debt of $30,676. Net cash provided by financing activities for the year ended
      March 31, 2005 was $1,168,620, principally from funds provided by the sale
      of
      convertible debentures of $1,171,657, net of financing costs.





10


**Recently
      Issued Accounting Pronouncements**





In
      November 2004, the Financial Accounting Standards Board issued Statement of
      Financial Accounting Standards No. 151, “Inventory Costs” (“SFAS No. 151”). SFAS
      No. 151 amends the guidance in ARB No. 43 Chapter 4 Inventory Pricing to require
      items, such as idle facility costs, excessive spoilage, double freight and
      rehandling costs, to be treated as expenses in the current period, regardless
      if
      they are abnormal amounts or not. SFAS No. 151 will become effective for the
      Company in the first quarter of 2006. The Company is primarily a service
      provider and as such the adoption of SFAS No. 151 is not expected to have
      significant effect on the Company’s financial statements.





In
      December 2004, the Financial Accounting Standards Board (“FASB”) issued
      Statement of Financial Accounting Standards No. 123(R), “Share-Based Payment”
(“SFAS No. 123(R)”). SFAS No. 123(R) revises SFAS No. 123, “Accounting for
      Stock-Based Compensation” and supersedes APB Opinion No. 25, “Accounting for
      Stock Issued to Employees”. SFAS No. 123(R) focuses primarily on the accounting
      for transactions in which an entity obtains employee services in share-based
      payment transactions. SFAS No. 123(R) requires companies to recognize in the
      statement of operations the cost of employee services received in exchange
      for
      awards of equity instruments based on the grant-date fair value of these awards
      (with limited exceptions). SFAS No. 123(R) is effective as of the first interim
      or annual reporting period that begins after June 15, 2005 for non-small
      business issuers and after December 15, 2005 for small business issuers. Accordingly,
      the Company will adopt SFAS 123(R) in its quarter ending June 30, 2006. The
      Company is currently evaluating the provisions of SFAS 123(R) and has not yet
      determined the impact, if any, that it will have on its financial statement
      presentation or disclosures.




In
      May
      2005, the FASB issued SFAS No. 154, "Accounting Changes and Error Corrections"
      ("SFAS 154") which replaces Accounting Principles Board Opinions No. 20
      "Accounting Changes" and SFAS No. 3, "Reporting Accounting Changes in Interim
      Financial Statements-An Amendment of APB Opinion No. 28." SFAS 154 provides
      guidance on the accounting for and reporting of accounting changes and error
      corrections. It establishes retrospective application, or the latest practicable
      date, as the required method for reporting a change in accounting principle
      and
      the reporting of a correction of an error. SFAS 154 is effective for accounting
      changes and corrections of errors made in fiscal years beginning after December
      15, 2005 and is required to be adopted by the Company in the first quarter
      of
      fiscal 2007. The Company is currently evaluating the effect that the adoption
      of
      SFAS 154 will have on its consolidated results of operations and financial
      condition.




The
      Emerging Issues Task Force (“EITF”) reached a tentative conclusion on EITF No.
      05-1, Accounting
      for the Conversion of an Instrument that Becomes Convertible upon the Issuer’s
      Exercise of a Call Option (“EITF
      No. 05-1”) that no gain or loss should be recognized upon the conversion of an
      instrument that becomes convertible as a result of an issuer’s exercise of a
      call option pursuant to the original terms of the instrument. The consensus
      for
      EITF No. 05-1 has not been finalized. The adoption of this pronouncement is
      not
      expected to have an impact on our consolidated financial position, results
      of
      operations or cash flows.





In
      June
      2005, the FASB ratified EITF No. 05-2, The
      Meaning of “Conventional Convertible Debt Instrument” in EITF
      No. 00-19, Accounting
      for Derivative Financial Instruments Indexed to, and Potentially Settled in,
      a
      Company’s Own Stock (“EITF
      No. 05-2”), which addresses when a convertible debt instrument should be
      considered conventional for the purpose of applying the guidance in EITF No.
      00-19 for conventional convertible debt instruments and indicated that
      convertible preferred stock having a mandatory redemption date may qualify
      for
      the exemption provided under EITF No. 00-19 for conventional convertible debt
      if
      the instrument’s economic characteristics are more similar to debt than equity.
      EITF No. 05-2 is effective for new instruments entered into and instruments
      modified in periods beginning after June 29, 2005. The Company has applied
      the
      requirements of EITF No. 05-2 since the required implementation date. The
      adoption of this pronouncement did not have an impact on the Company’s
      consolidated financial position, results of operations or cash
      flows.





EITF
      No.
      05-4, The
      Effect of a Liquidated Damages Clause in a Freestanding Financial
      Instrument subject
      to EITF No. 00-19, Accounting
      for Derivative Financial Instruments Indexed to, and Potentially Settled in,
      a
      Company’s Own Stock (“EITF
      No. 05-4”) addresses financial instruments, such as stock purchase warrants,
      which are accounted for under EITF 00-19 that may be issued at the same time
      and
      in contemplation of a registration rights agreement that includes a liquidated
      damages clause. The consensus for EITF No. 05-4 has not been finalized.




11




***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, 2006 and 2005, we had net losses of $2,223,302
      and
      $1,254,402, respectively. We expect to continue to incur significant operating
      expenses until such time as the volume of heating oil sold increases and/or
      we
      add ancillary products or product lines to our business.





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





In
      their
      report dated June  13,
      2006
      on our consolidated financial statements for the fiscal year ended
      March 31, 2006, our independent auditors have expressed doubt about
      our ability to continue as a going concern. Our ability to continue as a going
      concern is a result of recurring losses from operations, a stockholders'
      deficit, and requirement for a significant amount of capital financing to
      proceed with our business plan. Our ability to continue as a going concern
      is
      subject to our ability to generate a profit 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.





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





We
      had
      working capital as of March 31, 2006 solely as a result of the sale of
      convertible debentures in the amount of $1,000,000 on March 21, 2006. Our
      current liabilities would have exceeded our current assets by $356,756. 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.
      While
      we had working capital as of March 31, 2006, 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.





*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:




12


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




·
            we
                may be viewed as a high market
                risk.





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





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





Although
      we closed on $1,900,000 of convertible debentures during the fiscal year ended
      March 31, 2006, our business operations will be harmed if we are unable to
      obtain additional funding from related parties or from other investors or
      lenders. We do not know if additional financing will be available when needed,
      or if it is available, if it will be available on acceptable terms. Insufficient
      funds may prevent us from implementing our business strategy or may require
      us
      to delay, scale back or eliminate certain business opportunities for our product
      and services.





*RISKS
      RELATING TO OUR CURRENT FINANCING AGREEMENTS:*





*POSSIBILITY
      OF ANOTHER DEFAULT ON OUR CONVERTIBLE DEBENTURES*





Prior
      to
      a restructuring on October 15, 2004, convertible debentures issued in 2001,
      2002
      and June 2003 aggregating $2,517,949 had matured and were in
      default. **** There
      can
      be no assurance that we will be successful in generating the cash flow or
      raising the funds necessary to retire these debentures now with maturity dates
      of October 15, 2007 and the additional debentures issued during the fiscal
      year
      ended March 31, 2006 **** with
      maturity dates of June 30, 2008 and March 22, 2009. 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
      June 16, 2006, we had 310,956,826  shares
      of
      common stock issued and outstanding, outstanding convertible debentures and
      shares of convertible preferred stock that may be converted into an estimated
      962,704,467 shares of common stock at current market prices, and outstanding
      warrants to purchase up to 17,000,000 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.





*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 $0.0115 per share on June 16, 2006:




13





**Percentage
                Below Market**
            
            **Price
                Per Share**
            
            **Number
                of Shares**
              **Issuable**
            
            **Percentage**
              **of
                Outstanding**
              **Shares**25%
            
            $
            0.0086
            
            
            933,456,198
            
            
            92
            %50%
            
            $
            0.0058
            
            
            1,391,684,297
            
            
            95
            %75%
            
            $
            0.0029
            
            
            2,766,368,593
            
            
            97
            %




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





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





We
      entered into Securities Purchase Agreements for the sale of an aggregate of
      $800,000 of convertible debentures in fiscal 2004 and assumed $1,717,949 of
      convertible debentures in the merger and recapitalization transaction with
      ClickableOil.com, Inc. that, less an aggregate reduction of $1,834,758 through
      June 16, 2006 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. 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.*





14




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:





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





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





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





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





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





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





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





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





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





**ITEM
      7. FINANCIAL STATEMENTS**





The
      Company's consolidated financial statements as of and for the fiscal year ended
      March 31, 2006 have been examined to the extent indicated in their report by
      Simontacchi & Company, LLP., independent certified accountants, 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**





15




As
      previously reported on our Current Report on Form 8-K filed with the Securities
      and Exchange Commission (“SEC”) on November 8, 2005 and on our Current Report on
      Form 8-K/A filed with the SEC on January 26, 2006, we dismissed Weinberg &
Company, P.A. as the auditor for Clickable Enterprises, Inc. on November 8,
      2005. Effective November 7, 2005 we engaged Simontacchi & Company, LLP
      ("Simontacchi") to serve as the independent public accountants to audit our
      financial statements for the fiscal year ending March 31, 2006.





**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
      quarter ended March 31, 2006.





**ITEM
      8B. OTHER INFORMATION**





None.




16


**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******
              
              **Position**Nicholas
                  Cirillo, Jr.
              
              43
              
              Chief
                  Executive Officer, President andc/o
                  ClickableOil.com, Inc.
              
              
              
              Director711
                  South Columbus AvenueMount
                  Vernon, NY 10550Guy
                  Pipolo
              
              43
              
              Chief
                  Operating Officer, Chief Financialc/o
                  ClickableOil.com, Inc.
              
              
              
              Officer
                  and Director711
                  South Columbus AvenueMount
                  Vernon, NY 10550David
                  Rodgers
              
              53
              
              Secretary
                  and Directorc/o
                  ClickableOil.com, Inc.711
                  South Columbus AvenueMount
                  Vernon, NY 10550
  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.




17




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 this report.





**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, 2006, there
      was
      compliance with all Section 16(a) filing requirements applicable to our
      officers, directors and greater than 10% beneficial owners.





**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 2006, 2005 and 2004. 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.




Annual
                  Compensation
              
              
              
              Long-Term
                  CompensationAwards
              
              PayoutsOther
              
              RestrictedAnnual
              
              Stock
              
              Options/
              
              LTIP
              
              All
                  OtherName
                  and
              
              
              
              Salary
              
              Bonus
              
              Compensation
              
              Award(s)
              
              SARs
              
              Payouts
              
              CompensationPrincipal
                  Position
              
              Year
              
              ($)
              
              ($)
              
              ($)
              
              ($)
              
              (#)
              
              ($)
              
              ($)Nicholas
                  Cirillo, Jr.
              
              
              2006
              
              
              53,846
              
              
              0
              
              
              0
              
              
              348,000(1
              )
              
              0
              
              
              0
              
              
              0CEO
                  and President
              
              
              2005
              
              
              15,000
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              02004
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              0Guy
                  Pipolo
              
              
              2006
              
              
              53,846
              
              
              0
              
              
              0
              
              
              348,000(1
              )
              
              0
              
              
              0
              
              
              0COO
                  and CFO
              
              
              2005
              
              
              15,000
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              02004
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              0
              
              
              0





(1)
      At
      the end of the Company’s last completed year, each of Messrs. Cirillo and Pipolo
      had aggregate restricted stock holdings of 15,000,000 shares of common stock
      valued at $450,000 based upon the value of the Company’s common stock as of
      March 31, 2006 ($0.03 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.





18




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**





None
      of
      the Company’s current executive officers has an employment or severance
      agreement with the Company, and each executive officer’s employment may be
      terminated at any time at the discretion of the Board of Directors.





**Director
      Compensation**





None
      of
      the Company’s directors are compensated.





**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 June 16, 2006 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., 711 South Columbus Avenue, Mount Vernon, New York
      10550.





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 310,956,826 shares of common
      stock outstanding as of June 16, 2006.




Common
                  Stock Beneficially OwnedName
                  and Address
              
              Number
              
              PercentNicholas
                  Cirillo, Jr. (1)
              
              
              34,932,420
              
              
              11.2
              %Guy
                  Pipolo (1)
              
              
              34,932,420
              
              
              11.2
              %David
                  Rodgers (1)
              
              
              19,030,020
              
              
              6.1
              %All
                  Executive Officers and Directors as a Group
              
              
              88,894,860
              
              
              28.6
              %





(1)  All
      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, (b) NexGen Energy, LLC, a New York limited liability company
      in
      which Messrs. Cirillo, Pipolo and Rodgers each owns a 33.33% interest and (c)
      NRG Heat and Power, LLC, a New York limited liability company in which Messrs.
      Cirillo and Pipolo each owns a 50% interest.




19




**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, 2006, 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.




20


**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, 2006, the Company's liability for non-interest bearing
      cash advances and oil purchases from NRG Heat & Power, LLC (“NRG”) and Flaw,
      Inc. (“Flaw”), oil suppliers that are owned and managed by Messrs. Cirillo and
      Pipolo, officers and directors of the Company, decreased in the net amount
      of
      $30,676. As of March 31, 2005, the non-interest bearing obligation of $15,965
      from NRG and Flaw is included in due from related parties in current assets.
      During the years ended March 31, 2006 and 2005, the Company purchased oil for
      resale from NRG and Flaw in the amount of $186,379 and $125,983, respectively.





During
      the years ended March 31, 2006 and 2005, the company paid NexGen Energy, LLC
      (“NexGen”), a company owned by Messrs. Cirillo, Pipolo and another stockholder,
      $201,506 and $114,001, respectively, for trucking to pick up and delivery of
      fuel. As of March 31, 2005, the Company owed $12,500 to NexGen for accrued
      and
      unpaid interest pertaining to an earlier obligation that was satisfied with
      the
      issuance of common stock effective January 27, 2004. During the year ended
      March
      31, 2006, the Company satisfied this obligation.





During
      the years ended March 31, 2006 and 2005, the Company had fuel sales of $54,786
      and $60,172, respectively, to NRG and Flaw.








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.





**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 June 29,
                2003 in
                the principal sum of $794,119.79, issued to AJW Partners, LLC
                (Incorporated by reference to our Registration Statement on Form
                SB-2
                filed August 3, 2001).4.2
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due June 29,
                2003 in
                the principal sum of $398,829.30, issued to AJW Partners, LLC
                (Incorporated by reference to our Registration Statement on Form
                SB-2
                filed August 3, 2001).4.3
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due August
                13, 2003
                in the principal sum of $125,000, issued to New Millennium Capital
                Partners II, LLC (Incorporated by reference to our Current Report
                on Form
                8-K filed August 14, 2001).4.4
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due August
                13, 2003
                in the principal sum of $125,000, issued to AJW Partners, LLC
                (Incorporated by reference to our Current Report on Form 8-K filed
                August
                14, 2001).




21




**Exhibit
                  No.**
              
              **Description****(1)**


4.5
            
            Security
                Agreement among the Company and the Initial Purchasers (Incorporated
                by
                reference to our Current Report on Form 8-K filed July 17, 2001).4.6
            
            Intellectual
                Property Security Agreement among the Company and the Initial Purchasers
                (Incorporated by reference to our Current Report on Form 8-K filed
                July
                17, 2001).4.7
            
            Secured
                Convertible Debenture Purchase Agreement dated as of May 8, 2002
                among the
                Company and AJW Partners, LLC, New Millennium Capital Partners II,
                LLC,
                Pegasus Capital Partners, LLC and AJW/New Millennium Offshore Ltd.
                (the
                "Subsequent Purchasers") (Incorporated by reference to our Registration
                Statement on SB-2 filed June 21, 2002).4.8
            
            Registration
                Rights Agreement dated as of May 8, 2002, among the Company and the
                Subsequent Purchasers (Incorporated by reference to our Registration
                Statement on SB-2 filed June 21, 2002).4.9
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $37,500, issued to New Millennium Capital Partners
                II, LLC (Incorporated by reference to our Registration Statement
                on SB-2
                filed June 21, 2002).4.10
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $37,500, issued to AJW Partners, LLC (Incorporated
                by
                reference to our Registration Statement on SB-2 filed June 21, 2002).4.11
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $112,500, issued to Pegasus Capital Partners,
                LLC
                (Incorporated by reference to our Registration Statement on SB-2
                filed
                June 21, 2002).4.12
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $112,500, issued to AJW/New Millennium Offshore
                Ltd.
                (Incorporated by reference to our Registration Statement on SB-2
                filed
                June 21, 2002).4.13
            
            Security
                Agreement among the Company and the Subsequent Purchasers (Incorporated
                by
                reference to our Registration Statement on SB-2 filed June 21, 2002).4.14
            
            Intellectual
                Property Security Agreement among the Company and the Subsequent
                Purchasers (Incorporated by reference to our Registration Statement
                on
                SB-2 filed June 21, 2002).4.15
            
            Securities
                Purchase Agreement among the Company and AJW Partners, LLC, AJW Offshore,
                Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners
                II,
                LLC, dated June 30, 2005 (Incorporated by reference to our Form 10-QSB
                for
                the period ended June 30, 2005 filed on August 24,
                2005).4.16
            
            Form
                of Callable Secured Convertible Note entered into in connection with
                Exhibit 4.15 (Incorporated by reference to our Form 10-QSB for the
                period
                ended June 30, 2005 filed on August 24, 2005).4.17
            
            Form
                of Stock Purchase Warrant entered into in connection with Exhibit
                4.15
                (Incorporated by reference to our Form 10-QSB for the period ended
                June
                30, 2005 filed on August 24, 2005).4.18
            
            Security
                Agreement among the Company and AJW Partners, LLC, AJW Offshore,
                Ltd., AJW
                Qualified Partners, LLC and New Millennium Capital Partners II, LLC,
                dated
                June 30, 2005 (Incorporated by reference to our Form 10-QSB for the
                period
                ended June 30, 2005 filed on August 24, 2005).4.19
            
            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
                (filed
                herewith).4.20
            
            Form
                of 6% Callable Secured Convertible Note issued in connection with
                Exhibit
                4.19 (filed herewith).




22




**Exhibit
                  No.**
              
              **Description****(1)**


4.21
            
            Form
                of Stock Purchase issued in connection with Exhibit 4.19 (filed
                herewith).4.22
            
            Security
                Agreementdated
                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 (filed
                herewith).10.1
            
            IndependentContractor/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 (filed
                herewith).10.5
            
            Asset
                Purchase Agreement, dated as of July 15, 2005, entered into by and
                among
                Clickable Enterprises, Inc. and Allamuchy Transport, Inc. (filed
                herewith).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).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).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.
  23


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





**Audit
      Fees.** The
      aggregate fees billed for
      professional services rendered by
      the
      Company’s principal accountant were $61,625
      and $83,457 for the audit of the Company’s annual financial statements for the
      fiscal years ended March 31, 2006 and 2005, 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
      $42,750 in the fiscal year ended March 31, 2006 and $0 in the fiscal year ended
      March 31, 2005. Weinberg, the Company’s former principal accountant, billed
      $18,875 in the fiscal year ended March 31, 2006 and $83,457 in
      the
      fiscal year ended March 31, 2005.





**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
      accountant for the fiscal years ended March 31, 2006 and 2005.





24




**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:
                June 29, 2006





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.*Nicholas
                Cirillo, Jr.
            
            President,
                Chief Executive Officer
              (Principal
                Executive Officer) and Director
            
            June
                29, 2006*/s/
                Guy Pipolo*Guy
                Pipolo
            
            Chief
                Operating Officer, Chief Financial Officer
              (Principal
                Financial Officer) and Director
            
            June
                29, 2006*/s/
                David Rodgers*David
                Rodgers
            
            Secretary
                and Director
            
            June
                29, 2006




25


**EXHIBIT
      INDEX**




**Exhibit
                No.**
            
            **Description****(1)**3(i)(a)
            
            Articles
                of Incorporation (Incorporated by reference to our Registration Statement
                on Form 10-SB filed February 6, 1998).3(i)(b)
            
            Certificate
                of Amendment (Incorporated by reference to our Registration statement
                on
                Form SB-2/A filed on May 14, 2004).3(i)(c)
            
            Certificate
                of Designations, Preferences, and Rights of Series A Convertible
                Preferred
                Stock of Clickable Enterprises, Inc. (Incorporated by reference to
                our
                Current Report on Form 8-K filed November 16, 2004)3(ii)
            
            Bylaws
                (Incorporated by reference to our Registration Statement on Form
                10-SB
                filed February 6, 1998).4.1
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due June 29,
                2003 in
                the principal sum of $794,119.79, issued to AJW Partners, LLC
                (Incorporated by reference to our Registration Statement on Form
                SB-2
                filed August 3, 2001).4.2
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due June 29,
                2003 in
                the principal sum of $398,829.30, issued to AJW Partners, LLC
                (Incorporated by reference to our Registration Statement on Form
                SB-2
                filed August 3, 2001).4.3
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due August
                13, 2003
                in the principal sum of $125,000, issued to New Millennium Capital
                Partners II, LLC (Incorporated by reference to our Current Report
                on Form
                8-K filed August 14, 2001).4.4
            
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due August
                13, 2003
                in the principal sum of $125,000, issued to AJW Partners, LLC
                (Incorporated by reference to our Current Report on Form 8-K filed
                August
                14, 2001).4.5
            
            Security
                Agreement among the Company and the Initial Purchasers (Incorporated
                by
                reference to our Current Report on Form 8-K filed July 17, 2001).4.6
            
            Intellectual
                Property Security Agreement among the Company and the Initial Purchasers
                (Incorporated by reference to our Current Report on Form 8-K filed
                July
                17, 2001).4.7
            
            Secured
                Convertible Debenture Purchase Agreement dated as of May 8, 2002
                among the
                Company and AJW Partners, LLC, New Millennium Capital Partners II,
                LLC,
                Pegasus Capital Partners, LLC and AJW/New Millennium Offshore Ltd.
                (the
                "Subsequent Purchasers") (Incorporated by reference to our Registration
                Statement on SB-2 filed June 21, 2002).4.8
            
            Registration
                Rights Agreement dated as of May 8, 2002, among the Company and the
                Subsequent Purchasers (Incorporated by reference to our Registration
                Statement on SB-2 filed June 21, 2002).4.9
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $37,500, issued to New Millennium Capital Partners
                II, LLC (Incorporated by reference to our Registration Statement
                on SB-2
                filed June 21, 2002).




26




**Exhibit
                    No.**
                
                **Description****(1)**


4.10
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $37,500, issued to AJW Partners, LLC (Incorporated
                by
                reference to our Registration Statement on SB-2 filed June 21, 2002).4.11
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $112,500, issued to Pegasus Capital Partners,
                LLC
                (Incorporated by reference to our Registration Statement on SB-2
                filed
                June 21, 2002).4.12
            
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $112,500, issued to AJW/New Millennium Offshore
                Ltd.
                (Incorporated by reference to our Registration Statement on SB-2
                filed
                June 21, 2002).4.13
            
            Security
                Agreement among the Company and the Subsequent Purchasers (Incorporated
                by
                reference to our Registration Statement on SB-2 filed June 21, 2002).4.14
            
            Intellectual
                Property Security Agreement among the Company and the Subsequent
                Purchasers (Incorporated by reference to our Registration Statement
                on
                SB-2 filed June 21, 2002).4.15
            
            Securities
                Purchase Agreement among the Company and AJW Partners, LLC, AJW Offshore,
                Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners
                II,
                LLC, dated June 30, 2005 (Incorporated by reference to our Form 10-QSB
                for
                the period ended June 30, 2005 filed on August 24,
                2005).4.16
            
            Form
                of Callable Secured Convertible Note entered into in connection with
                Exhibit 4.15 (Incorporated by reference to our Form 10-QSB for the
                period
                ended June 30, 2005 filed on August 24, 2005).4.17
            
            Form
                of Stock Purchase Warrant entered into in connection with Exhibit
                4.15
                (Incorporated by reference to our Form 10-QSB for the period ended
                June
                30, 2005 filed on August 24, 2005).4.18
            
            Security
                Agreement among the Company and AJW Partners, LLC, AJW Offshore,
                Ltd., AJW
                Qualified Partners, LLC and New Millennium Capital Partners II, LLC,
                dated
                June 30, 2005 (Incorporated by reference to our Form 10-QSB for the
                period
                ended June 30, 2005 filed on August 24, 2005).4.19
            
            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
                (filed
                herewith).4.20
            
            Form
                of 6% Callable Secured Convertible Note issued in connection with
                Exhibit
                4.19 (filed herewith).4.21
            
            Form
                of Stock Purchase issued in connection with Exhibit 4.19 (filed
                herewith).4.22
            
            Security
                Agreementdated
                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 (filed
                herewith).10.1
            
            IndependentContractor/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).




27




**Exhibit
                  No.**
              
              **Description****(1)**


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 (filed
                herewith).10.5
            
            Asset
                Purchase Agreement, dated as of July 15, 2005, entered into by and
                among
                Clickable Enterprises, Inc. and Allamuchy Transport, Inc. (filed
                herewith).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).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).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).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.





28
 
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED** **FINANCIAL STATEMENTS**
 **AS
          OF AND FOR THE YEARS ENDED**
 **MARCH
          31, 2006 AND 2005**


**CLICKABLE
      ENTERPRISES, INC.**


**AND
      SUBSIDIARY**




**CONTENTS**




PAGE
            F-i
            REPORT
                OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMPAGE
            F-1
            CONSOLIDATED
                BALANCE SHEETS AS OF MARCH 31, 2006 AND 2005PAGE
            F-2
            CONSOLIDATED
                STATEMENTS OF OPERATIONS FOR THE YEARS ENDED MARCH 31, 2006 AND
                2005PAGE
            F-3
            CONSOLIDATED
                STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY FOR THE YEARS ENDED
                MARCH 31, 2006 AND 2005PAGE
            F-4-F-5
            CONSOLIDATED
                STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2006 AND
                2005PAGES
            F-6-F-16
            NOTES
                TO CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2006 AND
                2005








**REPORT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**








To
      the
      Board of Directors of:


Clickable
      Enterprises, Inc.





We
      have
      audited the accompanying consolidated balance sheets of Clickable Enterprises,
      Inc. and Subsidiary as of March 31, 2006 and the related consolidated
      statements of operations, changes in stockholders’ deficiency and cash flows for
      the year then ended. These consolidated financial statements are the
      responsibility of the Company's management. Our responsibility is to express
      an
      opinion on these consolidated financial statements based on our
      audits.





The
      financial statements of Clickable Enterprises, Inc. as of
      March 31, 2005 and for the year then ended were audited by other
      auditors. Those auditors expressed an unqualified opinion on those financial
      statements and added a paragraph that the consolidated financial statements
      have
      been prepared assuming that the Company will continue as a going concern and
      listed various matters related to the Company’s ability to continue as a going
      concern in their report, dated June 21, 2005.





We
      conducted our audits in accordance with the standards of the Public Company
      Accounting Oversight Board (United States). Those standards require that we
      plan
      and perform the audits to obtain reasonable assurance about whether the
      financial statements are free of material misstatement. An audit includes
      examining, on a test basis, evidence supporting the amounts and disclosures
      in
      the financial statements. An audit also includes assessing the accounting
      principles used and significant estimates made by management, as well as
      evaluating the overall financial statement presentation. We believe that our
      audits provide a reasonable basis for our opinion.





In
      our
      opinion, the consolidated financial statements referred to above present fairly
      in all material respects, the financial position of Clickable Enterprises,
      Inc.
      and Subsidiary as of March 31, 2006,and the results of their operations and
      their cash flows for the year then ended in conformity with accounting
      principles generally accepted in the United States of America.





The
      accompanying consolidated financial statements have been prepared assuming
      that
      the Company will continue as a going concern. As discussed in Note 10 to the
      consolidated financial statements, the Company had a net loss of $2,223,302
      and
      a negative cash flow from operations of $697,503 for the year ended March 31,
      2006 and a stockholders' deficiency of $336,532 at March 31, 2006. These matters
      raise substantial doubt about the Company's ability to continue as a going
      concern. Management's plan in regards to these matters is also described in
      Note
      10. The accompanying consolidated financial statements do not include any
      adjustments that might result from the outcome of this uncertainty.





Simontacchi
      & Company, LLP


Rockaway,
      New Jersey


June
      13,
      2005




F-i


**REPORT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**





To
      the
      Board of Directors of:


Clickable
      Enterprises, Inc.


(formerly
      Achievement Tec Holdings, Inc.)





We
      have
      audited the accompanying consolidated balance sheets of Clickable Enterprises,
      Inc. (formerly Achievement Tec Holdings, Inc.) and Subsidiary as of
      March 31, 2005 and 2004 and the related consolidated statements of
      operations, changes in stockholders’ deficiency and cash flows for the years
      then ended. These consolidated financial statements are the responsibility
      of
      the Company's management. Our responsibility is to express an opinion on these
      consolidated financial statements based on our audits.





We
      conducted our audits in accordance with the standards of the Public Company
      Accounting Oversight Board (United States). Those standards require that we
      plan
      and perform the audits to obtain reasonable assurance about whether the
      financial statements are free of material misstatement. An audit includes
      examining, on a test basis, evidence supporting the amounts and disclosures
      in
      the financial statements. An audit also includes assessing the accounting
      principles used and significant estimates made by management, as well as
      evaluating the overall financial statement presentation. We believe that our
      audits provide a reasonable basis for our opinion.





In
      our
      opinion, the consolidated financial statements referred to above present fairly
      in all material respects, the financial position of Clickable Enterprises,
      Inc.
      (formerly Achievement Tec Holdings, Inc.) and Subsidiary as of March 31, 2005
      and 2004 and the results of their operations and their cash flows for the years
      then ended in conformity with accounting principles generally accepted in the
      United States of America.





The
      accompanying consolidated financial statements have been prepared assuming
      that
      the Company will continue as a going concern. As discussed in Note 10 to the
      consolidated financial statements, the Company had a net loss of $1,254,402
      and
      a negative cash flow from operations of $830,668 for the year ended March 31,
      2005 and a working capital deficiency of $268,768 and a stockholders' deficiency
      of $2,460,431 at March 31, 2005. These matters raise substantial doubt about
      the
      Company's ability to continue as a going concern. Management's plan in regards
      to these matters is also described in Note 10. The accompanying consolidated
      financial statements do not include any adjustments that might result from
      the
      outcome of this uncertainty.








WEINBERG
      & COMPANY, P.A.





Boca
      Raton, Florida


June
      21,
      2005





(Except
      for Note 11 as to which the date is July 5, 2005)





Note:
      This report is a copy of the previously issued and the predecessor auditor
      has
      not reissued the report.




F-ii




**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED
        BALANCE SHEETS**
 **AS
        OF MARCH 31, 2006 AND 2005**


2006
            
            2005ASSETSCurrent
                AssetsCash
            
            $
            1,001,903
            
            $
            372,909Accounts
                receivable, net
            
            
            577,892
            
            
            311,858Inventory
            
            
            47,349
            
            
            16,592Prepaid
                expenses
            
            
            217,597
            
            
            23,276Due
                from related parties
            
            
            15,965
            
            
            -Debt
                financing costs, net
            
            
            81,022
            
            
            -Total
                Current Assets
            
            
            1,941,728
            
            
            724,635Property
                and equipment, net
            
            
            75,458
            
            
            64,561Intangible
                asset, net
            
            
            526,422
            
            
            192,465Other
                assets
            
            
            66,668
            
            
            69,260TOTAL
                ASSETS
            
            $
            2,610,275
            
            $
            1,050,921LIABILITIES
                & STOCKHOLDERS' DEFICIENCYCurrent
                LiabilitiesAccounts
                payable and other accrued expenses
            
            $
            569,228
            
            $
            375,556Note
                payable
            
            
            39,185
            
            
            120,750Due
                to related parties
            
            
            -
            
            
            14,711Customer
                deposits
            
            
            69,835
            
            
            45,003Accrued
                interest
            
            
            629,236
            
            
            437,382Total
                Current Liabilities
            
            
            1,307,483
            
            
            993,402Long
                Term LiabilitiesConvertible
                debentures, net of discount of $1,692,653 and $0
            
            
            1,553,682
            
            
            2,517,949Notes
                payable
            
            
            66,604
            
            
            -Other
                accrued expenses
            
            
            19,039
            
            
            -TOTAL
              LIABILITIES
            
            
            2,946,807
            
            
            3,511,351COMMITMENTS
                AND CONTINGENCIESSTOCKHOLDERS'
                DEFICIENCYPreferred
                stock, $.001 par value, 10,000,000 shares
                authorizedSeries
                A 6% cumulative preferred stock, $.001 par value,1,200
                  shares authorized, issued and outstanding
            
            
            1
            
            
            1Common
                stock, $.001 par value, 500,000,000shares
                authorized, 239,956,826 and 74,296,826 shares issuedand
                outstanding, respectively
            
            
            239,957
            
            
            74,297Additional
                paid-in capital
            
            
            6,003,266
            
            
            1,845,629Deferred
                compensation
            
            
            94,492
            
            
            -Accumulated
                deficit
            
            
            (6,674,248
            )
            
            (4,380,357
            )TOTAL
                STOCKHOLDERS' DEFICIENCY
            
            
            (336,532
            )
            
            (2,460,430
            )TOTAL
                LIABILITIES AND STOCKHOLDERS' DEFICIENCY
            
            $
            2,610,275
            
            $
            1,050,921





See
        accompanying notes to consolidated financial statements




F-1


**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED** **STATEMENTS OF OPERATIONS**
 **FOR
        THE YEARS ENDED MARCH 31, 2006 AND 2005**




2006
            
            2005FUEL
                SALES (including related party sales of $54,786 and $60,172,
                respectively)
            
            $
            5,052,237
            
            $
            2,442,466COST
                OF SALES
            
            
            4,572,954
            
            
            2,357,275GROSS
                PROFIT
            
            
            479,283
            
            
            85,191OPERATING
                EXPENSESSelling,
                general and administrative
            
            
            2,240,194
            
            
            918,090Depreciation
                and amortization
            
            
            87,044
            
            
            81,238TOTAL
                OPERATING EXPENSES
            
            
            2,327,238
            
            
            999,328LOSS
                FROM OPERATIONS
            
            
            (1,847,955
            )
            
            (914,137
            )OTHER
                INCOME (EXPENSE)Forgiveness
                of accrued interest
            
            
            -
            
            
            250,000Other
                income
            
            
            33,196
            
            
            22,886Income
                from forgiveness of debtInterest
                expense
            
            
            (408,543
            )
            
            (613,151
            )TOTAL
                OTHER INCOME (EXPENSE)
            
            
            (375,347
            )
            
            (340,265
            )Loss
                before provision for income taxes
            
            
            (2,223,302
            )
            
            (1,254,402
            )Provision
                for income taxes
            
            
            -
            
            
            -NET
                LOSS
            
            
            (2,223,302
            )
            
            (1,254,402
            )Amortization
                of beneficial conversionfeature
                on Series A Preferred Stock
            
            
            (70,588
            )
            
            (35,294
            )Net
                loss available to common stockholders
            
            $
            (2,293,890
            )
            $
            (1,
                289,696
            )Net
                loss per share, basic and diluted
            
            $
            (0.02
            )
            $
            (0.02
            )Weighted
                average number of common sharesoutstanding
                - basic and diluted
            
            
            99,020,655
            
            
            74,192,936





See
      accompanying notes to consolidated financial
      statements





F-2


**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED** **STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY**
 **FOR
        THE YEARS ENDED MARCH 31, 2006 AND 2005**




Series
                A
            
            
            
            
            
            AdditionalSeries
                A Preferred Stock
            
            Common
                Stock
            
            Paid
                in
            
            Deferred
            
            AccumulatedShares
            
            Amount
            
            Shares
            
            Amount
            
            Capital
            
            Compensation
            
            Deficit
            
            TotalBalance,
                March 31, 2004
            
            
            -
            
            
            -
            
            
            74,136,826
            
            $
            74,137
            
            $
            630,839
            
            $
            (188,542
            )
            $
            (3,090,661
            )
            $
            (2,574,227
            )Amortization
                of deferred services
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            188,542
            
            
            -
            
            
            188,542Stock
                issued to consultant forServices
            
            
            -
            
            
            -
            
            
            160,000
            
            
            160
            
            
            7,840
            
            
            -
            
            
            -
            
            
            8,000Issuance
                of Series A preferred stock,net
                of transaction costs
            
            
            1,200
            
            
            1
            
            
            -
            
            
            -
            
            
            1,171,656
            
            
            -
            
            
            -
            
            
            1,171,657Amortization
                of Series A preferredstock
                beneficial conversion
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            35,294
            
            
            -
            
            
            (35,294
            )
            
            -Net
                loss, 2005
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (1,254,402
            )
            
            (1,254,402
            )Balance,
                March 31, 2005
            
            
            1,200
            
            $
            1
            
            
            74,296,826
            
            
            74,297
            
            
            1,845,629
            
            
            -
            
            
            (4,380,357
            )
            
            (2,460,430
            )Conversion
                of Debentures
            
            
            -
            
            
            -
            
            
            120,660,000
            
            
            120,660
            
            
            1,050,954
            
            
            -
            
            
            -
            
            
            1,171,614Beneficial
                conversion feature of convertible debentures
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            1,163,167
            
            
            -
            
            
            -
            
            
            1,163,167Warrants
                issued (convertible debentures & consultants)
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            693,500
            
            
            94,492
            
            
            -
            
            
            787,992Amortization
                of Series A Preferred Stock beneficial conversion
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            70,588
            
            
            -
            
            
            (70,588
            )
            
            -Stock
                issued to consultants for services
            
            
            -
            
            
            -
            
            
            14,000,000
            
            
            14,000
            
            
            491,228
            
            
            -
            
            
            -
            
            
            505,228Stock
                issued to officers for services
            
            
            -
            
            
            -
            
            
            31,000,000
            
            
            31,000
            
            
            688,200
            
            
            -
            
            
            -
            
            
            719,200Net
                loss, 2006
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            -
            
            
            (2,223,302
            )
            
            (2,223,302
            )Balance,
                March 31, 2006
            
            
            1,200
            
            $
            1
            
            
            239,956,826
            
            $
            239,957
            
            $
            6,003,266
            
            $
            94,492
            
            $
            (6,674,248
            )
            $
            (336,532
            )





See
      accompanying notes to consolidated financial
      statements





F-3


**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED
        STATEMENTS OF CASH FLOWS**
 **FOR
        THE YEARS ENDED MARCH 31, 2006 AND 2005**





2006
            
            2005CASH
                FLOWS FROM OPERATING ACTIVITIES:Net
                loss
            
            $
            (2,223,302
            )
            $
            (1,254,402
            )Adjustments
                to reconcile net loss to net cash used in operating activities:Depreciation
                and amortization
            
            
            87,044
            
            
            81,238Provision
                for bad debts
            
            
            22,660
            
            
            31,297Amortization
                of beneficial conversion debt discount expense
            
            
            207,347
            
            
            383,333Stock
                issued for services
            
            
            1,125,507
            
            
            8,000Recognition
                of deferred compensation
            
            
            -
            
            
            188,542Gain
                on debt forgiveness
            
            
            -
            
            
            (250,000
            )Changes
                in operating assets and liabilities:(Increase)
                decrease in:Accounts
                receivable
            
            
            (288,694
            )
            
            (204,856
            )Inventory
            
            
            (30,757
            )
            
            (5,448
            )Prepaid
                expenses
            
            
            (908
            )
            
            (10,276
            )Other
                assets
            
            
            2,592
            
            
            (61,922
            )Increase
                (decrease) in:Accounts
                payable and other accrued expenses
            
            
            180,971
            
            
            2,801Accrued
                interest
            
            
            195,205
            
            
            228,644Customer
                deposits
            
            
            24,832
            
            
            32,381Net
                cash used in operating activities
            
            
            (697,503
            )
            
            (830,668
            )CASH
                FLOWS FROM INVESTING ACTIVITIES:Acquisition
                of property and equipment
            
            
            (30,384
            )
            
            (20,945
            )Acquisition
                of intangible asset
            
            
            (369,110
            )
            
            (75,000
            )Net
                cash used in investing activities
            
            
            (399,494
            )
            
            (95,945
            )CASH
                FLOWS FROM FINANCING ACTIVITIES:Payments
                of financing costs
            
            
            -
            
            
            -Increase
                in note payable
            
            
            -
            
            
            -Payments
                of financing costs
            
            
            (100,000
            )
            
            -Decrease
                in due to related parties
            
            
            (30,676
            )
            
            (3,037
            )Net
                proceeds from issuance of convertible debentures
            
            
            1,856,667
            
            
            -Net
                proceeds from issuance of preferred stock
            
            
            -
            
            
            1,171,657Net
                cash provided by financing activities
            
            
            1,725,991
            
            
            1,168,620NET
                INCREASE IN CASH
            
            
            628,994
            
            
            242,007CASH
                AT BEGINNING OF YEAR
            
            
            372,909
            
            
            130,902CASH
                AT END OF YEAR
            
            $
            1,001,903
            
            $
            372,909Interest
              paid
            
            $
            -
            
            $
            -Taxes Paid
            
            $
            -
            
            $
            -




See
      accompanying notes to consolidated financial
      statements




SUPPLEMENTAL
      DISCLOSURE OF CASH FLOW INFORMATION:




NON-CASH
      INVESTING AND FINANCING ACTIVITIES:





During
      the year ended March 31, 2006, convertible debentures in the principal amount
      of
      $1,171,614 were converted into 120,660,000 shares of common stock.




F-4


**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED
        STATEMENTS OF CASH FLOWS**
 **FOR
        THE YEARS ENDED MARCH 31, 2006 AND 2005**


During
      the year ended March 31, 2006, stock purchase warrants exercisable for
      13,000,000 shares of common stock were issued in connection with closings on
      $1,900,000 of convertible debentures, resulting in an aggregate discount on
      the
      convertible debentures of $1,856,667, with a corresponding increase in
      additional paid-in capital.





During
      the year ended March 31, 2006, in connection with an acquisition of a business,
      the entire $24,036 balance of accounts receivable due from the seller was
      reclassified from accounts receivable to intangible assets.





During
      the year ended March 31, 2006, in connection with an acquisition of a business,
      $186,965 of the purchase price was recorded as notes payable and accrued
      expenses, $47,678 in current liabilities, and $139,287 in long-term
      liabilities.





During
      the year ended March 31, 2006, 14,000,000 shares of common stock were granted
      in
      connection with three financial services agreements, resulting in a cost of
      $505,228, with corresponding aggregate increases in common stock and additional
      paid-in capital in stockholders’ deficiency.





During
      the year ended March 31, 2006, 31,000,000 shares of common stock were granted
      to
      three executive officers, resulting in a cost of $719,200, with corresponding
      aggregate increases in common stock and additional paid-in capital in
      stockholders’ deficiency.




During
      the year ended March 31, 2006, stock purchase warrants exercisable for 7,500,000
      shares of common stock were issued in connection with a financial services
      agreement, resulting in a cost of $94,492, with a corresponding increase in
      deferred compensation in stockholders’ deficiency.





See
      accompanying notes to consolidated financial
      statements





F-5




**CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**


**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
      Company is exposed to risk for the amounts of funds held in one bank in excess
      of the insurance limit by approximately $478,000 and in the other bank by
      $314,000. In assessing the risk, the Company's policy is to maintain cash
      balances with high quality financial institutions.





The
      Company performs on-going evaluations of its customers’ financial condition and
      requires no collateral from its customers.





***(D)
      Inventory***





Inventory
      consists primarily of heating oil and is valued at the lower of cost (first-in,
      first-out) or market.





***(E)
      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, 2006 and 2005.





***(F)
      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.





The
      Company recorded no current or deferred income tax expense (benefit) for the
      years ended March 31, 2006 and 2005. As set forth below, the deferred tax asset
      of approximately $3,462,000 arising from the Company's ability to carry forward
      its net operating losses of approximately $10,182,000 to future years expiring
      at various dates through 2025 has been fully offset by a valuation allowance
      because the future utilization of the deferred tax asset is
      uncertain:




F-6


**CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**


**Deferred
                Tax**
            
            **Valuation**
            
            **Deferred
                Tax****Asset,
                Gross**
            
            **Allowance**
            
            **Asset,
                Net**Balance,
                March 31, 2005
            
            $
            2,706,000
            
            $
            2,706,000
            
            $
            -Increase
                during year
            
            
            756,000
            
            
            756,000
            
            
            -Balance,
                March 31, 2006
            
            $
            3,462,000
            
            $
            3,462,000
            
            $
            -





The
      net
      operating loss carryforward may be restricted in future years under Section
      382
      of the Internal Revenue Code.





***(G)
      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.





***(H)
      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.





***(I)
      Advertising Costs***





Costs
      incurred for advertising are charged to operations as incurred. Advertising
      expenses for the years ended March 31, 2006 and 2005 were $67,915 and $67,042,
      respectively.





***(J)
      Loss Per Share***





Basic
      and
      diluted net loss per common share for the years ended March 31, 2006 and 2005
      are computed based upon the weighted average number of common shares
      outstanding. The assumed conversion of common stock equivalents was not included
      in the computation of diluted loss per share because the assumed conversion
      and
      exercise would be anti-dilutive due to net losses incurred in all periods.
      Based
      on the closing market price of the Company’s common on March 31, 2006, the
      conversion of its convertible debentures and Series A convertible preferred
      stock would have resulted in the issuance of additional common shares in the
      amount of 482,966,833 and 70,588,235, respectively. In addition to the effect
      of
      the assumed conversions, 17,000,000 stock purchase warrants were exercisable
      at
      March 31, 2006, and also not included in the weighted average number of common
      shares outstanding.





***(K)
      Recent Accounting Pronouncements***





In
      November 2004, the FASB issued Statement of Financial Accounting Standards
      No.
      151, “Inventory Costs”. This statement amends the guidance in ARB No. 43 Chapter
      4 Inventory Pricing to require items such as idle facility costs, excessive
      spoilage, double freight and rehandling costs to be expenses in the current
      period, regardless if they are abnormal amounts or not. This Statement will
      become effective for the Company in the first quarter of fiscal 2006. The
      Company is primarily a service provider and as such the adoption of SFAS No.
      151
      is not expected to have significant effect on the Company’s financial
      statements.





In
      December 2004, the FASB issued SFAS No. 123(R), “Share-Based Payment” (“SFAS No.
      123(R)”). SFAS No. 123(R) revises SFAS No. 123, “Accounting for Stock-Based
      Compensation” (“SFAS 123”) and supersedes APB Opinion No. 25, “Accounting for
      Stock Issued to Employees”. SFAS 123(R) focuses primarily on the accounting for
      transactions in which an entity obtains employee services in share-based payment
      transactions. SFAS 123(R) requires companies to recognize in the statement
      of
      operations the cost of employee services received in exchange for awards of
      equity instruments based on the grant-date fair value of these awards (with
      limited exceptions). SFAS 123(R) is effective as of the first interim or annual
      reporting period that begins after June 15, 2005 for non-small business issuers
      and after December 15, 2005 for small business issuers. Accordingly, the Company
      will adopt SFAS 123(R) in its quarter ending June 30, 2006. The Company is
      currently evaluating the provisions of SFAS 123(R) and has not yet determined
      the impact, if any, that it will have on its financial statement presentation
      or
      disclosures.





F-7


**CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**




In
      May
      2005, the FASB issued SFAS No. 154, "Accounting Changes and Error Corrections"
      ("SFAS 154") which replaces Accounting Principles Board Opinions No. 20
      "Accounting Changes" and SFAS No. 3, "Reporting Accounting Changes in Interim
      Financial Statements-An Amendment of APB Opinion No. 28." SFAS 154 provides
      guidance on the accounting for and reporting of accounting changes and error
      corrections. It establishes retrospective application, or the latest practicable
      date, as the required method for reporting a change in accounting principle
      and
      the reporting of a correction of an error. SFAS 154 is effective for accounting
      changes and corrections of errors made in fiscal years beginning after December
      15, 2005 and is required to be adopted by the Company in the first quarter
      of
      fiscal 2007. The Company is currently evaluating the effect that the adoption
      of
      SFAS 154 will have on its consolidated results of operations and financial
      condition.




The
      Emerging Issues Task Force (“EITF”) reached a tentative conclusion on EITF No.
      05-1, Accounting
      for the Conversion of an Instrument that Becomes Convertible upon the Issuer’s
      Exercise of a Call Option (“EITF
      No. 05-1”) that no gain or loss should be recognized upon the conversion of an
      instrument that becomes convertible as a result of an issuer’s exercise of a
      call option pursuant to the original terms of the instrument. The consensus
      for
      EITF No. 05-1 has not been finalized. The adoption of this pronouncement is
      not
      expected to have an impact on our consolidated financial position, results
      of
      operations or cash flows.





In
      June
      2005, the FASB ratified EITF No. 05-2, The
      Meaning of “Conventional Convertible Debt Instrument” in EITF
      No. 00-19, Accounting
      for Derivative Financial Instruments Indexed to, and Potentially Settled in,
      a
      Company’s Own Stock (“EITF
      No. 05-2”), which addresses when a convertible debt instrument should be
      considered conventional for the purpose of applying the guidance in EITF No.
      00-19 ETIF No. 05-2 also retained the exemption under ETIF No. 00-19 for
      conventional convertible debt instruments and indicated that convertible
      preferred stick having a mandatory redemption date may qualify for the exemption
      provided under EITF No. 00-19 for conventional convertible debt if the
      instrument’s economic characteristics are more similar to debt than equity. EITF
      No. 05-2 is effective for new instruments entered into and instruments modified
      in periods beginning after June 29, 2005. The Company has applied the
      requirements of EITF No. 05-2 since the required implementation date. The
      adoption of this pronouncement did not have an impact on the Company’s
      consolidated financial position, results of operations or cash
      flows.





EITF
      No.
      05-4, The
      Effect of a Liquidated Damages Clause on a Freestanding Financial
      Instrument subject
      to EITF No. 00-19, Accounting
      for Derivative Financial Instruments Indexed to, and Potentially Settled in,
      a
      Company’s Own Stock (“EITF
      No. 05-4”) addresses financial instruments, such as stock purchase warrants,
      which are accounted for under EITF 00-19 that may be issued at the same time
      and
      in contemplation of a registration rights agreement that includes a liquidated
      damages clause. The consensus for EITF No. 05-4 has not been finalized.





***(L)
      Stock Based Compensation***





Statement
      of Financial Accounting Standards No. 123, “Accounting for Stock-Based
      Compensation” (SFAS 123), requires that companies either recognize compensation
      expense for grants of stock options and other equity instruments based on fair
      value or provide pro forma disclosure of net income (loss) per share on the
      notes to the consolidated financial statements. Statement of Financial
      Accounting Standards No. 148, “Accounting for Stock-Based Compensation -
      Transition and Disclosure - an amendment of FASB Statement No. 123,” (SFAS 148),
      amends SFAS 123 to provide alternative methods of transition for a voluntary
      change to the fair-value-based method of accounting for stock-based employee
      compensation. In addition, SFAS 148 amends the disclosure requirements of SFAS
      123 to require disclosures in both annual and interim financial statements
      about
      the method of accounting for stock-based employee compensation and the effect
      of
      the method used on reported results. The Company has elected to follow APB
      25
      and related interpretations in accounting for employee stock options. Under
      APB
      25, because the exercise price of employee stock options equals the market
      price
      of the underlying stock on the date of grant, no compensation expense is
      recorded. The Company has adopted the disclosure requirements of SFAS no. 148.
      Pro forma information regarding net income and earnings per share is required
      by
      SFAS 123 and has been determined as if the Company had accounted for its
      employee stock options under the fair value method of that statement. There
      were
      no stock options outstanding during the periods presented. Accordingly, pro
      forma amounts as to net income (loss) and net income (loss) per share have
      not
      been presented.





F-8
 
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**


***(M)
      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.





***(N)
      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, 2006 and 2005 consisted of the
      following:





**2006**
            
            **2005**Accounts
                receivable-trade
            
            $
            620,492
            
            $
            322,073Less
                allowance for doubtful accounts
            
            
            (42,600
            )
            
            (10,215
            )$
            577,892
            
            $
            311,858





For
      the
      years ended March 31, 2006 and 2005, the Company recorded bad debt expense
      of
      $22,660 and $31,297, respectively.





**NOTE
      3**  **PROPERTY
      AND EQUIPMENT**





Property
      and equipment as of March 31, 2006 and 2005 consisted of the
      following:





**2006**
            
            **2005**Office
                equipment
            
            $
            3,572
            
            $
            9,422Computer
                equipment and software
            
            
            111,876
            
            
            84,472115,448
            
            
            93,894Less:
                accumulated depreciation
            
            
            (39,990
            )
            
            (29,333
            )$
            75,458
            
            $
            64,561





Total
      depreciation expense for the years ended March 31, 2006 and 2005 was $19,487
      and
      $14,963, respectively.




**NOTE
      4**  **DEBT
      FINANCING COSTS**




Debt
      financing costs, which relate to the $800,000 of convertible debentures (See
      Note 6), as of March 31, 2006 and 2005 consisted of the following:





**2006**
            
            **2005**Debt
                financing costs
            
            $
            100,000
            
            $
            149,500Less:
                accumulated amortization
            
            
            (18,978
            )
            
            (149,500
            )$
            81,022
            
            $
            -





F-9
 
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**


Total
      amortization expense for the years ended March 31, 2006 and 2005 was $18,978
      and
      $62,990, 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 $256,965 consisted of a $70,000 payment
      at closing and 36 fixed 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 $42,965. 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.





At
      March
      31, 2006 and 2005, the intangible asset consisted of the following:





**2006**
            
            **2005**Customer
                lists
            
            $
            548,285
            
            $
            195,750Supply
                agreement
            
            
            30,000
            
            
            -Less:
                accumulated amortization
            
            
            (51,863
            )
            
            (3,285
            )$
            526,422
            
            $
            192,465





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, 2006 and 2005 was $48,578 and 3,285, respectively.
      Remaining amortization of the purchase price will be expensed as
      follows:





**Years
                ending March 31,**
            
            **Amount**2007
            
            
            74,5362008
            
            
            74,5362009
            
            
            74,5362010
            
            
            69,8882011
            
            
            68,536Thereafter
            
            
            164,390$
            526,422




The
      following pro forma information is based on the assumption that the acquisitions
      took place as of April 1, 2004. The pro forma results are not necessarily
      indicative of what actually might have occurred had the acquisition been in
      effect for the periods presented.




**2006**
            
            **2005**(unaudited)
            
            (unaudited)Total
                Fuel Sales
            
            $
            5,417,000
            
            $
            4,822,000Net
                Loss
            
            $
            (2,194,000
            )
            $
            (960,000
            )Net
                loss per share, basic and diluted
            
            $
            (0.02
            )
            $
            (0.02
            )




F-10




**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
        OF MARCH 31, 2006 AND 2005**


**NOTE
      6**  **CONVERTIBLE
      DEBENTURES**




On
      June
      6, 2003, coincident with the ClickableOil.com merger transaction described
      in
      Note 7 below, 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 equal to the average of the three day lowest
      bid
      prices during the twenty trading days immediately preceding the filing of a
      registration statement.





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 contain a beneficial conversion feature computed at
      its
      intrinsic value which is the difference between the conversion price and the
      fair market value of the Company’s common stock on the debenture issuance date,
      multiplied by the number of shares into which the debt is convertible at the
      commitment date. Since the beneficial conversion feature is to be settled by
      issuing equity, the amount attributed to the beneficial conversion feature,
      or
      an aggregate of $800,000, was recorded as a discount on the debt and as a
      component of additional paid-in capital and was accreted over 12-month periods
      as interest expense in accordance with EITF
      00-27:  Application of Issue
      No. 98-5 ,
      "Accounting for Convertible Securities with Beneficial Conversion Features
      or
      Contingently Adjustable Conversion Ratios to Certain Convertible
      Instruments” .
      The
      warrants have a fair market value of zero as calculated on the grant
      date.





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%; and4.
              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-11
 
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**


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





In
      connection with the aforementioned issuances of an aggregate of $900,000 of
      convertible debentures, of which the Company received net proceeds of $856,667,
      the Company granted a first priority security interest in all the assets of
      the
      Company. The issuances resulted in a beneficial conversion feature in the amount
      of $239,167, (since it is limited to the amount received net of a discount
      of
      $43,333 and warrants having a fair market value of $617,500), which is treated
      as a discount on the debenture. The beneficial conversion expense of $239,167
      is
      deferred and included in additional paid in capital as of March 31, 2006. In
      addition, the debenture holders withheld $43,333 as prepaid interest (through
      February 28, 2006), which is treated as a discount on the debentures.
      Additionally, the Company issued the aforementioned warrants to purchase
      9,000,000 shares of common stock having a fair value of $617,500, which is
      being
      treated as a discount on the debenture and is recorded in additional paid in
      capital. Debt discount on the debentures aggregated $900,000 and will be
      accreted through the term of each issue from date of issuance through June
      30,
      2008 .





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.





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 Company paid a $25,000 fee to an affiliate of the Investors in
      connection with this transaction.





The
      aforementioned issuance of $1,000,000 of convertible debentures resulted in
      a
      beneficial conversion feature in the amount of $$924,000, since it is limited
      to
      the amount received net of the 4,000,000 warrants issued having a fair market
      value of $76,000, which is treated as a discount on the debenture. The
      beneficial conversion expense of $924,000 is deferred and included in additional
      paid in capital as of March 31, 2006. The fair value of the warrants to purchase
      4,000,000 shares of common stock, or $76,000, is being treated as a discount
      on
      the debenture and is recorded in additional paid in capital. Debt discount
      on
      the debentures aggregated $1,000,000 and will be accreted through the term
      of
      each issue from date of issuance through June 30, 2008.





For
      the
      years ended March 31, 2006 and 2005, the Company accreted an aggregate of
      $207,347 and $383,333, respectively, of debt discount as interest expense for
      the above-described convertible debenture issuance.





F-12
 
  **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2006 AND 2005**


As
      of
      March 31, 2006, the Company owed, in the aggregate, $3,246,335 on all of the
      long-term convertible debentures, net of the amount of debentures that have
      been
      converted into stock, and $629,236 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, 2007
              
              $
              -March
                  31, 2008
              
              
              1,346,335March
                  31, 2009
              
              
              1,900,000Total
              
              $
              3,246,335




The
      fair
      market values of warrants granted for each sale of convertible debentures were
      calculated on the grant date using the Black-Scholes option pricing model as
      required under FASB 123 with the following assumptions: expected dividend yield
      0%, volatility 0%, risk-free interest rate 4.5% and expected life of five years.
      As of March 31, 2006, no warrants have been exercised.





See
      Note
      1(J) for the potentially dilutive effect of the convertible debentures and
      the
      stock purchase warrants.





**NOTE
      7**  **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.
      An
      aggregate of 45,000,000 and 160,000 common shares were issued pursuant to the
      Plans during the years ended March 31, 2006 and 2005, 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 7(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 expense recorded for the fiscal year ended March 31,
      2006 was $66,667.





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.





F-13
 
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**


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.




***(C)*** ** ***Stock
      Issued for Related Party Debt***





On
      January 27, 2004, the Company issued an aggregate of 19,194,860 shares of
      restricted common stock valued at $.05 per share, based on the current market
      value, in full satisfaction of $959,743 of outstanding related party debt at
      that date.





***(D)*** ** ***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 and accordingly, $719,200 has been
      expensed during the year ended March 31, 2006.





***(E)*** ** ***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, 2006
      and 2005; accordingly it did not have legally available funds available to
      declare and pay a dividend. As of March 31, 2006 and 2005, dividend arrearage
      on
      the Series A Cumulative Preferred Stock aggregated $106,300 and $36,000,
      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. In connection with this discounted
                  conversion feature, the Company recorded a discount to Series A
                  Preferred
                  Stock in the amount of $211,765, which is being amortized over
                  the
                  36-month period prior to the automatic conversion date described
                  below,
                  unless conversion occurs prior to that date. During the year ended
                  March
                  31, 2006 and 2005, amortization of $70,588 and $35,294, respectively,
                  was
                  charged to accumulated deficit.
  F-14
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**
  6.
              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.


**NOTE
      8**  **RELATED
      PARTY TRANSACTIONS**




During
      the fiscal years ended March 31, 2006 and 2005, the Company purchased heating
      oil for resale from NRG Heat & Power, Inc. (“NRG”) 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
      $186,379 and $125,983, respectively, or approximately 5% and 6%, respectively,
      of total heating oil purchased.





As
      of
      March 31, 2006 and 2005, the amounts due from/due to the related parties
      referred to above amounted to $15,965 and $14,711, respectively.





During
      the fiscal years ended March 31, 2006 and 2005, the Company had fuel sales
      of
      $54,786 and $60,172, respectively, to NRG and Flaw.





During
      the fiscal years ended March 31, 2005 and 2004, the Company paid $201,508 and
      $114,001, respectively, to Nexgen Energy, LLC, for trucking to pick up and
      deliver heating oil. Nexgen is owned and managed by Mssrs. Cirillo and
      Pipolo.





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.





For
      related party stock transactions, see Notes 7(C), 7(D) and 7(E).





**NOTE
      9**  **COMMITMENTS
      AND CONTINGENCIES**





***(A)
      Sales Commitments***




As
      of
      March 31, 2006 and 2005, the Company had an aggregate obligation to deliver
      approximately 166,000 gallons and 240,000 gallons, respectively, of heating
      oil
      to customers at varying prices under fixed price contracts.




***(B)
      Forward Purchase Commitment***





As
      of
      March 31, 2006 and 2005, the Company had entered into futures contracts with
      an
      unrelated supplier to purchase, in aggregate, approximately 71,000 gallons
      and
      252,000 gallons, respectively, of heating oil for delivery in the winter season
      of the next fiscal year. The heating oil to be purchased will be 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,
      2006
      and 2005 total approximately $125,000 and $378,000, respectively, and are
      payable as deliveries are received by the Company. The contracts specify that
      the Company is to be billed for each delivery and the credit terms call for
      electronic transfer of funds within 10 days. If the Company fails to perform,
      they shall be in default and held liable for damages.




F-15
 
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**


During
      the fiscal year ended March 31, 2005, the Company liquidated its hedging
      positions in place at March 31, 2004, to make additional funds available to
      meet
      current operating cash needs early in the current fiscal year. The gain of
      $12,453 realized on this liquidation transaction is included in other
      income.




***(C)
      Agreement of Sale***





As
      described in Note 5, the Company entered into an Agreement of Sale dated
      February 10, 2005 under which the Company issued a promissory note for a
      contingent payment due January 10, 2006. The contingent payment was estimated
      at
      $120,750. The actual payment of $91,377 was made in March 2006, and an
      appropriate adjustment was made to the purchase price.




***(D)
      Lease Agreement***





On
      April
      1, 2003, the Company entered into a lease agreement with an unrelated third
      party for its administrative offices. The term of the lease was for twenty
      four
      months commencing on June 1, 2003. The monthly rent was $1,260 through December
      31, 2003. As of January 1, 2004, the monthly rent increased to $1,470. Following
      the lease expiration on June 1, 2005, the Company began paying rent on a
      month-to-month basis and commenced negotiations for a new lease. The Company
      has
      continued on a month-to-month basis through the year ended March 31, 2006.
      The
      current monthly rent is approximately $1,860.





***(E)*** ***Contingent
          Note Payable***





As
      described in Note 5, the Company is obligated to make a payment, estimated
      at
      $120,750, under a promissory note arising from an asset purchase. The payment
      will be based on a formula utilizing the gross profit realized on heating oil
      sold to purchased customers in the 12-month period ending January 10, 2006.
      As
      of March 31, 2006, the Company has made this payment in full (see Note 5 and
      Note 9(C) herein).





**NOTE
      10**  **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 $2,223,302 and a negative cash flow from operations of $697,503
      for the year ended March 31, 2006 and a stockholders' deficiency of $336,532
      at
      March 31, 2006. 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.





**NOTE
      11** **** **SUBSEQUENT
      EVENTS**





On
      April
      4, 2006, the Company entered into a financial services agreement with an
      unrelated third party to serve as placement agent for a private placement of
      up
      to $15,000,000 of common stock. Under terms of the agreement the Company is
      required to file a registration statement with the SEC on Form S-3 within 30
      days following the closing of a financing. The agreement may be terminated
      by
      either party, at its option, upon giving the other party fifteen days prior
      written notice, or otherwise shall terminate upon the earlier of the sale of
      the
      securities or March 31, 2007. Fees for services consist of (a) an initial
      advisory fee of $25,000, $15,000 upon signing and $10,000 upon delivery of
      two
      term sheets from potential investors, and (b) a success fee of (i) 5% of gross
      proceeds received at closing and (ii) warrants with a three-year term for the
      purchase of an amount equal to 5% of the securities issued at closing at an
      exercise price equal to the closing bid price of the Company’s common stock on
      the date of the agreement, or $.03 per share




F-16