**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, 2007**





Commission
      File Number 0-23737




**CLICKABLE
                  ENTERPRISES, INC.**(Name
                  of Small Business Issuer in Its Charter)




**Delaware**
              
              **82-0290939**(State
                  or other jurisdiction of incorporation or organization)
              
              (I.R.S.
                  Employer Identification No.)
  2
                  Madison Avenue, Suite 209, Larchmont, NY 10538(Address
                  of principal executive offices) (Zip Code)****(914)
                  833-9125(Issuer’s
                  telephone number)





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





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





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





**Common
      Stock, $.001 par value, 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 o No
x
 
 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 :
        $7,747,044
 
 The
        aggregate market value as of May 29, 2007 of the voting common equity held
        by
        non- affiliates
        was $913,520 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 
        o**  **NO
        o**
 
 **APPLICABLE
        ONLY TO CORPORATE REGISTRANTS**
 
 Indicate
        the number of shares outstanding of each of the issuer's classes of common
        equity, as of the latest practicable date. As of May 29, 2007, there were
        481,194,033 shares of the Company’s $.001 Common Stock issued and
        outstanding.
 
 FORWARD-LOOKING
        STATEMENTS :
 
 This
        Form
        10-KSB contains “forward-looking statements” relating to the Registrant which
        represent the Registrant’s current expectations or beliefs including, but not
        limited to, statements concerning Registrant’s operations, performance,
        financial condition and growth. For this purpose, any statements contained
        in
        this Form 10-KSB that are not statements of historical fact are forward-looking
        statements. Without limiting the generality of the foregoing, words such
        as
“may”, “anticipation”, “intend”, “could”, “estimate”, or “continue” or the
        negative or other comparable terminology are intended to identify
        forward-looking statements. These statements by their nature involve substantial
        risks and uncertainties, such as credit losses, dependence on management
        and key
        personnel and variability of quarterly results, ability of Registrant to
        continue its growth strategy and competition, certain of which are beyond
        the
        Registrant’s control. Should one or more of these risks or uncertainties
        materialize or should the underlying assumptions prove incorrect, actual
        outcomes and results could differ materially from those indicated in the
        forward-looking statements.
 i
 **CLICKABLE
        ENTERPRISES, INC.**
 **TABLE
        OF CONTENTS**
  **PAGE(S)****PART
                      I**Item
                      1.
                  
                  Description
                      of Business
                  1-3Item
                      2.
                  
                  Description
                      of Property
                  3Item
                      3.
                  
                  Legal
                      Proceedings
                  3Item
                      4.
                  
                  Submission
                      of Matters to a Vote of Security Holders
                  3**PART
                      II**Item
                      5.
                  
                  Market
                      for Common Equity and Related Stockholder Matters
                    and
                      Small Business Issuer Purchases of Equity Securities
                  4-5Item
                      6.
                  
                  Management’s
                      Discussion
                      and Analysis or Plan of Operation
                  5-14Item
                      7.
                  
                  Financial
                      Statements
                  15Item
                      8.
                  
                  Changes
                      in and Disagreements with Accountants on
                    Accounting
                      and Financial Disclosure
                  15Item
                      8A.
                  
                  Controls
                      and Procedures
                  15Item
                      8B.
                  
                  Other
                      Information
                  15**PART
                      III**Item
                      9.
                  
                  Directors,
                      Executive Officers, Promoters and Control Persons;
                    Compliance
                      with Section 16(a) of the Exchange Act
                  16-17Item
                      10.
                  
                  Executive
                      Compensation
                  17-18Item
                      11.
                  
                  Security
                      Ownership of Certain Beneficial Owners and Management and
                    Related
                      Stockholder Matters
                  18-19Item 12.
                  
                  Certain
                      Relationships and Related Transactions
                  19Item
                      13.
                  
                  Exhibits
                  20-22Item
                      14.
                  
                  Principal
                      Accounting Fees and Services
                  23CLICKABLE
                      ENTERPRISES, INC. AND SUBSIDIARIES
                    CONSOLIDATED
                      FINANCIAL STATEMENTSAS
                      OF MARCH 31, 2007 AND 2005
                  F1-F19
 
 *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
 PARTI
 **ITEM
        1. DESCRIPTION OF BUSINESS**
 
 Clickable
        Enterprises, Inc., through its wholly-owned subsidiary ClickableOil.com,
        Inc.
        ("ClickableOil.com") (incorporated in the State of Delaware on April 4, 2000),
        provides a low cost and highly efficient means of servicing the heating oil
        market principally through an Internet-based approach. Clickable Enterprises,
        Inc. and ClickableOil.com, Inc. (collectively, the "Company") streamline
        the
        process of heating oil ordering and delivering by providing a more accessible
        point of contact for the customer. The Company subcontracts with local delivery
        companies to deliver heating oil to its customers.
 
 Unlike
        its industry competitors, ClickableOil.com, Inc. is unburdened with an expensive
        infrastructure of tangible assets. We currently do not, nor are we expected
        to
        own barges, trucks or storage facilities. Our principal operating assets
        will be
        proprietary software, attendant computer hardware and the possible inventory
        of
        heating oil in some markets. Although we are generally less burdened with
        the
        substantial costs that are often associated with intangible assets arising
        from
        the purchase of customers of acquired businesses, we are, however, required
        to
        continue to bill on account for heating oil deliveries to those residential
        customers of acquired businesses, which in turn requires us to carry receivable
        balances for residential customers for the first time. This is in contrast
        to
        our residential customers that we have acquired through advertising and
        marketing who are charged immediately by credit card for heating oil deliveries.
        Over time we anticipate converting these acquired customers to the credit
        card
        based billing arrangement described below. We only intend to purchase customer
        lists and relationships when (a) doing so is justified strategically in terms
        of
        territorial expansion and (b) acquiring customers through marketing and selling
        activities is not practical due to market conditions, such as during the
        past
        year when prices have been unstable. In fiscal 2007, we purchased a customer
        list from one heating oil distributor at terms we believe are favorable to
        us.
        In fiscal 2006, we purchased customer lists from two heating oil distributor
        at
        terms we believe are favorable to us, while in fiscal 2005, we purchased
        a
        customer list from one heating oil distributor at terms we believe are favorable
        to us.
 
 We
        also
        provide service installation and repair of heating equipment as a service
        to our
        customers, which we consider to be a necessary part of our business. We provide
        home heating equipment repair service on a 24 hours a day, seven days-a-week
        basis in most of our delivery regions. We contract with local third parties
        to
        provide such services, which we believe would be unprofitable to offer
        ourselves.
 
 We
        believe that we obtain new customers and maintain existing customers by offering
        full service home energy products at discount prices, providing quick repair
        operations, providing automatic deliveries to customers by monitoring historical
        use and weather patterns, and by providing customers a variety of payment
        and
        fixed price purchase options.
 
 **Operations**
 
 Our
        retail fuel oil distribution business is conducted through ClickableOil.com,
        Inc. We serve both residential and commercial fuel oil accounts. We sell
        quality
        home heating oil to our residential and commercial customers offering delivery
        seven days a week. We also contract with various third parties to provide
        an oil
        burner service that is available 24 hours a day for the maintenance, repair,
        and
        installation of oil burners. These services are performed on an as needed
        basis.
        Heating oil customers are not required to enter into service contracts; however,
        we do offer such service contracts if desired.
 
 Approximately
        50% of our customers receive their home heating oil pursuant to an automatic
        delivery system without the customer having to make an affirmative purchase
        decision. These deliveries are scheduled by computer, based on each customer's
        historical consumption patterns and prevailing weather conditions. Customers
        can
        also order deliveries of home heating oil through our web site located at
        www.clickableoil.com. We deliver home heating oil approximately seven times
        each
        year to the average customer. We have credit cards on file for approximately
        40%
        of our automatic customers and charge them promptly upon delivery, or we
        receive
        payment upon delivery (“COD”). Our customers can pay for fuel deliveries with
        cash, check or credit card or budget plan. We offer both fixed price plans
        for
        one or two years or variable price deals that fluctuate with the market.
        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, 2007 and 2006, the Company purchased heating
        oil for resale from NRG Heat & Power, LLC (“NRG”) and Flaw, Inc. (“Flaw”) in
        the amount of $519,782 and $186,379, respectively, or approximately 8% and
        5%,
        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, 2007, 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**
 
 At
        April
        1, 2006, our offices were located at 711 South Columbus Avenue, Mount Vernon,
        New York 10550. This property was rented on a month-to-month basis for the
        months of April 2006 through August 2006 at a cost of $1,860 per month. At
        March
        31, 2007, our offices were located at 2 Madison Avenue, Larchmont, NY 10538.
        Under the lease for this office, which commenced on August 1, 2006 for a
        lease
        term of five years, monthly rent is $4,020.
 
 **ITEM
        3. LEGAL PROCEEDINGS**
 
 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 May 29, 2007, there were approximately 294 shareholders of record based
        on
        transfer agent reports, which figure does not take into account those
        shareholders whose certificates are held in the name of broker-dealers. The
        closing price of the common stock on the Bulletin Board on May 29, 2007 was
        $0.0023. As of May 29, 2007, 481,194,033 shares of common stock were issued
        and
        outstanding, of which 392,462,318 were unrestricted shares with the remainder
        of
        88,731,715 being restricted shares.
 
 The
        common stock commenced trading on the Bulletin Board on November 29, 2000.
        Set
        forth below are the high and low sales prices for shares of the common stock
        for
        the last two fiscal years:
  **2005-2006**
                
                
                **2006-2007**First
                    Quarter
                $0.55
                
                $0.01
                
                First
                    Quarter
                $0.0290
                
                $0.0029Second
                    Quarter
                $0.08
                
                $0.02
                
                Second
                    Quarter
                $0.0142
                
                $0.0060Third
                    Quarter
                $0.03
                
                $0.02
                
                Third
                    Quarter
                $0.0430
                
                $0.0010Fourth
                    Quarter
                $0.04
                
                $0.01
                
                Fourth
                    Quarter
                $0.0055
                
                $0.0028
 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 2007 fiscal year and have never paid any
        dividends on our capital stock. We currently expect that we will retain future
        earnings for use in the operation and expansion of our business and do not
        anticipate paying any cash dividends in the foreseeable future. In addition,
        our
        convertible debentures contain covenants restricting our ability to pay
        dividends. Any decision on the future payment of dividends will depend on
        our
        earnings and financial position at the time and such other factors as the
        Board
        of Directors deem relevant.
 
 
 **Recent
        Sales of Unregistered Securities**
 
 On
          June
          30, 2005, Clickable Enterprises, Inc. (the “Company”) entered into Securities
          Purchase Agreement (the “Purchase Agreement”) for the sale of $900,000 in its
          Callable Secured Convertible Notes (“Notes”) in a privateplacement
          to AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC and
          New
          Millennium Capital Partners II, LLC (collectively, the “Investors”). On that
          date, the Company sold Investors purchased $650,000 in principal amount
          of
          Notes, together with warrants exercisable for 6,500,000 shares of Common
          Stock
          at $.15 per share. Terms of the Notes and warrants and the applicable exemption
          from registration are incorporated herein by reference to our Current Report
          on
          Form 8-K filed with the Securities and Exchange Commission on July 7,
          2005.
  On
          November 14, 2005, the Company sold an additional $250,000 of convertible
          debentures and issued warrants exercisable for 2,500,000 shares of common
          stock
          to the same investors. The Purchase Agreement originally required that
          a
          registration statement with respect to the shares issuable upon conversion
          of
          the debentures and exercise the warrant be in effect prior to the additional
          $250,000 investment. The investors waived this requirement, and no registration
          statement has been filed. The description of the terms of the debentures
          and
          warrants and applicable exemption from registration are incorporated herein
          from
          the foregoing 8-K.
 4
 On
        March
        21, 2006, we entered into Securities Purchase Agreement (the “Purchase
        Agreement”) for the sale of $1,000,000 in its Callable Secured Convertible Notes
        (“Notes”) in a private placement to AJW Partners, LLC, AJW Offshore, Ltd., AJW
        Qualified Partners, LLC and New Millennium Capital Partners II, LLC
        (collectively, the “Investors”). Closing under the Purchase Agreement occurred
        on March 22, 2006. In addition to the Notes, at Closing we issued warrants
        exercisable for 4,000,000 shares of Common Stock at $.10 per share. The terms
        of
        the Notes and warrants and the applicable exemption from registration are
        incorporated herein by reference to our Current Report on Form 8-K filed
        with
        the Securities and Exchange Commission on March 28, 2006.
 
 **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, 2007 and 2006 included in the this Form 10-KSB.
  **Financial
        Condition**
  We
        had
        net income (loss) of $3,389,153 and $(4,514,894) during the years ended March
        31, 2007 and 2006, respectively. As of March 31, 2007, we had a cash balance
        of
        $119,639 and current liabilities of $2,349,145 with obligations of $1,137,451
        to
        trade creditors, $77,157 in interest payable $105,112 in notes payable, and
        $749,784 due to convertible debenture holders and $279,641 in miscellaneous
        current liabilities, as well as total long-term obligations in the principal
        amount of $1,659,826 to convertible debenture holders and $23,316 in a note
        payable.
 
 As
        described in Note 13 to the consolidated financial statements, on May 31,
        2007,
        we entered into a financing transaction with the holders of the Company’s
        convertible debentures pursuant to which we sold an aggregate of $800,000
        of
        convertible debentures. The company is looking into various financing methods,
        there is no assurance that our efforts to conduct such a private placement
        or
        other financing will be successful, and we therefore may not presently have
        sufficient cash or other assets to meet our current liabilities and other
        cash
        requirements arising in the next twelve months. In order to meet those
        obligations, we will need to raise cash from the additional sale of securities
        or from borrowings. Our independent auditors have added an explanatory paragraph
        to their audit opinions issued in connection with the fiscal year 2007 and
        2006
        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, 2007, the Company's due from (due to) related parties
        for oil purchases and non-interest bearing cash advances to/from NRG Heat
&
Power, LLC (“NRG”), NexGen Energy, LLC (“NexGen”) and Flaw, Inc. (“Flaw”), oil
        companies that are owned and managed by Messrs. Cirillo and Pipolo, officers
        of
        the Company, changed by $52,366. As of March 31, 2007, the non-interest bearing
        obligation of $68,331 from NRG, NexGen and Flaw is included in due from related
        parties in current assets. During the years ended March 31, 2007 and 2006,
        the
        Company purchased oil for resale from NRG and Flaw in the amount of $519,782
        and
        $186,379, respectively. In addition, during the years ended March 31, 2007
        and
        2006, the company paid NRG, NexGen and Flaw $441,842 and $201,506, respectively,
        for trucking to pick up and deliver fuel.
 
 During
        the years ended March 31, 2007 and 2006, the Company had fuel sales of $133,410
        and $54,786, respectively, to NRG and Flaw.
 5
 **Year
        Ended March 31, 2007 Compared To Year Ended March 31, 2006**
  ***Overall
        Results Of Operations***
  For
        the
        year ended March 31, 2007, we realized an overall income of $3,389,153, or
        $.008
        per share, which was an increase of $7,904,047 from the net loss of
        ($4,514,894), or ($.04) per share for the prior period. The net results for
        the
        years ended March 31, 2007 and 2006 include non-cash expenses
        including  interest
        expense of  $250,049
        and $267,616, respectively, derivative instrument income (expense) of $4,903,111
        and ($2,431,335) respectively, and expense charges for stock issued for services
        of $193,413 and $1,125,507, respectively. The decrease in expense charges
        for
        stock issued for services is the principal cause of the $552,896 decrease
        in the
        loss from operations. The net income realized in 2007 was a result of the
        derivative instrument income.
 
 ***Sales***
 
 Total
        sales revenue for the year ended March 31, 2007 was $7,747,044 compared to
        $5,052,237 for the year ended March 31, 2006. The total increase of $2,694,807,
        or 53.3%, can be attributed principally to a 51.7% increase in gallons sold.
        The
        increase in gallons sold is attributable to a larger customer base that
        increased principally through acquisition of one heating oil distributors’
businesses, and to a lesser extent marketing activities.
 
 ***Gross
        Profit***
  Gross
        profit decreased by $25,764 to $435,929, or -5.6%, for the year ended March
        31,
        2007 compared to $461,693 for the year ended March 31, 2006. We also experienced
        a decrease in gross margin to 5.6% from 9.1% for the year ended March 31,
        2007
        compared to the year ended March 31, 2006. The decrease in gross profit is
        attributable to the increase in product cost and rising transportation expenses
        experienced in the year ended March 31, 2007 compared to that experienced
        in the
        prior 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.
 
 Fuel
        oil
        costs, inclusive of delivery expenses, averaged $2.14 per gallon during the
        current year compared to $2.04 in the prior year, or an increase of 5.0%.
        The
        effect of the relatively higher percentage increase in fuel oil cost compared
        to
        the percentage increase in average selling price (1.1%) was to decrease both
        gross profit and gross margin for the current year.
 
 ***Operating
        Expenses***
  Total
        operating expenses for the year ended March 31, 2007 decreased by $578,659
        to
        $1,732,172 from $2,310,831 for the year ended March 31, 2006. Expense charges
        for stock issued for services to consultants were $193,413 and $406,307 for
        the
        years ended March 31, 2007 and March 31, 2006, respectively. Expense charges
        for
        stock issued to two executive officers were $0 and $719,200 for the years
        ended
        March 31, 2007 and March 31, 2006, respectively. These decreases in expenses
        were offset by increases in employee compensation of $152,131, bad debt expense
        of $78,836, office rent of $25,248, advertising of $19,323 and insurance
        of
        $6,621; depreciation and amortization expenses also increased by
        $51,596.
  ***Other
        Income (Expense)***
  Non-cash
        income  from
        the
        valuation of the  derivative  instruments
        in the amount of $4,903,111 was recognized for the year ended March 31, 2007
        as
        compared to non-cash expense of $2,431,335 for the year ended March 31, 2006.
        Interest expense was $250,049 and $267,616 for the years ended March 31,
        2007
        and March 31, 2006, respectively.
 6
 **Liquidity
        and Capital Resources**
 
 ***Overview***
  As
        of
        March 31, 2007, we had a cash balance of $119,639 and a negative cash flow
        from
        operations of $680,020. Since inception through the period ended March 31,
        2007,
        we have financed our operations through private placements of both debt and
        equity and through loans from related parties. As of March 31, 2007, we have
        available lines of credit totaling $150,000 of which $129,950 is outstanding.
        As
        of August 31, 2007 a cash balance of $149,718 and available lines of credit
        totaling $150,000 of which $6,122 is outstanding
 
 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.
 
 On
        June
        30, 2005, the Company entered in a Securities Purchase Agreement with AJW
        Partners, LLC and its related entities for the sale of $900,000 of 10%
        three-year secured convertible debentures and closed on the sales of the
        convertible debentures in the amounts of $650,000 and $250,000, before expenses,
        on June 30, 2005 and November 14, 2005, respectively.
 
 On
        October 15, 2004, the Company entered into two contemporaneous transactions
        with
        the holders of the Company’s convertible debentures pursuant to which we
        restructured the terms of the convertible debentures and sold 1,200 shares
        of
        Series A Preferred Stock for $1,200,000 in cash, before transaction expenses
        in
        the amount of $28,343.
 
 Prior
        to
        the restructuring on October 15, 2004, the convertible debentures issued
        in
        2001, 2002 and June 2003 (aggregating $2,517,949) had matured and were in
        default. On October 15, 2004, the Company entered into a letter agreement
        with
        the holders of the convertible debentures whereby certain provisions of the
        debenture agreements were amended as follows:
 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%; andŸ
                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, 2007, the Company owed, in the aggregate, $2,685,481 on all of
        the
        convertible debentures and
        $77,157 of related accrued interest that is included in current liabilities.
        As
        of March 31, 2007, none of the related stock purchase warrants had been
        exercised.
 
 The
        convertible debentures and their associated warrants have been classified
        as derivative liabilities in
        accordance with EITF 00-19. Our
        derivative instrument liabilities are re-valued at the end of each reporting
        period, with changes in the fair value of the derivative liability recorded
        as
        charges or credits to income, in the period in which the changes occur. For
        options, warrants and bifurcated conversion options that are accounted for
        as
        derivative instrument liabilities, we determine the fair value of these
        instruments using the Black-Scholes option pricing model. For
        the
        years ended March 31, 2007 and 2006, the charges to income for derivative
        instrument expenses were ($4,903,111) and $2,431,335, respectively.
 
 The
        holders of Series A Preferred Stock are entitled to receive cumulative cash
        dividends of six percent per annum, payable in arrears on March 31, June
        30,
        September 30 and December 31 of each year, commencing
        December 31, 2004, out of funds legally available thereof. The Company
        had a stockholders’ deficiency of $5,858,207 at March 31, 2007; accordingly, it
        does not have legally available funds available to declare and pay a dividend,
        and, as of March 31, 2007, a dividend arrearage on the Series A Preferred
        Stock
        aggregated approximately $177,000. 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.
  7
  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.
 
 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.
 
 These
        provisions classify the Preferred Stock as a derivative instrument subject
        to
        SEC ruling EITF-00-19 and EITF Abstracts Topic D-98. In accordance with D-98,
        the Preferred Stock is removed from the Stockholders Equity section of the
        Balance Sheet and presented after the Liabilities Section. In
        accordance with EITF 00-19, the Stock is re-valued at the end of each reporting period, with changes in the fair value
        of
        the derivative liability recorded as charges or credits to income, in the
        period
        in which the changes occur.
 
 The
        report of the independent certified public accountants on our consolidated
        financial statements as of March 31, 2007 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 $9,632,624 of March 31, 2007. However, we
        believe
        that by concentrating on our core business of selling home heating oil, as
        well
        as by seeking the possible acquisition of profitable businesses and additional
        financings, we will generate sufficient revenues and liquidity for the Company
        to operate for the next 12 months. As of March 31, 2007 we had $2,349,145
        of
        current liabilities and working capital of ($1,188,383). There can be no
        assurances that the Company will be successful in developing its business
        and
        achieving a profitable level of operations sufficient to meet its cash needs.
 
 We
        anticipate that over the next twelve months we will need additional financing
        to
        fund acquisitions of businesses similar to that of ours and operating losses
        expected to be incurred until such time as we are able to generate positive
        cash
        flow.
 
 The
        Company has total liabilities and contractual obligations of $4,308,158 as
        of
        March 31, 2007. 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
              
              $
              2,685,481
              
              $
              785,481
              
              $
              1,900,000Accounts
                  Payable and Accrued Expenses
              
              
              1,137,451
              
              
              1,137,451
              
              
              -Installment
                  obligation**1**
              
              
              128,428
              
              
              105,112
              
              
              23,316Accrued
                  Interest
              
              
              77,157
              
              
              77,157
              
              
              -Other
              
              
              279,641
              
              
              279,641
              
              
              -Total
                  Contractual Obligations
              
              $
              4,308,158
              
              $
              2,384,842
              
              $
              1,923,316
  
 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 $43,178 is remaining at March 31, 2007.The
                  purchase price of a customer list acquired by the Company during
                  the year
                  ended March 31, 2007 included an obligation to make variable monthly
                  payments totaling $187,000 of which a balance of $85,250 is remaining
                  at
                  March 31, 2007.
  8
 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,
        2007
        and 2006:
 
 **Net
        Cash Used In Operating Activities**
  Net
        cash
        used in operating activities was $680,020 and $697,503 in the years ended
        March
        31, 2007 and 2006, respectively. The cash used in operating activities for
        the
        year ended March 31, 2007 was principally the result of a net income of
        $3,389,153 augmented by a seasonable increase in accounts payable and accrued
        expenses of $459,152, non-cash charges of $433,550 and an increase in accrued
        interest of $234,888. This was offset by non-cash income of $4,903,111 from
        derivative instrument valuation and a seasonable increase in accounts receivable
        of $319,315. The cash used in operating activities for the year ended March
        31,
        2006 was principally the result of a net loss of $4,514,894 and a seasonal
        increase in accounts receivable of $288,694, offset by non-cash charges of
        $2,431,335 for derivative instrument expense, $1,125,507 for charges for
        stock
        issued for services and $105,463 for other items, a seasonable increase in
        accounts payable and accrued expenses of $182,155 and an increase in accrued
        interest of $261,625.
  **Net
        Cash Used In Investing Activities**
  We
        used
        $223,535 and $399,494 during the years ended March 31, 2007 and 2006,
        respectively, for the acquisition of customer lists and fixed assets in both
        fiscal years.
  **Net
        Cash Provided By Financing Activities**
  Net
        cash
        provided by financing activities for the year ended March 31, 2007 was $38,399,
        principally attributable to proceeds from the Company’s credit lines of $129,950
        offset by a decrease in notes payable of $39,185 and an increase in related
        party receivable of $52,366. 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.
 
 **Recently
        Issued Accounting Pronouncements**
 
 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 adopted SFAS 123(R) in its quarter ending June 30, 2006. The
        Company
        has evaluated the provisions of SFAS 123(R) and has determined that it will
        not
        have any impact on its financial statement presentation or
        disclosures.
 9
 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 has adopted SFAS 154 which has been applied through
        retrospective application in the restatement of balances at April 1,
        2004.
  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, as
        the
        convertible debt is not considered a conventional debt under EITF
        0019.
 
 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.
 
 EITF
        Topic D-98, Classification
        and Measurement of Redeemable Securities ,
        on
        March 15, 2007, the SEC staff announced its position that requires preferred
        securities that are redeemable for cash or other assets to be classified
        outside
        of permanent equity if the stock is: (1) redeemable at a fixed or determinable
        price and date, (2) at the option of the holder and (3) conditions outside
        the
        control of the issuer. The Company has adopted this pronouncement retroactively,
        effective with the filing of its Restated Consolidated Financial Statements
        at
        March 31, 2006 and 2005.
 
 On
        December 21, 2006, the Financial Accounting Standards Board (FASB) posted
        FASB
        Staff Position (FSP) FSPEIFT00-19-2, Accounting
        for Registration Payment Arrangements .
        This
        FSP specifies that the contingent obligation to make future payments or
        otherwise transfer consideration under a registration payment arrangement,
        whether issued as a separate agreement or included as a provision of a financial
        instrument or other agreement, should be separately recognized and measured
        in
        accordance with FASB Statement No. 5, *Accounting
        for Contingencies* .
        The
        guidance in this FSP amends FASB Statements No. 133, *Accounting
        for Derivative Instruments and Hedging Activities* and, No.
        150, *Accounting
        for Certain Financial Instruments with Characteristics of both Liabilities
        and
        Equity* ,
        and
        FASB Interpretation No. 45 *,
        Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including
        Indirect Guarantees of Indebtedness of Others* ,
        to
        include scope exceptions for registration payment arrangements. This FSP
        further
        clarifies that a financial instrument subject to a registration payment
        arrangement should be accounted for in accordance with other applicable
        generally accepted accounting principles (GAAP) without regard to the contingent
        obligation to transfer consideration pursuant to the registration payment
        arrangement. The Company has accounted for registration payments as required
        under its securities purchase agreement and will follow this pronouncement
        effect from date of issue.
 10
 ***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, 2007 and 2006, we had net income (loss) of
        $3,389,153 and ($4,514,894), 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 September 21, 2007, on our consolidated financial statements
        for
        the fiscal year ended March 31, 2007, 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.*
 
 As
        of
        March 31, 2007, our current liabilities exceeded our current assets by
        $1,187,383. Current assets are assets that are expected to be converted into
        cash within one year and, therefore, may be used to pay current liabilities
        as
        they become due. There can be no assurances that we will be successful in
        developing our business and achieving a profitable level of operations, or
        be
        able to raise funding through the sale of equity or incurrence of debt
        financing, sufficient to meet our cash needs in the next twelve months.
 
 *OUR
        OPERATIONS ARE HAZARDOUS AND COULD EXPOSE US TO THE RISK OF MATERIAL
        LIABILITIES, LOST REVENUES OR INCREASED EXPENSES.*
 
 There
        are
        risks associated with the handling of oil, such as operational hazards and
        unforeseen interruptions caused by events beyond our control. These include
        accidents, the breakdown or failure of equipment or processes, and catastrophic
        events. Liabilities incurred and interruptions in operations caused by the
        handling of oil, have the potential to materially impact our consolidated
        results of operations, financial position and liquidity.
 
 *OUR
        OPERATIONS ARE HAZARDOUS AND COULD EXPOSE US TO THE RISK OF ENVIRONMENTAL
        LIABILITIES.*
 
 There
        are
        environmental risks associated with the risks in the handling of oil mentioned
        above, which include injury or loss of life and extensive property or
        environmental damage. In addition, the general handling of oil has the potential
        for serious impact on human health and the environment.
  *WE
        MAY HAVE TO CURTAIL OUR BUSINESS IF WE CANNOT FIND ADEQUATE FUNDING.*
 
 While
        we
        have been able to obtain additional financing from the holders of our
        convertible debentures, we currently have no legally binding commitments
        with
        them or any third parties to obtain any amount of additional equity or debt
        financing. Our principal stockholders have limited financial resources and
        may
        not be able to continue to lend funds to us. We may not be able to obtain
        any
        additional financing in the amounts or at the times that we may require the
        financing or, if we do obtain any financing, that it would be on acceptable
        terms because of the following:
 
 ·
            we
                have no additional assets to pledge as security for a loan;
                and  ·
            we
                may be viewed as a high market risk. 
 11
 As
        a
        result, we may not have adequate capital to implement future expansions,
        to
        maintain our current levels of operation or to pursue strategic acquisitions.
        Our failure to obtain sufficient additional financing could result in the
        delay
        or abandonment of some or all of our expansion and expenditures, which could
        harm our business and the value of our common stock.
 
 *OUR
        BUSINESS OPERATIONS WILL BE HARMED IF WE ARE UNABLE TO OBTAIN ADDITIONAL
        FUNDING.*
 
 Our
        business operations will be harmed if we are unable to obtain additional
        funding
        from related parties or from other investors or lenders. We do not know if
        additional financing will be available when needed, or if it is available,
        if it
        will be available on acceptable terms. Insufficient funds may prevent us
        from
        implementing our business strategy or may require us to delay, scale back
        or
        eliminate certain business opportunities for our product and services.
 
 *RISKS
        RELATING TO OUR CURRENT FINANCING AGREEMENTS:*
 
 *POSSIBILITY
        OF ANOTHER DEFAULT ON OUR CONVERTIBLE DEBENTURES*
 
 Prior
        to
        a restructuring on October 15, 2004, convertible debentures issued in 2001,
        2002
        and June 2003 aggregating $2,517,949 had matured and were in default. As
        of
        March 31, 2007, we had an aggregate outstanding balance of $785,481 of
        convertible debentures with maturity dates of October 15, 2007 and $1,900,000
        in
        convertible debentures issued during the fiscal year ended March 31, 2006
        with
        maturity dates of June 30, 2008 and March 22, 2009. There can be no assurance
        that we will be successful in generating the cash flow or raising the funds
        necessary to retire these debentures now. The debentures are collateralized
        by
        all of our assets and, in the event we are unable to repay or restructure
        these
        debentures, there is no assurance that the holders of the debentures will
        not
        institute legal proceedings to recover the amounts owed including foreclosure
        on
        our assets.
 
 *THERE
        ARE A LARGE NUMBER OF SHARES UNDERLYING OUR CONVERTIBLE DEBENTURES, CONVERTIBLE
        PREFERRED STOCK AND WARRANTS THAT MAY BE AVAILABLE FOR FUTURE SALE AND THE
        SALE
        OF THESE SHARES MAY DEPRESS THE MARKET PRICE OF OUR COMMON STOCK.*
 
 As
        of May
        29, 2007, we had 481,194,033  shares
        of
        common stock issued and outstanding, outstanding convertible debentures and
        shares of convertible preferred stock that may be converted into an estimated
        2,673,649,292 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.
 
 WE
        MAY BE
        IN DEFAULT ***OF OUR CONVERTIBLE DEBENTURES AS WE DO NOT HAVE SUFFICIENT AUTHORIZED COMMON
        STOCK TO ISSUE UPON CONVERSION OF OUR CONVERTIBLE DEBENTURES, CONVERTIBLE
        PREFERRED STOCK AND WARRANTS***
  We
        are
        authorized by our Certificate of Incorporation to issue 500,000,000 shares
        of
        common stock. As of May 29, 2007 we had 481,194,033  shares
        of
        common stock issued and outstanding, outstanding convertible debentures and
        shares of convertible preferred stock that may be converted into an estimated
        2,673,649,292 shares of common stock at current market prices, and outstanding
        warrants to purchase up to 17,000,000 shares of common stock. Therefore,
        our
        current authorized common stock is approximately 2,673,000,000 shares less
        than
        required for issuance of shares on conversion and exercise of these securities.
        We are required by the relevant instruments to at all time reserve sufficient
        shares for issuance upon such conversion and exercise. Therefore, we are
        in
        default of those instruments.
 12
 *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 $0.0023 per share on May 29, 2007:
 
 **Percentage
                  Below Market**
              
              **Price
                  Per Share**
              
              **Number
                  of Shares Issuable**
              
              **Percentage
                  of Outstanding Shares**25%
              
              $
              0.0017
              
              
              3,581,865,723
              
              
              88
              %50%
              
              $
              0.0012
              
              
              5,364,298,585
              
              
              92
              %75%
              
              $
              0.0006
              
              
              10,711,597,170
              
              
              96
              %
 
 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 $1,732,468 through
        March 31, 2007 due to conversions into shares of our common stock, are due
        and
        payable, with 8% interest, at various dates commencing October 15, 2007.
        During
        the fiscal year ended March 31, 2006, we closed on an additional $900,000
        of
        convertible debentures on June 30, 2005 that are due and payable, with 10%
        interest, on June 30, 2008, and $1,000,000 of convertible debentures on March
        22, 2006 that are due and payable, with 6% interest, on March 22, 2009. 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.
 13
 *THE
        PRICE OF OUR COMMON STOCK MAY BE AFFECTED BY A LIMITED TRADING VOLUME AND
        MAY
        FLUCTUATE SIGNIFICANTLY.*
 
 There
        can
        be no assurance that the active trading market that developed during fiscal
        2006
        will continue. An absence of an active trading market could adversely affect
        our
        stockholders' ability to sell our common stock in short time periods, or
        possibly at all. Our common stock was only relisted by the NASD in March
        2005,
        at which time trading resumed. In the foreseeable future our common stock
        is
        likely to experience significant price and volume fluctuations that could
        adversely affect its market price without regard to our operating performance.
        In addition, we believe that factors such as quarterly fluctuations in our
        financial results and changes in the overall economy or the condition of
        the
        financial markets could cause the price of our common stock to fluctuate
        substantially.
 
 *OUR
        COMMON STOCK IS SUBJECT TO "PENNY STOCK" RULES.*
 
 The
        Securities and Exchange Commission has adopted Rule 15g-9 which establishes
        the
        definition of a "penny stock," for the purposes relevant to us, as any equity
        security that has a market price of less than $5.00 per share or with an
        exercise price of less than $5.00 per share, subject to certain exceptions.
        For
        any transaction involving a penny stock, unless exempt, the rules require
        that:
 
 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.
 14
 **ITEM
        7. FINANCIAL STATEMENTS**
 
 The
        Company's consolidated financial statements as of and for the fiscal year
        ended
        March 31, 2007 have been examined to the extent indicated in their report
        by
        Simontacchi & Company, LLP., Independent Registered Public Accounting
        Firm, and have been prepared in accordance with accounting principles generally
        accepted in the United States of America and pursuant to Regulation S-B as
        promulgated by the Securities and Exchange Commission. The aforementioned
        consolidated financial statements are included in this Report on Form 10-KSB
        beginning on page F-1.
  **ITEM
        8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
        DISCLOSURE**
 
 As
        approved by the Board of Directors, effective November 7, 2005 we engaged
        Simontacchi & Company, LLP ("Simontacchi") to serve as the Independent
        Registered Public Accounting Firm to audit our financial statements for the
        fiscal years ending March 31, 2007 and March 31, 2006 and subsequently audit
        the
        March 31,2005 restatement.
 
 **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** **:**
  The
        Company has had to restate its financial statements for the fiscal years
        ended
        March 31, 2006 and March 31, 2005, due primarily to the application of EITF
        00-19.  This is an indication of a material weakness in the reporting of
        financial data of the Company.  The Company did not have the in house
        resources to address the derivative accounting requirements established by
        the
        Financial Accounting Standards Board.  This has been addressed by education
        of staff through continuing education and through consulting outside experts.
         The Company has revised its review process and added additional reviewers
        to assure that the final document containing the financials fairly represents
        the Company’s financial position.  The design of any system of controls is
        based in part upon certain assumptions about the likelihood of future events
        and
        there is no certainty that any design will succeed in achieving its stated
        goal
        under all potential future considerations, regardless of how remote .
        Other
        than as stated above, t here
        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, 2007.
 
 **ITEM
        8B. OTHER INFORMATION**
 
 None.
 15
 **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.
                  c/o
                    ClickableOil.com, Inc.
                  711
                    South Columbus Avenue
                  Mount
                    Vernon, NY 10550
                
                44
                
                Chief
                    Executive Officer, President and DirectorGuy
                    Pipolo
                  c/o
                    ClickableOil.com, Inc.
                  711
                    South Columbus Avenue
                  Mount
                    Vernon, NY 10550
                
                44
                
                Chief
                    Operating Officer, Chief Financial Officer and DirectorDavid
                    Rodgers
                  c/o
                    ClickableOil.com, Inc.
                  711
                    South Columbus Avenue
                  Mount
                    Vernon, NY 10550
                
                54
                
                Secretary
                    and Director
   Nicholas
        Cirillo, Jr. is the Chief Executive Officer, President and co-founder of
        Clickable Enterprises, Inc. Effective, as of the June 6, 2003 merger with
        ClickableOil.com, Inc., Mr. Cirillo was appointed President and Director
        of the
        Company. Prior to this, Mr. Cirillo co-founded, along with Guy Pipolo, National
        Retailers Group (which later became ClickableOil.com, Inc., when National
        Retailers Group became an Internet-based company), a New-York based discount
        oil
        company that provided purchasing, hedging and logistical services to wholesale
        terminal operations in both the Bronx and Westchester, marketed #4 and #6
        oil to
        commercial customers in New York, Connecticut and Massachusetts, and offered
        homeowners reduced-priced oil using state-of-the-art distribution strategies.
        From 1987 to 1995, Mr. Cirillo was a Manager with Cibro Petroleum where his
        responsibilities included overseeing the hedging and purchasing strategies
        for
        over $1 billion in home heating oil. Mr. Cirillo was also employed by Bear
        Stearns and by a privately held petroleum trading company. He received his
        Bachelor of Arts in Economics from Georgetown University, and his Masters
        of
        Business Administration from Fordham University.
 
 Guy
        Pipolo is the Chief Operating Officer, Chief Financial Officer and co-founder
        of
        Clickable Enterprises, Inc. Effective, as of the June 6, 2003 merger with
        ClickableOil.com, Inc., Mr. Pipolo was appointed Chief Operating Officer,
        Chief
        Financial Officer and Director of the Company. Prior to this, Mr. Pipolo
        co-founded along with Mr. Cirillo National Retailers Group (which later became
        ClickableOil.com, Inc., when National Retailers Group became an Internet-based
        company), a New-York based discount oil company that provided purchasing,
        hedging and logistical services to wholesale terminal operations in both
        the
        Bronx and Westchester, marketed #4 and #6 oil to commercial customers in
        New
        York, Connecticut and Massachusetts, and offered homeowners reduced-priced
        oil
        using state-of-the-art distribution strategies. From 1988 to 1995, Mr. Pipolo
        was the Supply Manager with Cibro Petroleum. Mr. Pipolo earned his Bachelor
        of
        Business Administration in Finance from Iona College.
 
 David
        Rodgers is co-founder of Clickable Enterprises, Inc. Effective, as of the
        June
        6, 2003 merger with ClickableOil.com, Inc., Mr. Rodgers was appointed Secretary
        and Director of the Company. He currently serves as Chief Financial Officer
        of
        Refuse Systems Corp., and Appliance Brokers Ltd Inc. Previously, he served
        as
        the Director of Information Technology and Chief Financial Officer with Burnside
        Coal and Oil/West Vernon Petroleum Corp., Mr. Rodgers received his Bachelor
        of
        Science in Accounting from the University of Bridgeport.
 16
 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, 2007, 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 2007, 2006 and 2005. 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
                    Compensation****Awards**
                
                
                **Payouts****Name
                      and****Principal
                    Position**
                
                
                **Year**
                
                
                **Salary****($)**
                
                
                **Bonus****($)**
                
                
                ********Other********
                  ******Annual******
                  **Compensation****($)**
                
                
                **Restricted****Stock****Award(s)****($)**
                
                
                **Options/****SARs****(#)**
                
                
                **LTIP****Payouts****($)**
                
                
                **All
                        Other****Compensation****($)**Nicholas
                    Cirillo, Jr.
                
                
                2007
                
                
                91,346
                
                
                0
                
                
                0
                
                
                0
                
                
                0
                
                
                0
                
                
                0CEO
                    and President
                
                
                2006
                
                
                53,846
                
                
                0
                
                
                0
                
                
                348,000
                (1)
                
                0
                
                
                0
                
                
                02005
                
                
                15,000
                
                
                0
                
                
                0
                
                
                0
                
                
                0
                
                
                0
                
                
                0Guy
                    Pipolo
                
                
                2007
                
                
                91,346
                
                
                0
                
                
                0
                
                
                0
                
                
                0
                
                
                0
                
                
                0COO
                    and CFO
                
                
                2006
                
                
                53,846
                
                
                0
                
                
                0
                
                
                348,000
                (1)
                
                0
                
                
                0
                
                
                02005
                
                
                15,000
                
                
                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 $45,000 based upon the value of the
                      Company’s
                      common stock as of March 31, 2007 ($0.003 per share). Such
                      restricted
                      stock was awarded on February 2, 2006 pursuant to the Company’s 2006 Stock
                      Plan and vested in full immediately upon the date of grant.
                      No dividends
                      will be paid on such restricted stock.
  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.
 17
 **Employment
        Agreement**
 
 At
        March
        31, 2007, none of the Company’s current executive officers have 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. On
        April
        1, 2007, employment agreements were reached with two executive officers as
        outlined in Note 13 to the Financial Statements, Subsequent Events.
 
 **Director
        Compensation**
 
 None
        of
        the Company’s directors are compensated for their services in that
        capacity.
 
 **ITEM
        11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
        STOCKHOLDER MATTERS**
 
 The
        following table contains information about the beneficial ownership of our
        common stock as of May 29, 2007 for:
 
 **·**
            each
                person who beneficially owns more than five percent of the common
                stock;  **·**
            each
                of our directors;  **·**
            the
                Named Executive Officers; and  **·**
            all
                directors and executive officers as a group.  Unless
        otherwise indicated, the address for each person or entity named below is
        c/o
        Clickable Enterprises, Inc., 2 Madison Avenue, Larchmont, NY 10538.
 
 Beneficial
        ownership is determined in accordance with the rules of the SEC and generally
        includes voting or investment power with respect to securities. Except as
        indicated by footnote, and subject to community property laws where applicable,
        the persons named in the table below have sole voting and investment power
        with
        respect to all shares of common stock shown as beneficially owned by them.
        The
        percentage of beneficial ownership is based on 481,194,033 shares of common
        stock outstanding as of May 29, 2007.
 
 **Name
                  and Address**
              
              **Common
                  Stock Number**
              
              **Beneficially
                  Owned Percent**Nicholas
                  Cirillo, Jr.(1)
              
              
              32,670,532
              
              
              6.8
              %Guy
                  Pipolo(1)
              
              
              32,670,532
              
              
              6.8
              %David
                  Rodgers(1)
              
              
              18,670,531
              
              
              3.9
              %All
                  Executive Officers and Directors as a Group
              
              
              84,011,595
              
              
              17.5
              %





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


18


**EQUITY
      COMPENSATION PLANS**




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





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







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






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




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







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





**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, 2007, the Company's due from (due to) related parties
      for oil purchases and non-interest bearing cash advances to/from NRG Heat &
Power, LLC (“NRG”), NexGen Energy, LLC (“NexGen”) and Flaw, Inc. (“Flaw”), oil
      companies that are owned and managed by Messrs. Cirillo and Pipolo, officers
      of
      the Company, changed by $52,366. As of March 31, 2007, the non-interest bearing
      obligation of $68,331 from NRG, NexGen and Flaw is included in due from related
      parties in current assets. During the years ended March 31, 2007 and 2006,
      the
      Company purchased oil for resale from NRG and Flaw in the amount of $519,782
      and
      $186,379, respectively. In addition, during the years ended March 31, 2007
      and
      2006, the company paid NRG, NexGen and Flaw $441,842 and $201,506, respectively,
      for trucking to pick up and deliver fuel.





During
      the years ended March 31, 2007 and 2006, the Company had fuel sales of $133,410
      and $54,786, 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.


19


**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).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).




20




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
                (incorporated by reference to our Form 10-KSB for the fiscal year
                ended
                March 31, 2006, filed on June 29, 2006).4.20
            
            Form
                of 6% Callable Secured Convertible Note issued in connection with
                Exhibit
                4.19 (incorporated by reference to our Form 10-KSB for the fiscal
                year
                ended March 31, 2006, filed on June 29, 2006).4.21
            
            Form
                of Stock Purchase issued in connection with Exhibit 4.19 (incorporated
                by
                reference to our Form 10-KSB for the fiscal year ended March 31,
                2006,
                filed on June 29, 2006).4.22
            
            Security
                Agreement dated as of March 21, 2006, entered into by and among Clickable
                Enterprises, Inc., AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified
                Partners, LLC and New Millennium Capital Partners II, LLC (incorporated
                by
                reference to our Form 10-KSB for the fiscal year ended March 31,
                2006,
                filed on June 29, 2006).10.1
            
            Independent
                Contractor/Trucking Agreement dated March 2004 (Incorporated by reference
                to our Amended Registration Statement on Form SB-2/A filed on May
                14,
                2004).10.2
            
            Terminal
                Agreement dated October 2000 between ClickableOil.com, Inc. and New
                Hyde
                Park Oil Terminal, LLC (Incorporated by reference to our Amended
                Registration Statement on Form SB-2/A filed on May 14,
                2004).10.3
            
            Independent
                Contractor Agreement dated June 2002 between ClickableOil.com, Inc.
                and
                NexGen Energy, LLC. (Incorporated by reference to our Amended Registration
                Statement on Form SB-2/A filed on May 14, 2004).10.4
            
            Purchase
                Agreement, dated as of September 20, 2005, by and between
                ClickableOil.com, Inc. and Mr. Patsy Rubbino (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).




21




10.6*
            
            Clickable
                Enterprises, Inc. 2004 Incentive Stock Plan (Incorporated by reference
                to
                Exhibit to our Registration Statement on Form S-8 filed on February
                6,
                2004).10.7*
            
            Clickable
              Enterprises, Inc. 2006 Stock Plan (Incorporated by reference to Exhibit
              4.15 to our Registration Statement on Form S-8 filed on February 7,
              2006).10.8*
            
            Executive
              Employment
              Agreement between the Company and Guy Pipolo, dated April 1, 2007 (filed
              herewith).10.9*
            
            Executive
              Employment
              Agreement between the Company and Nicholas Cirillo, dated April 1,
              2007
              (filed herewith).10.10*
            
            Compensation
              Amendment relating to issuance of shares and warrants to Guy Pipolo
              (filed
              herewith).10.11*
            
            Compensation
                Amendment relating to issuance of shares and warrants to Nicholas
                Cirillo
                (filed herewith).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.





22


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





**Audit
      Fees.** The
      aggregate fees billed for
      professional services rendered by
      the
      Company’s principal accountant were $47,702
      and $33,625 for the audit of the Company’s annual financial statements for the
      fiscal years ended March 31, 2007 and 2006, 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
      $36,202 in the fiscal year ended March 31, 2007 and $14,750 in the fiscal year
      ended March 31, 2006. Weinberg, the Company’s former principal accountant,
      billed $11,500 in the fiscal year ended March 31, 2007 and $18,875 in the fiscal
      year ended March 31, 2006.





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





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





**All
      Other Fees.** ****** Other
      than the services described above, no other fees were billed by the principal
      accountants for the fiscal years ended March 31, 2007 and 2006.


23


**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:
                September 14, 2007





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





**SIGNATURE**
            
            **TITLE**
            
            **DATE***/s/
                Nicholas Cirillo, Jr.*
            
            President,
              Chief
              Executive OfficerNicholas
                Cirillo, Jr.
            
            (Principal
                Executive Officer) and Director
            
            September
                14, 2007*/s/
                Guy Pipolo*
            
            Chief Operating
              Officer, Chief Financial OfficerGuy
                Pipolo
            
            (Principal
                Financial Officer) and Director
            
            September
                14, 2007*/s/
                David Rodgers*David
                Rodgers
            
            Secretary
                and Director
            
            September
                14, 2007








**CLICKABLE
      ENTERPRISES, INC. AND SUBSIDIARY**


**CONSOLIDATED** **FINANCIAL STATEMENTS**


**AS
      OF AND FOR THE YEARS ENDED**


**MARCH
      31, 2007 AND 2006**














**CLICKABLE
      ENTERPRISES, INC.**


**AND
      SUBSIDIARY**














**CONTENTS**








PAGE
            F-1
            REPORT
                OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMPAGE
            F-2
            CONSOLIDATED
                BALANCE SHEETS AS OF MARCH 31, 2007 AND 2006PAGE
            F-3
            CONSOLIDATED
                STATEMENTS OF OPERATIONS FOR THE YEARS ENDED MARCH 31, 2007 AND
                2006PAGE
            F-4
            CONSOLIDATED
                STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY FOR THE YEARS ENDED
                MARCH 31, 2007 AND 2006PAGE
            F-5
            CONSOLIDATED
                STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2007 AND
                2006PAGES
            F-6-F-19
            NOTES
                TO CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2007 AND
                2006










**CLICKABLE
      ENTERPRISES, INC. AND SUBSIDIARY**


**CONSOLIDATED
      FINANCIAL STATEMENTS**


**AS
      OF MARCH 31, 2007 AND 2006**


**REPORT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**








To
      the
      Board of Directors and Stockholders of:


Clickable
      Enterprises, Inc.








We
      have
      audited the accompanying consolidated balance sheets of Clickable Enterprises,
      Inc. and Subsidiary as of March 31, 2007 and 2006 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.
      and Subsidiary as of March 31, 2007 and 2006, 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 11 to the
      consolidated financial statements, the Company had a net income of $3,389,153
      which includes non-cash derivative income of $4,903,111; excluding this item
      there would have been a net loss of $1,513,958  and
      a
      negative cash flow from operations of $680,020 for the year ended March 31,
      2007
      and a stockholders’ deficiency of $5,858,207 at March 31, 2007. 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
      11. 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


September
      21, 2007








See
      accompanying notes to consolidated financial
      statements


F-1


**CLICKABLE
      ENTERPRISES, INC. AND SUBSIDIARY**


**CONSOLIDATED
      BALANCE SHEETS**


**AS
      OF MARCH 31, 2007 AND 2006**





2007
            
            2006ASSETSCurrent
                AssetsCash
            
            $
            119,639
            
            $
            1,001,903Accounts
                receivable,net
                of allowance for doubtful accounts of $151,000 and $ 42,600,
                respectively
            
            
            795,710
            
            
            577,892Inventory
            
            
            67,769
            
            
            47,349Prepaid
                expenses
            
            
            61,625
            
            
            217,597Due
                from related parties
            
            
            68,331
            
            
            15,965Debt
                financing costs,net
                of accumulated amortization of $52,312 and $18,978,
                respectively
            
            
            47,688
            
            
            81,022Total
                Current Assets
            
            $
            1,160,762
            
            $
            1,941,728Property
                and equipment,net
                of accumulated depreciation of $64,298 and $39,990,
                respectively
            
            
            72,610
            
            
            75,458Intangible
                asset,net
                of accumulated amortization of $132,537 and $51,863,
                respectively
            
            
            798,171
            
            
            526,422Other
                assets
            
            
            80,108
            
            
            66,668TOTAL
                ASSETS
            
            $
            2,111,651
            
            $
            2,610,275LIABILITIES
                & STOCKHOLDERS' DEFICIENCYCurrent
                LiabilitiesAccounts
                payable and other accrued expenses
            
            $
            1,137,451
            
            $
            570,412Credit
                Lines
            
            
            129,950
            
            
            0Deferred
                Revenue
            
            
            35,531
            
            
            0Note
                payable
            
            
            105,112
            
            
            39,185Customer
                deposits
            
            
            114,160
            
            
            69,835Accrued
                interest
            
            
            77,157
            
            
            6,190Convertible
                Debentures
            
            
            749,784
            
            
            —Total
                Current Liabilities
            
            $
            2,349,145
            
            $
            685,622Long
                Term LiabilitiesConvertible
                Debentures
            
            
            1,659,826
            
            
            3,430,205Derivative
                Instrument Liabilities - Convertible Notes
            
            
            2,765,915
            
            
            7,587,817Derivative
                Instrument Liabilities - Warrants
            
            
            0
            
            
            267,600Notes
                payable
            
            
            23,316
            
            
            66,604Other
                accrued expenses
            
            
            0
            
            
            19,039TOTAL
                LIABILITIES
            
            $
            6,798,202
            
            
            12,056,886COMMITMENTS
                AND CONTINGENCIES
            
            
            —
            
            
            —Series
                  A 6% convertible preferred stock, $.001 par value at Carrying
                  Cost,
                1,200
                  shares authorized, issued and outstanding, Redemption Value of
                  $1,200,000
            
            $
            1,171,657
            
            $
            1,171,657STOCKHOLDERS’
                DEFICIENCYCommon
                  stock, $.001 par value, 500,000,000 shares authorized,
                481,194,033
                  and 239,956,826 shares issued and outstanding,
                  respectively
            
            $
            481,194
            
            $
            239,957Additional
                paid-in capital
            
            
            3,198,731
            
            
            2,069,061Deferred
                compensation
            
            
            94,492
            
            
            94,492Accumulated
                deficit
            
            
            (9,632,624
            )
            
            (13,021,777
            )TOTAL
                STOCKHOLDERS’
                DEFICIENCY
            
            
            ($5,858,207
            )
            
            ($10,618,267
            )TOTAL
                LIABILITIES AND STOCKHOLDERS’
                DEFICIENCY
            
            $
            2,111,651
            
            $
            2,610,275




See
      accompanying notes to consolidated financial
      statements


F-2


**CLICKABLE
      ENTERPRISES, INC. AND SUBSIDIARY**


**CONSOLIDATED** **STATEMENTS OF OPERATIONS**


**FOR
      THE YEARS ENDED MARCH 31, 2007 AND 2006**





2007
            
            2006FUEL
                SALES (including related party sales of $133,410 and $54,786,
                respectively)
            
            $
            7,747,044
            
            $
            5,052,237COST
                OF SALES
            
            
            7,311,115
            
            
            4,590,545GROSS
                PROFIT
            
            $
            435,929
            
            $
            461,693OPERATING
                EXPENSESSelling,
                general and administrative
            
            $
            1,593,532
            
            $
            2,223,788Depreciation
                and amortization
            
            
            138,640
            
            
            87,044TOTAL
                OPERATING EXPENSES
            
            $
            1,732,172
            
            $
            2,310,831LOSS
                FROM OPERATIONS
            
            
            ($1,296,243
            )
            
            ($1,849,139
            )OTHER
                INCOME (EXPENSE)Derivative
                Instrument Income (Expense)
            
            $
            4,903,111
            
            
            ($2,431,335
            )Other
                income
            
            
            32,334
            
            
            33,196Interest
                expense
            
            
            (250,049
            )
            
            (267,616
            )TOTAL
                OTHER INCOME (EXPENSE)
            
            $
            4,685,396
            
            
            ($2,665,755
            )Income
                (Loss) before provision for income taxes
            
            $
            3,389,153
            
            
            ($4,514,894
            )Provision
                for income taxes
            
            
            —
            
            
            —NET
                Income (Loss)
            
            $
            3,389,153
            
            
            ($4,514,894
            )Net
                Income (Loss) available to common stockholders
            
            $
            $3,389,153
            
            $
            ($4,514,894
            )Net
                Income (Loss) per share, basic and diluted
            
            $
            0.0084
            
            $
            (0.0400
            )Weighted
                average number of common shares outstanding - basic and
                diluted
            
            
            402,844,064
            
            
            112,979,894







See
      accompanying notes to consolidated financial
      statements


F-3


**CLICKABLE
      ENTERPRISES, INC. AND SUBSIDIARY**


**CONSOLIDATED** **STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY**


**FOR
      THE YEARS ENDED MARCH 31, 2007 AND 2006**








**Common
                Stock**
            
            **Additional**
            
            **Accumulated**
            
            **Deferred
                Equity****Shares**
            
            **Amount**
            
            **Paid
                in Capital**
            
            **Deficit**
            
            **Compensation**
            
            **Total**Balance,
                April 1, 2005
            
            
            74,296,826
            
            $
            74,297
            
            
            ($161,321
            )
            
            ($8,506,884
            )
            $
            0
            
            
            ($8,593,908
            )Conversion
                of Debentures
            
            
            120,660,000
            
            
            120,660
            
            
            1,050,954
            
            
            
            
            
            
            
            
            1,171,614Warrants
                issued (convertible debentures
              &
                consultants)
            
            
            
            
            
            0
            
            
            
            
            
            
            
            
            94,492
            
            
            94,492Stock
                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, Year ended March 31, 2006
            
            
            
            
            
            
            
            
            
            
            
            (4,514,894
            )
            
            
            
            
            (4,514,894
            )Balance,
                March 31, 2006
            
            
            239,956,826
            
            $
            239,957
            
            $
            2,069,061
            
            
            ($13,021,777
            )
            $
            94,492
            
            
            ($10,618,267
            )Conversion
                of Debentures and accrued
              interest
            
            
            241,237,207
            
            
            241,237
            
            
            1,129,669
            
            
            
            
            
            
            
            $
            1,370,907Net
                Income for the period
            
            
            
            
            
            
            
            
            
            
            
            3,389,153
            
            
            
            
            $
            3,389,153Balance,
                March 31, 2007
            
            
            481,194,033
            
            $
            481,194
            
            $
            3,198,731
            
            
            ($9,632,624
            )
            $
            94,492
            
            
            ($5,858,207
            )









See
      accompanying notes to consolidated financial
      statements


F-4


**CLICKABLE
      ENTERPRISES, INC. AND SUBSIDIARY**


**CONSOLIDATED
      STATEMENTS OF CASH FLOWS**


**FOR
      THE YEARS ENDED MARCH 31, 2007 AND 2006**





2007
            
            2006CASH
                FLOWS FROM OPERATING ACTIVITIES:Net
                Income (Loss)
            
            $
            3,389,153
            
            
            ($4,514,894
            )Adjustments
                to reconcile net loss to net cash used in operatingactivities:Depreciation
                and amortization
            
            
            138,640
            
            
            87,044Provision
                for bad debts
            
            
            101,497
            
            
            22,660Derivative
                Instrument (Income) Expense
            
            
            (4,903,111
            )
            
            2,431,335Stock
                issued for services
            
            
            0
            
            
            1,125,507Recognition
                of deferred compensation
            
            
            193,413
            
            
            0Changes
                in operating assets and liabilities:(Increase)
                decrease in:Accounts
                receivable
            
            
            (319,315
            )
            
            (288,694
            )Inventory
            
            
            (20,420
            )
            
            (30,757
            )Prepaid
                expenses
            
            
            (37,441
            )
            
            (908
            )Other
                assets
            
            
            3,668
            
            
            2,592Increase
                (decrease) in:Accounts
                payable and other accrued expenses
            
            
            459,152
            
            
            182,155Deferred
                Revenue
            
            
            35,531
            
            
            0Accrued
                interest
            
            
            234,888
            
            
            261,625Customer
                deposits
            
            
            44,325
            
            
            24,832Net
                cash used in operating activities
            
            
            ($680,020
            )
            
            ($697,503
            )CASH
                FLOWS FROM INVESTING ACTIVITIES:Acquisition
                of property and equipment
            
            
            ($21,785
            )
            
            ($30,384
            )Acquisition
                of other current assets
            
            
            (17,108
            )
            
            —Acquisition
                of intangible asset
            
            
            (201,750
            )
            
            (369,110
            )Net
                cash used in investing activities
            
            
            ($240,643
            )
            
            ($399,494
            )CASH
                FLOWS FROM FINANCING ACTIVITIES:Payments
                of financing costs
            
            $
            0
            
            
            ($100,000
            )Increase
                (decrease) in Credit Lines
            
            
            129,950
            
            
            0Increase
                (decrease) in Notes Payable
            
            
            (39,185
            )
            
            0Decrease
                (increase) in due from related parties
            
            
            (52,366
            )
            
            (30,676
            )Net
                proceeds from issuance of convertible debentures
            
            
            0
            
            
            1,856,667Net
                cash provided by financing activities
            
            $
            38,399
            
            $
            1,725,991NET
                INCREASE IN CASH
            
            
            ($882,264
            )
            $
            628,994CASH
                AT BEGINNING OF YEAR
            
            
            1,001,903
            
            
            372,909CASH
                AT END OF YEAR
            
            $
            119,639
            
            $
            1,001,903









See
      accompanying notes to consolidated financial
      statements


F-5


SUPPLEMENTAL
        DISCLOSURE OF CASH FLOW INFORMATION:
  Income
        taxes paid for the years ended March 31, 2007 and March 31, 2006 were $0
        and $0,
        respectively. Interest  paid
        for
        the years ended March 31, 2007 and March 31, 2006 were $179,039 and $655,474,
        respectively.
  NON-CASH
        INVESTING AND FINANCING ACTIVITIES
  During
        the year ended March 31, 2007, convertible debentures in the principal amount
        of
        $1,206,986 and related interest of $163,921 were converted into 241,237,207
        shares of common stock.
 
 During
        the year ended March 31, 2006, convertible debentures in the principal amount
        of
        $525,482 and related interest of $646,132 were converted into 120,660,000
        shares
        of common stock.
 
 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 had no effect on cash.
 
 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-6


**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
        OF MARCH 31, 2007 AND 2006**
  
 **NOTE
                  1**
              
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING POLICIES AND
                  ORGANIZATION**
 
 ***(A)
        Organization and Recent Company History***
 
 Clickable
        Enterprises, Inc., through its wholly-owned subsidiary ClickableOil.com,
        Inc.
        (“ClickableOil.com”) (incorporated in the State of Delaware on April 4,
        2000), provides a low cost and highly efficient means of servicing the heating
        oil market through an Internet based approach. Clickable Enterprises, Inc.
        and
        ClickableOil.com, (collectively, the “Company”) streamline the process of
        heating oil ordering and delivering through providing a more accessible point
        of
        contact for the customer. The Company subcontracts with local delivery companies
        to deliver the heating oil to its customers.
 
 ***(B)
        Revenue Recognition***
 
 The
        Company recognizes revenue at the time heating oil is delivered to
        customers.
 
 ***(C)
        Concentrations of Credit Risk from Deposits in Excess of Insured
        Limits***
 
 The
        Company’s cash balances on deposit with two banks are guaranteed by the Federal
        Deposit Insurance Corporation up to $100,000 per banking institution. The
        cash
        balances at these banks did not exceed this limit as at March 31,
        2007.
 
 The
        Company performs on-going evaluations of its customers’ financial condition and
        requires no collateral from its customers.
 
 ***(D)
        Allowance for Doubtful Accounts***
 
 The
        Company provides for estimated losses on accounts receivable based on prior
        bad
        debt experience and a review of existing receivables. Based on these factors,
        there is a allowance for doubtful accounts of $151,000 and $42,600 for the
        years
        ended March 31, 2007 and 2006, respectively.
 
 ***(E)
        Inventory***
 
 Inventory
        consists primarily of heating oil and is valued at the lower of cost (first-in,
        first-out) or market.
 
 ***(F)
        Property and Equipment***
 
 Property
        and Equipment are stated at cost less accumulated depreciation. Expenditures
        for
        maintenance and repairs are charged to expense as incurred. Depreciation
        is
        provided using the straight-line method over the estimated useful lives of
        the
        assets from three to five years. These long-lived assets are generally evaluated
        on an individual basis in making a determination as to whether such assets
        are
        impaired. Periodically, the Company reviews its long-lived assets for impairment
        based on estimated future undiscounted cash flows attributed to the assets.
        In
        the event such cash flows are not expected to be sufficient to recover the
        recorded value of the assets, the assets are written down to their estimated
        fair values. There has been no impairment loss recorded for the years ended
        March 31, 2007 and 2006.
 
 ***(G)
        Income Taxes***
 
 Deferred
        tax assets and liabilities are recognized for the future tax consequences
        attributable to differences between the financial statement carrying amounts
        of
        existing assets and liabilities and their respective tax basis. Deferred
        tax
        assets and liabilities are measured using enacted tax rates expected to apply
        to
        taxable income in the years in which those temporary differences are expected
        to
        be recovered or settled. The effect on deferred tax assets and liabilities
        of a
        change in tax rates is recognized in income in the period that includes the
        enactment date.
 F-7


**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
        OF MARCH 31, 2007 AND 2006**




The
        Company recorded no current or deferred income tax expense (benefit) for
        the
        years ended March 31, 2007 and 2006. As set forth below, the deferred tax
        asset
        of approximately $3,929,000 arising from the Company’s ability to carry forward
        its net operating losses of approximately $13,780,000 to future years expiring
        at various dates through 2026 has been fully offset by a valuation allowance
        because the future utilization of the deferred tax asset is
        uncertain:
 
 **Deferred
                  Tax**
                **Asset,
                  Gross**
              
              **Valuation**
                **Allowance**
              
              **Deferred
                  Tax**
                **Asset,
                  Net**Balance,
                  March 31, 2006
              
              $
              3,414,000
              
              $
              3,414,000
              
              $
              —increase
                  during year
              
              
              515,000
              
              
              515,000
              
              
              —Balance,
                  March 31, 2007
              
              $
              3,929,000
              
              $
              3,929,000
              
              $
              —
 
 The
        net
        operating loss carryforward may be restricted in future years under Section
        382
        of the Internal Revenue Code.
 
 ***(H)
        Use of Estimates***
 
 In
        preparing financial statements in conformity with accounting principles
        generally accepted in the United States, management is required to make
        estimates and assumptions that affect the reported amounts of assets and
        liabilities and the disclosure of contingent assets and liabilities at the
        date
        of the financial statements and revenues and expenses during the reported
        period. Actual results could differ from those estimates.
 
 ***(I)
        Fair Value of Financial Instruments***
 
 The
        carrying amounts of the Company’s financial instruments, including cash,
        accounts receivable, accounts payable and other accrued expenses, note payable
        and related party payables, approximate fair value due to the short-term
        maturities of these instruments. The carrying value of the convertible
        debentures approximates the fair value based on the effective interest rates
        compared to current market rates. Long-term debt consisting of convertible
        debentures approximate fair value based upon debt terms for entities under
        similar terms.
 
 ***(J)
        Advertising Costs***
 
 Costs
        incurred for advertising are charged to operations as incurred. Advertising
        expenses for the years ended March 31, 2007 and 2006 were $86,848 and $67,915,
        respectively.
 
 ***(K)
        Income (Loss) Per Share***
 
 Basic
        and
        diluted net loss per common share for the years ended March 31, 2007 and
        2006
        are computed based upon the weighted average number of common shares
        outstanding. Based on the closing market price of the Company’s common on March
        31, 2007, the conversion of its convertible debentures and Series A convertible
        preferred stock would have resulted in the issuance of additional common
        shares
        in the total amount of 2,025,157,582. In addition to the effect of the assumed
        conversions, 17,000,000 stock purchase warrants were exercisable at March
        31,
        2007. Adding these 2,042,157,582 shares into the weighted average number
        of
        common shares outstanding would have the following results.
 
 **FOR
                THE YEAR
                ENDED MARCH 31, 2007****Basic**
              
              **Diluted**Net
                  Income (Loss) available to common stockholders
              
              $
              3,389,153
              
              $
              3,389,153Net
                  Income (Loss) per share, basic and diluted
              
              $
              0.0084
              
              $
              0.0014Weighted
                  average number of common shares outstanding - basic and
                  diluted
              
              
              402,844,064
              
              
              2,445,001,646
 (see
        Note
        1M)
  F-8
 **CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2007 AND 2006**
 ***(L)*** **Derivative
        Instruments**
 
 In
        connection with the sale of debt or equity instruments, we may sell options
        or
        warrants to purchase our common stock. In certain circumstances, these options
        or warrants may be classified as derivative liabilities, rather than as equity.
        Additionally, the debt or equity instruments may contain embedded derivative
        instruments, such as conversion options, which in certain circumstances may
        be
        required to be bifurcated from the associated host instrument and accounted
        for
        separately as derivative instrument liability.
 
 The
        identification of, and accounting for, derivative instruments is complex.
        Our
        derivative instrument liabilities are re-valued at the end of each reporting
        period, with changes in the fair value of the derivative liability recorded
        as
        charges or credits to income, in the period in which the changes occur. For
        options, warrants and bifurcated conversion options that are accounted for
        as
        derivative instrument liabilities, we determine the fair value of these
        instruments using the Black-Scholes option pricing model. That model requires
        assumptions related to the remaining term of the instrument and risk-free
        rates
        of return, our current common stock price and expected dividend yield, and
        the
        expected volatility of our common stock price over the life of the option.
        Because of the limited trading history of our common stock, we have estimated
        the future volatility of our common stock price based on not only the history
        of
        our stock price but also the experience of other entities considered comparable
        to us. The identification of, and accounting for, derivative instruments
        and the
        assumptions used to value them can significantly affect our financial
        statements.
 
 ***(M)
        Registration Rights Agreements***
 
 In
        connection with the sale of debt or equity instruments, we may enter into
        Registration Rights Agreements. Generally, these Agreements require us to
        file
        registration statements with the Securities and Exchange Commission to register
        common shares that may be issued on conversion of debt or preferred stock,
        to
        permit re-sale of common shares previously sold under an exemption from
        registration or to register common shares that may be issued on exercise
        of
        outstanding options or warrants.
 
 The
        Agreements usually require us to pay penalties for any time delay in filing
        the
        required registration statements, or in the registration statements becoming
        effective, beyond dates specified in the Agreement. These penalties are usually
        expressed as a fixed percentage, per month, of the original amount we received
        on issuance of the debt or preferred stock, common shares, options or warrants.
        We account for these penalties as a contingent liability and not as a derivative
        instrument. Accordingly, we recognize the penalties when it becomes probable
        that they will be incurred. Any penalties are expenses over the period to
        which
        they relate.
 
 ***(N)
        Recent Accounting Pronouncements***
 
 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 adopted SFAS 123(R) in its quarter ending June 30, 2006. The
        Company
        has evaluated the provisions of SFAS 123(R) and has determined that it will
        not
        have any impact 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 has adopted SFAS 154 which has been applied through
        retrospective application in the restatement of balances at April 1,
        2004.
 F-9
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2007 AND 2006**
   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, as
        the
        convertible debt is not considered a conventional debt under EITF
        0019.
 
 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.
  EITF
        Topic D-98, Classification and Measurement of Redeemable Securities, on March
        15, 2007, the SEC staff announced its position that requires preferred
        securities that are redeemable for cash or other assets to be classified
        outside
        of permanent equity if the stock is: (1) redeemable at a fixed or determinable
        price and date, (2) at the option of the holder and (3) conditions outside
        the
        control of the issuer. The Company has adopted this pronouncement retroactively,
        effective with the filing of its Restated Financial Consolidated Financial
        Statements at March 31, 2006 and 2005.
 
 On
        December 21, 2006, the Financial Accounting Standards Board (FASB) posted
        FASB
        Staff Position (FSP) FSPEIFT00-19-2, Accounting for Registration Payment
        Arrangements. This FSP specifies that the contingent obligation to make future
        payments or otherwise transfer consideration under a registration payment
        arrangement, whether issued as a separate agreement or included as a provision
        of a financial instrument or other agreement, should be separately recognized
        and measured in accordance with FASB Statement No. 5, Accounting for
        Contingencies. The guidance in this FSP amends FASB Statements No. 133,
        Accounting for Derivative Instruments and Hedging Activities and, No. 150,
        Accounting for Certain Financial Instruments with Characteristics of both
        Liabilities and Equity, and FASB Interpretation No. 45, Guarantor’s Accounting
        and Disclosure Requirements for Guarantees, Including Indirect Guarantees
        of
        Indebtedness of Others, to include scope exceptions for registration payment
        arrangements. This FSP further clarifies that a financial instrument subject
        to
        a registration payment arrangement should be accounted for in accordance
        with
        other applicable generally accepted accounting principles (GAAP) without
        regard
        to the contingent obligation to transfer consideration pursuant to the
        registration payment arrangement. The Company has accounted for registration
        payments as required under its securities  purchase
        agreement and will follow this pronouncement effect from date of
        issue.
 F-10
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2007 AND 2006**
  ***(O)
        Stock Based Compensation***
 
 Statement
        of Financial Accounting Standards No. 123R, “Shared Based Payment”, the Company
        is to recognize in the statement of operations the cost of employee services
        received in exchange for awards in equity instruments based on the grant
        date
        fair value of the awards. This same principal applies to share based payments
        to
        non-employees for both suppliers of goods and services. The cost will be
        recognized over the service period. There was a charge to operations in the
        year
        ended March 31, 2007 and 2006 of $193,413 and $1,125,307,
        respectively.
 
 ***(P)
        Segment Information***
 
 The
        Company’s business is organized, managed and internally reported as a single
        segment. All revenues except immaterial amounts are derived from the sale
        of
        heating oil in the northeastern United States.
 
 ***(Q)
        Cash***
 
 For
        the
        purpose of the statement of cash flows, cash is defined as balances held
        in
        corporate checking accounts and money market accounts.
  **NOTE
                        2**
                  
                  **ACCOUNTS
                        RECEIVABLE**
 Accounts
        receivable as of March 31, 2007 and 2006 consisted of the
        following:
 
 **2007**
              
              **2006**Accounts
                  receivable-trade
              
              $
              946,710
              
              $
              620,492Less
                  allowance for doubtful accounts
              
              
              (151,000
              )
              
              (42,600
              )$
              795,710
              
              $
              577,892
 
 For
        the
        years ended March 31, 2007 and 2006, the Company recorded bad debt expense
        of
        $101,497 and $22,660, respectively.
  **NOTE
                          3**
                    
                    **PROPERTY
                            AND
                            EQUIPMENT**
 Property
        and equipment as of March 31, 2007 and 2006 consisted of the
        following:
 
 **2007**
              
              **2006**Office
                  equipment
              
              $
              7,995
              
              $
              3,572Computer
                  equipment and software
              
              
              128,913
              
              
              111,876136,908
              
              
              115,448Less:
                  accumulated depreciation
              
              
              (64,298
              )
              
              (39,990
              )$
              72,610
              
              $
              75,458
 
 Total
        depreciation expense for the years ended March 31, 2007 and 2006 was $24,633
        and
        $19,487, respectively.
  **NOTE
                    4**
              
              **DEBT
                        FINANCING
                        COSTS**
   Debt
        financing costs, which relate to convertible debentures (See Note 6), as
        of
        March 31, 2007 and 2006 respectively consisted of the following:
 
 **2007**
              
              **2006**Debt
                  financing costs on $650,000 of Convertible Debentures
              
              $
              75,000
              
              $
              75,000Debt
                  financing costs on $1,000,000 of Convertible Debentures
              
              
              25,000
              
              
              25,000Less:
                  accumulated amortization
              
              
              (52,312
              )
              
              (18,978
              )Balance
                  as of March 31, 2007 and 2006 respectively
              
              $
              47,688
              
              $
              81,022
 
 Total
        amortization expense for the years ended March 31, 2007 and 2006 was $33,333
        and
        $18,978, respectively.
 F-11
 ******CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY** **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2007 AND 2006**
  **NOTE
                      5**
                
                **INTANGIBLE
                          ASSETS**
 The
        Company entered into an Agreement of Sale dated February 10, 2005 under which
        the Company acquired the assets of a heating oil distributor, principally
        its
        customer list. The purchase price consisted of a $75,000 payment at closing
        and
        a promissory note for a contingent payment due January 10, 2006, estimated
        at
        $120,750, based on a formula utilizing the gross profit realized on heating
        oil
        sold to the purchased customers in the 12-month period ending January 10,
        2006.
        The actual payment of $91,377 was made in March 2006, and an appropriate
        adjustment was made to the purchase price.
 
 The
        Company closed on an Asset Purchase Agreement dated September 20, 2005 under
        which the Company acquired the assets of a heating oil distributor, principally
        its customer list. The purchase price of $205,887 consisted of a $70,000
        payment
        at closing and 36 monthly installment payments of $4,000 each, and potential
        contingent payments based on gallons sold. The contingent payment, initially
        estimated to be $120,965, was re-estimated to be $0. The remaining amounts
        payable is included in current and long term liabilities as notes
        payable.
 
 On
        October 24, 2005, the Company closed on an Asset Purchase Agreement that
        it
        entered into on July 15, 2005, and Amendment No. 1 to the Asset Purchase
        Agreement (the “Purchase Agreement”), with a heating oil distributor for the
        purchase of its customer list and related customer information, and certain
        other intangible assets for a payment of $124,943 at closing.
 
 On
        December 7, 2006, the Company closed on an Asset Purchase Agreement under
        which
        the Company acquired the assets of a heating oil distributor, principally
        its
        customer list. The purchase price of $403,500 consisted of a $100,000 payment
        at
        closing, a one year $ 187,000 note with varying monthly payments and potential
        contingent payments based on gallons sold. The contingent payment, initially
        estimated to be $251,000, was re-estimated to be $116,500. The remaining
        amounts
        payable is included in current and long term liabilities as notes
        payable.
 
 At
        March
        31, 2007 and 2006, the intangible asset consisted of the following:
 
 **2007**
              
              **2006**Customer
                  lists
              
              $
              900,708
              
              $
              548,285Supply
                  agreement
              
              
              30,000
              
              
              30,000Less:
                  accumulated amortization
              
              
              (132,537
              )
              
              (51,863
              )$
              798,171
              
              $
              526,422
 
 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, 2007 and 2006 was $80,673 and 48,578, respectively.
        Remaining amortization of the purchase price will be expensed as
        follows:
 
 **Years
                  ending March 31,**
              
              **Amount**2008
              
              $
              118,5892009
              
              
              118,5892010
              
              
              118,5892011
              
              
              113,9412012
              
              
              112,589Thereafter
              
              
              215,874$
              798,171
 
 F-12
 **CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY** **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2007 AND 2006**
  The
        following pro forma information is based on the assumption that the acquisitions
        took place as of April 1, 2005. The acquisitions were recorded using the
        purchase method of accounting. The pro forma results are not necessarily
        indicative of what actually might have occurred had the acquisition been
        in
        effect for the periods presented.
 **2007**
              
              **2006**(unaudited)
              
              (unaudited)Total
                  Fuel Sales
              
              $
              7,880,000
              
              $
              5,417,000Net
                  Income (Loss)
              
              $
              3,416,000
              
              $
              (4,415,000
              )Net
                  Income (Loss) per share, basic and diluted
              
              $
              .0085
              
              $
              (0.04
              )
  **NOTE
                        6**
                  
                  **CONVERTIBLE
                              DEBENTURES**
 
 On
        June
        6, 2003, coincident with the ClickableOil.com merger transaction, the Company
        entered in a Securities Purchase Agreement with AJW Partners, LLC and its
        related funds for the sale of $800,000 of 10% one-year secured convertible
        debentures and 4,000,000 stock purchase warrants expiring June 5, 2008. The
        debentures are convertible, at the holder’s option, into shares of common stock
        in whole or in part at any time after the original issue date. The number
        of
        shares of Common Stock issuable upon a conversion is to be determined by
        dividing the outstanding principal amount of the debenture to be converted,
        plus
        related accrued interest, by the conversion price. The conversion price in
        effect on any conversion date was the lesser of $.05 and 50% of the average
        of
        the three day lowest bid prices during the twenty trading days immediately
        preceding the applicable conversion date. The stock purchase warrants have
        an
        exercise price of $.05 per share.
 
 Also
        on
        June 6, 2003, the Company closed on $300,000 of the $800,000 convertible
        debentures with additional closings of $300,000 and $200,000 occurring at
        the
        time the Company became current in all of its SEC filings and files a
        registration statement registering the underlying shares, respectively. The
        Company also issued 1,500,000 stock purchase warrants on the above closing.
        On
        November 3, 2003, the Company closed on an additional $300,000 of the
        convertible debentures maturing on November 3, 2004 and issued an additional
        1,500,000 stock purchase warrants subsequent to becoming current in all of
        its
        SEC filings. On January 16, 2004, the Company closed on the final $200,000
        of
        the convertible debentures maturing on January 16, 2005 and issued an additional
        1,000,000 stock purchase warrants subsequent to filing the aforementioned
        registration statement.
 
 The
        convertible debentures and warrants contain a conversion feature which results
        in a formula calculation and issuing varying amount of shares upon conversion,
        as such, the conversion features are required to be accounted for as embedded
        derivative liabilities in accordance with EITF 00-19, Accounting for Derivative
        Financial Instruments Indexed to and Potentially Settled in a Company’s Own
        Stock and SFAS 133, Accounting for Derivative Instruments and Hedging Activities
        (See Note 7).
 
 Prior
        to
        a restructuring on October 15, 2004, convertible debentures previously issued
        in
        2001 and 2002, and on June 6, 2003 (aggregating $2,017,949 before discount)
        had
        matured and were in default. On October 15, 2004, the Company entered into
        a
        letter agreement with the holders of the convertible debentures whereby certain
        provisions of the debenture agreements were amended as follows:
 
 1.
              Extension
                  of the then-expired maturity dates of all convertible debentures
                  to
                  October 15, 2007;
 2.
              Modification
                  of the conversion price by eliminating the ceiling price of $.05
                  per
                  share;
 3.
              Lowering
                  the interest rate to 8% from 10%;
                  and
 4.
              Forgiveness
                  of $250,000 of interest accrued and unpaid for the debentures.
                  The gain
                  associated with this reduction in accrued interest is reported
                  in the
                  accompanying statements of
                  operations.
  F-13
 ******CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY** **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2007 AND 2006**
  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.
 
 Also
        on
        June 30, 2005, the Company closed on $650,000 of the $900,000 of convertible
        debentures contemplated by the  Securities
        Purchase Agreement and issued stock purchase warrants exercisable for 6,500,000
        shares of common stock in connection therewith. The Company is required to
        file
        a registration statement within 60 days of the June 30, 2005 closing registering
        sufficient underlying shares to be reserved for issuance upon conversion
        of the
        convertible debentures and exercise of the stock purchase warrants. To date
        the
        Company has not filed such registration statement. This requirement was waived
        by the debenture holders
        and on November 14, 2005, the Company closed on the remaining $250,000 of
        convertible debentures.
 
 In
        connection with the aforementioned issuances of an aggregate of $900,000
        of
        convertible debentures, of which the Company received net proceeds of $856,667,
        the Company granted a first priority security interest in all the assets
        of the
        Company. The issuance of the convertible notes and warrants resulted in the
        conversion features being accounted for as embedded derivative liabilities
        in
        accordance with EITF 00-19 and SFAS 133 (See Note 7).
 
 On
        March
        21, 2006, the Company entered into Securities Purchase Agreement with AJW
        Partners, LLC and its related entities for the sale of $1,000,000 in convertible
        debentures and for stock purchase warrants exercisable for 4,000,000 shares
        of
        common stock at $.10 per share expiring June 30, 2010. Closing under the
        Purchase Agreement occurred on March 22, 2006. The debentures are convertible,
        at the holder’s option, into shares of common stock, in whole or in part, at any
        time after the original issue date. The number of shares of common stock
        issuable upon a conversion is to be determined by dividing the outstanding
        principal amount of the debenture to be converted, plus related accrued
        interest, by the conversion price. The conversion price in effect on any
        conversion date will be 60% of the average of the three day lowest bid prices
        during the twenty trading days immediately preceding the applicable conversion
        date. .
 
 The
        convertible debentures bear interest at the rate of 6% per annum, payable
        quarterly. If, however, in any month, the trading price of the common stock
        is
        $.028125 or more for each trading day of the month, no interest will be payable
        for such month. The principal amount of the convertible debentures and all
        accrued interest, if not previously paid or converted, will be due and payable
        on March 21, 2009.
 
 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
        issuance of the convertible notes and warrants resulted in the conversion
        features being accounted for as embedded derivative liabilities in accordance
        with EITF 00-19 and SFAS 133 (See Note 7).
 
 As
        of
        March 31, 2007, the Company owed, in the aggregate, $2,685,481 on all of
        the
        long-term convertible debentures, net of the amount of debentures that have
        been
        converted into stock, and $77,157 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, 2008
                
                $
                785,481March
                    31, 2009
                
                
                1,900,000Total
                
                $
                2,685,481
 See
        Note
        1(K) for the potentially dilutive effect of the convertible debentures and
        the
        stock purchase warrants .
 F-14
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2007 AND 2006**
  **NOTE
                        7**
                  
                  **DERIVATIVE
                                FINANCIAL INSTRUMENT
                                LIABILITIES**
  We
        use
        the Black-Scholes option pricing model to value options and warrants, and
        the
        embedded conversion option components of any bifurcated embedded derivative
        instruments that are recorded as derivative liabilities. See Note 1 **(** L **)** **** related
        to embedded derivative instruments accounting policy.
 
 In
        valuing the options in warrants and the embedded conversion option components
        of
        the bifurcated embedded derivative instruments, at the time they were issued
        and
        at March 31, 2007, we used the market price of our common stock on the date
        of
        valuation, an expected dividend yield of 0% and the remaining period to the
        expiration date of the options or warrants or repayment date of the convertible
        debt instrument. All options, warrants and conversion options can be exercised
        by the holder at any time.
 
 Because
        of the limited historical trading period of our common stock, the expected
        volatility of our common stock over the remaining life of the options and
        warrants has been estimated at 63% based on a review of the historical
        volatility. The risk-free rates of return used ranged from 4.54% to 5.06%
        based
        on constant maturity rates published by the U.S. Federal Reserve, applicable
        to
        the remaining life of the options or warrants.
  At
        March
        31, 2007, the following derivative liabilities related to common stock options
        and warrants and embedded derivative instruments were outstanding (see Note
        6).
 
 Issue
                  Date
              
              Expiry
                  Date
              
              No.
                  of Warrants
              
              Issued
                  To
              
              Exercise
                  Price per Share
              
              Value
                  Issue Date
              
              Value
                  at March 31, 20076/6/2003
              
              6/5/2008
              
              1,500,000
              
              AJW
                  Partners
              
              Various
              
              $0
              
              $011/3/2003
              
              11/3/2008
              
              1,500,000
              
              AJW
                  Partners
              
              Various
              
              0
              
              01/16/2004
              
              1/16/2009
              
              1,000,000
              
              AJW
                  Partners
              
              Various
              
              0
              
              06/30/2005
              
              6/30/2010
              
              6,500,000
              
              AJW
                  Partners
              
              Various
              
              585,000
              
              011/14/2005
              
              11/14/2010
              
              2,500,000
              
              AJW
                  Partners
              
              Various
              
              69,982
              
              03/21/2006
              
              3/21/2011
              
              4,000,000
              
              AJW
                  Partners
              
              Various
              
              76,000
              
              0Fair
                  value of derivative instrument liabilities for warrants
              
              $730,982
              
              $0Issue
                  Date
              
              Due
                  Date
              
              Note
                  Amount
              
              Instrument
              
              Exercise
                  Price per Share
              
              Value-Issue
                  Date
              
              Value
                  March 31, 20073/31/2003
              
              10/15/2007
              
              1,717,949
              
              Convertible
                  Notes
              
              Various
              
              $3,435,898
              
              $06/6/2003
              
              10/15/2007
              
              300,000
              
              Convertible
                  Notes
              
              Various
              
              600,000
              
              $28818311/3/2003
              
              10/15/2007
              
              300,000
              
              Convertible
                  Notes
              
              Various
              
              600,000
              
              302,8391/16/2004
              
              10/15/2007
              
              200,000
              
              Convertible
                  Notes
              
              Various
              
              400,000
              
              201,8936/30/2005
              
              6/30/2008
              
              650,000
              
              Convertible
                  Notes
              
              Various
              
              1,598,361
              
              512,61811/14/2005
              
              11/14/2008
              
              250,000
              
              Convertible
                  Notes
              
              Various
              
              489,510
              
              210,3053/21/2006
              
              3/21/2009
              
              1,000,000
              
              Convertible
                  Notes
              
              Various
              
              2,083,333
              
              893,79610/15/2004
              
              10/15/2007
              
              1,200,000
              
              Convertible
                  Preferred Stock
              
              Various
              
              1,411,765
              
              356.281Fair
                  value of bifurcated embedded derivative instrument
                  liabilities
              
              $10,618,867
              
              $2,765,915Total
                  derivative financial instruments
              
              
              
              $11,349,849
              
              $2,765,915
  F-15
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2007 AND 2006**
 **NOTE
                        8**
                  
                  **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 8(A)
        above). These shares have been valued at $.05 per share based on the current
        market value. For the year ended March 31, 2005, the Company recorded consulting
        expense of $8,000 for the equity component.
 
 On
        June
        15, 2005 and August 1, 2005, the Company entered into financial services
        agreements with two unrelated third parties to perform financial advisory
        and
        other professional  services.
        The terms of the agreements were for a period of twelve and six months, with
        payment for services consisting of 1,000,000 shares of common stock valued
        at
        $0.04 per share and 500,000 shares of common stock valued at $0.07 per share
        based on market value on the respective dates granted, for an aggregate cost
        of
        $75,000. The cost of such shares and warrants will be expensed over the period
        of the agreements. Total expenses recorded for the fiscal years ended March
        31,
        2007 and March 31, 2006 were $8,333 and $66,667, respectively.
 
 On
        October 1, 2005, the Company entered into a financial services agreement,
        amended February 16, 2006, with an unrelated third party to perform financial
        advisory and other professional  services
        for a period of eighteen months, with payment for services consisting of
        an
        aggregate of 12,500,000 shares common stock and stock purchase warrants expiring
        September 30, 2010 exercisable for an aggregate of 7,500,000 shares of common
        stock. Of the 12,500,000 common stock award, 5,500,000 shares were issued
        at an
        average value of $0.0333 per share based on market value on the dates issued,
        and 7,000,000 shares was issued at $0.0353 per share based on market value
        on
        the date issued, resulting in a cost of $430,228. The stock purchase warrants
        have exercise prices as follows: 5,000,000 shares at $0.10 per share and
        2,500,000 shares at $0.15 per share. The fair value of the stock purchase
        warrants was calculated using the Black Sholes pricing model, resulting in
        an
        additional cost of $94,492.
 
 The
        cost
        of the 5,500,000 share award and the stock purchase warrants will be expensed
        over the eighteen month period of the agreement. The cost of the 7,000,000
        share
        award was expensed upon issuance as no further services are to be performed.
        Total expenses recorded for the fiscal years ended March 31, 2007 and March
        31,
        2006 were $185,080 and $339,640, respectively.
 F-16
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2007 AND 2006**
   ***(C)***
                  ***Stock
                      Issued for Officer
                      Compensation***
 
 On
        February 6, 2006, the Board of Directors approved the issuance of 31,000,000
        shares of restricted common stock, 15,000,000 shares to each of Mssrs. Cirillo
        and Pipolo, both of whom are directors and officers of the Company, and
        1,000,000 to another employee, as additional compensation for services rendered
        to the Company. These shares have been valued at $.0232 per share, based
        on the
        current market value at date of issuance and accordingly, $719,200 has been
        expensed during the year ended March 31, 2006.
 
 
 ***(D)***
              ***Preferred
                  Stock Issued for Additional Financing from Related
                  Party***
 
 Contemporaneously
        with the restructuring of the convertible debentures described in Note 6,
        the
        Company sold to the holders of the convertible debentures 1,200 shares of
        Series
        A Convertible Preferred Stock (“Series A Preferred Stock”), par value $.001 per
        share, Stated Value $1,000 per share, in exchange for cash proceeds of
        $1,171,657 net of transaction costs of $28,343. The holders of Series A
        Preferred Stock are entitled to receive cumulative cash dividends of six
        percent
        (6%) per annum, payable in arrears on March 31, June 30, September 30 and
        December 31 of each year, commencing December 31, 2004, out of funds legally
        available thereof. The Company had a stockholders’ deficiency at March 31, 2007
        and 2006; accordingly it did not have legally available funds available to
        declare and pay a dividend. As of March 31, 2007 and 2006, dividend arrearage
        on
        the Series A Cumulative Preferred Stock aggregated $176,942 and $104,942,
        respectively. Other provisions include:
 
 1.
              In
                  the event dividends are distributed to holders of shares of common
                  stock,
                  the holders of Series A Preferred Stock shall be entitled to receive
                  dividends on a pari passu basis.
 2.
              In
                  the event of a Liquidation Event, as defined in the Certificate
                  of
                  Designation, Preferences, and Rights of the Series A Preferred
                  Stock (the
                  “Certificate of Designation”), the holders of Series A Preferred Stock
                  shall be entitled to a Liquidation Preference consisting of the
                  Stated
                  Value, accrued and unpaid dividends, and any other amounts owed.
 3.
              Mandatory
                  redemption provisions are effective if and when the Company fails
                  to issue
                  shares of common stock to holders of the Series A Preferred Stock
                  upon
                  exercise of conversion rights, or the common stock of the Company
                  fails,
                  after having been initially listed, to remain listed on the
                  Over-the-Counter Bulletin Board, Nasdaq National Market, Nasdaq
                  SmallCap
                  Market, New York Stock Exchange or American Stock Exchange, for
                  any reason
                  within the control of the Company.
 4.
              The
                  Company may elect to optionally redeem the Series A Preferred Stock
                  in an
                  amount equal to 120% of the stated value of each share, accrued
                  and unpaid
                  dividends, and any other amounts owed.
 5.
              Each
                  share of Series A Preferred Stock is convertible into common shares
                  at the
                  Conversion Price generally set at 85% of the average of the lowest
                  three
                  Average Daily Prices, as defined the Certificate of Designation,
                  for the
                  Company’s common stock during the 20-day trading period prior to the date
                  of a conversion notice. See Note 1 (J) for the potentially dilutive
                  effect
                  of the Series A Preferred Stock.
 The
                  features of this Series A Preferred Stock
                  require it to be accounted for as an embeddedderivative
                  liability in accordance with EITF 00-19,Accounting
                  for Derivative FinancialInstruments
                  Indexed to and Potentially Settled in a Company’s Own
                  StockandSFAS
                  133,Accounting
                  for Derivative Instruments and Hedging Activities.See Note 7 for the valuation ofthe
                  derivative feature.
 6.
              In
                  accordance with EITF Topic D-98,Classification
                  and Measurement of Redeemable Securities,
                  the Series A Preferred Stock has been classified outside of permanent
                  equity on the Consolidated Balance Sheets, see Note 1 (N). The
                  valuation
                  of the Series A Preferred Stock is as
                  follows:
  F-17


**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
        OF MARCH 31, 2007 AND 2006**





Redemption
                  Value(1,200
                  shares, par value $.001 per share, Stated Value $1,000 per
                  share)
              
              $
              1,200,000.00Financing
                  Costs incurred at Closing
              
              
              (28,343.00
              )Carrying
                  Cost
              
              $
              1,171,657.00






7.
              So
                    long as certain conditions are met, all shares of Series A Preferred
                    Stock
                    issued andoutstanding
                    on October 14, 2007, shall be automatically converted into shares
                    of
                    common stock atthe
                    Conversion Price.
 **NOTE
                          9**
                    
                    **RELATED
                                    PARTY
                                    TRANSACTIONS**
 
 During
        the fiscal years ended March 31, 2007 and 2006, the Company purchased heating
        oil for resale from NRG Heat & Power, Inc. (“NRG”), NexGen Energy, LLC
        (“NexGen”) and Flaw, Inc. (“Flaw”), oil suppliers that are owned and managed by
        Mssrs. Cirillo and Pipolo, both of whom are directors and officers of the
        Company, in the aggregate amount of $519,782 and $186,379, respectively,
        or
        approximately 8% and 5%, respectively, of total heating oil purchased. In
        addition, during the years ended March 31, 2007 and 2006, the company paid
        NRG,
        NexGen and Flaw $441,842 and $201,506, respectively, for trucking to pick
        up and
        deliver fuel.
 
 As
        of
        March 31, 2007 and 2006, the amounts due from the related parties referred
        to
        above amounted to $68,331  and
        $15,965, respectively.
 
 During
        the years ended March 31, 2007 and 2006, the Company had fuel sales of $133,410
        and $54,786, respectively, to NRG and Flaw.
 
 The
        Company has amounts due from various related entities and business transactions
        referred to above which are under common control. These entities are not
        considered to be variable interest entities requiring consolidation under
        FASB
        interpretation FIN 46(R), Consolidation of Variable Interest Entities, which
        requires the Company to evaluate its transactional and contractual relationships
        with other entities to determine whether any such entities are subject to
        consolidation, as they did not have a material effect on the Company’s financial
        position or on the consolidated results of operations.
 
 For
        related party stock transactions, see Notes 8 (C), 8 (D) and 8 (E).
   **NOTE
                            10**
                      
                      **COMMITMENTS
                                        AND
                                        CONTINGENCIES**
 ***(A)***
              ***Sales
                  Commitments***
 
 As
        of
        March 31, 2007 and 2006, the Company had an aggregate obligation to deliver
        approximately 346,000 gallons and 166,000 gallons, respectively, of heating
        oil
        to customers at varying prices under fixed price contracts.
 
 ***(B)***
              ***Forward
                  Purchase
                  Commitment***
 
 As
        of
        March 31, 2007 and 2006, the Company had entered into futures contracts with
        an
        unrelated supplier to purchase, in aggregate, approximately 42,000 gallons
        and
        71,000 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,
        2007
        and 2006 total approximately $94,000 and $125,000, 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-18
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2007 AND 2006**
 
 ***(C)***
              ***Agreement
                  of Sale, Contingent Note
                  Payable***
 
 As
        described in Note 5, the Company entered into an Agreement of Sale dated
        December 7, 2006 under which the Company issued a promissory note for a
        contingent payment due December 7, 2007. The payment was based on a formula
        utilizing the gross profit realized on heating oil sold to purchased customers
        in the 12-month period ending December 7, 2007. The contingent payment initially
        estimated to be $251,000, was re-estimated to be $116,500.which is reflected
        in
        current liabilities.
  ***(D)***
              ***Lease
                  Agreement***
 
 On
        June
        20, 2006, the Company entered into a lease agreement with an unrelated third
        party for its administrative offices. The term of the lease is for five years
        commencing on August 1, 2006. The current monthly rent is $3,593 with scheduled
        annual increases to $4,277 for year five.
 
 Year
                  Ending March 31,
              
              Amount2008
              
              $
              44,4822009
              
              
              46,5352010
              
              
              48,5882011
              
              
              50,6412012
              
              
              17,108
   **NOTE
                            11**
                      
                      **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 income of $3,389,153 which includes non-cash derivative income of
        $4,903,111; excluding this item there would have been a net loss of $1,513,958
        and a negative cash flow from operations of $680,020 for the year ended March
        31, 2007 and a stockholders’ deficiency of $5,858,207 at March 31, 2007. 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
                            12**
                      
                      **DERIVATIVE
                                            INSTRUMENTS EXPENSE,
                                            NET**
 Derivative
          instruments income of $4,903,111 represents the net unrealized (non-cash)
          change
          during the year ended March 31, 2007, in the fair value of our derivative
          instrument liabilities related to certain warrants and embedded derivatives
          in
          our convertible debt and preferred stock that have been bifurcated and
          accounted
          for separately.
 
 **NOTE
                              13**
                        
                        **SUBSEQUENT
                                                EVENTS**
 On
        May
        31, 2007, the Company entered in a Securities Purchase Agreement with AJW
        Partners, LLC and its related funds for the sale of $800,000 of 8% per annum,
        three-year secured convertible debentures and 10,000,000 stock purchase warrants
        expiring May 31, 2014. 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 is 40% 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 $.002 per share.
 
 On
        April
        1, 2007, the Company entered into employment agreements with its Chief Executive
        Officer and Chief Operating Officer. The rate of pay will be $125,000 per
        annum
        and to be reviewed after the first anniversary, related to increases in the
        base
        rate in accordance with the policies of the Company or by the resolution
        of the
        Board of Management. The agreement will end on the earliest of (1) the third
        anniversary or the ending date of any extension of this agreement or (2)
        the
        date of termination of Executive’s employment pursuant to this agreement. The
        agreement also includes non-compete provision by the executive(s).
 
 The
        agreement includes an amendment whereby the Officer has offered to provide
        assistance and support by providing short term capital funding and vendor
        support for the company, by use of personal credit and signature to secure
        financing. This assistance will be compensated in the form of issuance of
        stock
        and warrants for the purchase of common stock; 1,500,000 common share and
        3,000,000 common warrants, to be issued on the anniversary date of the
        agreement. Further, such compensation shall be reviewed and revised in a
        manner
        consistent with the employment agreement.
 F-19