**UNITED
      STATES SECURITIES AND EXCHANGE COMMISSION**


**WASHINGTON,
      D.C. 20549**





**FORM
      10-KSB**





**Amendment
      No. 2**





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





**For
      the Year Ended March 31, 2006**





Commission
      File Number 0-23737





**CLICKABLE
      ENTERPRISES, INC.**


(Name
      of
      Small Business Issuer in Its Charter)





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


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 Nox





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).  Yeso Nox





State
      issuer’s revenues for its most recent fiscal year :
      $5,052,237





The
      aggregate market value as of June 16, 2006 of the voting common equity held
      by
      non- affiliates
      was $2,886,806 based on the average of the bid and asked prices as quoted on
      the
      OTC Bulletin Board.








**ISSUERS
      INVOLVED IN BANKRUPTCY**


**PROCEEDINGS
      DURING THE PAST FIVE YEARS**





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


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





**APPLICABLE
      ONLY TO CORPORATE REGISTRANTS**





Indicate
      the number of shares outstanding of each of the issuer's classes of common
      equity, as of the latest practicable date. As of June 16, 2006, there were
      310,956,826 shares of the Company’s $.001 Common Stock issued and
      outstanding.





FORWARD-LOOKING
      STATEMENTS :





This
      Form
      10-KSB contains “forward-looking statements” relating to the Registrant which
      represent the Registrant’s current expectations or beliefs including, but not
      limited to, statements concerning Registrant’s operations, performance,
      financial condition and growth. For this purpose, any statements contained
      in
      this Form 10-KSB that are not statements of historical fact are forward-looking
      statements. Without limiting the generality of the foregoing, words such as
      “may”, “anticipation”, “intend”, “could”, “estimate”, or “continue” or the
      negative or other comparable terminology are intended to identify
      forward-looking statements. These statements by their nature involve substantial
      risks and uncertainties, such as credit losses, dependence on management and
      key
      personnel and variability of quarterly results, ability of Registrant to
      continue its growth strategy and competition, certain of which are beyond the
      Registrant’s control. Should one or more of these risks or uncertainties
      materialize or should the underlying assumptions prove incorrect, actual
      outcomes and results could differ materially from those indicated in the
      forward-looking statements.


i


EXPLANATORY
      NOTE REGARDING AMENDMENT NO. 2




The
      purpose of this Amendment No. 2 to the Annual Report on Form 10-KSB (this
“Amendment”) of Clickable Enterprises, Inc. (the "Company") for the year ended
      March 31, 2006 is to present restated financial statements for the fiscal years
      ended March 31, 2005 and March 31, 2006. As originally presented, the Company
      treated its convertible debentures in accordance with ETIF 00-27, *Application
      of Issue No. 98-5 Accounting for Convertible Securities with Beneficial
      Conversion Features or Contingently Adjusted Conversion Ratios to Certain
      Convertible Instruments* .
      The
      amount of the beneficial conversion feature was recorded as a discount on the
      debt and as a component of additional paid-in capital and the debt discount
      was
      accredited over 12 month periods as interest expense. In accordance with an
      SEC
      Interpretation issued in December, 2005, the Company has restated its financial
      statements for the fiscal years ended March 31, 2005 and March 31, 2006 in
      accordance with the directive of EITF 00-19, *Accounting
      for Derivative Financial Instruments Indexed to and Potentially Settled in
      A
      Company’s Own Stock* ,
      and
      FASB 133, *Accounting
      for Derivative Instruments and Hedging Activities* .
      The
      restatement affects the financial statements for the fiscal year ended March
      31,
      2005 contained in the Company’s Form 10-KSB for the fiscal year ended March 31,
      2005, as well as the financial statements for the fiscal years ended March
      31,
      2006 and 2005 contained in the previously filed 10-KSB and Amendment No. 1
      to
      10-KSB for the fiscal year ended March 31, 2006. Consequently, the financial
      statements at and for the year ended March 31, 2005 contained in the March
      31,
      2005 10-KSB,and the financial statements contained in the Form 10-KSB and
      Amendment No. 1 should no longer be relied upon. Note 12 to the Consolidated
      Financial Statements contained in this Amendment has been added to set forth
      the
      results of this restatement in detail.





This
      Amendment also reflects a change in the Company’s certifying accountant for the
      fiscal year ended March 31, 2005. The Company originally filed its annual report
      on Form 10-KSB for the fiscal year ended March 31, 2006 on June 29, 2006 (the
      “Form 10-KSB”). That filing contained side-by-side comparisons of the Company’s
      financial results for the years ended March 31, 2006 and 2005, with an audit
      report of Simontacchi & Company, LLP (“Simontacchi”) pertaining to the
      Company’s financial statements for the year ended March 31, 2006 and the June
      21, 2005 audit report of Weinberg & Company, P.A. (“Weinberg”) pertaining to
      the Company’s financial statements for the year ended March 31, 2005. On June
      29, 2006, Weinberg advised the Company that the Form 10-KSB did not comply
      with
      the requirements of Item 310 of Regulation S-B because the Company did not
      seek
      Weinberg’s consent or updated opinion with respect thereto. In Amendment No. 1
      to the Form 10-KSB, the Company (i) removed Weinberg’s audit report with respect
      to the Company’s financial statements for the year ended March 31, 2005, (ii)
      disclosed in Note 1 to the financial statements that the March 31, 2005
      financial statements were not audited and (iii) labeled the columns referring
      to
      results for the year ended March 31, 2005 as “Not Audited.” The Company’s March
      31, 2005 financial statements contained in this Amendment have been audited
      by
      Simontacchi and the report of Simontacchi includes financial statements for
      the
      fiscal years ended March 31, 2005 and March 31, 2006. The Company has
      supplemented its disclosure contained in Item 8 to indicate that Simontacchi
      re-audited the Company’s financial statements for the year ended March 31, 2005
      in connection with the filing of this Amendment





The
      Company also has supplemented its disclosure regarding the effectiveness of
      its
      disclosure controls and procedures contained in Item 8A pursuant to Item 307
      of
      Regulation S-B and provided new certifications as specified in Rule 13a-14(a)
      or
      Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, which are
      filed as Exhibits 31.1 and 31.2





This
      Amendment continues to speak as of the date of the Company’s Annual Report on
      Form 10-KSB for the fiscal year ended March 31, 2006. Except as set forth above,
      this Amendment No. 2 to our Form 10-KSB does not reflect events occurring after
      June 29, 2006 or modify or update those disclosures affected by subsequent
      events. The filing of this Amendment No. 2 is not a representation that any
      statements contained in the original Annual Report, Amendment No. 1 or this
      Amendment No. 2 are true and complete as of any date subsequent to the date
      of
      the original Annual Report. The filing of this Amendment No. 2 shall not be
      deemed an admission that the original filing, when made, contained any untrue
      statement of a material fact or omitted to state a material fact necessary
      to
      make the statements therein not misleading.




ii


**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 Mattersand
                  Small Business Issuer Purchases of Equity Securities
              4-5Item
                  6.
              Management's
                  Discussion and Analysis or Plan of Operation
              5-14Item
                  7.
              Financial
                  Statements
              14Item
                  8.
              Changes
                  in and Disagreements with Accountants onAccounting
                    and Financial Disclosure
              15Item
                  8A.
              Controls
                  and Procedures
              15Item
                  8B.
              Other
                  Information
              16**Part
                  III**Item
                  9.
              Directors,
                  Executive Officers, Promoters and ControlPersons;
                    Compliance with Section 16(a) of the Exchange Act
              17-18Item
                  10.
              Executive
                  Compensation
              18-19Item
                  11.
              Security
                Ownership
                of Certain Beneficial Owners andManagement
                  and Related Stockholder Matters
              19-20Item
                  12.
              Certain
                Relationships and Related Transactions
              21Item
                  13.
              Exhibits
              21-23Item
                  14.
              Principal
                  Accounting Fees and Services
              24CLICKABLE
                ENTERPRISES, INC. AND SUBSIDIARIESCONSOLIDATED
                FINANCIAL STATEMENTS AS OF MARCH 31, 2006 AND 2005
              F1-F22





*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.*





iii




**Part
      I**


**ITEM
      1. DESCRIPTION OF BUSINESS**





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





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





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





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





**Operations**





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





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




1


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





**Suppliers**





We
      purchase fuel from various suppliers both "spot" and "contract", with both
      fixed
      price and variable price agreements. We also have several throughput/ storage
      agreements where the Company utilizes a third party terminal to store our
      product for a per gallon fee. During
      the fiscal years ended March 31, 2006 and 2005, the Company purchased heating
      oil for resale from NRG Heat & Power, LLC (“NRG”) and Flaw, Inc. (“Flaw”) in
      the amount of $186,379 and $125,983, respectively, or approximately 5% and
      6%,
      respectively, of total heating oil purchased. NRG and Flaw are owned and managed
      by Messrs. Cirillo and Pipolo, both of whom are directors and officers of the
      Company.





**Environmental
      Considerations and Regulation**





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





**Employees**





As
      of
      March 31, 2006, the total number of our employees was nine, of which eight
      were
      full-time employees.





**Retail
      Heating Oil Industry**





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





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




2




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





**·**
            the
                cost of crude oil;


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


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


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





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





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





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





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





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





**ITEM
      2. DESCRIPTION OF PROPERTY**





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





**ITEM
      3. LEGAL PROCEEDINGS**





None.





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





None.




3




**Part
      II**





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





Our
      common stock is traded in the over-the-counter market and quotations are
      published on the OTC Bulletin Board ("Bulletin Board") under the symbol "CKEI".
      As of June 16, 2006, there were approximately 465 shareholders of record based
      on transfer agent reports, which figure does not take into account those
      shareholders whose certificates are held in the name of broker-dealers. The
      closing price of the common stock on the Bulletin Board on June 16, 2006 was
      $0.0130. As of June 16, 2006, 310,956,826 shares of common stock were issued
      and
      outstanding, of which 217,389,466 were unrestricted shares with the remainder
      of
      93,567,360 being restricted shares.





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


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





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





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





**Dividend
      Policy**





We
      did
      not pay any dividends during the 2006 fiscal year and have never paid any
      dividends on our capital stock. We currently expect that we will retain future
      earnings for use in the operation and expansion of our business and do not
      anticipate paying any cash dividends in the foreseeable future. Any decision
      on
      the future payment of dividends will depend on our earnings and financial
      position at the time and such other factors as the Board of Directors deem
      relevant.





**Recent
      Sales of Unregistered Securities**





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





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




4




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





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





The
      following is management’s discussion and analysis of certain significant factors
      that will have affected our financial condition and results of operations.
      Certain statements under this section may constitute “forward-looking
      statements”. The following discussion should be read in conjunction with the
      audited consolidated financial statements and notes thereto as of and for the
      years ended March 31, 2006 and 2005 included in the this Form 10-KSB.




**Financial
      Condition**




We
      had
      net losses of $(4,514,894) and $(3,281,898) during the years ended March 31,
      2006 and 2005, respectively. As of March 31, 2006, we had a cash balance of
      $1,001,903 and current liabilities of $685,622 with obligations of $512,913
      to
      trade creditors, $6,190 in interest payable and $166,519 in miscellaneous
      current liabilities, as well as total long-term obligations in the principal
      amount of $3,892,467 to convertible debenture holders and $85,643 miscellaneous
      non-current liabilities. As described in Note 6 to the consolidated financial
      statements, during the fiscal year ended March 31, 2006, we entered into two
      financing transactions with the holders of the Company’s convertible debentures
      pursuant to which we sold an aggregate of $1,900,000 of convertible debentures.
      As described in Note 11 to the consolidated financial statements, on April
      4,
      2006, we entered into a financial services agreement with an unrelated third
      party to serve as placement agent for a private placement of up to $15,000,000
      of common stock. However, there is no assurance that our efforts to conduct
      such
      a private placement will be successful, and we therefore may not presently
      have
      sufficient cash or other assets to meet our current liabilities and other cash
      requirements arising in the next twelve months. In order to meet those
      obligations, we will need to raise cash from the additional sale of securities
      or from borrowings. Our independent auditors have added an explanatory paragraph
      to their audit opinions issued in connection with the fiscal year 2006 and
      2005
      consolidated financial statements, which states that our ability to continue
      as
      a going concern depends upon our ability to resolve liquidity problems,
      principally by obtaining capital, increasing sales and generating sufficient
      revenues to become profitable. Our consolidated financial statements do not
      include any adjustments that might result from the outcome of this uncertainty.





**Related
      Party Transactions**





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





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





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




5




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




***Overall
      Results Of Operations***




For
      the
      year ended March 31, 2006, we incurred an overall loss of $(4,514,894), or
      ($.04) per share, which was a increase of $1,232,996 from the net loss of
      $(3,281,898), or ($.04) per share for the prior period. The net losses for
      the
      years ended March 31, 2006 and 2005 include non-cash expenses
      including  interest
      expense of  $261,625
      and $228,644, respectively, derivative instrument expense of $2,431,335 and
      $2,410,829 respectively, and expense charges for stock issued for services
      of
      $1,125,507 and $8,000, respectively. The year ended March 31, 2005 also includes
      $188,542 of amortization of deferred compensation and a gain of $250,000 for
      the
      forgiveness of interest accrued and unpaid for the convertible debentures.
      The
      increase in expense charges for stock issued for services and employee expenses
      are the principal causes of the increase of $935,002 in the loss from
      operations.





***Sales***





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





***Gross
      Profit***




Gross
      profit increased by $376,502 to $461,693, or 442%, for the year ended March
      31,
      2006 compared to $85,191 for the year ended March 31, 2005. We also experienced
      an increase in gross margin to 9.1% from 3.5% for the year ended March 31,
      2006
      compared to the year ended March 31, 2005. The increase in gross profit is
      attributable to both the increase in gallons sold and the gross margin increase.
      The latter is principally due to the relatively more rapid and dramatic increase
      in product cost and rising transportation expenses experienced in the year
      ended
      March 31, 2005 compared to that experienced in the current year. This typically
      has an adverse impact on margins since heating oil retailers generally cannot
      raise selling prices as quickly as product costs increase in a rising market.
      Conversely, selling prices generally do not fall as quickly as product costs
      decrease in a falling market which is to the advantage of heating oil retailers
      such as us. Gross profit in the earlier period was also adversely affected
      by
      the need for the Company to liquidate certain hedging positions (at $.85 per
      gallon) that it had entered to match fuel costs to fixed price customer
      contracts. These positions were liquidated to make additional funds available
      to
      meet current operating cash needs early in the fiscal year.





Fuel
      oil
      costs, inclusive of delivery expenses, averaged $2.04 per gallon during the
      current year compared to $1.52 in the prior year, or an increase of 34.0%.
      The
      effect of the relatively lower percentage increase in fuel oil cost compared
      to
      the percentage increase in average selling price was to increase both gross
      profit and gross margin for current year.





***Operating
      Expenses***




Total
      operating expenses for the year ended March 31, 2006 increased by $1,311,503
      to
      $2,310,831 from $999,328 for the year ended March 31, 2005, due principally
      to
      an increase in expense charges for stock issued for services to consultants
      to
      $247,100 from $8,000 and to two executive officers to $719,200 from $0, and
      employee compensation to $526,241 from $316,926.




***Other
      Income (Expense)***




Other
      Expense (net) increased by $297,994 due to the increase of $20,506 in Derivative
      Instrument expense, $27,488 in net interest expense and the negation of the
      2005
      forgiveness of accrued interest in the amount of $250,000.




6




***Liquidity
      and Capital Resources***





***Overview***




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





On
      March
      21, 2006, the Company entered into Securities Purchase Agreement with AJW
      Partners, LLC and related funds for the sale of $1,000,000 of 6% three-year
      secured convertible debentures (the “Notes”). Closing under the Securities
      Purchase Agreement occurred on March 22, 2006. In addition to the Notes, at
      closing the Company issued warrants exercisable for 4,000,000 shares of common
      stock at $.10 per share. We do not believe that the proceeds from the Notes
      will
      be sufficient for the next twelve-month period to meet our working capital
      needs, including funds needed to (a) attract additional customers through
      marketing and promotional efforts or (b) acquire customer lists.





On
      June
      30, 2005, the Company entered in a Securities Purchase Agreement with AJW
      Partners, LLC and its related entities for the sale of $900,000 of 10%
      three-year secured convertible debentures and closed on the sales of the
      convertible debentures in the amounts of $650,000 and $250,000, before expenses,
      on June 30, 2005 and November 14, 2005, respectively.





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





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


Ÿ
              Extension
                  of the then-expired maturity dates of all convertible debentures
                  to
                  October 15, 2007;
 
 Ÿ
              Modification
                  of the conversion price by eliminating the ceiling price of $.05
                  per
                  share;
 
 Ÿ
              Lowering
                  the interest rate to 8% from 10%;
                  and
 
 Ÿ
              Forgiveness
                  of $250,000 of interest accrued and unpaid for the debentures.
                  The gain
                  associated with this reduction in accrued interest is reported
                  in the
                  accompanying statements of
                  operations.


As
      of
      March 31, 2006, the Company owed, in the aggregate, $3,892,467 on all of the
      convertible debentures and
      $6,190 of related accrued interest that is included in current liabilities.
      As
      of March 31, 2006, none of the related stock purchase warrants had been
      exercised.





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, 2006 and 2005, the charges to income for derivative
      instrument expenses were $2,431,335 and $2,410,829, respectively.




7




The
      holders of Series A Preferred Stock are entitled to receive cumulative cash
      dividends of six percent per annum, payable in arrears on March 31, June 30,
      September 30 and December 31 of each year, commencing
      December 31, 2004, out of funds legally available thereof. The Company
      had a stockholders’ deficiency of $10,618,267 at March 31, 2006; accordingly, it
      does not have legally available funds available to declare and pay a dividend,
      and, as of March 31, 2006, a dividend arrearage on the Series A Preferred Stock
      aggregated approximately $105,000. Other provisions relating to the Series
      A
      Preferred Stock include:





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





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





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





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





Ÿ
            Each
                share of Series A Preferred Stock is convertible into common shares
                at the
                Conversion Price generally set at 85% of the average of the lowest
                three
                Average Daily Prices, as defined the Certificate of Designation,
                for the
                Company’s common stock during the 20-day trading period prior to the date
                of a conversion notice.





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, 2006 contains an explanatory
      paragraph regarding an uncertainty with respect to our ability to continue
      as a
      going concern. We have not generated sufficient revenues to cover our expenses,
      and we have an accumulated deficit of $13,021,777 of March 31, 2006. However,
      we
      believe that by concentrating on our core business of selling home heating
      oil,
      as well as by seeking the possible acquisition of profitable businesses and
      additional financings, we will generate sufficient revenues and liquidity for
      the Company to operate for the next 12 months. As of March 31, 2006 we had
      $685,622 of current liabilities and working capital of $1,256,106. 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.




8




The
      Company has total liabilities and contractual obligations of $4,663,732 as
      of
      March 31, 2006. These contractual obligations, along with the dates on which
      such payments are due, are described below:




**Contractual
                Obligations**
            
            
            **Total**
            
            
            **1
                Year or Less**
            
            
            **More
                Than 1 Year**Convertible
                Debentures
            
            $
            3,892,467
            
            $
            -
            
            $
            3,892,467Accounts
                Payable and Accrued Expenses
            
            
            570,412
            
            
            570,412
            
            
            -Installment
                obligation**1**
            
            
            105,788
            
            
            39,185
            
            
            66,603Accrued
                Interest
            
            
            6,190
            
            
            6,190
            
            
            -Other
            
            
            88,874
            
            
            69,835
            
            
            19,039Total
                Contractual Obligations
            
            $
            4,663,731
            
            $
            685,622
            
            
            3,978,109




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


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





Below
      is
      a discussion of our sources and uses of funds for the years ended March 31,
      2006
      and 2005:





**Net
      Cash Used In Operating Activities**




Net
      cash
      used in operating activities was $697,503 and $830,669 in the years ended March
      31, 2006 and 2005, respectively. The cash used in operating activities for
      the
      year ended March 31, 2006 was principally the result of a net loss of
      $4,514,894, a seasonal increase in accounts receivable of $288,694 attributable
      to a higher level of sales volume and the addition of customers not paying
      by
      credit card, offset by non-cash charges of $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 attributable to increased spending and an increase in accrued interest
      of $261,625. The use of cash in operating activities for the year ended March
      31, 2005 was principally the result of a net loss of $3,281,898, a seasonal
      increase in accounts receivable of $204,856, offset by non-cash charges of
      $2,719,906 and an increase in accrued interest of $228,644.




**Net
      Cash Used In Investing Activities**




We
      used
      $399,494 and $95,945, respectively, during the years ended March 31, 2006 and
      2005, respectively, for the acquisition of customer lists 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, 2006 was
      $1,725,991, principally attributable to the proceeds from convertible debentures
      of $1,856,667, net of financing costs, offset by a net decrease in related
      party
      debt of $30,676. Net cash provided by financing activities for the year ended
      March 31, 2005 was $1,168,620, principally from funds provided by the sale
      of
      convertible debentures of $1,171,657, net of financing costs.




9


**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.




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.


10


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 it’s Restated Consolidated Financial Statements at
      March 31, 2006 and 2005.




***Risks
      Related To Our Business***




*RISKS
      RELATED TO OUR BUSINESS:*




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





For
      the
      fiscal years ended March 31, 2006 and 2005, we had net losses of $4,514,894
      and
      $3,281,898, 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 August 16, 2007, on our consolidated financial statements for
      the
      fiscal year ended March 31, 2006, our independent auditors have
      expressed doubt about our ability to continue as a going concern. Our ability
      to
      continue as a going concern is a result of recurring losses from operations,
      a
      stockholders' deficit, and requirement for a significant amount of capital
      financing to proceed with our business plan. Our ability to continue as a going
      concern is subject to our ability to generate a profit from increasing sales
      and/or to obtain necessary funding from outside sources, including obtaining
      additional funding from the sale of our securities or obtaining loans where
      possible. The going concern qualification in the auditor's report increases
      the
      difficulty in meeting such goals and there can be no assurances that such
      methods will prove successful.





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





We
      had
      working capital as of March 31, 2006 mostly as a result of the sale of
      convertible debentures in the amount of $1,000,000 on March 21, 2006. Otherwise,
      our current assets would have exceeded our current liabilities by $256,106.
      Current assets are assets that are expected to be converted into cash within
      one
      year and, therefore, may be used to pay current liabilities as they become
      due.
      While we had working capital as of March 31, 2006, there can be no assurances
      that we will be successful in developing our business and achieving a profitable
      level of operations, or be able to raise funding through the sale of equity
      or
      incurrence of debt financing, sufficient to meet our cash needs in the next
      twelve months.


.


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





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





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





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




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




11




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





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




·
            we
                may be viewed as a high market
                risk.





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





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





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





*RISKS
      RELATING TO OUR CURRENT FINANCING AGREEMENTS:*





*POSSIBILITY
      OF ANOTHER DEFAULT ON OUR CONVERTIBLE DEBENTURES*





Prior
      to
      a restructuring on October 15, 2004, convertible debentures issued in 2001,
      2002
      and June 2003 aggregating $2,517,949 had matured and were in
      default. **** There
      can
      be no assurance that we will be successful in generating the cash flow or
      raising the funds necessary to retire these debentures now with maturity dates
      of October 15, 2007 and the additional debentures issued during the fiscal
      year
      ended March 31, 2006 **** with
      maturity dates of June 30, 2008 and March 22, 2009. The debentures are
      collateralized by all of our assets and, in the event we are unable to repay
      or
      restructure these debentures, there is no assurance that the holders of the
      debentures will not institute legal proceedings to recover the amounts owed
      including foreclosure on our assets.





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





As
      of
      June 16, 2006, we had 310,956,826  shares
      of
      common stock issued and outstanding, outstanding convertible debentures and
      shares of convertible preferred stock that may be converted into an estimated
      640,437,572 shares of common stock at current market prices, and outstanding
      warrants to purchase up to 17,000,000 shares of common stock. In addition,
      the
      number of shares of common stock issuable upon conversion of the outstanding
      convertible debentures may increase if the market price of our stock declines.
      The sale of these shares may adversely affect the market price of our common
      stock.





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


Our
        obligation to issue shares upon conversion of our convertible securities
        is
        essentially limitless.
 The
        following is an example of the number of shares of our common stock that
        is
        potentially issuable to the holders of our convertible debentures and
        convertible preferred stock, upon conversion of such securities and their
        subsequent exercise of warrants, based on market prices 25%, 50% and 75%
        below a
        market price of $0.0115 per share on June 16, 2006:




12





**Percentage
                Below Market**
            
            
            **Price
                Per Share**
            
            
            **Number
                of Shares Issuable**
            
            
            **Percentage
                of Outstanding Shares**25%
            
            $
            0.0086
            
            
            870,916,762
            
            
            80
            %50%
            
            $
            0.0058
            
            
            1,297,875,143
            
            
            85
            %75%
            
            $
            0.0029
            
            
            2,578,750,286
            
            
            92
            %





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 $525,482 through
      March 31, 2006 due to conversions into shares of our common stock, are due
      and
      payable, with 8% interest, at various dates commencing October 15, 2007. During
      the fiscal year ended March 31, 2006, we closed on an additional $900,000 of
      convertible debentures on June 30, 2005 that are due and payable, with 10%
      interest, on June 30, 2008, and $1,000,000 of convertible debentures on March
      22, 2006 that are due and payable, with 6% interest, on March 22, 2009. Unless
      sooner converted into shares of our common stock, we are required to repay
      the
      convertible debentures on such dates. To do so, we would be required to use
      our
      working capital, if any at that time, and/or raise additional funds. If we
      were
      unable to repay the debentures when required, the debenture holders could
      commence legal action against us to recover the amounts due. Any such action
      may
      require us to curtail or cease operations.





*RISKS
      RELATING TO OUR COMMON STOCK:*





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





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




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




13




There
      can
      be no assurance that the active trading market that developed during fiscal
      2006
      will continue. An absence of an active trading market could adversely affect
      our
      stockholders' ability to sell our common stock in short time periods, or
      possibly at all. Our common stock was only relisted by the NASD in March 2005,
      at which time trading resumed. In the foreseeable future our common stock is
      likely to experience significant price and volume fluctuations that could
      adversely affect its market price without regard to our operating performance.
      In addition, we believe that factors such as quarterly fluctuations in our
      financial results and changes in the overall economy or the condition of the
      financial markets could cause the price of our common stock to fluctuate
      substantially.





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





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





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





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





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





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





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





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





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





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





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





**ITEM
      7. FINANCIAL STATEMENTS**





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


14


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





As
      previously reported on our Current Report on Form 8-K filed with the Securities
      and Exchange Commission (“SEC”) on November 8, 2005 and on our Current Report on
      Form 8-K/A filed with the SEC on January 26, 2006, we dismissed Weinberg &
Company, P.A. as the auditor for Clickable Enterprises, Inc. on November 8,
      2005. 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 year ending March 31, 2006 and subsequently re-audit our
      financial statements for the fiscal year ended March 31,2005 in connection
      with
      the restatement.





**ITEM
      8A. CONTROLS AND PROCEDURES**




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




As
      a
      result of the Company’s failure to obtain the consent and updated opinion of our
      former Accountants, Weinberg & Company, PA, with respect to the Company’s
      financial statements for the year ended March 31, 2005 as set forth in the
      comparative financial statements included in the Form 10-KSB for the year ended
      March 31, 2006 filed on June 29, 2006, we carried out, under the supervision
      and
      with the participation of our Chief Executive Officer and Chief Financial
      Officer, a re-evaluation 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”)) as
      of March 31, 2006. Based on this re-evaluation, our Chief Executive Officer
      and
      Chief Financial Officer concluded that our disclosure controls and procedures
      were not 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 and is accumulated and communicated to our management, including
      our Chief Executive Officer and Chief Financial Officer, to allow timely
      decisions regarding required disclosures. Specifically, our Chief Executive
      Officer and Chief Financial Officer identified the failure to obtain the consent
      of our former accountant as a deficiency in the controls and procedures
      applicable to the unique circumstances confronting the Company as a result
      of
      the change in its independent public accountants in November 2005. While
      management did present the Company’s financial statements for the year ended
      March 31, 2006 and Form 10-KSB in draft form to its current accountant for
      its
      review and consent prior to reuse of its prior report, management did not
      similarly present the Form 10-KSB in draft form to its former accountant or
      obtain the consent of such former accountant for the reuse of its prior report.
      This failure was inadvertent. We do not believe that this failure represents
      a
      failure or weakness in the recordation, processing, summarization and reporting
      of information required to be reported by us generally. In order to prevent
      future control deficiencies of this type, we intend to review diligently our
      procedures for communicating with current and former accountants with respect
      to
      the audited financial information set forth in our reports filed or submitted
      under the Exchange Act and ensuring compliance with Item 310 of Regulation
      S-B
      and Rule 2-05 of Regulation S-X.





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 Exchange Act .
      Based
      on this evaluation, our Chief Executive Officer and Chief Financial Officer,
      except as stated above, 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, there
      were no changes
      in the Company's internal control
      over financial reporting that has materially affected, or is reasonably likely
      to materially affect ,
      the
      Company’s internal control over financial reporting during the
      quarter ended March 31, 2006.




15




**ITEM
      8B. OTHER INFORMATION**





None.




16


**Part
      III**





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





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





Our
      directors and officers are as follows:


**Name
                  and Address**
              **Age**
              **Position**Nicholas
                  Cirillo, Jr.
              43
              Chief
                  Executive Officer, President andc/o
                  ClickableOil.com, Inc.
              
              Director711
                  South Columbus AvenueMount
                  Vernon, NY 10550Guy
                  Pipolo
              43
              Chief
                  Operating Officer, Chiefc/o
                  ClickableOil.com, Inc.
              
              Financial
                  Officer and Director711
                  South Columbus AvenueMount
                  Vernon, NY 10550David
                  Rodgers
              53
              Secretary
                  and Directorc/o
                  ClickableOil.com, Inc.711
                  South Columbus AvenueMount
                  Vernon, NY 10550
  Nicholas
          Cirillo, Jr. is the Chief Executive Officer, President and co-founder of
          Clickable Enterprises, Inc. Effective, as of the June 6, 2003 merger with
          ClickableOil.com, Inc., Mr. Cirillo was appointed President and Director
          of the
          Company. Prior to this, Mr. Cirillo co-founded, along with Guy Pipolo,
          National
          Retailers Group (which later became ClickableOil.com, Inc., when National
          Retailers Group became an Internet-based company), a New-York based discount
          oil
          company that provided purchasing, hedging and logistical services to wholesale
          terminal operations in both the Bronx and Westchester, marketed #4 and
          #6 oil to
          commercial customers in New York, Connecticut and Massachusetts, and offered
          homeowners reduced-priced oil using state-of-the-art distribution strategies.
          From 1987 to 1995, Mr. Cirillo was a Manager with Cibro Petroleum where
          his
          responsibilities included overseeing the hedging and purchasing strategies
          for
          over $1 billion in home heating oil. Mr. Cirillo was also employed by Bear
          Stearns and by a privately held petroleum trading company. He received
          his
          Bachelor of Arts in Economics from Georgetown University, and his Masters
          of
          Business Administration from Fordham University.
  Guy
          Pipolo is the Chief Operating Officer, Chief Financial Officer and co-founder
          of
          Clickable Enterprises, Inc. Effective, as of the June 6, 2003 merger with
          ClickableOil.com, Inc., Mr. Pipolo was appointed Chief Operating Officer,
          Chief
          Financial Officer and Director of the Company. Prior to this, Mr. Pipolo
          co-founded along with Mr. Cirillo National Retailers Group (which later
          became
          ClickableOil.com, Inc., when National Retailers Group became an Internet-based
          company), a New-York based discount oil company that provided purchasing,
          hedging and logistical services to wholesale terminal operations in both
          the
          Bronx and Westchester, marketed #4 and #6 oil to commercial customers in
          New
          York, Connecticut and Massachusetts, and offered homeowners reduced-priced
          oil
          using state-of-the-art distribution strategies. From 1988 to 1995, Mr.
          Pipolo
          was the Supply Manager with Cibro Petroleum. Mr. Pipolo earned his Bachelor
          of
          Business Administration in Finance from Iona College.
 
 David
          Rodgers is co-founder of Clickable Enterprises, Inc. Effective, as of the
          June
          6, 2003 merger with ClickableOil.com, Inc., Mr. Rodgers was appointed Secretary
          and Director of the Company. He currently serves as Chief Financial Officer
          of
          Refuse Systems Corp., and Appliance Brokers Ltd Inc. Previously, he served
          as
          the Director of Information Technology and Chief Financial Officer with
          Burnside
          Coal and Oil/West Vernon Petroleum Corp., Mr. Rodgers received his Bachelor
          of
          Science in Accounting from the University of Bridgeport.
  17


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





**Code
      of Ethics**





On
      July
      11, 2005, the Board of Directors adopted a written Code of Ethics designed
      to
      deter wrongdoing and promote honest and ethical conduct, full, fair and accurate
      disclosure, compliance with laws, prompt internal reporting and accountability
      to adherence to the Code of Ethics. A copy of this Code of Ethics is filed
      as an
      exhibit to this report.





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





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





Based
      solely upon a review of the copies of such forms furnished to us, or written
      representations that no Form 5 filings were required, we believe that during
      the
      fiscal year ended March 31, 2006, there
      was
      compliance with all Section 16(a) filing requirements applicable to our
      officers, directors and greater than 10% beneficial owners.





**ITEM
      10. EXECUTIVE COMPENSATION**





**Summary
      Compensation Table**





The
      following table shows compensation paid by us to
      our
      Chief Executive Officer and our other executive officer (the “Named Executive
      Officers”) for
      the
      fiscal years 2006, 2005 and 2004. Other than as set forth below, no Named
      Executive Officers’ salary
      and bonus exceeded $100,000 in any of the applicable years. The following
      information includes the dollar value of base salaries, bonus awards, the value
      of restricted shares issued in lieu of cash compensation and certain other
      compensation, if any, whether paid or deferred.


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


18


(1)
      At
      the end of the Company’s last completed year, each of Messrs. Cirillo and Pipolo
      had aggregate restricted stock holdings of 15,000,000 shares of common stock
      valued at $450,000 based upon the value of the Company’s common stock as of
      March 31, 2006 ($0.03 per share). Such restricted stock was awarded on February
      2, 2006 pursuant to the Company’s 2006 Stock Plan and vested in full immediately
      upon the date of grant. No dividends will be paid on such restricted stock.





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





**Employment
      Agreement**





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





**Director
      Compensation**





None
      of
      the Company’s directors are compensated.





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





The
      following table contains information about the beneficial ownership of our
      common stock as of June 16, 2006 for:





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





**·**
            each
                of our directors;





**·**
            the
                Named Executive Officers; and





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





Unless
      otherwise indicated, the address for each person or entity named below is c/o
      Clickable Enterprises, Inc., 711 South Columbus Avenue, Mount Vernon, New York
      10550.





Beneficial
      ownership is determined in accordance with the rules of the SEC and generally
      includes voting or investment power with respect to securities. Except as
      indicated by footnote, and subject to community property laws where applicable,
      the persons named in the table below have sole voting and investment power
      with
      respect to all shares of common stock shown as beneficially owned by them.
      The
      percentage of beneficial ownership is based on 310,956,826 shares of common
      stock outstanding as of June 16, 2006.


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




19




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




**EQUITY
      COMPENSATION PLANS**




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





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







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




The
      following table sets forth information, as of March 31, 2006, regarding the
      Company’s existing compensation plans pursuant to which the Company’s common
      stock is authorized for issuance to employees or non-employees (such as
      directors, consultants and advisors) in exchange for consideration in the form
      of services :




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





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




20


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





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





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





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





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





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





**ITEM
      13. EXHIBITS**





**Exhibit
                No.**
            **Description****(1)**3(i)(a)
            Articles
                of Incorporation (Incorporated by reference to our Registration Statement
                on Form 10-SB filed February 6, 1998).3(i)(b)
            Certificate
                of Amendment (Incorporated by reference to our Registration statement
                on
                Form SB-2/A filed on May 14, 2004).3(i)(c)
            Certificate
                of Designations, Preferences, and Rights of Series A Convertible
                Preferred
                Stock of Clickable Enterprises, Inc. (Incorporated by reference to
                our
                Current Report on Form 8-K filed November 16, 2004)3(ii)
            Bylaws
                (Incorporated by reference to our Registration Statement on Form
                10-SB
                filed February 6, 1998).4.1
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due June 29,
                2003 in
                the principal sum of $794,119.79, issued to AJW Partners, LLC
                (Incorporated by reference to our Registration Statement on Form
                SB-2
                filed August 3, 2001).4.2
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due June 29,
                2003 in
                the principal sum of $398,829.30, issued to AJW Partners, LLC
                (Incorporated by reference to our Registration Statement on Form
                SB-2
                filed August 3, 2001).4.3
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due August
                13, 2003
                in the principal sum of $125,000, issued to New Millennium Capital
                Partners II, LLC (Incorporated by reference to our Current Report
                on Form
                8-K filed August 14, 2001).4.4
            Silver
                Ramona Mining, Inc. 10% Secured Convertible Debenture due August
                13, 2003
                in the principal sum of $125,000, issued to AJW Partners, LLC
                (Incorporated by reference to our Current Report on Form 8-K filed
                August
                14, 2001).




21




4.5
            Security
                Agreement among the Company and the Initial Purchasers (Incorporated
                by
                reference to our Current Report on Form 8-K filed July 17, 2001).4.6
            Intellectual
                Property Security Agreement among the Company and the Initial Purchasers
                (Incorporated by reference to our Current Report on Form 8-K filed
                July
                17, 2001).4.7
            Secured
                Convertible Debenture Purchase Agreement dated as of May 8, 2002
                among the
                Company and AJW Partners, LLC, New Millennium Capital Partners II,
                LLC,
                Pegasus Capital Partners, LLC and AJW/New Millennium Offshore Ltd.
                (the
                "Subsequent Purchasers") (Incorporated by reference to our Registration
                Statement on SB-2 filed June 21, 2002).4.8
            Registration
                Rights Agreement dated as of May 8, 2002, among the Company and the
                Subsequent Purchasers (Incorporated by reference to our Registration
                Statement on SB-2 filed June 21, 2002).4.9
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $37,500, issued to New Millennium Capital Partners
                II, LLC (Incorporated by reference to our Registration Statement
                on SB-2
                filed June 21, 2002).4.10
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $37,500, issued to AJW Partners, LLC (Incorporated
                by
                reference to our Registration Statement on SB-2 filed June 21, 2002).4.11
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $112,500, issued to Pegasus Capital Partners,
                LLC
                (Incorporated by reference to our Registration Statement on SB-2
                filed
                June 21, 2002).4.12
            Achievement
                Tec Holdings, Inc. 10% Secured Convertible Debenture due May 8, 2003
                in
                the principal sum of $112,500, issued to AJW/New Millennium Offshore
                Ltd.
                (Incorporated by reference to our Registration Statement on SB-2
                filed
                June 21, 2002).4.13
            Security
                Agreement among the Company and the Subsequent Purchasers (Incorporated
                by
                reference to our Registration Statement on SB-2 filed June 21, 2002).4.14
            Intellectual
                Property Security Agreement among the Company and the Subsequent
                Purchasers (Incorporated by reference to our Registration Statement
                on
                SB-2 filed June 21, 2002).4.15
            Securities
                Purchase Agreement among the Company and AJW Partners, LLC, AJW Offshore,
                Ltd., AJW Qualified Partners, LLC and New Millennium Capital Partners
                II,
                LLC, dated June 30, 2005 (Incorporated by reference to our Form 10-QSB
                for
                the period ended June 30, 2005 filed on August 24,
                2005).4.16
            Form
                of Callable Secured Convertible Note entered into in connection with
                Exhibit 4.15 (Incorporated by reference to our Form 10-QSB for the
                period
                ended June 30, 2005 filed on August 24, 2005).4.17
            Form
                of Stock Purchase Warrant entered into in connection with Exhibit
                4.15
                (Incorporated by reference to our Form 10-QSB for the period ended
                June
                30, 2005 filed on August 24, 2005).4.18
            Security
                Agreement among the Company and AJW Partners, LLC, AJW Offshore,
                Ltd., AJW
                Qualified Partners, LLC and New Millennium Capital Partners II, LLC,
                dated
                June 30, 2005 (Incorporated by reference to our Form 10-QSB for the
                period
                ended June 30, 2005 filed on August 24, 2005).4.19
            Securities
                Purchase Agreement, dated as of March 21, 2006, entered into by and
                among
                Clickable Enterprises, Inc., AJW Partners, LLC, AJW Offshore, Ltd.,
                AJW
                Qualified Partners, LLC and New Millennium Capital Partners II, LLC
                (filed
                herewith).4.20
            Form
                of 6% Callable Secured Convertible Note issued in connection with
                Exhibit
                4.19 (filed herewith).




22




4.21
            Form
                of Stock Purchase Warrant issued in connection with Exhibit 4.19
                (filed herewith).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 (filed
                herewith).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).10.6*
            Clickable
                Enterprises, Inc. 2004 Incentive Stock Plan (Incorporated by reference
                to
                Exhibit to our Registration Statement on Form S-8 filed on February
                6,
                2004).10.7*
            Clickable
                Enterprises, Inc. 2006 Stock Plan (Incorporated by reference to Exhibit
                4.15 to our Registration Statement on Form S-8 filed on February
                7,
                2006).14
            Code
                of Ethics (Incorporated by reference to Exhibit 14.1 to our Report
                on Form
                10-KSB for the year ended March 31, 2005 filed on July 14,
                2005).16
            Letter
                from Weinberg & Company, P.A., addressed to the Securities and
                Exchange Commission regarding its agreement to the statements made
                in our
                Current Report on Form 8-K/A filed on January 26, 2006 (incorporated
                herein by reference to Exhibit 16 to our Current Report on Form 8-K/A
                filed on January 26, 2006).21
            Subsidiaries
                of the Small Business Issuer (filed herewith).23
            Consent
                of Accountants (filed herewith).31.1
            Rule
                13a-14(a) Certification of Nicholas Cirillo, Jr., Chief Executive
                Officer
                (filed herewith).31.2
            Rule
                13a-14(a) Certification of Guy Pipolo, Chief Financial Officer (filed
                herewith).32
            Certification
                Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section
                906 of
                the Sarbanes-Oxley Act of 2002 (filed
                herewith).





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


*
      Management contract or management compensatory plan or arrangement.




23


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





**Audit
      Fees.** The
      aggregate fees billed for
      professional services rendered by
      the
      Company’s principal accountant were $33,625
      and $83,457 for the audit of the Company’s annual financial statements for the
      fiscal years ended March 31, 2006 and 2005, respectively, and the reviews of
      the
      financial statements included in the Company’s Forms 10-QSB for those
      fiscal years. Simontacchi, the Company’s present principal accountant, billed
      $14,750 in the fiscal year ended March 31, 2006 and $0 in the fiscal year ended
      March 31, 2005. Weinberg, the Company’s former principal accountant, billed
      $18,875 in the fiscal year ended March 31, 2006 and $83,457


in
      the
      fiscal year ended March 31, 2005.





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





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





**All
      Other Fees.** ****** Other
      than the services described above, no other fees were billed by the principal
      accountants for the fiscal years ended March 31, 2006 and 2005.




24




**SIGNATURES**


In
      accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused
      this amended report to be signed on its behalf by the undersigned, thereunto
      duly authorized.


**CLICKABLE
                ENTERPRISES, INC.**By:
            */s/
              Nicholas
              Cirillo, Jr.*Name:
                Nicholas Cirillo, Jr.Title:President
                and Chief Executive Officer (Principal
              Executive
                Officer)Date:
                August 13, 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.*Nicholas
                Cirillo, Jr.
            
            President,
                Chief Executive Officer (Principal Executive Officer) and
                Director
            August
                13, 2007*/s/
                Guy Pipolo*Guy
                Pipolo
            
            Chief
                Operating Officer, Chief Financial Officer (Principal Financial Officer)
                and Director
            August
                13, 2007*/s/
                David Rodgers*David
                Rodgers
            
            Secretary
                and Director
            August
                13, 2007




25


**CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED** **FINANCIAL STATEMENTS**
 **AS
        OF AND FOR THE YEARS ENDED**
 **MARCH
        31, 2006 AND 2005**
 
 
 
  
  **CLICKABLE
        ENTERPRISES, INC.**
 **AND
        SUBSIDIARY**
 
 
 
 
 **CONTENTS**
  PAGE
              F-1
              REPORT
                  OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMPAGE
              F-2
              CONSOLIDATED
                  BALANCE SHEETS AS OF MARCH 31, 2006 AND 2005PAGE
              F-3
              CONSOLIDATED
                  STATEMENTS OF OPERATIONS FOR THE YEARS ENDED MARCH 31, 2006 AND
                  2005PAGE
              F-4
              CONSOLIDATED
                  STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIENCY FOR THE YEARS ENDED
                  MARCH 31, 2006 AND 2005PAGE
              F-5-F-6
              CONSOLIDATED
                  STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2006 AND
                  2005PAGES
              F-7-F-22
              NOTES
                  TO CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2006 AND
                  2005
  
  **CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED
        FINANCIAL STATEMENTS**
 **AS
        OF MARCH 31, 2006 AND 2005**
 **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, 2006 and 2005 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, 2006 and 2005, 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 loss of $4,514,894
        and
        a negative cash flow from operations of $697,503 for the year ended March
        31,
        2006 and a stockholders’ deficiency of $10,618,267 at March 31, 2006. These
        matters raise substantial doubt about the Company’s ability to continue as a
        going concern. Management’s plan in regards to these matters is also described
        in Note 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
 August
        16, 2007
  See
        accompanying notes to consolidated financial
        statements
 F-1
  **CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED
        BALANCE SHEETS**
 **AS
        OF MARCH 31, 2006 AND 2005**
  As
                  restated (Note 12)
                2006
              
              
              As
                  restated (Note 12)
                2005ASSETSCurrent
                  AssetsCash
              
              $
              1,001,903
              
              $
              372,909Accounts
                  receivable, net
              
              
              577,892
              
              
              311,858Inventory
              
              
              47,349
              
              
              16,592Prepaid
                  expenses
              
              
              217,597
              
              
              23,276Due
                  from related parties
              
              
              15,965
              
              
              -Debt
                  financing costs, net
              
              
              81,022
              
              
              -Total
                  Current Assets
              
              
              1,941,728
              
              
              724,636Property
                  and equipment, net
              
              
              75,458
              
              
              64,561Intangible
                  asset, net
              
              
              526,422
              
              
              192,465Other
                  assets
              
              
              66,668
              
              
              69,260TOTAL
                  ASSETS
              
              $
              2,610,275
              
              $
              1,050,922LIABILITIES
                  & STOCKHOLDERS' DEFICIENCYCurrent
                  LiabilitiesAccounts
                  payable and other accrued expenses
              
              $
              570,412
              
              $
              496,307Note
                  payable
              
              
              39,185
              
              
              -Due
                  to related parties
              
              
              -
              
              
              14,711Customer
                  deposits
              
              
              69,835
              
              
              45,003Accrued
                  interest
              
              
              6,190
              
              
              437,382Total
                  Current Liabilities
              
              
              685,622
              
              
              993,403Long
                  Term LiabilitiesConvertible
                  Debentures
              
              $
              3,430,205
              
              $
              2,369,029Derivative
                  Instrument Liabilities - Convertible Notes
              
              
              7,587,817
              
              
              4,016,840Derivative
                  Instrument Liabilities - Warrants
              
              
              267,600
              
              
              1,093,900Notes
                  payable
              
              
              66,604
              
              
              -Other
                  accrued expenses
              
              
              19,039
              
              
              -TOTAL
                  LIABILITIES
              
              
              12,056,886
              
              
              8,473,172COMMITMENTS
                  AND CONTINGENCIES
              
              
              -
              
              
              -Series
                  A 6% cumulative 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, 239,956,826and
                    74,296,826 shares issued and outstanding,
                    respectively
              
              $
              239,957
              
              $
              74,297Additional
                  paid-in capital
              
              
              2,069,061
              
              
              (161,321
              )Deferred
                  compensation
              
              
              94,492
              
              
              -Accumulated
                  deficit
              
              
              (13,021,777
              )
              
              (8,506,884
              )TOTAL
                  STOCKHOLDERS' DEFICIENCY
              
              
              (10,618,267
              )
              
              (8,593,908
              )TOTAL
                  LIABILITIES AND STOCKHOLDERS' DEFICIENCY
              
              $
              2,610,275
              
              $
              1,050,922
  See
        accompanying notes to consolidated financial
        statements
 F-2
  **CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **CONSOLIDATED** **STATEMENTS OF OPERATIONS**
 **FOR
        THE YEARS ENDED MARCH 31, 2006 AND 2005**
  As
                  restated (Note 12)
                2006
              
              
              As
                  restated (Note 12)
                2005FUEL
                  SALES (including related party sales of $54,786 and $60,172,
                  respectively)
              
              $
              5,052,237
              
              $
              2,442,466COST
                  OF SALES
              
              
              4,590,545
              
              
              2,357,275GROSS
                  PROFIT
              
              
              461,693
              
              
              85,191OPERATING
                  EXPENSESSelling,
                  general and administrative
              
              
              2,223,788
              
              
              918,090Depreciation
                  and amortization
              
              
              87,044
              
              
              81,238TOTAL
                  OPERATING EXPENSES
              
              
              2,310,831
              
              
              999,328LOSS
                  FROM OPERATIONS
              
              
              (1,849,139
              )
              
              (914,137
              )OTHER
                  INCOME (EXPENSE)Forgiveness
                  of accrued interest
              
              
              -
              
              
              250,000Derivative
                  Instrument Expense
              
              
              (2,431,335
              )
              
              (2,410,829
              )Other
                  income
              
              
              33,196
              
              
              22,886Interest
                  expense
              
              
              (267,616
              )
              
              (229,818
              )TOTAL
                  OTHER INCOME (EXPENSE)
              
              
              (2,665,755
              )
              
              (2,367,761
              )Loss
                  before provision for income taxes
              
              
              (4,514,894
              )
              
              (3,281,898
              )Provision
                  for income taxes
              
              
              -
              
              
              -NET
                  LOSS
              
              
              (4,514,894
              )
              
              (3,281,898
              )Amortization
                  of beneficial conversionfeature
                  on Series A Preferred Stock
              
              
              **-**
              
              
              **-**Net
                  loss available to common stockholders
              
              $
              (4,514,894
              )
              $
              (3,281,898
              )Net
                  loss per share, basic and diluted
              
              $
              (0.04
              )
              $
              (0.04
              )Weighted
                  average number of common sharesoutstanding
                  - basic and diluted
              
              
              112,979,894
              
              
              74,296,826
  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, 2006 AND 2005 (As Restated, Note
        12)**
  **Series
                  A Preferred Stock**
              
              **Common
                  Stock**
              
              **Additional**
              
              **Deferred
                  Equity**
              
              **Accumulated****Shares**
              
              
              **Amount**
              
              
              **Shares**
              
              
              **Amount**
              
              
              **Paid
                  in Capital**
              
              
              **Compensation**
              
              
              **Deficit**
              
              
              **Total**Balance,
                  March 31, 2004 (As previously stated)
              
              
              -
              
              $
              -
              
              
              74,136,826
              
              $
              74,137
              
              $
              630,839
              
              $
              (188,542
              )
              $
              (3,090,661
              )
              $
              (2,574,227
              )2004
                  Derivative Adjustment
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              (800,000
              )
              
              
              
              
              (2,134,324
              )
              
              (2,934,324
              )**Balance,
                  March 31, 2004 As restated**
              
              
              -
              
              
              -
              
              
              74,136,826
              
              $
              74,137
              
              $
              (169,161
              )
              $
              (188,542
              )
              $
              (5,224,986
              )
              $
              (5,508,551
              )Amortization
                  of deferred services
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              
              
              
              188,542
              
              
              
              
              
              188,542Stock
                  issued to consultant for services
              
              
              -
              
              
              -
              
              
              160,000
              
              
              160
              
              
              7,840
              
              
              -
              
              
              -
              
              
              8,000Net
                  loss, 2005
              
              
              **-**
              
              
              **-**
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              (3,281,898
              )
              
              (3,281,898
              )**Balance,
                  March 31, 2005 As restated**
              
              
              -
              
              
              -
              
              
              74,296,826
              
              $
              74,297
              
              $
              (161,321
              )
              $
              0
              
              $
              (8,506,884
              )
              $
              (8,593,908
              )Conversion
                  of Debentures
              
              
              -
              
              
              -
              
              
              120,660,000
              
              
              120,660
              
              
              1,050,954
              
              
              
              
              
              -
              
              
              1,171,614Warrants
                  issued (convertible debentures & consultants)
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              
              
              
              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, 2006
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              
              
              
              (4,514,894
              )
              
              (4,514,894
              )**Balance,
                  March 31, 2006 As restated**
              
              
              -
              
              
              -
              
              
              239,956,826
              
              $
              239,957
              
              $
              2,069,061
              
              $
              94,492
              
              $
              (13,021,777
              )
              $
              (10,618,267
              )
 
 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, 2006 AND 2005**
  As
                  restated (Note 12)
                2006
              
              
              As
                  restated (Note 12)
                2005CASH
                  FLOWS FROM OPERATING ACTIVITIES:Net
                  loss
              
              $
              (4,514,894
              )
              $
              (3,281,898
              )Adjustments
                  to reconcile net loss to net cash used in operating activities:Depreciation
                  and amortization
              
              
              87,044
              
              
              81,238Provision
                  for bad debts
              
              
              22,660
              
              
              31,297Derivative
                  Instrument Expense
              
              
              2,431,335
              
              
              2,410,829Stock
                  issued for services
              
              
              1,125,507
              
              
              8,000Recognition
                  of deferred compensation
              
              
              -
              
              
              188,542Gain
                  on debt forgiveness
              
              
              -
              
              
              (250,000
              )Changes
                  in operating assets and liabilities:(Increase)
                  decrease in:Accounts
                  receivable
              
              
              (288,694
              )
              
              (204,856
              )Inventory
              
              
              (30,757
              )
              
              (5,448
              )Prepaid
                  expenses
              
              
              (908
              )
              
              (10,276
              )Other
                  assets
              
              
              2,592
              
              
              (61,922
              )Increase
                  (decrease) in:Accounts
                  payable and other accrued expenses
              
              
              182,155
              
              
              2,801Accrued
                  interest
              
              
              261,625
              
              
              228,644Customer
                  deposits
              
              
              24,832
              
              
              32,381Net
                  cash used in operating activities
              
              
              (697,503
              )
              
              (830,669
              )CASH
                  FLOWS FROM INVESTING ACTIVITIES:Acquisition
                  of property and equipment
              
              
              (30,384
              )
              
              (20,945
              )Acquisition
                  of intangible asset
              
              
              (369,110
              )
              
              (75,000
              )Net
                  cash used in investing activities
              
              
              (399,494
              )
              
              (95,945
              )CASH
                  FLOWS FROM FINANCING ACTIVITIES:Payments
                  of financing costs
              
              
              (100,000
              )
              
              -Decrease
                  in due to related parties
              
              
              (30,676
              )
              
              (3,037
              )Net
                  proceeds from issuance of convertible debentures
              
              
              1,856,667
              
              
              -Net
                  proceeds from issuance of preferred stock
              
              
              -
              
              
              1,171,657Net
                  cash provided by financing activities
              
              
              1,725,991
              
              
              1,168,620NET
                  INCREASE IN CASH
              
              
              628,994
              
              
              242,007CASH
                  AT BEGINNING OF YEAR
              
              
              372,909
              
              
              130,902CASH
                  AT END OF YEAR
              
              $
              1,001,903
              
              $
              372,909
 
 SUPPLEMENTAL
        DISCLOSURE OF CASH FLOW INFORMATION:
  Income
        taxes paid for the years ended March 31, 2006 and March 31, 2005 were $0
        and $0,
        respectively.
 
 Interest
        paid for the years ended March 31, 2006 and March 31, 2005 were $655,474
        and
        $1,173, respectively.
  NON-CASH
          INVESTING AND FINANCING ACTIVITIES:
 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.
  See
        accompanying notes to consolidated financial
        statements
 F-5
  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, 2006 AND 2005**
 **NOTE
        1**  **SUMMARY
        OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION**
 
 ***(A)
        Organization and Recent Company History***
 
 Clickable
        Enterprises, Inc., through its wholly-owned subsidiary ClickableOil.com,
        Inc.
        (“ClickableOil.com”) (incorporated in the State of Delaware on April 4,
        2000), provides a low cost and highly efficient means of servicing the heating
        oil market through an Internet based approach. Clickable Enterprises, Inc.
        and
        ClickableOil.com, (collectively, the “Company”) streamline the process of
        heating oil ordering and delivering through providing a more accessible point
        of
        contact for the customer. The Company subcontracts with local delivery companies
        to deliver the heating oil to its customers.
 
 ***(B)
        Revenue Recognition***
 
 The
        Company recognizes revenue at the time heating oil is delivered to
        customers.
 
 ***(C)
        Concentrations of Credit Risk from Deposits in Excess of Insured
        Limits***
 
 The
        Company's cash balances on deposit with two banks are guaranteed by the Federal
        Deposit Insurance Corporation up to $100,000 per banking institution. The
        Company is exposed to risk for the amounts of funds held in one bank in excess
        of the insurance limit by approximately $478,000 and in the other bank by
        $314,000. In assessing the risk, the Company's policy is to maintain cash
        balances with high quality financial institutions.
 
 The
        Company performs on-going evaluations of its customers’ financial condition and
        requires no collateral from its customers.
 
 ***(D)
        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 provision for doubtful accounts of $42,600 and $10,215 for the
        years
        ended March 31, 2006 and 2005, 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, 2006 and 2005.
 
 ***(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, 2006 AND 2005**
  The
        Company recorded no current or deferred income tax expense (benefit) for
        the
        years ended March 31, 2006 and 2005. As set forth below, the deferred tax
        asset
        of approximately $3,414,000 arising from the Company's ability to carry forward
        its net operating losses of approximately $12,266,000 to future years expiring
        at various dates through 2025 has been fully offset by a valuation allowance
        because the future utilization of the deferred tax asset is
        uncertain:
 
 **Deferred
                  Tax**
                **Asset,
                  Gross**
              
              
              **Valuation**
                **Allowance**
              
              
              **Deferred
                  Tax**
                **Asset,
                  Net**Balance,
                  March 31, 2005
              
              $
              2,706,000
              
              $
              2,706,000
              
              $
              -Increase
                  during year
              
              
              708,000
              
              
              708,000
              
              
              -Balance,
                  March 31, 2006
              
              $
              3,414,000
              
              $
              3,414,000
              
              $
              -
 
 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, 2006 and 2005 were $67,915 and $67,042,
        respectively.
 
 ***(K)
        Loss Per Share***
 
 Basic
        and
        diluted net loss per common share for the years ended March 31, 2006 and
        2005
        are computed based upon the weighted average number of common shares
        outstanding. The assumed conversion of common stock equivalents was not included
        in the computation of diluted loss per share because the assumed conversion
        and
        exercise would be anti-dilutive due to net losses incurred in all periods.
        Based
        on the closing market price of the Company’s common on March 31, 2006, the
        conversion of its convertible debentures and Series A convertible preferred
        stock would have resulted in the issuance of additional common shares in
        the
        amount of 323,613,011 and 19,702,207, respectively. In addition to the effect
        of
        the assumed conversions, 17,000,000 stock purchase warrants were exercisable
        at
        March 31, 2006, and also not included in the weighted average number of common
        shares outstanding.
 
 ***(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.
 
 F-8
 
 **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2006 AND 2005**
 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.
 
 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.
 
 F-9
 
 **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2006 AND 2005**
 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 it’s Restated Financial Consolidated Financial
        Statements at March 31, 2006 and 2005.
 
 ***(O)
        Stock Based Compensation***
 
 Statement
        of Financial Accounting Standards No. 123, “Accounting for Stock-Based
        Compensation” (SFAS 123), requires that companies either recognize compensation
        expense for grants of stock options and other equity instruments based on
        fair
        value or provide pro forma disclosure of net income (loss) per share on the
        notes to the consolidated financial statements. Statement of Financial
        Accounting Standards No. 148, “Accounting for Stock-Based Compensation -
        Transition and Disclosure - an amendment of FASB Statement No. 123,” (SFAS 148),
        amends SFAS 123 to provide alternative methods of transition for a voluntary
        change to the fair-value-based method of accounting for stock-based employee
        compensation. In addition, SFAS 148 amends the disclosure requirements of
        SFAS
        123 to require disclosures in both annual and interim financial statements
        about
        the method of accounting for stock-based employee compensation and the effect
        of
        the method used on reported results. The Company has elected to follow APB
        25
        and related interpretations in accounting for employee stock options. Under
        APB
        25, because the exercise price of employee stock options equals the market
        price
        of the underlying stock on the date of grant, no compensation expense is
        recorded. The Company has adopted the disclosure requirements of SFAS no.
        148.
        Pro forma information regarding net income and earnings per share is required
        by
        SFAS 123 and has been determined as if the Company had accounted for its
        employee stock options under the fair value method of that statement. There
        were
        no stock options outstanding during the periods presented. Accordingly, pro
        forma amounts as to net income (loss) and net income (loss) per share have
        not
        been presented.
 
 ***(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.
 
 F-10
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**
 **NOTE
        2**  **ACCOUNTS
        RECEIVABLE**
 
 Accounts
        receivable as of March 31, 2006 and 2005 consisted of the
        following:
 
 **2006**
              
              
              **2005**Accounts
                  receivable-trade
              
              $
              620,492
              
              $
              322,073Less
                  allowance for doubtful accounts
              
              
              (42,600
              )
              
              (10,215
              )$
              577,892
              
              $
              311,858
 
 For
        the
        years ended March 31, 2006 and 2005, the Company recorded bad debt expense
        of
        $22,660 and $31,297, respectively.
 
 **NOTE
        3**  **PROPERTY
        AND EQUIPMENT**
 
 Property
        and equipment as of March 31, 2006 and 2005 consisted of the
        following:
 
 **2006**
              
              
              **2005**Office
                  equipment
              
              $
              3,572
              
              $
              9,422Computer
                  equipment and software
              
              
              111,876
              
              
              84,472115,448
              
              
              93,894Less:
                  accumulated depreciation
              
              
              (39,990
              )
              
              (29,333
              )$
              75,458
              
              $
              64,561
 
 Total
        depreciation expense for the years ended March 31, 2006 and 2005 was $19,487
        and
        $14,963, respectively.
  **NOTE
        4**  **DEBT
        FINANCING COSTS**
  Debt
        financing costs, which relate to convertible debentures (See Note 6), as
        of
        March 31, 2006 and 2005 respectively consisted of the following:
 
 **2006**
              
              
              **2005**Debt
                  financing costs on $800,000 of Convertible Debentures
              
              
              
              
              $
              149,500Debt
                  financing costs on $650,000 of Convertible Debentures
              
              $
              75,000Debt
                  financing costs on $1,000,000 of Convertible Debentures
              
              
              25,000Less:
                  accumulated amortization
              
              
              (18,978
              )
              
              (149,500
              )Balance
                  as of March 31, 2006 and 2005 respectively
              
              $
              81,022
              
              $
              -
 
 Total
        amortization expense for the years ended March 31, 2006 and 2005 was $18,978
        and
        $62,990, respectively.
  **NOTE
        5**  **INTANGIBLE
        ASSET**
  The
        Company entered into an Agreement of Sale dated February 10, 2005 under which
        the Company acquired the assets of a heating oil distributor, principally
        its
        customer list. The purchase price consisted of a $75,000 payment at closing
        and
        a promissory note for a contingent payment due January 10, 2006, estimated
        at
        $120,750, based on a formula utilizing the gross profit realized on heating
        oil
        sold to the purchased customers in the 12-month period ending January 10,
        2006.
        The actual payment of $91,377 was made in March 2006, and an appropriate
        adjustment was made to the purchase price.
 
 F-11
 
  **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2006 AND 2005**
 The
        Company closed on an Asset Purchase Agreement dated September 20, 2005 under
        which the Company acquired the assets of a heating oil distributor, principally
        its customer list. The purchase price of $256,965 consisted of a $70,000
        payment
        at closing and 36 fixed monthly installment payments of $4,000 each, and
        potential contingent payments based on gallons sold. The contingent payment,
        initially estimated to be $120,965, was re-estimated to be $42,965. The
        remaining amounts payable is included in current and long term liabilities
        as
        notes payable.
 
 On
        October 24, 2005, the Company closed on an Asset Purchase Agreement that
        it
        entered into on July 15, 2005, and Amendment No. 1 to the Asset Purchase
        Agreement (the “Purchase Agreement”), with a heating oil distributor for the
        purchase of its customer list and related customer information, and certain
        other intangible assets for a payment of $124,943 at closing.
 
 At
        March
        31, 2006 and 2005, the intangible asset consisted of the following:
 
 **2006**
              
              
              **2005**Customer
                  lists
              
              $
              548,285
              
              $
              195,750Supply
                  agreement
              
              
              30,000
              
              
              -Less:
                  accumulated amortization
              
              
              (51,863
              )
              
              (3,285
              )$
              526,422
              
              $
              192,465
 
 Customer
        lists are being amortized over an eight year period. The supply contract
        is
        being amortized over its five-year term. Total amortization expense for the
        years ended March 31, 2006 and 2005 was $48,578 and 3,285, respectively.
        Remaining amortization of the purchase price will be expensed as
        follows:
 
 **Years
                  ending March 31,**
              
              
              **Amount**2007
              
              
              74,5362008
              
              
              74,5362009
              
              
              74,5362010
              
              
              69,8882011
              
              
              68,536Thereafter
              
              
              164,390$
              526,422
  The
        following pro forma information is based on the assumption that the acquisitions
        took place as of April 1, 2004. The pro forma results are not necessarily
        indicative of what actually might have occurred had the acquisition been
        in
        effect for the periods presented.
  **2006**
              
              
              **2005**(unaudited)
              
              
              (unaudited)Total
                  Fuel Sales
              
              $
              5,417,000
              
              $
              4,822,000Net
                  Loss
              
              $
              (4,415,000
              )
              $
              (2,952,000
              )Net
                  loss per share, basic and diluted
              
              $
              (0.04
              )
              $
              (0.04
              )
 F-12
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**
  **NOTE
        6**  **CONVERTIBLE
        DEBENTURES**
  On
        June
        6, 2003, coincident with the ClickableOil.com merger transaction, the Company
        entered in a Securities Purchase Agreement with AJW Partners, LLC and its
        related funds for the sale of $800,000 of 10% one-year secured convertible
        debentures and 4,000,000 stock purchase warrants expiring June 5, 2008. The
        debentures are convertible, at the holder’s option, into shares of common stock
        in whole or in part at any time after the original issue date. The number
        of
        shares of Common Stock issuable upon a conversion is to be determined by
        dividing the outstanding principal amount of the debenture to be converted,
        plus
        related accrued interest, by the conversion price. The conversion price in
        effect on any conversion date was the lesser of $.05 and 50% of the average
        of
        the three day lowest bid prices during the twenty trading days immediately
        preceding the applicable conversion date. The stock purchase warrants have
        an
        exercise price of $.05 per share.
 
 Also
        on
        June 6, 2003, the Company closed on $300,000 of the $800,000 convertible
        debentures with additional closings of $300,000 and $200,000 occurring at
        the
        time the Company became current in all of its SEC filings and files a
        registration statement registering the underlying shares, respectively. The
        Company also issued 1,500,000 stock purchase warrants on the above closing.
        On
        November 3, 2003, the Company closed on an additional $300,000 of the
        convertible debentures maturing on November 3, 2004 and issued an additional
        1,500,000 stock purchase warrants subsequent to becoming current in all of
        its
        SEC filings. On January 16, 2004, the Company closed on the final $200,000
        of
        the convertible debentures maturing on January 16, 2005 and issued an additional
        1,000,000 stock purchase warrants subsequent to filing the aforementioned
        registration statement.
 
 The
        convertible debentures and warrants contain a conversion feature which results
        in a formula calculation and issuing varying amount of shares upon conversion,
        as such, the conversion features are required to be accounted for as embedded
        derivative liabilities in accordance with EITF 00-19, Accounting for Derivative
        Financial Instruments Indexed to and Potentially Settled in a Company’s Own
        Stock and SFAS 133, Accounting for Derivative Instruments and Hedging Activities
        (See Note 7).
 
 Prior
        to
        a restructuring on October 15, 2004, convertible debentures previously issued
        in
        2001 and 2002, and on June 6, 2003 (aggregating $2,017,949 before discount)
        had
        matured and were in default. On October 15, 2004, the Company entered into
        a
        letter agreement with the holders of the convertible debentures whereby certain
        provisions of the debenture agreements were amended as follows:
 
 1.
              Extension
                  of the then-expired maturity dates of all convertible debentures
                  to
                  October 15, 2007;
 2.
              Modification
                  of the conversion price by eliminating the ceiling price of $.05
                  per
                  share;
 3.
              Lowering
                  the interest rate to 8% from 10%;
                  and
 4.
              Forgiveness
                  of $250,000 of interest accrued and unpaid for the debentures.
                  The gain
                  associated with this reduction in accrued interest is reported
                  in the
                  accompanying statements of
                  operations.
 
 On
        June
        30, 2005, the Company entered in a Securities Purchase Agreement with AJW
        Partners, LLC and its related entities for the sale of $900,000 of 10% secured
        convertible debentures due June 30, 2008 and for stock purchase warrants
        exercisable for 9,000,000 shares of common stock expiring June 30, 2010.
        The
        debentures are convertible, at the holder’s option, into shares of common stock,
        in whole or in part, at any time after the original issue date. The number
        of
        shares of common stock issuable upon a conversion is to be determined by
        dividing the outstanding principal amount of the debenture to be converted,
        plus
        related accrued interest, by the conversion price. The conversion price in
        effect on any conversion date will be 60% of the average of the three day
        lowest
        bid prices during the twenty trading days immediately preceding the applicable
        conversion date. The stock purchase warrants have an exercise price of $0.15
        per
        share.
 
 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.
 
 F-13
 
 **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2006 AND 2005**
 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, 2006, the Company owed, in the aggregate, $3,892,467 on all of
        the
        long-term convertible debentures, net of the amount of debentures that have
        been
        converted into stock, and $6,190 of related accrued interest, which is included
        in current liabilities. The maturity of the convertible debentures, if not
        extinguished by conversion into stock, is as follows for the years
        ending:
  March 31, 2007
                March 31, 2008
                March 31, 2009
                Total
              $ -
                1,992,467
                1,900,000
                $ 3,892,467
  See
        Note
        1(J) 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, 2006 AND 2005**
  **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 ( *K* )  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, 2006, 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 119% based on a review of the historical
        volatility. The risk-free rates of return used ranged from 3.72% to 5.10%
        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, 2006, 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 Mar 31, 20066/6/2003
              6/5/2008
              1,500,000
              AJW
                  Partners
              Various
              $0
              $20,55011/3/2003
              11/3/2008
              1,500,000
              AJW
                  Partners
              Various
              0
              22,6501/16/2004
              1/16/2009
              1,000,000
              AJW
                  Partners
              Various
              0
              15,8006/30/2005
              6/30/2010
              6,500,000
              AJW
                  Partners
              Various
              585,000
              99,45011/14/2005
              11/14/2010
              2,500,000
              AJW
                  Partners
              Various
              69,982
              40,7503/21/2006
              3/21/2011
              4,000,000
              AJW
                  Partners
              Various
              76,000
              68,400Fair
                  value of derivative instrument liabilities for warrants
              $730,982
              $267,600Issue
                  Date
              Due
                  Date
              Note
                  Amount
              Instrument
              Exercise
                  Price per Share
              Value-Issue
                  Date
              Value
                  March 31, 20063/31/2003
              10/15/2007
              1,717,949
              Convertible
                  Notes
              Various
              $3,435,898
              $1,682,9546/6/2003
              10/15/2007
              300,000
              Convertible
                  Notes
              Various
              $600,000
              $571,15411/3/2003
              10/15/2007
              300,000
              Convertible
                  Notes
              Various
              600,000
              571,1541/16/2004
              10/15/2007
              200,000
              Convertible
                  Notes
              Various
              400,000
              380,7696/30/2005
              6/30/2008
              650,000
              Convertible
                  Notes
              Various
              1,598,361
              1,067,70811/14/2005
              11/14/2008
              250,000
              Convertible
                  Notes
              Various
              489,510
              422,6763/21/2006
              3/21/2009
              1,000,000
              Convertible
                  Notes
              Various
              2,083,333
              1,730,76910/15/2004
              10/15/2007
              1,200,000
              Convertible
                  Preferred Stock
              Various
              1,411,765
              1,160,633Fair
                  value of bifurcated embedded derivative instrument
                  liabilities
              $10,618,867
              $7,587,817Total
                  derivative financial instruments
              
              $11,349,849
              $7,855,417
  F-15
 **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**
 **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 expense recorded for the fiscal year ended March
        31,
        2006 was $66,667.
 
 On
        October 1, 2005, the Company entered into a financial services agreement,
        amended February 16, 2006, with an unrelated third party to perform financial
        advisory and other professional  services
        for a period of eighteen months, with payment for services consisting of
        an
        aggregate of 12,500,000 shares common stock and stock purchase warrants expiring
        September 30, 2010 exercisable for an aggregate of 7,500,000 shares of common
        stock. Of the 12,500,000 common stock award, 5,500,000 shares were issued
        at an
        average value of $0.0333 per share based on market value on the dates issued,
        and 7,000,000 shares was issued at $0.0353 per share based on market value
        on
        the date issued, resulting in a cost of $430,228. The stock purchase warrants
        have exercise prices as follows: 5,000,000 shares at $0.10 per share and
        2,500,000 shares at $0.15 per share. The fair value of the stock purchase
        warrants was calculated using the Black Sholes pricing model, resulting in
        an
        additional cost of $94,492.
 
 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 expense for the year ended March 31, 2006 was $339,640.
  F-16
  **CLICKABLE
        ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
        OF MARCH 31, 2006 AND 2005**
 
 ***(C)*** ** ***Stock
        Issued for Related Party Debt***
 
 On
        January 27, 2004, the Company issued an aggregate of 19,194,860 shares of
        restricted common stock valued at $.05 per share, based on the current market
        value, in full satisfaction of $959,743 of outstanding related party debt
        at
        that date.
  ***(D)*** ** ***Stock
        Issued for Officer Compensation***
 
 On
        February 6, 2006, the Board of Directors approved the issuance of 31,000,000
        shares of restricted common stock, 15,000,000 shares to each of Mssrs. Cirillo
        and Pipolo, both of whom are directors and officers of the Company, and
        1,000,000 to another employee, as additional compensation for services rendered
        to the Company. These shares have been valued at $.0232 per share, based
        on the
        current market value at date of issuance and accordingly, $719,200 has been
        expensed during the year ended March 31, 2006.
  ***(E)*** ** ***Preferred
        Stock Issued for Additional Financing from Related
        Party***
 
 Contemporaneously
        with the restructuring of the convertible debentures described in Note 6,
        the
        Company sold to the holders of the convertible debentures 1,200 shares of
        Series
        A Convertible Preferred Stock (“Series A Preferred Stock”), par value $.001 per
        share, Stated Value $1,000 per share, in exchange for cash proceeds of
        $1,171,657 net of transaction costs of $28,343. The holders of Series A
        Preferred Stock are entitled to receive cumulative cash dividends of six
        percent
        (6%) per annum, payable in arrears on March 31, June 30, September 30 and
        December 31 of each year, commencing December 31, 2004, out of funds legally
        available thereof. The Company had a stockholders’ deficiency at March 31, 2006
        and 2005; accordingly it did not have legally available funds available to
        declare and pay a dividend. As of March 31, 2006 and 2005, dividend arrearage
        on
        the Series A Cumulative Preferred Stock aggregated $104,942 and $32,942,
        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.
  F-17
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**
 
 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 (M). The
                  valuation
                  of the Series A Preferred Stock is as
                  follows:
  Redemption
                    Value(1,200
                    shares, par value $.001 per share, Stated Value $1,000 per
                    share)
                
                $
                1,200,000.00Financing
                    Costs incurred at Closing
                
                
                (28,343.00
                )Carrying
                    Cost
                
                $
                1,171,657.00
  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, 2006 and 2005, the Company purchased heating
        oil for resale from NRG Heat & Power, Inc. (“NRG”) and Flaw, Inc. (“Flaw”),
        oil suppliers that are owned and managed by Mssrs. Cirillo and Pipolo, both
        of
        whom are directors and officers of the Company, in the aggregate amount of
        $186,379 and $125,983, respectively, or approximately 5% and 6%, respectively,
        of total heating oil purchased.
 
 As
        of
        March 31, 2006 and 2005, the amounts due from/due to the related parties
        referred to above amounted to $15,965 and $14,711, respectively.
 
 During
        the fiscal years ended March 31, 2006 and 2005, the Company had fuel sales
        of
        $54,786 and $60,172, respectively, to NRG and Flaw.
 
 During
        the fiscal years ended March 31, 2006 and 2005, the Company paid $226,146
        and
        $114,001, respectively, to Nexgen Energy, LLC, for trucking to pick up and
        deliver heating oil. Nexgen is owned and managed by Mssrs. Cirillo and
        Pipolo.
 
 The
        Company has amounts due from various related entities and business transactions
        referred to above which are under common control. These entities are not
        considered to be variable interest entities requiring consolidation under
        FASB
        interpretation FIN 46(R), Consolidation of Variable Interest Entities, which
        requires the Company to evaluate its transactional and contractual relationships
        with other entities to determine whether any such entities are subject to
        consolidation, as they did not have a material effect on the Company’s financial
        position or on the consolidated results of operations.
 
 For
        related party stock transactions, see Notes 8 (C), 8 (D) and 8 (E).
  F-18
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**
 **NOTE
        10**  **COMMITMENTS
        AND CONTINGENCIES**
 
 ***(A)
        Sales Commitments***
 
 As
        of
        March 31, 2006 and 2005, the Company had an aggregate obligation to deliver
        approximately 166,000 gallons and 240,000 gallons, respectively, of heating
        oil
        to customers at varying prices under fixed price contracts.
 
 ***(B)
        Forward Purchase Commitment***
 
 As
        of
        March 31, 2006 and 2005, the Company had entered into futures contracts with
        an
        unrelated supplier to purchase, in aggregate, approximately 71,000 gallons
        and
        252,000 gallons, respectively, of heating oil for delivery in the winter
        season
        of the next fiscal year. The heating oil to be purchased will be provided
        to
        customers under existing sales commitments (estimate based on number of
        customers) whereby the customers have agreed to purchase all of their heating
        oil from the Company. The amounts due under these contracts as of March 31,
        2006
        and 2005 total approximately $125,000 and $378,000, respectively, and are
        payable as deliveries are received by the Company. The contracts specify
        that
        the Company is to be billed for each delivery and the credit terms call for
        electronic transfer of funds within 10 days. If the Company fails to perform,
        they shall be in default and held liable for damages.
  During
        the fiscal year ended March 31, 2005, the Company liquidated its hedging
        positions in place at March 31, 2004, to make additional funds available
        to meet
        current operating cash needs early in the current fiscal year. The gain of
        $12,453 realized on this liquidation transaction is included in other
        income.
  ***(C)*** ***Agreement
        of Sale, Contingent Note Payable***
 
 As
        described in Note 5, the Company entered into an Agreement of Sale dated
        February 10, 2005 under which the Company issued a promissory note for a
        contingent payment due January 10, 2006. The payment was based on a formula
        utilizing the gross profit realized on heating oil sold to purchased customers
        in the 12-month period ending January 10, 2006. The contingent payment was
        estimated at $120,750. The actual payment of $91,377 was made in February
        2006,
        and an appropriate adjustment was made to the purchase price.
  ***(D)
        Lease Agreement***
 
 On
        April
        1, 2003, the Company entered into a lease agreement with an unrelated third
        party for its administrative offices. The term of the lease was for twenty
        four
        months commencing on June 1, 2003. The monthly rent was $1,260 through December
        31, 2003. As of January 1, 2004, the monthly rent increased to $1,470. Following
        the lease expiration on June 1, 2005, the Company began paying rent on a
        month-to-month basis and commenced negotiations for a new lease. The Company
        has
        continued on a month-to-month basis through the year ended March 31, 2006.
        The
        current monthly rent is approximately $1,860.
 
 **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 loss of $4,514,894 and a negative cash flow from operations of $697,503
        for the year ended March 31, 2006 and a stockholders' deficiency of $10,618,267
        at March 31, 2006. The ability of the Company to continue as a going concern
        is
        dependent on the Company's ability to raise additional funds and implement
        its
        business plan. The accompanying consolidated financial statements do not
        include
        any adjustments that might be necessary if the Company is unable to continue
        as
        a going concern.
 
 Management's
        plans include the raising of additional capital through private or public
        transactions and implementation of its business plan to increase
        revenues.
 
 F-19
 
  **CLICKABLE
            ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
            TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
            OF MARCH 31, 2006 AND 2005**
 **NOTE
        12** **** **FINANCIAL
        STATEMENTS RESTATEMENT**
 
 In
        prior
        years, the Company treated its convertible debentures in accordance with
        ETIF
        00-27, Application of Issue No. 98-5 “Accounting for Convertible Securities with
        Beneficial Conversion Features or Contingently Adjusted Conversion Ratios
        to
        Certain Convertible Instruments”. The amount of the beneficial conversion
        feature was recorded as a discount on the debt and as a component of additional
        paid-in capital and the debt discount was accredited over 12 month periods
        as
        interest expense.
 
 In
        accordance with a Securities & Exchange directive, dated December 1, 2005,
        issuers should follow the directive of EITF 00-19, Accounting for Derivative
        Financial Instruments Indexed to and Potentially Settled in, A Company’s Own
        Stock and also refer to FASB 133, Accounting for Derivative Instruments and
        Hedging Activities. In accordance with these pronouncements, the Company
        has
        restated its financial statements retroactively at and for the year ended
        March
        31, 2005.
 
 The
        following are the restatements:
 
 **Consolidated
        Balance Sheet at March 31, 2005**
 Long-term
                    Liabilities
                As
                    Restated
                As
                    Previously ReportedConvertible
                    Debentures
                $2,369,029
                $2,517,949Derivative
                    Instrument Liabilities-Convertible
                    Notes
                4,016,840
                -
                    0
                    -Derivative
                    Instrument Liabilities-Warrants
                1,093,900
                -
                    0
                    -Series
                    A Preferred Stock
                $1,171,657
                $1Stockholders’
                    DeficiencyAdditional
                    Paid in Capital
                $
                    (161,321)
                $1,845,629Accumulated
                    Deficit
                (8,506,884)
                (4,380,357)Total
                    Stockholders’ Deficiency
                (8,593,908)
                (2,460,431)
 **Consolidated
        Balance Sheet at March 31, 2006**
 Long-term
                    Liabilities
                As
                    Restated
                As
                    Previously ReportedConvertible
                    Debentures
                $3,430,205
                $1,553,682Derivative
                    Instrument Liabilities-Convertible
                    Notes
                7,587,817
                -
                    0
                    -Derivative
                    Instrument Liabilities-Warrants
                267,600
                -
                    0
                    -Series
                    A Preferred Stock
                $1,171,657
                $1Stockholders’
                    DeficiencyAdditional
                    Paid in Capital
                $
                    2,069,061
                $6,003,266Accumulated
                    Deficit
                (13,021,777)
                (6,674,248)Total
                    Stockholders’ Deficiency
                $(10,618,267)
                $(336,532)
  F-20
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**
 **Consolidated
        Statement of Operations for the Year Ended March 31, 2005**
  Other
                    Income (Expense)
                As
                    Restated
                As
                    Previously ReportedInterest
                    Expense
                $
                    (229,818)
                $
                    (613,151)Derivative
                    Instrument Expense
                (2,410,829)
                -
                    0
                    -Total
                    Other Income (Expense)
                (2,367,761)
                (340,265)Loss
                    Before Provision for Income Taxes
                (3,281,898)
                (1,254,402)Net
                    Loss
                (3,281,898)
                (1,254,402)Amortization
                    of Beneficial ConversionFeature
                    on Series A Preferred Stock
                -0-
                (35,294)Net
                    Loss Available to Common Stockholders (3,281,898)
                (1,289,696)Net
                    Loss Per Share, Basic and Diluted
                (0.04)
                (0.02)
 
 **Consolidated
        Statement of Operations for the Year Ended March 31, 2006**
 Other
                    Income (Expense)
                As
                    Restated
                As
                    Previously ReportedInterest
                    Expense
                $
                    (267,616)
                $
                    (408,543)Derivative
                    Instrument Expense
                (2,431,335)
                -
                    0
                    -Total
                    Other Income (Expense)
                (2,665,755)
                (375,347)Loss
                    Before Provision for Income Taxes
                (4,514,894)
                (2,223,302)Net
                    Loss
                (4,514,894)
                (2,223,302)Amortization
                    of Beneficial ConversionFeature
                    on Series A Preferred Stock
                -0-
                (70,588)Net
                    Loss Available to Common Stockholders (4,514,894)
                (2,293,890)Net
                    Loss Per Share, Basic and Diluted
                (0.04)
                (0.02)
  **Statement
        of Cash Flows for the Year Ended March 31, 2005**
 As
                    Restated
                As
                    Previously ReportedNet
                    Loss
                $(3,281,898)
                $(1,254,402)Amortization
                    of Beneficial ConversionDebt
                    Discount Expense
                -
                    0
                    -
                383,333Derivative
                    Instrument Expense
                2,410,829
                -
                    0
                    -
  **Statement
        of Cash Flows for the Year Ended March 31, 2006**
 As
                    Restated
                As
                    Previously ReportedNet
                    Loss
                $(4,514,894)
                $(2,223,302)Amortization
                    of Beneficial ConversionDebt
                    Discount Expense
                -
                    0
                    -
                207,347Derivative
                    Instrument Expense
                2,431,335
                -
                    0
                    -
  F-21
  **CLICKABLE
          ENTERPRISES, INC. AND SUBSIDIARY**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **AS
          OF MARCH 31, 2006 AND 2005**
 **NOTE
        13** **** **DERIVATIVE
        INSTRUMENTS EXPENSE, NET**
 
 Derivative
        instruments expense of $2,431,335 represents the net unrealized (non-cash)
        change during the year ended March 31, 2006, 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
        14** **** **SUBSEQUENT
        EVENTS**
 
 On
        April
        4, 2006, the Company entered into a financial services agreement with an
        unrelated third party to serve as placement agent for a private placement
        of up
        to $15,000,000 of common stock. Under terms of the agreement the Company
        is
        required to file a registration statement with the SEC on Form S-3 within
        30
        days following the closing of a financing. The agreement may be terminated
        by
        either party, at its option, upon giving the other party fifteen days prior
        written notice, or otherwise shall terminate upon the earlier of the sale
        of the
        securities or March 31, 2007. Fees for services consist of (a) an initial
        advisory fee of $25,000, $15,000 upon signing and $10,000 upon delivery of
        two
        term sheets from potential investors, and (b) a success fee of (i) 5% of
        gross
        proceeds received at closing and (ii) warrants with a three-year term for
        the
        purchase of an amount equal to 5% of the securities issued at closing at
        an
        exercise price equal to the closing bid price of the Company’s common stock on
        the date of the agreement, or $.03 per share
  F-22