UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

Industrial Enterprises of America, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

456132208

(CUSIP Number)

Eric S. Wagner, Esq.

Kleinberg, Kaplan, Wolff & Cohen, P.C.

551 Fifth Avenue, New York, New York 10176

Tel: (212) 986-6000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

May 22, 2007

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No 456132208

1	NAME OF REPORTING PERSON Pike Capital Partners, LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSONWITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 420,500
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 420,500
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 420,500
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.2%
14	TYPE OF REPORTING PERSON PN

CUSIP No 456132208

1	NAME OF REPORTING PERSON Pike Capital Partners (QP), LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSONWITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 2,779,500
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 2,779,500
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,779,500
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 20.9%
14	TYPE OF REPORTING PERSON PN

CUSIP No 456132208

1	NAME OF REPORTING PERSON Pike Capital Management LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSONWITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 3,200,000
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 3,200,000
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,200,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 24.1%
14	TYPE OF REPORTING PERSON IA

CUSIP No 456132208

1	NAME OF REPORTING PERSON Daniel W. Pike
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States
NUMBER OF SHARES BENEFI-CIALLY OWNED BY EACH REPORT-ING PERSONWITH	7	SOLE VOTING POWER 0
	8	SHARED VOTING POWER 3,200,000
	9	SOLE DISPOSITIVE POWER 0
	10	SHARED DISPOSITIVE POWER 3,200,000
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,200,000
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 24.1%
14	TYPE OF REPORTING PERSON IN

Item 1.

Security and Issuer

This statement is filed with respect to the shares of the common stock, having par value $.01 per share, ("Common Stock") of Industrial Enterprises of America, Inc., a Nevada corporation (“Issuer”), beneficially owned by the Reporting Persons (as defined below) as of May 24, 2007 and amends and supplements the Schedule 13D filed on March 23, 2007 (collectively, the "Schedule 13D"). Except as set forth herein, the Schedule 13D is unmodified.

The names of the persons filing this statement on Schedule 13D the “Reporting Persons”) are:

	•	Pike Capital Partners, LP (the “LP Fund”);
	•	Pike Capital Partners (QP), LP (the “QP Fund”);
	•	Pike Capital Management LLC (“Pike Management”); and
	•	Daniel W. Pike.

Item 3.

Source and Amount of Funds or Other Consideration

The source and amount of funds used by the LP Fund in making its purchases of the shares of Common Stock beneficially owned it by the Reporting Persons are set forth below:

SOURCE OF FUNDS	AMOUNT OF FUNDS
Working Capital	$2,221,582

The source and amount of funds used by the QP Fund in making its purchases of the shares of Common Stock beneficially owned by it are set forth below:

SOURCE OF FUNDS	AMOUNT OF FUNDS
Working Capital	$15,232,509

Although the above securities were acquired with working capital, the funds may have also used margin account borrowings made in the ordinary course of business, although neither fund can determine whether any funds allocated to purchase the shares of Common Stock were obtained from any margin account borrowings.

Item 5.

Interest in Securities of the Issuer

(a-b) Collectively, the Reporting Persons beneficially own 3,200,000 shares of Common Stock representing 24.1% of the outstanding shares of Common Stock.

	(i)	Sole power to vote or direct the vote: 0
	(ii)	Shared power to vote or direct the vote: 420,500 (See Note 1.)

	(iii)	Sole power to dispose or direct the disposition: 0
	(iv)	Shared power to dispose or direct the disposition: 420,500 (See Note 1.)

	(i)	Sole power to vote or direct the vote: 0
	(ii)	Shared power to vote or direct the vote: 2,779,500 (See Note 1.)
	(iii)	Sole power to dispose or direct the disposition: 0
	(iv)	Shared power to dispose or direct the disposition: 2,779,500 (See Note 1.)

As the general partner of the LP Fund and QP Fund, Pike Management may be deemed to beneficially own the shares of Common Stock owned by them. As the controlling person of Pike Management, Daniel W. Pike may be deemed to beneficially own the shares of Common Stock beneficially owned by Pike Management.

Note 1: Each of the LP Fund and QP Fund may be deemed to have shared power to vote or to direct the vote and shared power to dispose or to direct the disposition of the shares of Common Stock reported in this Schedule 13D with Pike Management and Daniel W. Pike

(c). A list of the transactions in the Issuer’s Common Stock that were effected by the Reporting Persons during the past sixty days is attached as Appendix I. No other transactions with respect to the Common Stock that are required to be reported on Schedule 13D were effected by any of the Reporting Persons during the past sixty (60) days. All of the transactions listed on Appendix I were effected on the open market.

(d). N/A

(e). N/A

Item 7.

Material to Be Filed as Exhibits

The following documents are filed as exhibits:

Appendix I: List of the transactions in the Issuer’s Common Stock that were effected by the Reporting Persons during the past sixty days.

Appendix II: Joint Filing Agreement (previously filed)

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated:

May 25, 2007

PIKE CAPITAL PARTNERS, LP
By: Pike Capital Management LLC,
as General Partner

By:		/s/ Daniel W. Pike
		Daniel W. Pike, Managing Member


PIKE CAPITAL PARTNERS (QP), LP
By: Pike Capital Management LLC,
as General Partner

By:		/s/ Daniel W. Pike
		Daniel W. Pike, Managing Member


PIKE CAPITAL MANAGEMENT LLC

By:	/s/ Daniel W. Pike
	Daniel W. Pike, Managing Member


/s/ Daniel W. Pike
Daniel W. Pike

APPENDIX I

TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS

The following transactions were effected by the LP Fund during the past sixty (60) days on the open market:

Date	Security	Approx. Price per Share (excl. of. Commissions)	Amount of Shs. Bought (Sold)
5/22/07	Common	$4.6000	5,248
5/22/07	Common	$4.6100	1,152
5/22/07	Common	$4.5700	816
5/22/07	Common	$4.5500	800
5/22/07	Common	$4.5900	832
5/22/07	Common	$4.6400	800
5/22/07	Common	$4.6500	3,408
5/22/07	Common	$4.6300	32
5/22/07	Common	$4.6800	32
5/22/07	Common	$4.7000	480
5/22/07	Common	$4.6900	800
5/22/07	Common	$4.7300	112
5/22/07	Common	$4.7700	160
5/22/07	Common	$4.8000	2,773
5/22/07	Common	$4.8200	112
5/22/07	Common	$4.8700	48
5/22/07	Common	$4.8100	64
5/22/07	Common	$4.9000	2,720
5/22/07	Common	$4.8900	35
5/22/07	Common	$4.9400	801
5/22/07	Common	$4.9500	800
5/22/07	Common	$4.9600	1,088
5/22/07	Common	$5.0000	3,216
5/22/07	Common	$4.9900	1,600
5/22/07	Common	$4.9800	80
5/22/07	Common	$5.0300	582
5/22/07	Common	$5.0400	576
5/22/07	Common	$5.0500	2,832
5/22/07	Common	$5.0900	1,312
5/22/07	Common	$5.1000	848
5/22/07	Common	$5.1300	2,128
5/22/07	Common	$5.1500	17,808
5/22/07	Common	$5.1900	160
5/22/07	Common	$5.2400	16
5/22/07	Common	$5.2500	684
5/22/07	Common	$5.2800	480
5/22/07	Common	$5.2900	16

5/22/07	Common	$5.3000	1,616
5/22/07	Common	$5.2000	100
5/22/07	Common	$5.1100	1,437
5/22/07	Common	$5.1200	2,624
5/23/07	Common	$5.0000	1,165
5/23/07	Common	$5.0300	2,911
5/23/07	Common	$5.0400	1,165
5/23/07	Common	$5.0500	1,165
5/23/07	Common	$5.1300	2,911
5/23/07	Common	$5.1500	582
5/23/07	Common	$5.1900	582
5/23/07	Common	$5.1100	2,329
5/23/07	Common	$5.1200	2,329
5/23/07	Common	$5.0100	1,165
5/23/07	Common	$5.0200	1,165
5/23/07	Common	$5.0600	1,165
5/23/07	Common	$5.1400	1,747
5/23/07	Common	$5.1600	582
5/23/07	Common	$5.1700	582
5/23/07	Common	$5.1800	1,747

The following transactions were effected by the QP Fund during the past sixty (60) days on the open market:

Date	Security	Approx. Price per Share (excl. of. Commissions)	Amount of Shs. Bought (Sold)

5/22/07	Common	$4.6000	27,552
5/22/07	Common	$4.6100	6,048
5/22/07	Common	$4.5700	4,284
5/22/07	Common	$4.5500	4,200
5/22/07	Common	$4.5900	4,368
5/22/07	Common	$4.6400	4,200
5/22/07	Common	$4.6500	17,892
5/22/07	Common	$4.6300	168
5/22/07	Common	$4.6800	168
5/22/07	Common	$4.7000	2,520
5/22/07	Common	$4.6900	4,200
5/22/07	Common	$4.7300	588
5/22/07	Common	$4.7700	840
5/22/07	Common	$4.8000	14,559
5/22/07	Common	$4.8200	588
5/22/07	Common	$4.8700	252
5/22/07	Common	$4.8100	336
5/22/07	Common	$4.9000	14,280
5/22/07	Common	$4.8900	185
5/22/07	Common	$4.9400	4,208
5/22/07	Common	$4.9500	4,200
5/22/07	Common	$4.9600	5,712
5/22/07	Common	$5.0000	16,884

5/22/07	Common	$4.9900	8,400
5/22/07	Common	$4.9800	420
5/22/07	Common	$5.0300	3,056
5/22/07	Common	$5.0400	3,024
5/22/07	Common	$5.0500	14,869
5/22/07	Common	$5.0900	6,888
5/22/07	Common	$5.1000	4,452
5/22/07	Common	$5.1300	11,172
5/22/07	Common	$5.1500	93,492
5/22/07	Common	$5.1900	840
5/22/07	Common	$5.2400	84
5/22/07	Common	$5.2500	3,588
5/22/07	Common	$5.2800	2,520
5/22/07	Common	$5.2900	84
5/22/07	Common	$5.3000	8,484
5/22/07	Common	$5.2000	528
5/22/07	Common	$5.1100	7,543
5/22/07	Common	$5.1200	13,776
5/23/07	Common	$5.0000	8,835
5/23/07	Common	$5.0300	22,089
5/23/07	Common	$5.0400	8,835
5/23/07	Common	$5.0500	8,835
5/23/07	Common	$5.1300	22,089
5/23/07	Common	$5.1500	4,418
5/23/07	Common	$5.1900	4,418
5/23/07	Common	$5.1100	17,671
5/23/07	Common	$5.1200	17,671
5/23/07	Common	$5.0100	8,835
5/23/07	Common	$5.0200	8,835
5/23/07	Common	$5.0600	8,835
5/23/07	Common	$5.1400	13,253
5/23/07	Common	$5.1600	4,418
5/23/07	Common	$5.1700	4,418
5/23/07	Common	$5.1800	13,253

Amount beneficially owned: 420,500

Percent of class: 3.2%

Number of Common Shares as to which the LP Fund has: