UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


                Date of Report (Date of earliest event reported):
                      DECEMBER 2, 2005 (NOVEMBER 28, 2005)


                          AMERICAN PALLET LEASING, INC.
             (Exact name of registrant as specified in its charter)

         Delaware                   000-29519                    33-0889194
 (State of incorporation)      (Commission File No.)           (IRS Employer
                                                            Identification No.)


                  950 N. MILWAUKEE AVE #328, GLENVIEW IL 60015
          (Address, including Zip Code, of Principal Executive Offices)


       Registrant's telephone number, including area code: (980) 329-7350

                                 NOT APPLICABLE
          (Former Name or Former Address, If Changed Since Last Report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)
|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>

ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On November 28, 2005, the American Pallet  Leasing,  Inc. ("we," "us," "our," or
the  "Company")  signed a letter of intent to acquire  substantially  all of the
real property and personal assets  associated with L&L Lumber Products,  Inc., a
Nebraska  corporation ("L&L"). The closing of the transaction is contingent upon
the  negotiation  and  execution of a definitive  acquisition  agreement and the
obtaining of financing  necessary to acquire the assets of L&L. Under the letter
of intent,  the  Company is obliged to provide  the  sellers  with a  commitment
letter  from its lender  within 14 days of the  signing of the letter of intent.
Within 10  business  days after  obtaining  the  commitment  from the  financial
institution,  the  Company  is  obliged  to  provide  purchasers  with  a  draft
acquisition agreement.

The purchase price of the L&L is $1,650,000,  of which  $1,500,000 is to be paid
in cash at closing, with the sellers' taking back a note for $150,000. The terms
of the note are not  defined  in the  letter of intent  but are  intended  to be
standard  terms for a  transaction  of the size and nature.  Upon receipt of the
Company's  financing,  the sellers will be required to deal exclusively with the
Company and not entertain any other offers for L&L. The  transaction is expected
to close within 35 days after the signing of a definitive acquisition agreement.

On December 2, 2005, the Company  executed a term sheet with Oxbridge  Financial
LLC,  on  behalf  of the  Stillwater  Asset  Backed  Fund LP for a term  loan of
$2,100,000 (the "Term Sheet").  The Term Sheet provides the interest rate on the
loan will be 20% per annum based on a 360-day year. The initial term of the loan
is 18 months but may be extended  pursuant to mutual  agreement  by the parties;
however,  there are no guarantees  that such loan will be extended.  The loan is
"interest-only"   for  the  first  six  months  and  then  is   amortized  on  a
straight-line  basis for the remaining 12 months.  In addition,  the loan may be
prepaid  without  penalty  at any time  after the third  month.  The Term  Sheet
anticipates  that the loan will be secured by a perfected first priority lien on
all of the Company's  property and equipment.  The proceeds from the loan are to
be used to  purchase  L&L,  cover the  costs of the  facility,  and for  working
capital.  The Term Sheet also  provides  that the  Company's  Chairman,  Timothy
Bumgarner, and his family, will pledge their shares of the Company as additional
support for the loan.


ITEM 8.01. OTHER EVENTS.

On November 28, 2005, the American Pallet  Leasing,  Inc. ("we," "us," "our," or
the  "Company")  signed a letter of intent to acquire  substantially  all of the
real property and personal assets  associated with L&L Lumber Products,  Inc., a
Nebraska  corporation  ("L&L").  Additional  details are  provided in Item 1.01,
Entry Into a Definitive Material Agreement, above.

On December 2, 2005, the Company  executed a term sheet with Oxbridge  Financial
LLC,  on  behalf  of the  Stillwater  Asset  Backed  Fund LP for a term  loan of
$2,100,000  (the "Term  Sheet").  Additional  details are provided in Item 1.01,
Entry Into a Definitive Material Agreement, above.

      FORWARD-LOOKING STATEMENTS

This Form 8-K contains  forward-looking  statements as defined in the Securities
Exchange  Act of 1934 and  subject  to the safe  harbors  created  therein.  The
forward-looking  statements  contained  herein include,  but are not limited to,
matters  in regard to the  Company's  letter of intent  with the  sellers of L&L
Lumber Products, Inc., the Company's term sheet with Oxbridge Financial LLC, and
the Company's  expectations  with respect to each of those  transactions and the
acquisition of L&L Lumber Products, Inc.


<PAGE>

These  forward-looking  statements  involve risks and  uncertainties  that could
cause the  Company's  results to differ  materially  from  management's  current
expectations. Such risks and uncertainties include, but are not limited to risks
associated  with the ultimate  consequences  associated  the  disposition of its
Subsidiary and risks associated with the development  generally of the Company's
overall strategic objectives.


ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS.

      (C)   EXHIBITS.

       EXHIBIT NO.    DESCRIPTION

         10.1         Letter of Intent Between  American Pallet Leasing,  Inc.
                      and Richard and Nancy Limbach, dated November 28, 2005.
         10.2         Term Sheet Between  Oxbridge  Financial LLC, dated as of
                      November 16, 2005, and Executed as of December 2, 2005.


<PAGE>

                                   SIGNATURES

      Pursuant to the  requirements  of the Securities  Exchange Act of 1934, as
amended,  the  registrant  has duly caused this Current Report on Form 8-K to be
signed on its behalf by the undersigned thereunto duly authorized.


                                         AMERICAN PALLET LEASING, INC.

                                         By: /s/James Crigler
                                             -----------------------------------
                                             James Crigler
                                             President and Chief Executive
                                             Officer

December 2, 2005


<PAGE>

                                INDEX TO EXHIBITS

       EXHIBIT NO.    DESCRIPTION

         10.1         Letter of Intent Between  American Pallet Leasing,  Inc.
                      and Richard and Nancy Limbach, dated November 28, 2005.
         10.2         Term Sheet Between  Oxbridge  Financial LLC, dated as of
                      November 16, 2005, and Executed as of December 2, 2005.
{"company-data": {"conformed-name": "American Pallet Leasing, Inc.", "cik": "0001106641", "assigned-sic": "2421", "irs-number": "330889194", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-29519", "film-number": "051241516"}, "business-address": {"street1": "425 SECOND STREET, SE, #600", "city": "CEDAR RAPIDS", "state": "IA", "zip": "52401", "phone": "864-936-7000"}, "mail-address": {"street1": "425 SECOND STREET, SE, #600", "city": "CEDAR RAPIDS", "state": "IA", "zip": "52401"}, "former-company": [{"former-conformed-name": "LITERARY PLAYPEN INC", "date-changed": "20020214"}, {"former-conformed-name": "CLUSONE ACQUISITION CORP", "date-changed": "20000214"}]}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

                Date of Report (Date of earliest event reported):
                      DECEMBER 2, 2005 (NOVEMBER 28, 2005)

                          AMERICAN PALLET LEASING, INC.
             (Exact name of registrant as specified in its charter)

         Delaware                   000-29519                    33-0889194
 (State of incorporation)      (Commission File No.)           (IRS Employer
                                                            Identification No.)

                  950 N. MILWAUKEE AVE #328, GLENVIEW IL 60015
          (Address, including Zip Code, of Principal Executive Offices)

       Registrant's telephone number, including area code: (980) 329-7350

                                 NOT APPLICABLE
          (Former Name or Former Address, If Changed Since Last Report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)
|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On November 28, 2005, the American Pallet  Leasing,  Inc. ("we," "us," "our," or
the  "Company")  signed a letter of intent to acquire  substantially  all of the
real property and personal assets  associated with L&L Lumber Products,  Inc., a
Nebraska  corporation ("L&L"). The closing of the transaction is contingent upon
the  negotiation  and  execution of a definitive  acquisition  agreement and the
obtaining of financing  necessary to acquire the assets of L&L. Under the letter
of intent,  the  Company is obliged to provide  the  sellers  with a  commitment
letter  from its lender  within 14 days of the  signing of the letter of intent.
Within 10  business  days after  obtaining  the  commitment  from the  financial
institution,  the  Company  is  obliged  to  provide  purchasers  with  a  draft
acquisition agreement.

The purchase price of the L&L is $1,650,000,  of which  $1,500,000 is to be paid
in cash at closing, with the sellers' taking back a note for $150,000. The terms
of the note are not  defined  in the  letter of intent  but are  intended  to be
standard  terms for a  transaction  of the size and nature.  Upon receipt of the
Company's  financing,  the sellers will be required to deal exclusively with the
Company and not entertain any other offers for L&L. The  transaction is expected
to close within 35 days after the signing of a definitive acquisition agreement.

On December 2, 2005, the Company  executed a term sheet with Oxbridge  Financial
LLC,  on  behalf  of the  Stillwater  Asset  Backed  Fund LP for a term  loan of
$2,100,000 (the "Term Sheet").  The Term Sheet provides the interest rate on the
loan will be 20% per annum based on a 360-day year. The initial term of the loan
is 18 months but may be extended  pursuant to mutual  agreement  by the parties;
however,  there are no guarantees  that such loan will be extended.  The loan is
"interest-only"   for  the  first  six  months  and  then  is   amortized  on  a
straight-line  basis for the remaining 12 months.  In addition,  the loan may be
prepaid  without  penalty  at any time  after the third  month.  The Term  Sheet
anticipates  that the loan will be secured by a perfected first priority lien on
all of the Company's  property and equipment.  The proceeds from the loan are to
be used to  purchase  L&L,  cover the  costs of the  facility,  and for  working
capital.  The Term Sheet also  provides  that the  Company's  Chairman,  Timothy
Bumgarner, and his family, will pledge their shares of the Company as additional
support for the loan.

ITEM 8.01. OTHER EVENTS.

On November 28, 2005, the American Pallet  Leasing,  Inc. ("we," "us," "our," or
the  "Company")  signed a letter of intent to acquire  substantially  all of the
real property and personal assets  associated with L&L Lumber Products,  Inc., a
Nebraska  corporation  ("L&L").  Additional  details are  provided in Item 1.01,
Entry Into a Definitive Material Agreement, above.

On December 2, 2005, the Company  executed a term sheet with Oxbridge  Financial
LLC,  on  behalf  of the  Stillwater  Asset  Backed  Fund LP for a term  loan of
$2,100,000  (the "Term  Sheet").  Additional  details are provided in Item 1.01,
Entry Into a Definitive Material Agreement, above.

      FORWARD-LOOKING STATEMENTS

This Form 8-K contains  forward-looking  statements as defined in the Securities
Exchange  Act of 1934 and  subject  to the safe  harbors  created  therein.  The
forward-looking  statements  contained  herein include,  but are not limited to,
matters  in regard to the  Company's  letter of intent  with the  sellers of L&L
Lumber Products, Inc., the Company's term sheet with Oxbridge Financial LLC, and
the Company's  expectations  with respect to each of those  transactions and the
acquisition of L&L Lumber Products, Inc.
These  forward-looking  statements  involve risks and  uncertainties  that could
cause the  Company's  results to differ  materially  from  management's  current
expectations. Such risks and uncertainties include, but are not limited to risks
associated  with the ultimate  consequences  associated  the  disposition of its
Subsidiary and risks associated with the development  generally of the Company's
overall strategic objectives.

ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS.

      (C)   EXHIBITS.

       EXHIBIT NO.    DESCRIPTION

         10.1         Letter of Intent Between  American Pallet Leasing,  Inc.
                      and Richard and Nancy Limbach, dated November 28, 2005.
         10.2         Term Sheet Between  Oxbridge  Financial LLC, dated as of
                      November 16, 2005, and Executed as of December 2, 2005.
SIGNATURES

      Pursuant to the  requirements  of the Securities  Exchange Act of 1934, as
amended,  the  registrant  has duly caused this Current Report on Form 8-K to be
signed on its behalf by the undersigned thereunto duly authorized.

                                         AMERICAN PALLET LEASING, INC.

                                         By: /s/James Crigler
                                             -----------------------------------
                                             James Crigler
                                             President and Chief Executive
                                             Officer

December 2, 2005
INDEX TO EXHIBITS

       EXHIBIT NO.    DESCRIPTION

         10.1         Letter of Intent Between  American Pallet Leasing,  Inc.
                      and Richard and Nancy Limbach, dated November 28, 2005.
         10.2         Term Sheet Between  Oxbridge  Financial LLC, dated as of
                      November 16, 2005, and Executed as of December 2, 2005.