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: August 29, 1997
                                        ---------------

                      FREEDOM FINANCIAL ENTERPRISES, INC.
        ---------------------------------------------------------------
       (Exact name of registrant as specified in its charter as amended)

   Colorado                       33-24387                     84-1092599
   --------                       --------                     ----------
(State or other               (Commission File                (IRS Employer
 jurisdiction                      Number)                Identification Number)
of Incorporation)


               3296 Osceola Street, Denver, Colorado, 80212-1742
               -------------------------------------------------
                     (Address of Principal executive office)


              Voice (303)-433-9830             FAX (303)-433-2001
           ----------------------------------------------------------
          (Registrants telephone and FAX numbers, including area code)


                180 North Woodruff Ave. Idaho Falls, Idaho 83401
                ------------------------------------------------
                         (Former address of Registrant)


                         INFORMATION BEING REPORTED ON
                         -----------------------------


ITEM I   Changes in Control of Registrant;
------   ---------------------------------


Under the terms of that certain Settlement  Agreement dated on or about March 6,
1997, the parties thereto agreed that 8,449,000 shares of the registrants common
stock  registered  in the name of  Fusiones Y  Acquisiciones  de San Jose SA and
4,500,000  shares of the Registrants  preferred stock authorized to be issued to
participants of Financial Freedom Enterprises,  Inc., a Idaho corporation, would
be  canceled.  The  Registrant  has  received the  certificates  evidencing  the
8,499,000  shares  of  common  stock  registered  in  the  name  of  Fusiones  Y
Acquisiciones  de San Jose SA and will  proceed  to  cancel  these  shares.  The
preferred stock has never been issued.


<PAGE>


As a result of the foregoing, the number of issued and outstanding shares of the
Registrant  will be reduced  from  15,549,000  down to  7,100,000  which has the
effect of proportionately  increasing the ownership percentages of all remaining
shareholders.


ITEM II   Acquisition or Disposal of Assets:
-------   ----------------------------------
                        

Under the terms of that certain Settlement  Agreement dated on or about March 6,
1997,  all assets  transferred  to the  Registrant in exchange for the 4,500,000
shares of the Registrants  preferred stock were to be re-conveyed.  However, the
current  directors and officers of the Registrant  have been unable to establish
or verify that any assets were ever transferred or conveyed to the Registrant in
consideration  for the  issuance  of any of the  4,500,000  shares of  preferred
stock.  Accordingly,  it does not appear  that the  Registrant  is  required  to
re-convey any assets in furtherance of the foregoing Settlement Agreement.


ITEM V   Other Events:
------   -------------

                         (Special Shareholders Meeting)
                          ----------------------------

A Special Meeting of the Registrants  shareholders  was held on June 25, 1997 at
which time those  shareholders  owing a majority  of the issued and  outstanding
shares  elected  three  (3)  new  directors,  authorized  a name  change  of the
Registrant to its current name of Cambridge Universal Corporation and authorized
an amendment to its Articles Of Incorporation  which  re-established a $0.10 par
value  for  its  authorized  preferred  stock,  none  of  which  are  issued  or
outstanding.   An  amendment  to  the  Registrants   Articles  Of  Incorporation
reflecting  the name  change and the  change in the par value of its  authorized
preferred  stock was filled  with the  Colorado  Secretary  Of State on July 15,
1997.

The three (3) new directors of the  Registrant  are John L. Alter,  K. L. Graham
and Ben C. Martinez who also hold the offices of  President,  Secretary/Treasure
and Vice President respectively.

ITEM VI   Resignations of Registrants Directors.
-------   --------------------------------------


The Registrants prior directors and officers are believed to have resigned their
respective positions sometime between February, 1997 and May, 1997 in connection
with that certain Settlement Agreement dated on or about March 6, 1997. However,
the current  directors  and  officers  have been unable to locate any  documents
verifying these  resignations.  As a result of these  resignations,  the Special
Meeting of Shareholders was held on June 25, 1997 as referenced in Item V above.

In connection  with the foregoing  resignations,  the Registrant is not aware of
having  any  letter  from  a  resigning  director  disagreeing  with  any of the
Registrants operations,  policies or practices and requesting that the matter be
disclosed.



<PAGE>


                                   SIGNATURES
                                   ----------

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  The
Registrant  has duly  caused  this  report  to be  signed  on Its  behalf by the
undersigned hereunto duly authorized.




                                           Cambridge Universal Corporation
                                     (F/N/A Financial Freedom Enterprises, Inc.)



                                     by:  /s/ John L. Alter
08/29/97                             -------------------------------------------
--------                                 John L Alter 
Date                                     President
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 6182}]
{"company-data": {"conformed-name": "FINANCIAL FREEDOM ENTERPRISES INC", "cik": "0000839848", "assigned-sic": "6770", "irs-number": "841092599", "state-of-incorporation": "CO", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-24387", "film-number": "97673590"}, "business-address": {"street1": "180 N WOODRUFF", "city": "IDAHO FALLS", "state": "ID", "zip": "83401", "phone": "3033887752"}, "mail-address": {"street1": "3631 EAST 7TH AVE PKWY", "city": "DENVER", "state": "CO", "zip": "80206"}, "former-company": {"former-conformed-name": "IMPACT INCOME INVESTMENTS INC", "date-changed": "19940401"}}
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: August 29, 1997
                                        ---------------

                      FREEDOM FINANCIAL ENTERPRISES, INC.
        ---------------------------------------------------------------
       (Exact name of registrant as specified in its charter as amended)

   Colorado                       33-24387                     84-1092599
   --------                       --------                     ----------
(State or other               (Commission File                (IRS Employer
 jurisdiction                      Number)                Identification Number)
of Incorporation)

               3296 Osceola Street, Denver, Colorado, 80212-1742
               -------------------------------------------------
                     (Address of Principal executive office)

              Voice (303)-433-9830             FAX (303)-433-2001
           ----------------------------------------------------------
          (Registrants telephone and FAX numbers, including area code)

                180 North Woodruff Ave. Idaho Falls, Idaho 83401
                ------------------------------------------------
                         (Former address of Registrant)

                         INFORMATION BEING REPORTED ON
                         -----------------------------

ITEM I   Changes in Control of Registrant;
------   ---------------------------------

Under the terms of that certain Settlement  Agreement dated on or about March 6,
1997, the parties thereto agreed that 8,449,000 shares of the registrants common
stock  registered  in the name of  Fusiones Y  Acquisiciones  de San Jose SA and
4,500,000  shares of the Registrants  preferred stock authorized to be issued to
participants of Financial Freedom Enterprises,  Inc., a Idaho corporation, would
be  canceled.  The  Registrant  has  received the  certificates  evidencing  the
8,499,000  shares  of  common  stock  registered  in  the  name  of  Fusiones  Y
Acquisiciones  de San Jose SA and will  proceed  to  cancel  these  shares.  The
preferred stock has never been issued.
As a result of the foregoing, the number of issued and outstanding shares of the
Registrant  will be reduced  from  15,549,000  down to  7,100,000  which has the
effect of proportionately  increasing the ownership percentages of all remaining
shareholders.

ITEM II   Acquisition or Disposal of Assets:
-------   ----------------------------------
                        

Under the terms of that certain Settlement  Agreement dated on or about March 6,
1997,  all assets  transferred  to the  Registrant in exchange for the 4,500,000
shares of the Registrants  preferred stock were to be re-conveyed.  However, the
current  directors and officers of the Registrant  have been unable to establish
or verify that any assets were ever transferred or conveyed to the Registrant in
consideration  for the  issuance  of any of the  4,500,000  shares of  preferred
stock.  Accordingly,  it does not appear  that the  Registrant  is  required  to
re-convey any assets in furtherance of the foregoing Settlement Agreement.

ITEM V   Other Events:
------   -------------

                         (Special Shareholders Meeting)
                          ----------------------------

A Special Meeting of the Registrants  shareholders  was held on June 25, 1997 at
which time those  shareholders  owing a majority  of the issued and  outstanding
shares  elected  three  (3)  new  directors,  authorized  a name  change  of the
Registrant to its current name of Cambridge Universal Corporation and authorized
an amendment to its Articles Of Incorporation  which  re-established a $0.10 par
value  for  its  authorized  preferred  stock,  none  of  which  are  issued  or
outstanding.   An  amendment  to  the  Registrants   Articles  Of  Incorporation
reflecting  the name  change and the  change in the par value of its  authorized
preferred  stock was filled  with the  Colorado  Secretary  Of State on July 15,
1997.

The three (3) new directors of the  Registrant  are John L. Alter,  K. L. Graham
and Ben C. Martinez who also hold the offices of  President,  Secretary/Treasure
and Vice President respectively.

ITEM VI   Resignations of Registrants Directors.
-------   --------------------------------------

The Registrants prior directors and officers are believed to have resigned their
respective positions sometime between February, 1997 and May, 1997 in connection
with that certain Settlement Agreement dated on or about March 6, 1997. However,
the current  directors  and  officers  have been unable to locate any  documents
verifying these  resignations.  As a result of these  resignations,  the Special
Meeting of Shareholders was held on June 25, 1997 as referenced in Item V above.

In connection  with the foregoing  resignations,  the Registrant is not aware of
having  any  letter  from  a  resigning  director  disagreeing  with  any of the
Registrants operations,  policies or practices and requesting that the matter be
disclosed.
SIGNATURES
                                   ----------

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  The
Registrant  has duly  caused  this  report  to be  signed  on Its  behalf by the
undersigned hereunto duly authorized.

                                           Cambridge Universal Corporation
                                     (F/N/A Financial Freedom Enterprises, Inc.)

                                     by:  /s/ John L. Alter
08/29/97                             -------------------------------------------
--------                                 John L Alter 
Date                                     President