SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 8-K


                        CURRENT REPORT DATED MAY 10, 1997


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




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



      Colorado                       33-24387-                  84-1092599
 ----------------------        ---------------------      ----------------------
(State of Incorporation)      (Commission File Number       (I.R.S. employer
                                                          identification number)



                    180 N. Woodruff, Idaho Falls, Idaho 83401
                   -------------------------------------------
                    (Address of Principal Executive Offices)


                  Registrant's telephone and facsimile number,
             including area code (208) 529-2111; Fax (208) 529-0680
                                                      --------------


                         IMPACT INCOME INVESTMENTS, INC.
                      -------------------------------------
                                  (Former Name)



                                                       

<PAGE>
                    INFORMATION TO BE INCLUDED IN THE REPORT


Item 1.  Changes in Control of Registrant

     A.  Financial  Freedom  Enterprises,  Inc.  ("FFE")  filed  a  Form  8-K on
September 12, 1996 announcing (i) its acquisition by the then Registrant  IMPACT
Income  Investments,  Inc.;  (ii) the names and resumes of  Financial  Freedom's
Board  of  Directors;   (iii)  controlling   shareholders,   and  (iv)  detailed
information about Financial Freedom's business.

     B. Thereafter on February 22, 1997,  Financial Freedom reported on Form 8-K
that it was in the process of developing documentation to Rescind, Terminate and
Declare Null and Void the  previously  reported  Acquisition.  As stated in that
February  22, 1997  report,  the reasons  were  complex,  including  none of the
parties to the purported acquisition had legal counsel and Financial Freedom had
discovered various legal problems with the necessary  documentation;  and Robert
Ground,  the  long-time  President  and CEO of IMPACT  Investments  had  advised
Financial  Freedom in writing that he concurs in a  rescission  of the June 1996
consolidation.

     C. The  various  parties  to the  above-referred  to  transaction  have now
entered  into a  "Settlement  Agreement"  dated March 6, 1997 for the purpose of
resolving the matters that had arisen between the parties and for the purpose of
restoring  IMPACT Income  Investments,  Inc. to the position it was prior to its
June   1996   Shareholders'   Meeting   to   approve   the   Financial   Freedom
merger/acquisition,  including  the  resignation  of the Board of  Directors  of
Financial  Freedom,  so that the IMPACT Investment  Shareholders may elect their
Board of Directors and proceed with their own business plan.



                                   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:

Date: May 10, 1997
                                          FINANCIAL FREEDOM ENTERPRISES, INC.



                                          /s/  Rodney Allen
                                          --------------------------------------
                                          Rodney Allen, President and Secretary


                                       -2-
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SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                        CURRENT REPORT DATED MAY 10, 1997

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

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

      Colorado                       33-24387-                  84-1092599
 ----------------------        ---------------------      ----------------------
(State of Incorporation)      (Commission File Number       (I.R.S. employer
                                                          identification number)

                    180 N. Woodruff, Idaho Falls, Idaho 83401
                   -------------------------------------------
                    (Address of Principal Executive Offices)

                  Registrant's telephone and facsimile number,
             including area code (208) 529-2111; Fax (208) 529-0680
                                                      --------------

                         IMPACT INCOME INVESTMENTS, INC.
                      -------------------------------------
                                  (Former Name)
INFORMATION TO BE INCLUDED IN THE REPORT

Item 1.  Changes in Control of Registrant

     A.  Financial  Freedom  Enterprises,  Inc.  ("FFE")  filed  a  Form  8-K on
September 12, 1996 announcing (i) its acquisition by the then Registrant  IMPACT
Income  Investments,  Inc.;  (ii) the names and resumes of  Financial  Freedom's
Board  of  Directors;   (iii)  controlling   shareholders,   and  (iv)  detailed
information about Financial Freedom's business.

     B. Thereafter on February 22, 1997,  Financial Freedom reported on Form 8-K
that it was in the process of developing documentation to Rescind, Terminate and
Declare Null and Void the  previously  reported  Acquisition.  As stated in that
February  22, 1997  report,  the reasons  were  complex,  including  none of the
parties to the purported acquisition had legal counsel and Financial Freedom had
discovered various legal problems with the necessary  documentation;  and Robert
Ground,  the  long-time  President  and CEO of IMPACT  Investments  had  advised
Financial  Freedom in writing that he concurs in a  rescission  of the June 1996
consolidation.

     C. The  various  parties  to the  above-referred  to  transaction  have now
entered  into a  "Settlement  Agreement"  dated March 6, 1997 for the purpose of
resolving the matters that had arisen between the parties and for the purpose of
restoring  IMPACT Income  Investments,  Inc. to the position it was prior to its
June   1996   Shareholders'   Meeting   to   approve   the   Financial   Freedom
merger/acquisition,  including  the  resignation  of the Board of  Directors  of
Financial  Freedom,  so that the IMPACT Investment  Shareholders may elect their
Board of Directors and proceed with their own business plan.

                                   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:

Date: May 10, 1997
                                          FINANCIAL FREEDOM ENTERPRISES, INC.

                                          /s/  Rodney Allen
                                          --------------------------------------
                                          Rodney Allen, President and Secretary

                                       -2-