SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 8-K


                     CURRENT REPORT DATED FEBRUARY 22, 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) 529-0690
                       -----------------------------------


                         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. filed a Form 8-K on September 12,
1996  announcing  its   acquisition  by  the  then   Registrant   IMPACT  Income
Investments,   Inc.,   together  with  FFE's  Board  of  Directors   controlling
shareholders, and detailed information about FFE's business.

     B. This  Report is to state that  Financial  Freedom  is in the  process of
developing the necessary legal  documentation to Rescind,  Terminate and Declare
Null and Void the previously reported  Acquisition.  The reasons are complex but
none of the parties to the purported  acquisition  had legal counsel and FFE had
discovered various legal problems with the necessary  documentation;  and Robert
Ground,  the  long-time  President  and CEO of IMPACT  Investments  has recently
advised  in  writing  that  he  concurs  in  a  rescission   of  the  June  1995
consolidation;   and  followed   immediately  with  negotiations  for  corporate
re-structuring and a statutory tax-free Plan of Reorganization and Merger.


Item 5.  Other Events

     Although a member firm of the National  Association of Securities  Dealers,
Inc.  had  submitted  the  documents  to the NASD  for  trading  (that  had been
discontinued for several years) the NASD never  authorized  trading and FFE does
not know of any trading.  However,  Registrant's  examination  of  shareholders'
lists from the Stock  Transfer  Agents,  American  Securities  Transfer & Trust,
Inc.,  as of the dates of the April 1996 (date of the initial  agreement  to the
consolidation),  the June 24, 1996 date of the IMPACT shareholders meetings, and
December  31,  1996  indicates   that  there  were   transfers   among  existing
shareholders,   and   restricted   shares  issued  to  the   consultant  to  the
transactions.  Management of FFE proposes to notify the Division of  Corporation
Finance at the Securities and Exchange Commission immediately upon the execution
of the required legal documents.


                                   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: February 22, 1997
                                           FINANCIAL FREEDOM ENTERPRISES, INC.
ATTEST:

/S/  RODNEY ALLEN                          /S/  CAROL WALKER
-------------------------------------      ------------------------------------
Rodney Allen, President and Secretary       Carol Walker, Chairman and CEO

                                       -2-
[{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 4059}]
{"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": "97544359"}, "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"}}
SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                     CURRENT REPORT DATED FEBRUARY 22, 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) 529-0690
                       -----------------------------------

                         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. filed a Form 8-K on September 12,
1996  announcing  its   acquisition  by  the  then   Registrant   IMPACT  Income
Investments,   Inc.,   together  with  FFE's  Board  of  Directors   controlling
shareholders, and detailed information about FFE's business.

     B. This  Report is to state that  Financial  Freedom  is in the  process of
developing the necessary legal  documentation to Rescind,  Terminate and Declare
Null and Void the previously reported  Acquisition.  The reasons are complex but
none of the parties to the purported  acquisition  had legal counsel and FFE had
discovered various legal problems with the necessary  documentation;  and Robert
Ground,  the  long-time  President  and CEO of IMPACT  Investments  has recently
advised  in  writing  that  he  concurs  in  a  rescission   of  the  June  1995
consolidation;   and  followed   immediately  with  negotiations  for  corporate
re-structuring and a statutory tax-free Plan of Reorganization and Merger.

Item 5.  Other Events

     Although a member firm of the National  Association of Securities  Dealers,
Inc.  had  submitted  the  documents  to the NASD  for  trading  (that  had been
discontinued for several years) the NASD never  authorized  trading and FFE does
not know of any trading.  However,  Registrant's  examination  of  shareholders'
lists from the Stock  Transfer  Agents,  American  Securities  Transfer & Trust,
Inc.,  as of the dates of the April 1996 (date of the initial  agreement  to the
consolidation),  the June 24, 1996 date of the IMPACT shareholders meetings, and
December  31,  1996  indicates   that  there  were   transfers   among  existing
shareholders,   and   restricted   shares  issued  to  the   consultant  to  the
transactions.  Management of FFE proposes to notify the Division of  Corporation
Finance at the Securities and Exchange Commission immediately upon the execution
of the required legal documents.

                                   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: February 22, 1997
                                           FINANCIAL FREEDOM ENTERPRISES, INC.
ATTEST:

/S/  RODNEY ALLEN                          /S/  CAROL WALKER
-------------------------------------      ------------------------------------
Rodney Allen, President and Secretary       Carol Walker, Chairman and CEO

                                       -2-