| (m) | Foreign currencies |
The financial statements of the Subsidiaries were translated from Euro to U.S. Dollars pursuant to the provisions of IAS 21 “The Effects of Changes in Foreign Exchange Rates,” as follows:
| · | Assets and liabilities were translated using the exchange rate at the balance sheet date | |
| · | Amounts in the statement of operations were translated at an appropriate weighted average rate for the period presented | |
| · | The subsidiaries equity accounts were translated using historical exchange rates | |
| · | The translation adjustments resulting from translating the foreign entity’s financial statements are reported separately in Translation Reserve as a separate component of stockholders’ equity |