December 31, 2017 | December 31, 2016 | ||||||||
Total borrowing | 1,609,930 | 1,513,623 | |||||||
Less: cash and cash equivalents | (26,050,456 | ) | (24,576,341 | ) | |||||
Net debt | (24,443,526 | ) | (23,062,718 | ) | |||||
Total equity | 74,027,196 | 83,402,126 | |||||||
Total capital | 49,583,670 | 60,339,408 | |||||||
Gearing ratio | (33 | )% | (28 | )% |