6. Vessels, Net

	Cost		Accumulated depreciation		Net book Value
Balance, July 1, 2013	—		—		—
Vessel acquisitions through business combinations (Refer Note 4)	201,082,529		—		201,082,529
Other	307,606		—		307,606
Depreciation	—		(6,555,269	)	(6,555,269	)
Balance, March 31, 2014	201,390,135		(6,555,269	)	194,834,866
Additions	240,415,534		—		240,415,534
Impairment(1)	(2,625,000	)	1,193,182		(1,431,818	)
Depreciation	—		(13,842,529	)	(13,842,529	)
Balance, March 31, 2015	439,180,669		(19,204,616	)	419,976,053

(1)

We recognized a non-cash impairment loss of $1.4 million for the year ended March 31, 2015 and no impairment losses for the period ended March 31, 2014. We prepared future undiscounted cash flows for the PGC vessel as there were indicators of impairment for this size vessel, which provided evidence that the book value was not recoverable.

The additions represent amounts transferred from Vessels under Construction relating to the cost of our newbuildings, the Comet, the Corsair and the Corvette, which were delivered to us on July 25, 2014, September 26, 2014 and January 2, 2015, respectively.

Vessels, with a total carrying value of $416.0 million as of March 31, 2015, are first-priority mortgaged as collateral for our loan facilities (refer Note 11).