7. Vessels Under Construction

Balance, July 1, 2013		—
Acquisition of two newbuilding contracts from Dorian Holdings on July 29, 2013 (refer Note 4)		17,593,130
Acquisition of one newbuilding contract from SeaDor on July 29,2013 (refer Note 3b)		7,009,675
Acquisition of thirteen newbuilding contracts from Scorpio on November 26, 2013 (refer Note 3c)		119,386,040
Acquisition cost of vessel purchase options from Dorian Holdings and SeaDor exercised on February 21, 2014 (refer Notes 3b and 4)		7,134,126
Installment payments to shipyards		169,271,536
Other capitalized expenditures		1,839,689
Capitalized interest		972,010
Balance, March 31, 2014		323,206,206
Installment payments to shipyards		300,866,261
Other capitalized expenditures		11,016,951
Capitalized interest		3,501,620
Vessels delivered (transferred to Vessels)		(240,415,534)
Balance, March 31, 2015		398,175,504

Other capitalized expenditures for the year ended March 31, 2015 represent LPG coolant of $1.4 million, fees paid to our Manager of $0.9 million, to third party vendors of $8.6 million and $0.1 million of employee-related costs for supervision fees and other newbuilding pre-delivery costs including engineering and technical support, liaising with the shipyard, and ensuring key suppliers are integrated into the production planning process. Other capitalized expenditures for the period ended March 31, 2014 represent fees paid to our Manager of $1.1 million and to third party vendors of $0.7 million for supervision fees and other newbuilding pre-delivery costs including engineering and technical support, liaising with the shipyard, and ensuring key suppliers are integrated into the production planning process.