Deferred Charges, Net

12 Months Ended

Mar. 31, 2015

9. Deferred Charges, Net

The analysis and movement of deferred charges is presented in the table below:

	Financing costs		Drydocking costs		Equity offering costs		Total deferred charges, net
On inception , July 1, 2013	—		—		—		—
Additions	1,516,847		600,394		1,304,343		3,421,584
Amortization	(800,807	)	(65,103	)	—		(865,910	)
Balance, March 31, 2014	716,040		535,291		1,304,343		2,555,674
Additions	13,411,075		323,623		760,680		14,495,378
Amortization	(830,899	)	(189,209	)	—		(1,020,108	)
Transferred to APIC	—		—		(2,065,023	)	(2,065,023	)
Balance, March 31, 2015	13,296,216		669,705		—		13,965,921

The drydocking costs incurred during the year ended March 31, 2015 relate to the drydocking for Grendon and the drydocking costs incurred during the period ended March 31, 2014 relate to the drydocking for Captain Nicholas ML.

Financing costs incurred during the year ended March 31, 2015 relate to the 2015 Debt Facility.

Offering costs related to our IPO were transferred to additional paid-in capital (“APIC”) on completion of our IPO on May 13, 2014.