Commitments and Contingencies

9 Months Ended

Dec. 31, 2016

11. Commitments and Contingencies

Commitments under Operating Leases

As of December 31, 2016, we had the following commitments as a lessee under operating leases relating to our United States, Greece and United Kingdom offices:


	December 31, 2016
Less than one year	$	293,179
One to three years		176,513
Total	$	469,692

Fixed Time Charter Contracts

As of December 31, 2016, we had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts:


	December 31, 2016
Less than one year	$	49,723,113
One to three years		65,686,227
Three to five years		8,213,252
Total	$	123,622,592

Other

From time to time we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim that is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.