Commitments and Contingencies

12 Months Ended

Mar. 31, 2017

18. Commitments and Contingencies

Operating Leases

Operating lease rent expense was as follows:


	Year ended
	March 31, 2017		March 31, 2016		March 31, 2015
Operating lease rent expense	$	415,928	$	451,240	$	249,331

We had the following commitments as a lessee under operating leases relating to our United States, Greece and United Kingdom offices:


	March 31, 2017
Less than one year	$	378,679
One to three years		154,629
Total	$	533,308

Fixed Time Charter Commitments

We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts:


	March 31, 2017
Less than one year	$	48,598,113
One to three years		56,311,227
Three to five years		5,828,252
Total	$	110,737,592

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, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying consolidated financial statements.