Commitments and Contingencies

6 Months Ended

Sep. 30, 2017

12. Commitments and Contingencies

Operating Leases

Operating lease rent expense was as follows:


	Three months ended				Six months ended
	September 30, 2017		September 30, 2016		September 30, 2017		September 30, 2016
Operating lease rent expense	$	108,358	$	90,992	$	214,550	$	206,022

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


	September 30, 2017
Less than one year	$	247,648
One to three years		95,284
Total	$	342,932

Fixed Time Charter Contracts

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


	September 30, 2017
Less than one year	$	43,783,113
One to three years		40,951,227
Three to five years		1,058,252
Total	$	85,792,592

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.