Commitments and Contingencies

6 Months Ended

Sep. 30, 2018

11. Commitments and Contingencies

Commitments under Contracts for Scrubber Purchases

During the three months ended September 30, 2018, we entered into a contract to purchase scrubbers to reduce sulfur emissions. We had the following contractual commitments related to the scrubbers purchases:


	September 30, 2018
Less than one year	$	3,024,231
One to three years		2,387,551
Total	$	5,411,782

Operating Leases

Operating lease rent expense was as follows:


	Three months ended				Six months ended
	September 30, 2018		September 30, 2017		September 30, 2018		September 30, 2017
Operating lease rent expense	$	106,117	$	108,358	$	233,599	$	214,550

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


	September 30, 2018
Less than one year	$	422,421
One to three years		473,247
Three to five years		329,217
Total	$	1,224,885

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, 2018
Less than one year	$	29,578,114
One to three years		12,431,365
Total	$	42,009,479

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.