Financial Instruments and Fair Value Disclosures (Tables)

6 Months Ended

Sep. 30, 2019

Financial Instruments and Fair Value Disclosures

Schedule of financial derivatives

		September 30, 2019				March 31, 2019
	Current assets		Current liabilities		Current assets		Current liabilities
Derivatives not designated as hedging instruments	Derivative instruments		Derivative instruments		Derivative instruments		Derivative instruments
Forward freight agreements		720,000		—		—		—
		September 30, 2019				March 31, 2019
	Other non-current assets		Long-term liabilities		Other non-current assets		Long-term liabilities
Derivatives not designated as hedging instruments	Derivative instruments		Derivative instruments		Derivative instruments		Derivative instruments
Interest rate swap agreements	$	974,184	$	2,208,585	$	6,448,498	$	—
Forward freight agreements		225,000		—		—		—
Total	$	1,199,184	$	2,208,585	$	6,448,498	$	—

Schedule of effect of derivative instruments on the consolidated statement of operations

		Three months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	September 30, 2019		September 30, 2018
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	945,000	$	—
Interest rate swap—change in fair value	Unrealized gain/(loss) on derivatives		(1,612,110)		1,051,460
Interest rate swap—realized gain/(loss)	Realized gain on derivatives		709,146		830,991
Gain/(loss) on derivatives, net		$	42,036	$	1,882,451

		Six months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	September 30, 2019		September 30, 2018
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	945,000	$	—
Interest rate swap—change in fair value	Unrealized gain/(loss) on derivatives		(7,682,899)		2,759,076
Interest rate swap—realized gain/(loss)	Realized gain on derivatives		1,742,141		1,613,556
Gain/(loss) on derivatives, net		$	(4,995,758)	$	4,372,632

Summary of carrying value and estimated fair value of Japanese Financings

	September 30, 2019				March 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	45,770,833	$	48,310,731	$	47,395,833	$	45,901,900
Concorde Japanese Financing		50,346,154		53,385,688		51,961,538		50,176,288
Corvette Japanese Financing		50,884,615		53,988,368		52,500,000		50,671,689
CJNP Japanese Financing		19,782,500		21,231,215		20,506,250		20,918,881
CMNL Japanese Financing		18,761,310		20,352,955		19,446,131		19,862,056
CNML Japanese Financing		20,963,690		22,778,604		21,666,369		22,137,090