Financial Instruments and Fair Value Disclosures (Tables)

3 Months Ended

Jun. 30, 2020

Financial Instruments and Fair Value Disclosures

Schedule of financial derivatives

		June 30, 2020				March 31, 2020
	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		—		2,742,980		—		2,605,442
		June 30, 2020				March 31, 2020
	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	$	—	$	9,511,097	$	—	$	9,152,829

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	June 30, 2020		June 30, 2019
Forward freight agreements—change in fair value	Unrealized loss on derivatives	$	(137,538)	$	—
Interest rate swaps—change in fair value	Unrealized loss on derivatives		(358,268)		(6,070,789)
Forward freight agreements—realized gain/(loss)	Realized gain/(loss) on derivatives		(264,524)		—
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		(541,705)		1,032,995
Gain/(loss) on derivatives, net		$	(1,302,035)	$	(5,037,794)

Summary of carrying value and estimated fair value of Japanese Financings

	June 30, 2020				March 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	43,333,333	$	48,385,962	$	44,145,833	$	48,867,762
Concorde Japanese Financing		47,923,077		53,983,226		48,730,769		54,407,677
Corvette Japanese Financing		48,461,538		54,648,430		49,269,231		55,059,323
CJNP Japanese Financing		18,696,875		20,660,143		19,058,750		21,006,399
CMNL Japanese Financing		17,734,078		19,935,753		18,076,488		20,238,260
CNML Japanese Financing		19,909,673		22,426,002		20,261,012		22,728,984