Financial Instruments and Fair Value Disclosures (Tables)

6 Months Ended

Sep. 30, 2020

Financial Instruments and Fair Value Disclosures

Schedule of financial derivatives

		September 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	$	—	$	136,633	$	—	$	2,605,442
		September 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	$	—	$	8,148,758	$	—	$	9,152,829

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

The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows:

		Three months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	September 30, 2020		September 30, 2019
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	2,606,347	$	945,000
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		1,362,339		(1,612,110)
Forward freight agreements—realized gain/(loss)	Realized gain/(loss) on derivatives		(678,066)		—
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		(1,451,629)		709,146
Gain/(loss) on derivatives, net		$	1,838,991	$	42,036

		Six months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	September 30, 2020		September 30, 2019
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	2,468,809	$	945,000
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		1,004,071		(7,682,899)
Forward freight agreements—realized gain/(loss)	Realized gain/(loss) on derivatives		(942,590)		—
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		(1,993,334)		1,742,141
Gain/(loss) on derivatives, net		$	536,956	$	(4,995,758)

Summary of carrying value and estimated fair value of Japanese Financings

	September 30, 2020				March 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	42,520,833	$	47,342,515	$	44,145,833	$	48,867,762
Concorde Japanese Financing		47,115,385		52,917,381		48,730,769		54,407,677
Corvette Japanese Financing		47,653,846		53,579,174		49,269,231		55,059,323
CJNP Japanese Financing		18,335,000		20,126,203		19,058,750		21,006,399
CMNL Japanese Financing		17,391,667		19,454,148		18,076,488		20,238,260
CNML Japanese Financing		19,558,333		21,918,443		20,261,012		22,728,984