Financial Instruments and Fair Value Disclosures (Tables)

9 Months Ended

Dec. 31, 2020

Financial Instruments and Fair Value Disclosures

Schedule of financial derivatives

		December 31, 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	$	—	$	—	$	—	$	2,605,442
		December 31, 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	$	—	$	7,805,857	$	—	$	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	December 31, 2020		December 31, 2019
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	136,632	$	645,000
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		342,902		801,395
Forward freight agreements—realized gain/(loss)	Realized gain/(loss) on derivatives		153,919		—
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		(914,910)		449,276
Gain/(loss) on derivatives, net		$	(281,457)	$	1,895,671

		Nine months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	December 31, 2020		December 31, 2019
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	2,605,442	$	1,590,000
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		1,346,972		(6,881,504)
Forward freight agreements—realized gain/(loss)	Realized gain/(loss) on derivatives		(788,670)		—
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		(2,908,245)		2,191,417
Gain/(loss) on derivatives, net		$	255,499	$	(3,100,087)

Summary of carrying value and estimated fair value of Japanese Financings

	December 31, 2020				March 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	41,708,333	$	46,093,687	$	44,145,833	$	48,867,762
Concorde Japanese Financing		46,307,692		51,546,159		48,730,769		54,407,677
Corvette Japanese Financing		46,846,154		52,190,755		49,269,231		55,059,323
CJNP Japanese Financing		—		—		19,058,750		21,006,399
CMNL Japanese Financing		17,049,256		18,962,197		18,076,488		20,238,260
CNML Japanese Financing		19,206,994		21,397,160		20,261,012		22,728,984