Financial Instruments and Fair Value Disclosures (Tables)

3 Months Ended

Jun. 30, 2021

Financial Instruments and Fair Value Disclosures

Schedule of financial derivatives

		June 30, 2021				March 31, 2021
	Current assets		Current liabilities		Current assets		Current liabilities
Derivatives not designated as hedging instruments	Derivative instruments		Derivative instruments		Derivative instruments		Derivative instruments
Interest rate swap agreements	$	—	$	776,168	$	—	$	1,100,529
		June 30, 2021				March 31, 2021
	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	$	—	$	3,345,497	$	—	$	3,454,862

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	June 30, 2021		June 30, 2020
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	—	$	(137,538)
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		433,726		(358,268)
Forward freight agreements—realized gain/(loss)	Realized gain/(loss) on derivatives		—		(264,524)
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		(903,718)		(541,705)
Gain/(loss) on derivatives, net		$	(469,992)	$	(1,302,035)

Summary of carrying value and estimated fair value of Japanese Financings

	June 30, 2021				March 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	40,083,333	$	43,013,554	$	40,895,833	$	44,298,064
Concorde Japanese Financing		44,692,308		48,507,271		45,500,000		49,791,680
Corvette Japanese Financing		45,230,769		49,119,300		46,038,462		50,376,434
CMNL/CJNP Japanese Financing		16,364,435		17,900,628		16,706,845		18,792,993
CNML Japanese Financing	$	18,504,315	$	20,264,256	$	18,855,655	$	21,195,305