Financial Instruments and Fair Value Disclosures (Tables)

6 Months Ended

Sep. 30, 2021

Financial Instruments and Fair Value Disclosures

Schedule of financial derivatives

		September 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	$	—	$	487,361	$	—	$	1,100,529
		September 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	$	—	$	2,919,306	$	—	$	3,454,862

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, 2021		September 30, 2020
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	—	$	2,606,347
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		714,998		1,362,339
Forward freight agreements—realized gain/(loss)	Realized loss on derivatives		—		(678,066)
Interest rate swaps—realized gain/(loss)	Realized loss on derivatives		(914,837)		(1,451,629)
Gain/(loss) on derivatives, net		$	(199,839)	$	1,838,991

		Six months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	September 30, 2021		September 30, 2020
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	—	$	2,468,809
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		1,148,724		1,004,071
Forward freight agreements—realized gain/(loss)	Realized loss on derivatives		—		(942,590)
Interest rate swaps—realized gain/(loss)	Realized loss on derivatives		(1,818,555)		(1,993,334)
Gain/(loss) on derivatives, net		$	(669,831)	$	536,956

Summary of gains and losses on investment securities

	Three months ended
	September 30, 2021		September 30, 2020
Net gain/(loss) on investment securities	$	(531,050)	$	37,478
Less: Realized gain/(loss) on investment securities		447,255		—
Unrealized gain/(loss) on investment securities	$	(978,305)	$	37,478
	Six months ended
	September 30, 2021		September 30, 2020
Net gain/(loss) on investment securities	$	828,620	$	37,253
Less: Realized gain/(loss) on investment securities		447,255		—
Unrealized gain/(loss) on investment securities	$	381,365	$	37,253

Summary of carrying value and estimated fair value of Japanese Financings

	September 30, 2021				March 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	39,270,834	$	41,748,000	$	40,895,833	$	44,298,064
Concorde Japanese Financing		43,884,615		47,143,867		45,500,000		49,791,680
Corvette Japanese Financing		44,423,077		47,744,482		46,038,462		50,376,434
CMNL/CJNP Japanese Financing		16,022,024		17,277,103		16,706,845		18,792,993
CNML Japanese Financing	$	18,152,976	$	19,593,552	$	18,855,655	$	21,195,305