Financial Instruments and Fair Value Disclosures (Tables)

9 Months Ended

Dec. 31, 2021

Financial Instruments and Fair Value Disclosures

Schedule of financial derivatives

		December 31, 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	$	—	$	205,869	$	—	$	1,100,529
		December 31, 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	$	—	$	144,057	$	—	$	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	December 31, 2021		December 31, 2020
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	—	$	136,632
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		3,056,741		342,902
Forward freight agreements—realized gain/(loss)	Realized loss on derivatives		—		153,919
Interest rate swaps—realized gain/(loss)	Realized loss on derivatives		(895,782)		(914,910)
Gain/(loss) on derivatives, net		$	2,160,959	$	(281,457)

		Nine months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	December 31, 2021		December 31, 2020
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	—	$	2,605,442
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		4,205,465		1,346,972
Forward freight agreements—realized gain/(loss)	Realized loss on derivatives		—		(788,670)
Interest rate swaps—realized gain/(loss)	Realized loss on derivatives		(2,714,337)		(2,908,245)
Gain/(loss) on derivatives, net		$	1,491,128	$	255,499

Summary of gains and losses on investment securities

	Three months ended
	December 31, 2021		December 31, 2020
Unrealized gain/(loss) on investment securities	$	(1,179,297)	$	358,678
Less: Realized gain/(loss) on investment securities		(305)		—
Net gain/(loss) on investment securities	$	(1,179,602)	$	358,678
	Nine months ended
	December 31, 2021		December 31, 2020
Unrealized gain/(loss) on investment securities	$	(1,710,348)	$	395,931
Less: Realized gain/(loss) on investment securities		447,255		—
Net gain/(loss) on investment securities	$	(1,263,093)	$	395,931

Summary of carrying value and estimated fair value of Japanese Financings

	December 31, 2021				March 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	38,458,334	$	40,345,097	$	40,895,833	$	44,298,064
Concorde Japanese Financing		43,076,923		45,501,855		45,500,000		49,791,680
Corvette Japanese Financing		43,615,385		46,096,511		46,038,462		50,376,434
CMNL/CJNP Japanese Financing		—		—		16,706,845		18,792,993
CNML Japanese Financing		17,801,637		18,917,200		18,855,655		21,195,305
BALCAP Facility	$	83,400,000	$	83,400,000	$	—	$	—