Leases

12 Months Ended

Mar. 31, 2022

Leases

Leases

11. Leases

Time charter-in contracts

During the year ended March 31, 2022, we time chartered-in a vessel that was delivered to us in October 2021 with a duration of 12 months with no option periods. Therefore, this operating lease was excluded from operating lease right-of-use asset and lease liability recognition on our consolidated balance sheets. During the year ended March 31, 2021, we time chartered-in a vessel that was delivered to us in May 2020 with a duration of 12 months with no option periods. Therefore, this operating lease was excluded from operating lease right-of-use asset and lease liability recognition on our consolidated balance sheets. As of March 31, 2022, right-of-use assets and lease liabilities of $7.9 million were recognized on our balance sheets related to one VLGC that we had previously time chartered-in for a period of greater than 12 months. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $19.2 million, $29.1 million, and $18.3 million for the years ended March 31, 2022, 2021 and 2020, respectively.

Charter hire expenses for the VLGCs time chartered in were as follows:

	Year ended
	March 31, 2022		March 31, 2021		March 31, 2020
Charter hire expenses	$	16,265,638	$	18,135,580	$	9,861,898

Office leases

We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece. The lease on our London, United Kingdom office expires during August 2022. During the years ended March 31, 2022 and 2021, we did not enter into any new office leases and did not renew any office leases.

Operating lease rent expense related to our office leases was as follows:

	Year ended
	March 31, 2022		March 31, 2021		March 31, 2020
Operating lease rent expense	$	624,370	$	558,400	$	541,574

For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2022 is 10.0 months.

Our operating lease right-of-use asset and lease liabilities as of March 31, 2022 were as follows:

Description	Location on Balance Sheet	March 31, 2022
Assets:
Non-current
Office leases	Operating lease right-of-use assets	$	194,343
Time charter-in VLGCs	Operating lease right-of-use assets	$	7,892,671
Liabilities:
Current
Office Leases	Current portion of long-term operating leases	$	180,693
Time charter-in VLGCs	Current portion of long-term operating leases	$	7,892,671

Maturities of operating lease liabilities as of March 31, 2022 were as follows:

Less than one year	$	8,214,964
Total undiscounted lease payments		8,214,964
Less: imputed interest		(141,600)
Carrying value of operating lease liabilities	$	8,073,364