Long-term Debt (Tables)

12 Months Ended

Mar. 31, 2022

Long-term Debt

Schedule of certain terms under each tranche of the 2015 Debt Facility

					Interest Rate at
		Original Term		Interest Rate Description(1)	March 31, 2022(2)
Tranche 1	Commercial Financing	7	years(3)	London InterBank Offered Rate (“LIBOR”) plus a margin(5)	3.37	%
Tranche 2	KEXIM Direct Financing	12	years(4)	LIBOR plus a margin of 2.45%	3.42	%
Tranche 3	KEXIM Guaranteed	12	years(4)	LIBOR plus a margin of 1.40%	2.37	%
Tranche 4	K-sure Insured	12	years(4)	LIBOR plus a margin of 1.50%	2.47	%

(1) The interest rate of the 2015 AR Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches.

(2) The LIBOR rate in effect as of March 31, 2022 was 0.974030%.

(3) The Commercial Financing Tranche was refinanced on April 29, 2020, to, among other things, extend the term by three years.

(4) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche.

(5) The Commercial Financing tranche margin over LIBOR at the time of its amendment and restatement described above was 2.50% and can be reduced by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60. We also have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage). As of March 31, 2022, the set margin was 2.40%.

Schedule of loans outstanding

	March 31, 2022		March 31, 2021
2015 AR Facility
Commercial Financing	$	91,651,888	$	155,205,698
KEXIM Direct Financing		44,406,733		89,474,512
KEXIM Guaranteed		47,190,358		93,997,081
K-sure Insured		23,132,295		46,333,895
Total 2015 AR Facility	$	206,381,274	$	385,011,186
Japanese Financings
Corsair Japanese Financing	$	37,645,833	$	40,895,833
Concorde Japanese Financing		42,269,231		45,500,000
Corvette Japanese Financing		42,807,692		46,038,462
CMNL/CJNP Japanese Financing		—		16,706,845
CNML Japanese Financing		—		18,855,655
Cresques Japanese Financing		45,660,000		49,080,000
Cratis Japanese Financing		49,660,000		—
Copernicus Japanese Financing		49,660,000		—
Chaparral Japanese Financing		64,662,242		—
Caravelle Japanese Financing		49,700,000		—
Total Japanese Financings	$	382,064,998	$	217,076,795
BALCAP Facility	$	81,574,172	$	—
Total debt obligations	$	670,020,444	$	602,087,981
Less: deferred financing fees		7,257,486		10,615,937
Debt obligations—net of deferred financing fees	$	662,762,958	$	591,472,044
Presented as follows:
Current portion of long-term debt	$	72,075,571	$	51,820,283
Long-term debt—net of current portion and deferred financing fees		590,687,387		539,651,761
Total	$	662,762,958	$	591,472,044

Schedule of deferred financing fees

	Financing
	costs
Balance, April 1, 2020	$	11,152,985
Additions		4,158,312
Amortization		(4,695,360)
Balance, March 31, 2021	$	10,615,937
Additions		2,530,589
Amortization		(5,889,040)
Balance, March 31, 2022	$	7,257,486

Schedule of minimum annual principal payments

Year ending March 31:
2023	$	72,075,571
2024		47,490,194
2025		128,146,403
2026		48,265,607
2027		93,060,886
Thereafter		280,981,783
Total	$	670,020,444