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Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Mar. 31, 2022

Financial Instruments and Fair Value Disclosures

Schedule of principal terms of the interest rate swaps



		Transaction		Termination		Fixed			Nominal value			Nominal value
Interest rate swap		Date		Date		interest rate			March 31, 2022			March 31, 2021
2015 AR Facility - Citibank⁽¹⁾		September 2015		March 2025		1.091	%		$	188,000,000		$	200,000,000
2015 AR Facility - ING⁽²⁾		September 2015		March 2025		1.145	%			47,000,000			50,000,000
2015 AR Facility - Citibank⁽³⁾		October 2015		March 2022		1.468	%			—			26,325,000
2015 AR Facility - Citibank⁽³⁾		October 2015		March 2022		1.380	%			—			39,487,500
2015 AR Facility - Citibank⁽³⁾		June 2016		March 2022		1.213	%			—			35,750,774
2015 AR Facility - Citibank⁽³⁾		June 2016		March 2022		1.161	%			—			14,690,857
									$	235,000,000		$	366,254,131

(1)	Reduces quarterly with a final settlement of $95.2 million in March 2025.

(2)	Reduces by quarterly with a final settlement of $23.8 million in March 2025.

(3)	Settled in March 2022.

Schedule of financial derivatives


			March 31, 2022						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		$	—		$	—		$	—		$	1,100,529

			March 31, 2022						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		$	6,512,479		$	—		$	—		$	3,454,862

Schedule of effect of derivative instruments on the consolidated statement of operations


				Year ended
Derivatives not designated as hedging instruments		Location of gain/(loss) recognized		March 31, 2022			March 31, 2021			March 31, 2020
Forward freight agreements—change in fair value		Unrealized gain/(loss) on derivatives		$	—		$	2,605,442		$	(2,605,442)
Interest rate swaps—change in fair value		Unrealized gain/(loss) on derivatives			11,067,870			4,597,438			(15,601,327)
Forward freight agreements—realized gain/(loss)		Realized loss on derivatives			—			(788,670)			396,894
Interest rate swaps—realized gain/(loss)		Realized loss on derivatives			(3,450,443)			(3,779,363)			2,403,480
Gain/(loss) on derivatives, net				$	7,617,427		$	2,634,847		$	(15,406,395)

Summary of gains and losses on investment securities


		Year ended
		March 31, 2022			March 31, 2021			March 31, 2020
Unrealized gain/(loss) on investment securities		$	(1,587,090)		$	1,317,890		$	1,288,304
Less: Realized gain/(loss) on investment securities			447,255			295			1,281,671
Net gain/(loss) on investment securities		$	(1,139,835)		$	1,317,595		$	6,633

Summary of carrying value and estimated fair value of Japanese Financings


		March 31, 2022							March 31, 2021
		Carrying Value			Fair Value				Carrying Value			Fair Value
Corsair Japanese Financing		$	37,645,833		$	36,904,683			$	40,895,833		$	44,298,064
Concorde Japanese Financing			42,269,231			41,352,417				45,500,000			49,791,680
Corvette Japanese Financing			42,807,692			41,862,894				46,038,462			50,376,434
CMNL/CJNP Japanese Financing			—			—				16,706,845			18,792,993
CNML Japanese Financing			—			—				18,855,655			21,195,305
Cratis Japanese Financing			49,660,000			46,716,277				—			—
Copernicus Japanese Financing			49,660,000			46,716,277				—			—
Chaparral Japanese Financing			64,662,242			64,321,963				—			—
Caravelle Japanese Financing			49,700,000			46,792,400				—			—
BALCAP Facility		$	81,574,172		$	77,063,912			$	—		$	—