Leases

3 Months Ended

Jun. 30, 2023

Leases:

Leases

7. Leases

Time charter-in contracts

During the three months ended June 30, 2023, we did not take delivery of any time chartered-in VLGCs and, as such, no new right-of-use asset or lease liability was recognized during the three months ended June 30, 2023. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $18.3 million and $6.8 million for the three months ended June 30, 2023 and 2022, respectively.

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

	Three months ended
	June 30, 2023		June 30, 2022
Charter hire expenses	$	10,546,810	$	5,402,145

Office leases

We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited interim condensed consolidated statements of operations.

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

	Three months ended
	June 30, 2023		June 30, 2022
Operating lease rent expense	$	153,022	$	154,464

For our office leases and time charter-in arrangement, the discount rate used ranged from 4.92% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.86%. The weighted average remaining lease term of our office leases and time chartered-in vessel as of June 30, 2023 is 72.0 months.

Our operating lease right-of-use asset and lease liabilities as of June 30, 2023 and March 31, 2023 were as follows:

Description	Location on Balance Sheet	June 30, 2023		March 31, 2023
Assets:
Non-current
Office leases	Operating lease right-of-use assets	$	1,534,322	$	1,654,498
Time charter-in VLGCs	Operating lease right-of-use assets	$	150,775,395	$	156,524,900
Liabilities:
Current
Office Leases	Current portion of long-term operating leases	$	444,964	$	436,810
Time charter-in VLGCs	Current portion of long-term operating leases	$	23,117,175	$	22,970,745
Long-term
Office Leases	Long-term operating leases	$	1,102,325	$	1,228,328
Time charter-in VLGCs	Long-term operating leases	$	127,658,220	$	133,554,155

Maturities of operating lease liabilities as of June 30, 2023 were as follows:

Less than one year	$	31,721,935
One to three years		64,137,818
Three to five years		49,023,487
More than 5		35,353,139
Total undiscounted lease payments		180,236,379
Less: imputed interest		(27,913,695)
Carrying value of operating lease liabilities	$	152,322,684