Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Mar. 31, 2024

Financial Instruments and Fair Value Disclosures:

Schedule of interest rate swaps, principal terms

	Transaction	Termination	Fixed		Nominal value		Nominal value
Interest rate swap	Date	Date	interest rate		March 31, 2024		March 31, 2023
2023 A&R Debt Facility - ING(1)	September 2015	March 2025	0.9150	%		28,649,740		36,695,201
2023 A&R Debt Facility - CACIB(2)	August 2022	March 2025	0.9208	%		57,299,480		73,390,402
2023 A&R Debt Facility - BNP(3)	August 2022	March 2025	0.9208	%		57,299,480		73,390,402
2023 A&R Debt Facility - ING(4)	January 2023	July 2029	2.8250	%		20,751,300		—
					$	164,000,000	$	183,476,005

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

(2) Reduces quarterly with a final settlement of $47.6 million in March 2025.

(3) Reduces quarterly with a final settlement of $47.6 million in March 2025.

(4) Notional value increases to a high of $148.0 million on March 26, 2025 while other swaps amortize and then decreases with the debt outstanding under the 2023 A&R Debt Facility until final settlement of $80 million in July 2029.

Schedule of derivative instruments location on the statement of financial position

		March 31, 2024				March 31, 2023
	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	$	5,139,056	$	—	$	—	$	—
		March 31, 2024				March 31, 2023
	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	$	4,145,153	$	—	$	9,278,544	$	—

Schedule of derivative instruments effect within the unaudited interim consolidated statement of operations

	Year ended
	March 31, 2024		March 31, 2023		March 31, 2022
Unrealized gain/(loss) on investment securities	$	1,483,522	$	1,443,683	$	(1,587,090)
Realized gain on investment securities		872,557		987,206		447,255
Net gain/(loss) on investment securities	$	2,356,079	$	2,430,889	$	(1,139,835)

Schedule of derivative instruments summary of gains and losses on investment securities

		Year ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	March 31, 2024		March 31, 2023		March 31, 2022
Interest rate swaps—change in fair value	Unrealized gain on derivatives		5,665		2,766,065		11,067,870
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		7,493,246		3,771,522		(3,450,443)
Gain/(Loss) on derivatives, net		$	7,498,911	$	6,537,587	$	7,617,427

Schedule of carrying values and estimated fair values of fixed rate debt obligations

	March 31, 2024				March 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	31,145,834	$	29,624,330	$	34,395,834	$	33,051,190
Cresques Japanese Financing		25,608,991		26,180,173		27,377,615		27,377,615
Cratis Japanese Financing		41,500,000		38,302,845		45,580,000		42,185,289
Copernicus Japanese Financing		41,500,000		38,302,845		45,580,000		42,185,289
Chaparral Japanese Financing		59,896,473		57,627,652		62,342,859		60,701,217
Caravelle Japanese Financing		42,500,000		39,003,038		46,100,000		42,707,169
Cougar Japanese Financing		43,700,000		43,715,910		47,300,000		47,300,000
Captain Markos Dual-Fuel Japanese Financing		53,270,000		54,923,798		55,790,000		55,790,000
BALCAP Facility		66,330,459		62,186,682		74,096,125		69,032,167