Financial Instruments and Fair Value Disclosures (Tables)

6 Months Ended

Sep. 30, 2024

Financial Instruments and Fair Value Disclosures:

Schedule of derivative instruments location on the statement of financial position

		September 30, 2024				March 31, 2024
	Current assets		Current liabilities		Current assets		Current liabilities
Derivatives not designated as hedging instruments	Derivative instruments		Derivative instruments		Derivative instruments		Derivative instruments
Forward freight agreements	$	—	$	46,220	$	—	$	—
Interest rate swap agreements	$	2,025,695	$	—	$	5,139,056	$	—
Total	$	2,025,695	$	46,220	$	5,139,056	$	—
		September 30, 2024				March 31, 2024
	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	$	1,299,869	$	—	$	4,145,153	$	—

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

		Three months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	September 30, 2024		September 30, 2023
Forward freight agreements—change in fair value	Unrealized loss on derivatives	$	(46,220)	$	—
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives	$	(5,537,018)	$	1,560,594
Forward freight agreements—realized loss	Realized loss on derivatives		(13,690)		—
Interest rate swaps—realized gain	Realized gain on derivatives		1,667,809		1,928,217
Gain/(Loss) on derivatives, net		$	(3,929,119)	$	3,488,811

		Six months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	September 30, 2024		September 30, 2023
Forward freight agreements—change in fair value	Unrealized loss on derivatives	$	(46,220)	$	—
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		(5,958,645)		4,419,868
Forward freight agreements—realized loss	Realized loss on derivatives		(13,690)		—
Interest rate swaps—realized gain	Realized gain on derivatives		3,385,058		3,775,981
Gain/(Loss) on derivatives, net		$	(2,633,497)	$	8,195,849

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

	Three months ended
	September 30, 2024		September 30, 2023
Unrealized gain/(loss) on investment securities	$	(639,697)	$	684,984
	Six months ended
	September 30, 2024		September 30, 2023
Unrealized gain/(loss) on investment securities	$	(326,903)	$	1,106,236

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

	September 30, 2024				March 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	29,520,834	$	29,165,337	$	31,145,834	$	29,624,330
Cresques Japanese Financing		24,724,678		26,282,426		25,608,991		26,180,173
Cratis Japanese Financing		39,460,000		37,766,405		41,500,000		38,302,845
Copernicus Japanese Financing		39,460,000		37,766,405		41,500,000		38,302,845
Chaparral Japanese Financing		58,623,495		58,588,001		59,896,473		57,627,652
Caravelle Japanese Financing		40,700,000		38,951,839		42,500,000		39,003,038
Cougar Japanese Financing		41,900,000		43,548,452		43,700,000		43,715,910
Captain Markos Dual-Fuel Japanese Financing		52,010,000		55,899,882		53,270,000		54,923,798
BALCAP Facility		62,336,329		60,257,302		66,330,459		62,186,682