Financial Instruments and Fair Value Disclosures (Tables)

9 Months Ended

Dec. 31, 2024

Financial Instruments and Fair Value Disclosures:

Schedule of derivative instruments location on the statement of financial position

		December 31, 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
Interest rate swap agreements	$	946,554	$	—	$	5,139,056	$	—
		December 31, 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	$	5,198,407	$	—	$	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	December 31, 2024		December 31, 2023
Forward freight agreements—change in fair value	Unrealized gain on derivatives	$	46,220	$	—
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives	$	2,819,397	$	(6,070,320)
Forward freight agreements—realized loss	Realized loss on derivatives		(498,392)		—
Interest rate swaps—realized gain	Realized gain on derivatives		1,337,298		1,916,347
Gain/(Loss) on derivatives, net		$	3,704,523	$	(4,153,973)

		Nine months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	December 31, 2024		December 31, 2023
Interest rate swaps—change in fair value	Unrealized loss on derivatives		(3,139,248)		(1,650,452)
Forward freight agreements—realized loss	Realized loss on derivatives		(512,082)		—
Interest rate swaps—realized gain	Realized gain on derivatives		4,722,356		5,692,328
Gain on derivatives, net		$	1,071,026	$	4,041,876

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

	Three months ended
	December 31, 2024		December 31, 2023
Unrealized gain/(loss) on investment securities	$	(758,519)	$	103,127
Realized gain on investment securities		—		872,557
Net gain/(loss) on investment securities	$	(758,519)	$	975,684
	Nine months ended
	December 31, 2024		December 31, 2023
Unrealized gain/(loss) on investment securities	$	(1,085,422)	$	1,209,363
Realized gain on investment securities		—		872,557
Net gain/(loss) on investment securities	$	(1,085,422)	$	2,081,920

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

	December 31, 2024				March 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	28,708,334	$	27,470,933	$	31,145,834	$	29,624,330
Cresques Japanese Financing		24,282,523		24,595,452		25,608,991		26,180,173
Cratis Japanese Financing		38,440,000		35,443,327		41,500,000		38,302,845
Copernicus Japanese Financing		38,440,000		35,443,327		41,500,000		38,302,845
Chaparral Japanese Financing		57,974,168		55,941,693		59,896,473		57,627,652
Caravelle Japanese Financing		39,800,000		36,473,723		42,500,000		39,003,038
Cougar Japanese Financing		41,000,000		40,713,424		43,700,000		43,715,910
Captain Markos Dual-Fuel Japanese Financing		51,380,000		51,783,963		53,270,000		54,923,798
BALCAP Facility		60,310,821		57,632,555		66,330,459		62,186,682