Commitments and Contingencies

6 Months Ended

Sep. 30, 2016

11. Commitments and Contingencies

Commitments under Operating Leases

As of September 30, 2016, we had the following commitments as a lessee under operating leases relating to our United States, Greece and United Kingdom offices:


	September 30, 2016
Less than one year	$	346,980
One to three years		249,126
Total	$	596,106

Fixed Time Charter Contracts

As of September 30, 2016, we had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts:


	September 30, 2016
Less than one year	$	50,848,113
One to three years		74,123,324
Three to five years		12,815,236
Total	$	137,786,673

Other

From time to time we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim that is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.