Commitments and Contingencies

3 Months Ended

Jun. 30, 2017

11. Commitments and Contingencies

Operating Leases

Operating lease rent expense was as follows:

We had the following commitments as a lessee under operating leases relating to our United States, Greece and United Kingdom offices:


	June 30, 2017
Less than one year	$	306,153
One to three years		119,614
Total	$	425,767

Fixed Time Charter Contracts

We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts:


	June 30, 2017
Less than one year	$	47,473,113
One to three years		46,936,227
Three to five years		3,443,252
Total	$	97,852,592

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.

Three months ended

June 30, 2017

June 30, 2016

Operating lease rent expense