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Financial Instruments and Fair Value Disclosures (Tables) | 9 Months Ended
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Dec. 31, 2019
Financial Instruments and Fair Value Disclosures |
Schedule of financial derivatives |
|  |  | December 31, 2019 |  |  | March 31, 2019 |
|  | 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 |  |  | 1,590,000 |  |  | — |  |  | — |  |  | — |
|  |  | December 31, 2019 |  |  | March 31, 2019 |
|  | 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 |  | $ | 1,033,323 |  | $ | 1,466,329 |  | $ | 6,448,498 |  | $ | — |
Schedule of effect of derivative instruments on the consolidated statement of operations |
|  |  |  | Three months ended |
Derivatives not designated as hedging instruments |  | Location of gain/(loss) recognized |  | December 31, 2019 |  | December 31, 2018 |
Forward freight agreements—change in fair value |  | Unrealized gain/(loss) on derivatives |  | $ | 645,000 |  | $ | — |
Interest rate swap—change in fair value |  | Unrealized gain/(loss) on derivatives |  |  | 801,395 |  |  | (6,669,266) |
Interest rate swap—realized gain/(loss) |  | Realized gain on derivatives |  |  | 449,276 |  |  | 881,276 |
Gain/(loss) on derivatives, net |  |  |  | $ | 1,895,671 |  | $ | (5,787,990) |
|  |  |  | Nine months ended |
Derivatives not designated as hedging instruments |  | Location of gain/(loss) recognized |  | December 31, 2019 |  | December 31, 2018 |
Forward freight agreements—change in fair value |  | Unrealized gain/(loss) on derivatives |  | $ | 1,590,000 |  | $ | — |
Interest rate swap—change in fair value |  | Unrealized gain/(loss) on derivatives |  |  | (6,881,504) |  |  | (3,910,190) |
Interest rate swap—realized gain/(loss) |  | Realized gain on derivatives |  |  | 2,191,417 |  |  | 2,494,832 |
Gain/(loss) on derivatives, net |  |  |  | $ | (3,100,087) |  | $ | (1,415,358) |
Summary of carrying value and estimated fair value of Japanese Financings |
|  | December 31, 2019 |  |  | March 31, 2019 |
|  | Carrying Value |  | Fair Value |  |  | Carrying Value |  | Fair Value |
Corsair Japanese Financing |  | $ | 44,958,333 |  | $ | 47,063,504 |  |  | $ | 47,395,833 |  | $ | 45,901,900 |
Concorde Japanese Financing |  |  | 49,538,462 |  |  | 52,040,924 |  |  |  | 51,961,538 |  |  | 50,176,288 |
Corvette Japanese Financing |  |  | 50,076,923 |  |  | 52,630,327 |  |  |  | 52,500,000 |  |  | 50,671,689 |
CJNP Japanese Financing |  |  | 19,420,625 |  |  | 20,712,784 |  |  |  | 20,506,250 |  |  | 20,918,881 |
CMNL Japanese Financing |  |  | 18,418,899 |  |  | 19,843,518 |  |  |  | 19,446,131 |  |  | 19,862,056 |
CNML Japanese Financing |  |  | 20,612,351 |  |  | 22,236,801 |  |  |  | 21,666,369 |  |  | 22,137,090 |

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