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Financial Instruments and Fair Value Disclosures (Tables)

9 Months Ended

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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Summary of carrying value and estimated fair value of Japanese Financings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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