As of

As of

March 31, 2020

March 31, 2019

Assets

Current assets

Cash and cash equivalents

$

48,389,688

$

30,838,684

Short-term investments

14,923,140

599,949

Restricted cash—current

3,370,178

 —

Trade receivables, net and accrued revenues

820,846

1,384,118

Due from related parties

66,847,701

44,455,643

Inventories

1,996,203

2,111,637

Prepaid expenses and other current assets

3,266,999

3,199,038

Total current assets

139,614,755

82,589,069

Fixed assets

Vessels, net

1,437,658,833

1,478,520,314

Other fixed assets, net

185,613

160,283

Total fixed assets

1,437,844,446

1,478,680,597

Other non-current assets

Deferred charges, net

7,336,726

2,000,794

Derivative instruments

 —

6,448,498

Due from related parties—non-current

23,100,000

19,800,000

Restricted cash—non-current

35,629,261

35,633,962

Operating lease right-of-use assets

26,861,551

 —

Other non-current assets

1,573,104

217,097

Total assets

$

1,671,959,843

$

1,625,370,017

Liabilities and shareholders’ equity

Current liabilities

Trade accounts payable

$

13,552,796

$

7,212,580

Accrued expenses

4,080,952

3,436,116

Due to related parties

436,850

489,644

Deferred income

2,068,205

4,258,683

Derivative instruments

2,605,442

 —

Current portion of long-term operating lease liabilities

9,212,589

 —

Current portion of long-term debt

53,056,125

63,968,414

Total current liabilities

85,012,959

79,365,437

Long-term liabilities

Long-term debt—net of current portion and deferred financing fees

581,919,094

632,122,372

Long-term operating lease liabilities

17,651,939

 —

Derivative instruments

9,152,829

 —

Other long-term liabilities

1,170,824

1,199,650

Total long-term liabilities

609,894,686

633,322,022

Total liabilities

694,907,645

712,687,459

Commitments and contingencies

Shareholders’ equity

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding

—

—

Common stock, $0.01 par value, 450,000,000 shares authorized, 59,083,290 and 58,882,515 shares issued, 50,827,952 and 55,167,708 shares outstanding (net of treasury stock), as of March 31, 2020 and March 31, 2019, respectively

590,833

588,826

Additional paid-in-capital

866,809,371

863,583,692

Treasury stock, at cost; 8,255,338 and 3,714,807 shares as of March 31, 2020 and March 31, 2019, respectively

(87,183,865)

(36,484,561)

Retained earnings

196,835,859

84,994,601

Total shareholders’ equity

977,052,198

912,682,558

Total liabilities and shareholders’ equity

$

1,671,959,843

$

1,625,370,017