Callan Jmb Inc. Liquidation Value

Callan JMB Inc. (CJMB), formerly Coldchain Technology Services LLC, is a cold-chain logistics and fulfillment company that completed its IPO in February 2025. Under a liquidation lens, equity recovery is deeply negative. MFFAIS reports a cash liquidation value of approximately -$946K, liquid liquidation value of -$602K, and operating liquidation value of -$359K as of December 31, 2025. These figures are consistent with what the balance sheet discloses: total assets of $5.78M against total liabilities of $3.45M yields book equity of $2.33M, but liquidation haircuts on non-cash assets and face-value liability treatment eliminate that cushion and generate negative recovery.

On the asset side, the primary liquidatable assets are cash of $2.13M (100% recovery), net AR of $343K (at 90-95% recovery, approximately $309K-$326K), and inventory of $243K (at 60%, approximately $146K). PP&E net book value is $800K, but gross PP&E is $2.10M with $761K accumulated depreciation; warehouse equipment and leasehold improvements in a cold-chain logistics context would realistically recover at 50% or less of NBV, yielding perhaps $400K. Net ROU assets of $1.92M receive zero recovery in liquidation — they are purely a liability offset asset. Intangibles and other current assets ($341K) are at best partially recoverable.

On the liability side at face value: current liabilities of $1.41M (AP $564K, accrued liabilities $502K, operating lease current $324K, payroll taxes $149K, insurance $145K, professional fees $113K, taxes payable $23K, other accruals $33K); noncurrent liabilities of $2.03M comprising noncurrent operating lease obligations of $1.66M and derivative liability (ELOC put option) of $371K. Total operating lease liability stands at $1.99M, up from $907K at December 31, 2024 — a 119% increase driven by multiple lease amendments and new office lease commencement during 2025. Undiscounted future lease payments total $2.89M through 2036, with $837K beyond 2030.

Key deterioration from the prior filing (Q3 2025, September 30, 2025): total operating lease liability moved from $2.07M at September 30, 2025 to $1.99M at December 31, 2025 — a modest decrease from Q3, but up sharply from $907K at December 31, 2024. The noncurrent portion dropped from $1.75M at Q3 to $1.66M at year-end. Net loss for 2025 was $7.97M, expanding the accumulated deficit to $10.26M. Federal NOL carryforwards grew from $2.35M to $8.78M; deferred tax assets of $1.93M are fully valuation-allowanced, confirming no realizable tax asset in liquidation.

A new material item in 2025: the ELOC facility (derivative liability $371K) did not exist at the prior year-end. The Company also recognized a $542K asset impairment charge and $230K provision for doubtful accounts during 2025, both of which eroded asset quality. Share-based compensation of $1.56M inflated SG&A but represents a non-cash item with no liquidation relevance. The filing discusses a $8.78M federal NOL in MD&A but the corresponding XBRL tag OperatingLossCarryforwards is present in TAG_CONTEXT.