# EDGAR Filing Document

**Accession Number:** 0002032545
**File Stem:** 0001493152-25-023475
**Filing Date:** 2025-11
**Character Count:** 118511
**Document Hash:** c162290bb96a99343c34b018dcd87af4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-023475.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001493152-25-023475

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALLAN JMB INC.
- **CENTRAL INDEX KEY:** 0002032545
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 990931141
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42506
- **FILM NUMBER:** 251486227

**BUSINESS ADDRESS:**
- **STREET 1:** 244 FLIGHTLINE DRIVE
- **CITY:** SPRING BRANCH
- **STATE:** TX
- **ZIP:** 78070
- **BUSINESS PHONE:** (830) 438-0395

**MAIL ADDRESS:**
- **STREET 1:** 244 FLIGHTLINE DRIVE
- **CITY:** SPRING BRANCH
- **STATE:** TX
- **ZIP:** 78070

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

☒ QUARTERLY
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: **001-42506**

**CALLAN JMB INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **99-0931141** |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |

---

**244 Flightline Drive**

**Spring Branch, Texas 78070-6241**

(Address of principal executive offices, including zip code)

**Tel: (830) 438-0395**

(Registrant's telephone number, including area code)

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share CJMB | The Nasdaq Stock Market LLC |

---

**Securities registered pursuant to Section 12(g) of the Act: None**

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ NO ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES ☐ NO ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company," and emerging growth company in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if this registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 14, 2025, the Company had 4,623,027 shares of common stock, $0.001 par value, issued and outstanding.

Documents Incorporated by Reference: **None**.

**CALLAN JMB INC.**

**FORM 10-Q**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I** | **PART I** |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [Unaudited Financial Statements](#a_001) | 3 |
|  | [Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024](#a_001) | 3 |
|  | [Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)](#a_002) | 4 |
|  | [Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)](#a_003) | 5 |
|  | [Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)](#a_004) | 6 |
|  | [Notes to Condensed Consolidated Financial Statements](#a_005) | 8 |
| &nbsp;&nbsp;&nbsp;Item 2. | [MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL AND RESULTS OF OPERATIONS](#a_006) | 30 |
| &nbsp;&nbsp;&nbsp;Item 3. | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#a_007) | 34 |
| &nbsp;&nbsp;&nbsp;Item 4. | [CONTROLS AND PROCEDURES](#a_008) | 34 |
| **[PART II](#a_009)** | **[PART II](#a_009)** |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [LEGAL PROCEEDINGS](#a_010) | 35 |
| &nbsp;&nbsp;&nbsp;Item 1A. | [RISK FACTORS](#a_011) | 35 |
| &nbsp;&nbsp;&nbsp;Item 2. | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#a_012) | 35 |
| &nbsp;&nbsp;&nbsp;Item 6 | [EXHIBITS](#a_013) | 36 |
| &nbsp;&nbsp;&nbsp;[SIGNATORIES](#a_014) | &nbsp;&nbsp;&nbsp;[SIGNATORIES](#a_014) | 37 |

---

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025<br> (Unaudited)** | **December 31, 2024** |
| Assets |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2789744 | $2097945 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $57,118 and $64,000, respectively | 945844 | 622914 |
| &nbsp;&nbsp;&nbsp;Inventory | 223245 | 158362 |
| &nbsp;&nbsp;&nbsp;Related party loans |  | 18669 |
| &nbsp;&nbsp;&nbsp;Tax refund receivable |  | 6377 |
| &nbsp;&nbsp;&nbsp;Prepaid insurance | 29893 | 151354 |
| &nbsp;&nbsp;&nbsp;Other current assets | 303354 | 127542 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | - | 136025 |
| Total current assets | 4292080 | 3319188 |
| &nbsp;&nbsp;&nbsp;Right of use assets – operating lease | 2070178 | 883029 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net of accumulated depreciation of $724,696 and $608,703, respectively | 1373922 | 876682 |
| &nbsp;&nbsp;&nbsp;Security deposit | - | 3650 |
| Total assets | $7736180 | $5082549 |
| Liabilities and Stockholders' Equity |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $318803 | $371661 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 516210 | 506381 |
| &nbsp;&nbsp;&nbsp;Corporate taxes payable | 30501 | 23000 |
| &nbsp;&nbsp;&nbsp;Deferred revenue |  | 94097 |
| &nbsp;&nbsp;&nbsp;Right of use liability – current | 325363 | 279176 |
| Total current liabilities | 1190877 | 1274315 |
| &nbsp;&nbsp;&nbsp;Right of use liability – non-current | 1745610 | 628274 |
| &nbsp;&nbsp;&nbsp;Derivative liability | 624041 |  |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | - | 6602 |
| Total long-term liabilities | 2369651 | 634876 |
| Total liabilities | 3560528 | 1909191 |
| Commitments and contingencies – Note 10 |  |  |
| Stockholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock - authorized 10,000,000 shares, $0.001 par value; zero issued and outstanding as of September 30, 2025 and December 31, 2024 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock - authorized 190,000,000 shares, par value $0.001 par value; 4,623,027 issued and outstanding as of September 30, 2025 and 3,000,000 December 31, 2024 | 4623 | 3000 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 11838004 | 5464006 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (7666975) | (2293648) |
| Total stockholders' equity | 4175652 | 3173358 |
| Total liabilities and stockholders' equity | $7736180 | $5082549 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Revenue | $1446917 | 1435376 | $4562604 | 5211665 |
| Cost of revenue | 953610 | 970931 | 2812334 | 3067421 |
| Gross profit | 493307 | 464445 | 1750270 | 2144244 |
| Selling, general and administrative expenses | 2372465 | 1245428 | 6274343 | 3146109 |
| Income (Loss) from operations | (1879158) | (780983) | (4524073) | (1001865) |
| Other income (expenses) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in fair value of derivative liability (see Note 8) | (624041) |  | (624041) |  |
| &nbsp;&nbsp;&nbsp;Interest income | 1372 | 2454 | 5621 | 8641 |
| &nbsp;&nbsp;&nbsp;Interest expense | (473) | (458) | (536) | (5372) |
| &nbsp;&nbsp;&nbsp;Other expenses (see Note 8) | (229041) | - | (229041) | - |
| Total other income (expenses) | (852183) | 1996 | (847997) | 3269 |
| Income (Loss) before income taxes | (2731341) | (778987) | (5372070) | (998596) |
| Provision (benefit) for income taxes | - | 26000 | 1257 | - |
| Net income (loss) | $(2731341) | (804987) | $(5373327) | (998596) |
| Weighted average common shares outstanding – basic and diluted (See Notes 3 and 4) | 4490093 | 3000000 | 4276826 | 2505495 |
| Net loss per common share - basic and diluted (See Notes 3 and 4) | $(0.61) | (0.27) | $(1.26) | (0.40) |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY** 

**(UNAUDITED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Total**<br>**Members'**<br>**Capital** | **Additional**<br>**Paid in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Total**<br>**Stockholders'**<br>**Equity** |
| January 1, 2025 |  |  | 3000000 | $3000 | $- | $5464006 | $(2293648) | $3173358 |
| Net Income/ (Loss) |  |  |  |  |  |  | (1240590) | (1240590) |
| Common stock issued in initial public offering, net of costs |  |  | 1280000 | 1280 |  | 3950588 |  | 3951868 |
| Common stock issued in initial public offering (over allotment), net of costs |  |  | 163569 | 164 |  | 591956 |  | 592120 |
| Stock based compensation |  |  | - | - | - | 330825 | - | 330825 |
| March 31, 2025 |  |  | 4443569 | 4444 | - | 10337375 | (3534238) | 6807581 |
| Net Income/ (Loss) |  |  |  |  |  |  | (1397523) | (1397523) |
| Revisions to Net Income/(Loss) |  |  |  |  |  |  | (3873) | (3873) |
| Stock based compensation |  |  |  |  |  | 419102 |  | 419102 |
| Restricted stock unit awards vesting |  |  | 37500 | 38 |  | (38) |  | - |
| June 30, 2025 |  |  | 4481069 | $4482 | $- | $10756439 | $(4935634) | $5825287 |
| Net Income/ (Loss) |  |  |  |  |  |  | (2731341) | (2731341) |
| Stock based compensation |  |  |  |  |  | 404915 |  | 404915 |
| Restricted stock unit awards vesting |  |  | 18750 | 18 |  | (18) |  |  |
| Issuance of shares under the ELOC Facility (see Note 8) |  |  | 123208 | 123 |  | 598668 |  | 598791 |
| Commitment shares under ELOC Facility (see Note 8) |  |  | - | - | - | 78000 |  | 78000 |
| September 30, 2025 |  |  | 4623027 | $4623 | $- | $11838004 | $(7666975) | $4175652 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Total Members**<br>**Capital** | **Additional<br> Paid in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Stockholders'**<br>**Equity** |
| January 1, 2024 |  | $- |  | $- | $8795260 | $- | $- | $8795260 |
| Net loss |  |  |  |  |  |  | (193609) | (193609) |
| Distributions |  |  |  |  | (3382253) |  |  | (3382253) |
| Membership exchange for common stock (See Note 3) |  | - | 3000000 | 3000 | (5413007) | 5410007 | - | - |
| March 31, 2024 |  | $- | 3000000 | $3000 | - | $5410007 | $(193609) | $5219398 |
| Net loss |  | - | - | - | - | - | - | - |
| June 30, 2024 |  | $- | 3000000 | $3000 | - | $5410007 | $(193609) | $5219398 |
| Net loss |  | - | - | - | - | - | (804987) | (804987) |
| September 30, 2024 |  | $- | 3000000 | $3000 | $- | $5410007 | $(998596) | $4414411 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $(5373327) | $(998596) |
| Adjustment to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Stock based compensation | 1154842 |  |
| &nbsp;&nbsp;&nbsp;Changes in fair value of derivative liability | 624041 |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 119656 | 108059 |
| &nbsp;&nbsp;&nbsp;Provision (recoveries) for credit losses | 73065 |  |
| &nbsp;&nbsp;&nbsp;Other expenses relating to ELOC Facility | 179041 |  |
| &nbsp;&nbsp;&nbsp;Reduction in allowance for credit losses by release of reserve for credit losses |  | (163000) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (395995) | 1803724 |
| &nbsp;&nbsp;&nbsp;Inventory | (64883) | 7086 |
| &nbsp;&nbsp;&nbsp;Tax refund receivable | 6377 |  |
| &nbsp;&nbsp;&nbsp;Other current assets | (50701) | 42137 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (23626) | 9394 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (43029) | 473353 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | (94097) | (9085) |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | (6602) |  |
| &nbsp;&nbsp;&nbsp;Corporate taxes payable | 7501 | (9546) |
| Net cash provided by (used in) operating activities | $(3887737) | $1263526 |
| **Cash flows used in investing activity:** |  |  |
| Purchase of property and equipment | (616896) | (46167) |
| Net cash used in investing activity | $(616896) | $(46167) |
| **Cash flows from (used in) financing activities:** |  |  |
| Related party loans | 18669 | 61 |
| Deferred offering costs | 136025 | (82675) |
| Partner distributions |  | (3382253) |
| Decrease in note payable |  | (98809) |
| Proceeds from IPO and overallotment, net | 4543988 |  |
| Proceeds from issuance of shares under the ELOC Facility | 497750 | - |
| Net cash provided by (used in) financing activities | $5196432 | $(3563676) |
| **Increase (decrease) in cash and cash equivalents** | 691799 | (2346317) |
| **Cash and cash equivalents at beginning of period** | 2097945 | 5155620 |
| **Cash and cash equivalents at end of period** | $2789744 | $2809303 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $536 | $5372 |
| &nbsp;&nbsp;&nbsp;Initial recognition of derivative liability | $974309 |  |
| &nbsp;&nbsp;&nbsp;Right of use assets acquired and operating lease liabilities | $708321 | $900127 |
| &nbsp;&nbsp;&nbsp;Right of use assets and operating lease liabilities due to lease modifications | $704927 |  |
| &nbsp;&nbsp;&nbsp;Fair value of Stock Warrants issued at IPO | $144358 |  |
| &nbsp;&nbsp;&nbsp;Deferred offering costs charged to additional paid-in-capital | $136025 |  |
| &nbsp;&nbsp;&nbsp;Restricted stock unit awards vesting | $56 |  |
| &nbsp;&nbsp;&nbsp;Commitment shares under ELOC Facility (see Note 8) | $78000 |  |
| &nbsp;&nbsp;&nbsp;Other non-cash expenses relating to ELOC Facility | $48791 |  |
| &nbsp;&nbsp;&nbsp;Reduction in allowance for credit loss | $- | $163000 |
| &nbsp;&nbsp;&nbsp;Membership exchange for common stock |  | $5410007 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**NOTE 1 – NATURE OF OPERATIONS**

Callan JMB Inc. (which may be referred to as "Callan," "Callan JMB," , "CJMB", "Company," "we," "us," or "our") was formed on January 24, 2024, in the state of Nevada for the purposes of reorganizing and becoming a holding company for Coldchain Technology Services, LLC and Callan JMB Services (India) Private Limited. CTS was formed on December 27, 2006, in the state of Texas and is our main operating subsidiary engaged in a vertically integrated logistics and fulfillment ecosystem that utilizes advanced predictive technology for the supply chain by guaranteeing the safety, effectiveness, and potency of every product handled to ensure product integrity, and to provide immediate response in time sensitive industries while ensuring environmental responsibility. Callan JMB Services (India) Private Limited is domiciled in Pune, Maharashtra, India and is 99.9% owned by Callan JMB and have no operations or activities as of September 30, 2025. The Company's headquarters are located in Spring Branch, Texas.

The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024 and notes thereto contained in the Company's Form 10-K filed with the Securities and Exchange Commission. The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited financial statements at that date. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025.

**NOTE 2 – RECLASSIFICATIONS** 

Certain prior year amounts in the Consolidated Financial Statements and the notes thereto have been reclassified where necessary to conform to the current period's presentation. These reclassifications did not affect the prior period's total assets, total liabilities, stockholders' equity, net income, or net cash provided by operating activities.

**NOTE 3 – REORGANIZATION**

Pursuant to the Reorganization Agreement dated February 2, 2024, and for the nine months ended September 30, 2024, each member of CTS exchanged 100% of their membership interest for 5,000,000 shares of the Company's common stock. As a result, each member of CTS became a shareholder of the Company and CTS became a direct, wholly owned subsidiary of the Company.

Pursuant to an Exchange and Reorganization Agreement, dated as of November 14, 2024, among the Company and all of the existing stockholders of the Company, such stockholders have exchanged all their existing shares for new shares at a ratio of 0.6 new share for 1 existing share ("reverse stock split"). As a result of the exchange, the total number of shares of Company stock outstanding was reduced from 5,000,000 shares to 3,000,000 shares. As a result of this reverse stock split, we have retroactively presented the outstanding number of shares and related earnings per-share calculations for the three months and nine months ended September 30, 2024 comparative period consolidated financial statements.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**NOTE 3 – REORGANIZATION (CONTINUED)**

The following unaudited pro forma financial information has been prepared to reflect the effects of the reorganization of CTS from a partnership to a C corporation on February 14, 2024. The pro-forma financial information presents the financial results of the Company as if it had been taxed as a C corporation for the nine months ended September 30, 2024.

**Callan JMB**

**(formerly known as Coldchain Technology Services, LLC)**

**Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **Unaudited<br> Historical** | **Unaudited<br> Pro-forma<br> with tax accrual** |
|  | **September 30, 2024** | **September 30, 2024** |
| **Assets** |  |  |
| **Total assets** | $**6381160** | $**6381160** |
| **Liabilities and Stockholders' Equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Corporate taxes payable | 57454 | 57454 |
| &nbsp;&nbsp;&nbsp;Related party loans | 17134 | 2059134 |
| Stockholders' Equity |  |  |
| Common stock | 3000 | 3000 |
| Additional paid in capital | 5410007 | 5410007 |
| Retained earnings (deficit) | (998596) | (3040596) |
| **Total Liabilities and Stockholders' Equity** | $**6381160** | $**6381160** |

---

Assumptions for each of the pro-forma balance sheets are below:

a. The Company was a C Corporation as of January 1, 2022.

b. The pro forma balance sheets include an accrual for federal tax and state corporate taxes at a "blended rate" of 23% and was paid in the subsequent fiscal year.

c. Stockholders/loan the Company $2,042,000 to pay the assumed taxes, the loan will bear interest at the prime rate of interest.

d. The pro-forma adjustments do not include adjustments for deferred tax assets or liabilities due to the immateriality of the temporary differences at the date of the reorganization and are expected to reverse in the near term with minimal impact on the financial statements.

e. No other financial data is being shown as there is no impact to the conversion to a C-Corporation.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**NOTE 3 – REORGANIZATION (CONTINUED)**

Pro forma income statements showing the pro-forma income taxes, net earnings per share for the nine months September 30, 2024 are produced below. This information is unaudited.

---

| | | |
|:---|:---|:---|
|  | **Unaudited<br> Actual** | **Unaudited<br> Pro-forma<br> with tax accrual** |
|  | **September 30, 2024** | **September 30, 2024** |
| Revenue | $5211665 | $5211665 |
| Operating loss | (998596) | (998596) |
| Provision for income taxes |  |  |
| Net loss | $(998596) | $(998596) |
| Basic and diluted loss per common share | $(0.40) | $(0.40) |

---

**NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*Basis of Presentation and Principles of Consolidation*

The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with "U.S. GAAP" and present the consolidated financial statements of the Company and its wholly owned subsidiary. All intercompany transactions and balances are eliminated in consolidation.

*Use of Estimates*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Management bases its estimates on historical experience and other assumptions that it believes to be reasonable at the time. Actual results could differ from those estimates and any such differences may be material to the financial statements. Significant estimates are contained in the accompanying financial statements for the useful lives for depreciation and amortization of long-lived assets, allowance for credit losses, fair value of financial instruments, stock based compensation and the incremental borrowing rate used in determining the right-of-use assets and operating lease liabilities.

*Cash and Cash Equivalents*

The Company deposits its cash with high credit quality financial institutions. The Company's accounts at these institutions are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. All cash amounts in excess of $250,000 are unsecured. The Company has a deposit placement agreement for Insured Cash Sweep Service ("ICS"). This service is a secured, and convenient way to access FDIC protection on large deposits, earn a return, and enjoy flexibility. The Company believes that the ICS agreement will mitigate its credit risk as it relates to uninsured FDIC amounts in excess of $250,000. At September 30, 2025 and December 31, 2024, the Company's balances exceeded federally insured limits by approximately $2,429,571 and $2,120,000, respectively.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

*Accounts Receivable*

Accounts receivable are recorded at the invoiced amount, which is the amount the Company expects to collect from its customers. Generally, payment is due from customers within 30-90 days of the invoice date. On a regular basis, the Company evaluates its accounts receivable and establishes the allowance for credit losses based on an evaluation of certain criteria and evidence of collection uncertainty including historical collection trends, reasonable expectations of future collections, current economic trends and changes in customer payment patterns. Past-due receivable balances are written off when the Company's collection efforts have been deemed unsuccessful. The Company maintains an allowance for credit losses to reserve for potential uncollectible receivables. The allowance for credit losses as of September 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Beginning balance | $64000 | $378695 |
| Provision (recovery) for credit losses | 73065 | (131000) |
| Related allowances for written off accounts receivable |  | (183695) |
| Reversal of allowance related to reinstated invoices previously charged off | (82000) |  |
| Others | 2053 | - |
| Ending balance | $57118 | $64000 |

---

*Credit Concentration*

The concentration of credit risks in accounts receivable is due to certain large customers comprising the Company's customer base throughout North America. The Company maintains policies over credit extension that include credit evaluations, credit limits and collection monitoring procedures on a customer-by-customer basis. However, the Company generally does not require collateral before services are performed.

The Company has several customers for the three and nine months ended September 30, 2025 and 2024 that make up in excess of 10% of revenue as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine months ended** | **Nine months ended** |
| <br>**Customer** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| 1 | 49% | 51% | 55% | 48% |
| 2 | 4% | 5% | 3% | 20% |
| 3 | 8% | 20% | 13% | 13% |
| 4 | 17% | 7% | 10% | 4% |
| 5 | 10% | 1% | 9% | 2% |

---

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

The Company has several customers as of September 30, 2025 and December 31, 2024 that make up in excess of 10% of accounts receivable as follows:

---

| | | |
|:---|:---|:---|
| **Customer** | **September 30, 2025** | **December 31, 2024** |
| 1 | 49% | 14% |
| 2 | 9% | 48% |
| 3 | 12% | 25% |

---

The Company has several vendors as of September 30, 2025 and December 31, 2024 that make up in excess of 10% of accounts payable as follows:

---

| | | |
|:---|:---|:---|
| **Vendor** | **September 30, 2025** | **December 31, 2024** |
| 1 | 19% | 60% |
| 2 | 16% | 0% |
| 3 | 16% | 26% |
| 4 | 13% | 0% |

---

The Company has one vendor for the three and nine months ended September 30, 2025 and 2024 that make up equal to or more than 10% of services rendered to us as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine months ended** | **Nine months ended** |
| <br>**Vendor** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| 1 | 14% | 9% | 11% | 16% |
| 2 | 3% | 11% | 0% | 0% |

---

*Inventory*

Inventory is stated at the lower of cost (using the *first*-in, *first*-out method ("FIFO")) or net realizable value. We continually analyze our slow moving and excess inventories. Based on historical and projected sales volumes and anticipated selling prices, we determined that establishing a reserve was not necessary at this time. Inventory that is in excess of current and projected use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete are written down to net realizable value. The Company's inventory is comprised of raw materials for customer packaging needs as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Raw materials | $223245 | $158362 |

---

*Property and Equipment*

Property and equipment, net, is stated at cost less accumulated depreciation. Expenditures for major renewals and improvements that extend the life or usefulness of the asset are capitalized. Items of an ordinary repair or maintenance nature are charged directly to operating expense as incurred. During the construction and development period of an asset, the costs incurred, including interest expense, are classified as construction-in-progress. When the asset is ready for its intended use, the asset is reclassified to an appropriate asset classification and depreciation, or amortization commences.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

*Property and Equipment (Continued)*

The Company depreciates and amortizes the capitalized cost of these assets, using the straight-line method, as follows:

Asset Classification:

Computer equipment 3-5 years

Furniture and fixtures 5-8 years

Leasehold improvements limited to lease term

The Company recognized depreciation expense of $43,256 and $35,524 for the three months ended September 30, 2025 and 2024, respectively, as well as $119,656 and $106,572 the nine months ended September 30, 2025 and 2024 in its consolidated statements of operations, respectively. Fully depreciated assets are retained in property and equipment and accumulated depreciation until they are removed from service.

The Company tests for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment in the carrying value of long-lived assets is recognized if the expected future undiscounted cash flows derived from the assets, or group of assets, are less than their carrying value. The Company did not record any impairment charges related to long-lived assets in the periods presented.

*Revenue Recognition*

The Company recognizes revenue when control of the promised goods or services is transferred to the Company's customers. Revenue is recorded at the transaction price, which is the amount that reflects the consideration the Company expects to receive in exchange for providing the goods or services. The Company's primary performance obligations in our contracts with customers are to provide services related to emergency preparedness or to deliver specialty packaging. Most of the Company's revenues are for services, which are recognized over time as the related time and materials are incurred at contractually agreed-upon rates. Product revenues are recognized at a point in time when the products are delivered and control transfers to the customer. The Company's payment terms vary by the type of customer and the products or services offered. The periods between invoicing and when payments are due are not significant. Amounts billed to customers related to shipping and handling are classified as revenue and the Company's shipping and handling costs are included in costs of revenues.

*Disaggregation of Revenue*

The following table presents our disaggregated revenues by distribution channel:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| Sales by distribution channel: | **2025** | **2024** | **2025** | **2024** |
| Emergency preparedness | $973921 | $859394 | $3046631 | $2918435 |
| Specialty packaging | 472996 | 575982 | 1515973 | 2293230 |
| Total | $1446917 | $1435376 | $4562604 | $5211665 |

---

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| Sales by customer type: | **2025** | **2024** | **2025** | **2024** |
| Governmental | $1129056 | $874181 | $3461120 | $3034619 |
| Non-governmental | 317861 | 561195 | 1101484 | 2177046 |
| Total | $1446917 | $1435376 | $4562604 | $5211665 |

---

*Emergency preparedness*

We provide comprehensive services primarily to state and local governments. These services include managing their building sites, medical stockpiles of equipment, supplies and responding to state or local emergencies. We also provide Quality Control/Assurance to safeguard vaccines, medical supplies, and equipment. Revenue is recognized when services are rendered, or medical supplies are shipped.

*Specialty Packaging.*

Our specialty temperature-regulating packaging solutions provide a better thermal system to maintain and protect products and ensure peak customer experience. In utilizing this packaging, customers yield the benefits of lower costs and overhead while improving process, agility, velocity, accuracy, and repeatability of complex fulfillment networks. Revenue is recorded when products are delivered, or services are rendered. Additionally, it also includes amounts billed to customers related to shipping and handling are classified as revenue and the Company's shipping and handling costs are included in costs of revenues.as well as the Company's contract with a customer for cloud-based temperature monitoring software. The customer paid their contract in advance and therefore revenue is earned monthly over the term of the contract.

*Stock Warrants*

During the nine months ended September 30, 2025, the Company granted 72,179 stock warrants to various individuals of the underwriting firm that assisted the Company with its initial public offering on February 4, 2025. The stock warrants were issued in lieu of cash for a portion of their services. The Company accounts for its warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in ASC 480, "*Distinguishing Liabilities from Equity*" and ASC 815, "*Derivatives and Hedging*". The assessment considers whether the warrants are freestanding financial instruments that would require classification as a liability under ASC 480, as well as whether the warrants qualify for equity classification or require liability classification after consideration of the guidance and criteria outlined in ASC 815, including whether the warrants are indexed to the Company's own common shares and whether the warrant holders could potentially require "net cash settlement" in a circumstance outside of the Company's control, among other conditions that impact classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance. For issued warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. As of September 30, 2025, the Company's consolidated balance sheet included equity classified warrants, reported as part of the additional paid in capital.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

*Stock-Based Compensation*

The Company provides stock-based compensation to its employees and Board of Directors. The Company is required to exercise judgment and make estimates when determining the (i) fair value of each award granted and (ii) projected number of awards expected to vest. The Company calculates the fair value of all stock-based awards at the date of grant using the Black-Scholes option-pricing model for stock options and Monte Carlo simulation model for market-based awards. The Company uses the straight-line method to amortize this fair value as compensation cost over the requisite service period. Any forfeitures are recognized as they occur.

 

*Net Loss per Common Share*

The following table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share because their effect was anti-dilutive for the three months and nine months ended September 30, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2024** |
| Stock Options | 1187500 |  |
| Restricted Stock Awards | 493750 |  |
| Stock Warrants | 72179 |  |
| Total | 1753429 |  |

---

*Cost of Revenues*

Our cost of revenue primarily includes the amounts paid to outside service providers, monitoring, direct and indirect labor, warehouse rent and other related expenses.

*Advertising Expense*

Advertising costs primarily consist of trade shows, other promotional expenses and the cost to retain our marketing firm. Advertising costs are expensed as incurred. Advertising expense for the three months ended September 30, 2025 and 2024 was $201,599 and $166,699, respectively. Advertising expense for the nine months ended September 30, 2025 and 2024 was $491,148 and $169,616, respectively.

*Deferred Offering Costs*

Deferred offering costs consist of investment banking fees, professional fees and other expenses incurred through the balance sheet date that are directly related to the IPO and were charged to Additional Paid in Capital upon the completion of the IPO. As of September 30, 2025, the Company had no deferred offering costs.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

*Fair Value of Financial Instruments*

The Company accounts for its derivative instruments in accordance with the provisions of Accounting Standards Codification ("ASC") 820-10, Fair Value Measurement, which among other things provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurement) and the lowest priority to unobservable inputs (Level III measurements). The three levels of fair value hierarchy under ASC 820 10, Fair Value Measurement, are as follows:

Level I - Quoted prices are available in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level II - Significant observable inputs other than quoted prices in active markets for which inputs to the valuation methodology include: (1) Quoted prices for similar assets or liabilities in active markets; (2) Quoted prices for identical or similar assets or liabilities in inactive markets; (3) Inputs other than quoted prices that are observable; and (4) Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level II input must be observable for substantially the full term of the asset or liability.

Level III - Significant unobservable inputs that reflect an entity's own assumptions that market participants would use in pricing the assets or liabilities.

The asset or liability fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Company's financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable and derivative liabilities.

The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values because of the short-term maturities or expected settlement dates of these instruments. This is considered a Level I valuation technique.

The derivative liability is valued using a Monte Carlo simulation model utilizing a variety of inputs and assumptions such as volatility, risk-free rates, volume weighted average price and cash flow assumptions. This is considered a Level III valuation technique. Please see Note 8, "Equity – Equity Line of Credit" for information on these assumptions and fair value of this derivative liability as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **Markets for Identical Assets or Liabilities (Level 1)** | **Observable Inputs (Level 2)** | **Unobservable Inputs (Level 3)** |
| Derivative liability at fair value | $624041 | $— | $— | $624041 |
| &nbsp;&nbsp;&nbsp;Total liability measured at fair value | 624041 |  |  | 624041 |

---

There are no assets or liabilities measured at fair value as of December 31, 2024.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

*Deferred Revenue*

Deferred revenue represents customer billings for services that are not yet rendered and is primarily related to customer invoices billed before services are rendered and for billings of annual or multi-year service contracts. As of September 30, 2025, the Company has no deferred revenue that can be recognized over the next year.

*Income Tax*

Prior to the reorganization as described in Note 1, the Company' historical operations were contained within a limited liability company. Accordingly, under the Internal Revenue Code, all taxable income or loss flowed through to its members until February 14, 2024. Therefore, no provision for federal income tax had been recorded in the accompanying financial statements for January 2024 and through February 14, 2024. Income from the Company was reported and taxed to the members on their individual tax returns. However, the Company has provided a provision for taxes in certain states that require an entity level tax.

The Company provides for income taxes and the related accounts under the asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred tax assets will not be realized.

*Leases*

The Company's leases predominantly relate to real estate and equipment, such as vehicles and industrial equipment utilized in operations. Contracts are reviewed at inception to determine if the arrangement is a lease. The Company generally enters into long-term real estate leases with one to ten-year terms. In the normal course of business, the Company also enters into short-term leases having terms of one year or less. These leases are generally equipment leases and storage areas entered into for short periods of time (e.g., daily, weekly, or monthly) to satisfy immediate and/or short-term operational needs of the business which can arise based upon the nature of particular services performed. Short term lease expenses relating to these agreements amounted to $147,156 and $111,303 for the three months ended September 30, 2025 and 2024, respectively and $384,740 and $302,310 for the nine months ended September 30, 2025 and 2024, respectively. The Company has elected not to recognize right-of-use ("ROU") assets and lease liabilities for these short-term leases. Operating leases with terms exceeding one year are recognized as ROU assets and lease liabilities and measured at commencement date based on the present value of the future lease payments over the lease term. Certain of the Company's real estate leases contain escalating future lease payments. Escalating lease payments that are based upon explicit amounts contained in the lease or an index (e.g., consumer price index) are included in the Company's determination of future lease payments to determine the ROU asset and lease liability recognized at the commencement date. A significant portion of the Company's real estate lease agreements include renewal periods at the Company's option. The Company includes these renewal periods in the lease term only when renewal is reasonably certain based upon facts and circumstances specific to the lease and known by the Company. The Company uses its incremental borrowing rate available at the lease commencement date in determining the present value of future lease payments as the implicit rate is typically not readily determinable. For operating leases, lease cost is recognized on a straight-line basis over the lease term and is included in cost of revenues or selling, general and administrative expenses depending on the use of the asset. As of September 30, 2025, and December 31, 2024, the Company did not have any leases that were classified as finance leases.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

 

*Recent Accounting Pronouncements*

 

In December 2023, the FASB issued Accounting Standard Update 2023-09, Income taxes (Topic 740): Improvements to Income Tax Disclosures which requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure requirements related to the new standard.

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting-Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. The standard update improves the disclosures about a public business entity's expenses by requiring more detailed information about certain types of costs and expenses in the notes to the financial statements. The guidance will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard updates are to be applied prospectively with the option for retrospective application. We are currently evaluating the impact of disclosure requirements related to the new standard on our financial statements.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 5- ACCRUED EXPENSES**

Accrued expenses consist of the following:

---

| | | |
|:---|:---|:---|
|  | **(Unaudited)**<br>**September 30, 2025** |<br>**December 31, 2024** |
| Payroll and related costs | $276439 | $169580 |
| Credit card | 40224 | 86708 |
| Professional Fees | 39725 |  |
| Settlement of lawsuit |  | 240800 |
| Rent | 75302 |  |
| Storage | 48477 |  |
| Other | 36043 | 9293 |
|  | $516210 | $506381 |

---

**NOTE 6 – RELATED PARTY TRANSACTIONS**

*Business Partner*

Health Hero America ("HHA"), who is a related party by virtue of common ownership of the Company. There were no transactions with the related party during the three months and nine months ended 2024. During the three months and nine months ended September 30, 2025, the Company provides certain labor services to HHA and recognized service revenue amounted $42,624. As of September 30, 2025, and December 31, 2024, receivables arising from this transaction amounted to $42,624 and $0, respectively.

Cold Chain Delivery Systems ("CCDS"), who is a related party by virtue of common ownership of the Company. There were no transactions with the related party during the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, and December 31, 2024, the Company has $0 owed to this related party.

Outlaw Run Ranch ("ORR") is a related party by virtue of common ownership of the Company. The Company pays $9,800 per month to ORR for rent expense. As of September 30, 2025, and December 31, 2024, the Company has $0 owed to this related party. As of September 30, 2025 and December 31, 2024, operating lease liability relating to such lease agreement with this related party amounted to $409,358 and $88,435, respectively. See Note 10 for other key terms of the lease agreement.

Warehouse Asset Management is a related party by virtue of common ownership. The Company leases its headquarters, warehouse, other warehouse equipment and a box truck for $15,425 per month. As of September 30, 2025, and December 31, 2024, the Company has $0 owed to this related party. As of September 30, 2025 and December 31, 2024, operating lease liability relating to such lease agreement with this related party amounted to $658,319 and $741,729, respectively.

During the nine months ended September 30, 2025, and the year ended December 31, 2024 the Company made advancements of $0 and $18,669 respectively, to the director of the Company. The advances are due on demand, non-interest bearing, and classified within the balance sheet as a current asset. As of September 30, 2025 and December 31, 2024, the amounts owed from the director were $0 and $18,669, respectively. The amount owed as of December 31, 2024 was repaid in full in 2025.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 6 – RELATED PARTY TRANSACTIONS (Continued)**

During the nine months ended September 30, 2025 the Company awarded 100,000 stock options to the CEO's son as compensation for services rendered in a prior period and is subject to the same vesting condition as the Company's other stock option awards. 25,000 stock options have vested and fully exercisable as of September 30, 2025 and 75,000 stock options remain unvested. The key terms and fair value inputs and assumptions utilized for this stock option are disclosed in Note 9. The Company recognized $28,375 and $72,073 as an expense for the three months ended and nine months ended September 30, 2025.

Related party rent expenses are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months ended** | **Three Months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| <br>Related Party | **2025** | **2024** | **2025** | **2024** |
| ORR | $29400 | $22500 | $77850 | $67500 |
| Warehouse Asset Management | 46275 | 45000 | 138825 | 135000 |
| Total | $75675 | $67500 | $216675 | $202500 |

---

The Company has performed an analysis under ASC 810 and has determined that the aforementioned related parties do not qualify as a Variable Interest Entity and therefore those entities were not consolidated in the preparation of the accompanying financial statements.

**NOTE 7 - SEGMENTS**

Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the Company's Chief Operating Decision Maker ("CODM") to make decisions with respect to resource allocation and assessment of performance. To date, the Company has viewed its operations and manages its business as one operating segment. The results of its operating segment are reviewed monthly by the Company's Chief Executive Officer and President, who has been identified as the CODM.

The CODM regularly assesses the performance of the single operating segment and reporting segment and decides how to allocate resources based on net income calculated on the same basis as net income reported in the Company's statements of operations. The CODM is also regularly provided with expense information at a level consistent with that disclosed in the Company's statements of operations.

**NOTE 8 - EQUITY**

During February 2025, we completed our initial public offering ("IPO") of 1,280,000 shares of common stock at a price of $4.00 per share, generating gross proceeds of $5,120,000. Additionally, the underwriters partially exercised their over-allotment option (the "green shoe"), purchasing approximately 164,000 shares at $4.00, resulting in additional gross proceeds of approximately $656,000. In total, the offering generated gross proceeds of approximately $5,776,000. After deducting underwriting discounts and commissions of approximately $1,000,000, we received net proceeds of approximately $4,700,000. In connection with the offering, we issued to the underwriters warrants to purchase up to 72,179 shares of our common stock at an exercise price of $4.80 per share for a total value of $144,358. These warrants have a term of five years from the effective date of the registration statement. We also incurred $188,832 of offering costs.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 8 – EQUITY (Continued)**

During the three months ended September 30, 2025, we did not issue any additional shares of common stock in public offerings. However, equity activity during the period primarily consisted of the issuance of restricted stock units ("RSUs") and the related common stock issued upon their vesting. In connection with previously granted RSUs under the 2025 Equity Incentive Plan, on September 30, 2025, holders of total of 56,250 RSUs have fully vested, resulting in the issuance of 56,250 shares of common stock. The RSUs had been originally granted in February 2025 and were subject to vesting conditions. The shares issued upon vesting as restricted securities. There were no new option grants, warrant issuances, or modifications to existing equity awards during the period.

As of September 30, 2025, the Company had the following equity awards outstanding: RSUs: 56,250 vested RSUs for the nine months ended September 30, 2025 in total out of the total 75,000. Performance based RSUs: 225,000 and market based RSUs: 250,000. Stock Options: 1,187,500 options outstanding under the Option 2035/02/05 plans. Underwriter Warrants: 72,179 warrants issued in February 2025 with a five-year term and an exercise price of $4.80 per share. All outstanding RSUs, options, and warrants remain subject to applicable vesting, lock-up, and control restrictions.

*Equity Line of Credit (ELOC)*

 

On July 24, 2025, the Company entered into an ELOC Purchase Agreement ("Equity Line of Credit," or the "ELOC Facility") with an investor, whereby the Company has the right, but not the obligation, to sell to the investor therein, up to an aggregate of $25.0 million of shares of the Company's common stock, par value $0.001 per share, subject to the terms and conditions set forth therein. The Purchase Agreement has a term ending on the earlier of (i) the first day of the month following the 18-month anniversary of the Commencement Date or (ii) the date the Investor has purchased the shares equal to the agreed investment amount. During the term, the Company may, at its discretion, deliver either Regular Purchase Notices for $500,000 to $2,000,000 per notice or Exempt Purchase Notices of up to $1,000,000 per notice. Each Regular Purchase is priced at 95% of the lowest daily VWAP during the applicable measurement period (or 80% if the Company's stock is not trading on the Nasdaq Capital Market). In connection with each Regular Purchase, the Company will provide an estimate of the number of the shares deliverable, based on 90% of the prior day's closing price. Each Exempt Purchase is priced similarly with an incremental 10% shares to be issued.

The Company will control the timing and amount of any sales of shares of common stock to Investor. Actual sales of shares of common stock to Investor as a drawdown under the ELOC Facility will depend on a variety of factors to be determined by the Company from time to time, which may include, among other things, market conditions, the trading price of the Company's common stock and determinations by the Company as to the appropriate sources of funding for our business and operations.

The Company has the right to terminate the ELOC Facility at any time after the Commencement Date, for any reason or for no reason by delivering notice to the Investor electing to terminate the agreement without any liability except in the event the Company has sold less than $7,500,000 to the Investor, the Company shall pay an additional fee of $250,000 that is payable either in cash or in shares of Common Stock at a price equal to 100% of the Closing Price on the date immediately preceding the date of receipt by the Investor of the Company Termination Notice. The ELOC Facility will also automatically terminate upon reaching the $25,000,000 available amount or at the Maturity Date without any action or notice on the part of any party and without any liability whatsoever of any party to any other party under the ELOC Facility.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 8 – EQUITY (Continued)**

 

*Equity Line of Credit (ELOC) (Continued)*

 

As consideration for Investor's commitment to purchase the shares of common stock pursuant to the ELOC Facility, (i) the Company will reimburse the Investor for all actual costs and expenses incurred in connection with the transaction up to $50,000 and (ii) 15,000 shares of common stock as a commitment fee.

The ELOC Facility contains customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties.

The Company accounted its ELOC Facility as a purchased put option and is either equity-classified or liability-classified instruments based on an assessment of the agreement's specific terms and applicable authoritative guidance in ASC 480, "Distinguishing Liabilities from Equity" and ASC 815, "Derivatives and Hedging". The assessment considers whether the purchased put option is a freestanding financial instrument that would require classification as a liability under ASC 480, as well as whether the purchased put option would qualify for equity classification or require a liability classification after consideration of the guidance and criteria outlined in ASC 815, including whether the purchased put option are indexed to the Company's own common shares and whether the holders could potentially require "net cash settlement" in a circumstance outside of the Company's control, among other conditions that impact classification. The Company also assessed embedded features in the ELOC Facility under the ASC 480 and ASC 815 guidance, management believed that these embedded features were not freestanding and are clearly and closely related to the host contract and as such do not require bifurcation from the purchased put option. This assessment, which requires the use of professional judgment, is conducted at the time of agreement. The Company assessed that the purchased put option is not under the scope of ASC 480 but is a derivative liability under ASC 815 as it does not meet the scope exception, indexation guidance and equity classification criteria under ASC 815 due to certain variability to the settlement price. As such, the Company accounted for the purchased put option as a derivative liability recognized at fair value at the inception date and each reporting period.

The fair value of the purchased put option was estimated on the date of agreement using Monte Carlo Simulation Model with the following assumptions at each measurement date:

---

| | | |
|:---|:---|:---|
|  | **Inception Date** | **September 30, 2025** |
| Expected life (in years) | 1.52 | 1.34 |
| Expected stock price volatility | 50.5% | 50.1% |
| Risk-free interest rate | 4.00% | 3.65% |
| Stock Price | 5.28 | 4.89 |

---

The risk-free interest rate was based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of purchased put option. Expected volatility was derived using the Company's peer volatility calculated from its peer companies' volatilities over the time period commensurate with the expected life of the purchased put option. The expected life was calculated using the terms of the ELOC Facility.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 8 – EQUITY (Continued)**

 

*Equity Line of Credit (ELOC) (Continued)*

The fair value of the purchased put option is $974,309 and $624,041 as of inception date and September 30, 2025, respectively. The Company recognized the fair value of the purchased put option as of September 30, 2025 in its balance sheet under the caption, "Derivative Liability." The initial fair value of the purchased put option of $974,309 and the subsequent change in the Fair Value of the Derivative Liability between inception date and September 30, 2025 of $350,268 was recognized in the Company's statement of operations for the three months ended and nine months ended September 30, 2025.

---

| | |
|:---|:---|
|  | **September 30, 2025** |
| Derivative liability at fair value – beginning balance | $- |
| Recognition of derivative liability arising from ELOC facility | 974309 |
| Changes in fair value of derivative liability during the period | (350268) |
| Derivative liability at fair value – ending balance | 624041 |

---

There are no derivative liabilities as of December 31, 2024.

As of September 30, 2025, the Company has issued approximately 123,208 shares of Common Stock under the ELOC Facility for net proceeds of approximately $497,750.

During the nine months ended September 30, 2025, the Company recognized transaction expenses arising from the ELOC Facility of $229,041, which is included as part of "Other Expenses" in the Company's statement of operations. $78,000 of this expense relates to the 15,000 commitment shares that are yet to be issued and are recognized as part of Additional Paid in Capital in the Condensed Consolidated Balance Sheet, the difference between the fair value of common shares issued and net proceeds which amounted to $48,791 and legal and other fees of $102,250.

*Registration Rights Agreements*

In connection with the ELOC Facility, the Company also granted the Investor certain registration rights for shares of common stock issuable within the ELOC Facility, including (a) the ability of a holder to request that the Company file a Form S-1 registration statement; (b) the ability of a holder to request that the Company file a Form S-3 registration statement with respect to outstanding registrable securities if at any time the Company is eligible to use a Form S-3 registration statement; and (c) certain piggyback registration rights related to potential future equity offerings of the Company, subject to certain limitations.

On August 24, 2025, the Company filed a registration statement on Form S-1 related to the resale, from time to time, of up to 6,000,000 shares of Common Stock in connection with the ELOC Facility. The Registration Statement on Form S-1 was declared effective September 22, 2025.

**NOTE 9 - SHARE BASED COMPENSATION**

*Overview*

 

The Company grants share-based compensation awards to the Company's employees as provided by the 2024 Equity Incentive Plan ("2024 Plan"), which was approved by the Company's stockholders on October 24, 2024. The 2024 Plan provides that grants may be in any of the following forms: incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, and performance awards. The 2024 Plan will be administered and interpreted by the Compensation Committee of the Board of Directors. The Compensation Committee has the authority to determine the individuals to whom grants will be made under the 2024 Plan, determine the type, size and terms of the grants, determine the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the 2024 Plan) and deal with any other matters arising under the 2024 Plan. All the employees of the Company and its subsidiaries are eligible for grants under the 2024 Plan. Non-employee directors and consultants of the Company are also eligible to receive grants under the 2024 Plan.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 9 - SHARE BASED COMPENSATION (CONTINUED)**

*Overview (Continued)*

The Company has reserved 1,500,000 shares of common stock for the granting of such awards. As of September 30, 2025, the Company has exceeded the permissible number of shares to be issued under the 2024 Plan by 200,000 share awards. The Company plans to file an amended Form S-8 to register shares to account for the overallotment. During the three and nine months ended September 30, 2025, the Company recognized share-based compensation expense of $404,915 and $1,154,842, respectively, which is recorded in selling, general and administrative expenses on the condensed consolidated statement of operations.

*<u>Stock Options</u>*

A summary of nonstatutory stock option activity during the nine months ended September 30, 2025 is included below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Awards** | **Weighted- Average<br> Exercise Price** | **Weighted- <br> Average <br> Remaining<br> Contractual Term (in years)** | **Aggregate<br> Intrinsic Value** |
| Outstanding at January 1, 2025 |  |  |  |  |
| Granted | 1275000 | $4.00 | 10 |  |
| Exercised |  |  |  |  |
| Forfeited | - | - | - | - |
| Outstanding at March 31, 2025 | 1275000 | $4.00 | 9.86 | $624750 |
| Granted |  |  |  |  |
| Exercised |  |  |  |  |
| Forfeited | (87500) | $4.00 | - | - |
| Outstanding at June 30, 2025 | 1187500 | $4.00 | 9.61 | $1341875 |
| Granted |  |  |  |  |
| Exercised |  |  |  |  |
| Forfeited | - | - | - | - |
| Outstanding at September 30, 2025 | 1187500 | $4.00 | 9.36 | $1045000 |
| Outstanding and Exercisable | 325000 | $4.00 | 9.36 | $286000 |

---

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 9 - SHARE BASED COMPENSATION (CONTINUED)**

The fair value of each option granted was estimated on the date of grant using the Black-Scholes-Merton option-pricing model with the following assumptions:

---

| | |
|:---|:---|
|  | **September 30, 2025** |
| Expected life (in years) | 5 - 10 years |
| Expected stock price volatility | 50 - 56% |
| Risk-free interest rate | 4.18% - 4.36 |
| Dividend rate | 0% |

---

The risk-free interest rate was based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock options. Expected volatility was derived using the Company's peer volatility calculated from its peer companies' volatilities over the time period commensurate with the expected life of the stock options. The expected life for the stock options granted was calculated using the midpoint assumption equal to the time from the grate date to the midpoint of the weighted average vesting date and the expiration date. The Company does not currently pay dividends on its common stock nor does it expect to in the foreseeable future.

The weighted average grant date fair value of options granted was $2.27 per share. As of September 30, 2025, there was $1,781,666 of unrecognized expense for unvested stock options that is expected to be recognized over a weighted average period of 1.25 years. During the three months ended and nine months ended September 30, 2025, the Company recognized share-based compensation expense of $326,313 and $919,744, respectively, which is recorded in selling, general and administrative expenses on the condensed consolidated statement of operations.

*<u>Performance-Based Awards</u>*

During the nine months ended September 30, 2025, the Company granted 225,000 performance-based stock awards to its Chief Executive Officer. The grant date fair value was $4.00 per share. The vesting is subject to the Company meeting certain business and financial goals by October 15, 2026. As of September 30, 2025, none of the performance-based awards were probable of vesting and thus no expense was recognized during the three months and nine months ended September 30, 2025.

*<u>Market-Based Awards</u>*

During the nine months ended September 30, 2025, the Company granted 250,000 market-based stock awards to its Chief Executive Officer. The weighted average grant date fair value was $0.04 per share, which was calculated using a Monte Carlo simulation model. The vesting is subject to the Company meeting certain market-based targets by October 15, 2026. The Company recognized $1,540 and $3,911 of expense related to these market-based awards for the three months ended and the nine months ended September 30, 2025, respectively.

The fair value of each market-based awards granted was estimated on the date of grant using a Monte Carlo pricing model with the following assumptions:

---

| | |
|:---|:---|
|  | **September 30, 2025** |
| Derived service period (years) | 1.44 – 1.48 |
| Dividend rate | -% |
| Risk-free interest rate | 4.08% |
| Expected stock price volatility | 41.56% |

---

The risk-free interest rate was based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the market-based awards. Expected volatility was derived using the Company's peer volatility calculated from its peer companies' volatilities over the time period commensurate with the expected life of the market-based awards. The expected life for the market-based awards granted was calculated using the midpoint assumption equal to the time from the grant date to the midpoint of the weighted average vesting date and the expiration date. The Company does not currently pay dividends on its common stock nor does it expect to in the foreseeable future.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 9 - SHARE BASED COMPENSATION (CONTINUED)**

*<u>Market-Based Awards (Continued)</u>*

SUMMARY OF RESTRICTED STOCK AWARDS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Performance-Based** | **Performance-Based** | **Market-Based** | **Market-Based** |
|  | **Number of<br> Awards** | **Weighted- Average Grant<br> Date Fair Value** | **Number of<br> Awards** | **Weighted- Average Grant<br> Date Fair Value** |
| Outstanding at January 1, 2025 |  |  |  |  |
| Granted | 225000 | $4.00 | 250000 | $0.04 |
| Change in units based on performance |  |  |  |  |
| Forfeited | - | - | - | - |
| Outstanding at March 31, 2025 | 225000 | $4.00 | 250000 | $0.04 |
| Granted |  |  |  |  |
| Change in units based on performance |  |  |  |  |
| Forfeited | - | - | - | - |
| Outstanding at June 30, 2025 | 225000 | $4.00 | 250000 | $0.04 |
| Granted |  |  |  |  |
| Change in units based on performance |  |  |  |  |
| Forfeited | - | - | - | - |
| Outstanding at September 30, 2025 | 225000 | $4.00 | 250000 | $0.04 |

---

*<u>Restricted Stock Units</u>*

During the nine months ended September 30, 2025, the Company granted 75,000 restricted stock units ("RSUs") to its Board of Directors. The RSUs were awarded at a price equal to the market price of the Company's underlying common stock on the date of grant. One-fourth of the RSUs vests each calendar quarter of 2025. During the three and nine months ended September 30, 2025, the Company recognized share-based compensation expense of $77,063 and $231,188, respectively, which is recorded in selling, general and administrative expenses on the condensed consolidated statement of operations. A total of 56,250 RSUs have fully vested as of September 30, 2025, resulting in the issuance of 56,250 shares of common stock. A total of 18,750 RSUs are expected to vest in the next quarter.

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** |
|  | **Number of Awards** | **Weighted Average Grant Date Fair Value** |
| Beginning balance |  | $- |
| Issued RSUs during the period | 75000 | 4.11 |
| Vested RSUs during the period | (56250) | 4.11 |
| Remaining unvested RSUs | 18750 | 4.11 |

---

There were no RSUs as of December 31, 2024.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 9 - SHARE BASED COMPENSATION (CONTINUED)**

*<u>Stock Warrants</u>*

The grant date fair value of the Company's stock warrants was $2.00, which was calculated using the Black-Scholes Merton option-pricing model with the following assumptions:

---

| | |
|:---|:---|
|  | **September 30, 2025** |
| Expected life (in years) | 5 years |
| Expected stock price volatility | 56.83% |
| Risk-free interest rate | 4.16% |
| Dividend rate | 0% |

---

During the nine months ended September 30, 2025, the Company fully recognized the fair value expense of $144,358, which is included with other costs related to the Company's issuance of common stock and presented as an offset to Additional Paid in Capital in the Condensed Consolidated Balance Sheet for these equity-classified stock warrants.

**NOTE 10 - COMMITMENTS AND CONTINGENCIES**

***Operating Leases***

The Company has various leases that expire between now and 2036. The Company's right-of-use assets and lease liabilities primarily represent lease payments that are fixed at the commencement of a lease and variable lease payments that are dependent on an index or rate. Lease payments are recognized as lease cost on a straight-line basis over the lease term, which is determined as the non-cancelable period, including periods in which termination options are reasonably certain of not being exercised and periods in which renewal options are reasonably certain of being exercised. The discount rate is determined using the Company's estimated incremental borrowing rate coinciding with the lease term at the commencement of a lease. The estimated incremental borrowing rate for the Company was determined to be between 3.0% - 10.6%. Rent expense for the three months ended September 30, 2025 and 2024 was $143,829 and $11,996, respectively. Rent expense for the nine months ended September 30, 2025 and 2024 was $400,450 and $61,373, respectively. As of September 30, 2025, the weighted-average remaining operating lease term and discount rate are 6.4 years and 9.8%, respectively.

On October 21, 2024, the Company entered into a long-term lease agreement for corporate office space with a third party. This agreement commenced on April 1, 2025, and requires payments of $11,884 monthly, escalating 3% per annum for a term of 120 months, which ends March 31, 2035. The Company has the option to renew such lease for up to an additional one-year term. The Company accounted for such lease as operating lease as there were no purchase option nor transfer of title at the end of the lease. The Company recognized right of use assets and operating lease liabilities amounted to $988,436. Additionally, the Company was also granted a tenant improvement allowance of $280,115. The Company determined that the improvements are lessee improvements and accordingly, recognized the tenant improvement allowance as a lease incentive and a reduction to the initial recognized right of use assets and operating lease liabilities. The Company expects to receive such lease incentives in the next twelve months from the balance sheet date.

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 10 - COMMITMENTS AND CONTINGENCIES (Continued)**

***Operating Leases (Continued)***

On January 1, 2025, the Company entered into an amendment in its lease agreement with a third party wherein the Company is the lessee of certain commercial property. The amendment commenced on January 1, 2025, and extended the term from May 31, 2025 to December 31, 2029, and increase in monthly rent payments to from $3,650 monthly to $6,878 monthly subject to 3% increase per annum. The Company has the option to renew such lease to an additional one year term. Management determined that the renewal option is not reasonably certain to occur. The Company accounted for this amendment as a lease modification. There were no change in the lease classification as a result of this modification and the Company continues to recognize such a lease as operating lease. The Company remeasured its right of use assets and operating lease liabilities using an updated incremental borrowing rate. The change in right of use assets and operating lease liabilities related to this lease modification amounted to $0 and $324,104 for the three months and nine months ended September 30, 2025, respectively.

On March 20, 2025, the Company entered into an amendment in its long-term lease agreement with a related party wherein the Company is the lessee of certain commercial property. The amendment commenced on April 1, 2025, and extended the term from December 31, 2025 to December 31, 2029, and increase the square footage of the leased property, a corresponding increase in monthly rent payments to from $7,500 monthly to $9,800 monthly. The Company has the option to renew such lease for up to an additional six month extension and month-to-month thereafter. Management determined that the renewal option is not reasonably certain to occur. The Company accounted for this amendment as a lease modification. There were no change in the lease classification as a result of this modification and the Company continues to recognize such a lease as operating lease. The Company remeasured its right of use assets and operating lease liabilities using an updated incremental borrowing rate. The change in right of use assets and operating lease liabilities related to this lease modification amounted to $0 and $380,823 for the three months and nine months ended September 30, 2025, respectively.

---

| | | |
|:---|:---|:---|
| | **Nine months ended (Unaudited)** | **Nine months ended (Unaudited)** |
| <br>**Lease cash flow information:** | **September 30, 2025** | **September 30, 2024** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $374925 | $199650 |
| &nbsp;&nbsp;&nbsp;Total | $374925 | $199650 |

---

---

| | | |
|:---|:---|:---|
| **Summary of lease-related assets and liabilities:** | **September 30, 2025**<br> **(Unaudited)** | **December 31, 2024**<br> **(Audited)** |
| Operating lease right-of-use assets | $2729160 | $1761706 |
| Accumulated amortization | (658982) | (878677) |
| Net operating ROU assets | $2070178 | $883029 |
| Current operating liabilities | $(325363) | $(279176) |
| Noncurrent operating lease liabilities | (1745610) | (628274) |
| &nbsp;&nbsp;&nbsp;Total operating lease liabilities | $(2070973) | $(907450) |

---

**CALLAN JMB INC.**

**(Formerly known as Coldchain Technology Services, LLC)**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 10 - COMMITMENTS AND CONTINGENCIES (Continued)**

***Operating Leases (Continued)***

---

| | |
|:---|:---|
| **Maturity of lease liabilities** | **September 30, 2025<br> (Unaudited)** |
| 2026 | $393337 |
| 2027 | 403332 |
| 2028 | 545784 |
| 2029 | 553077 |
| 2030 | 261807 |
| Thereafter | 795033 |
| Total future undiscounted lease payments | 2952370 |
| Less: interest | (881397) |
| Present value of lease liabilities | $2070973 |

---

***Legal Proceedings***

The Company may be subject to legal proceedings and claims arising from contracts or other matters from time to time in the ordinary course of business.

During May 2024, the Company was sent a demand letter alleging that the Company breached the terms of a Customer Service Agreement with one of its vendors in a prior year. The vendor alleges that the Company improperly terminated the agreement without proper notice and therefore owes it $507,573. The Company responded to the vendor's demand letter and asserts that it only owes the vendor the sum of $85,000 which was recorded as part of its accounts payable as of December 31, 2023. During February 2025, the parties agreed to settle the matter for $240,800. Accordingly, the Company increased its accrued expenses by $155,800 to reflect the settled amount as of December 31, 2024, and the Company paid the settlement on February 26, 2025.

The Company is also subject to litigation by its former employee where the ultimate disposition or resolution is uncertain. Management believes that as of September 30, 2025, material losses arising from this litigation are not probable.

Management is not aware of any other pending or threatened litigation where the ultimate disposition or resolution could have a material adverse effect on its financial position, results of operations or liquidity.

**NOTE 11 – SUBSEQUENT EVENTS**

The Company has evaluated subsequent events that occurred after September 30, 2025, through November 14, 2025. On October 2, 2025, the Company amended its long-term lease agreement for corporate office space with a third party wherein the payment will now commence on October 1, 2025 and will end on September 30, 2035. Other terms of the lease arrangement were unchanged.

There have been no other events or transactions during this time which would have a material effect on these consolidated financial statements.

**PART II**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis is intended as a review of significant factors affecting our financial condition and results of operations for the periods indicated. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q. Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q to "we," "us," and "our" refer to Callan JMB Inc.*

**Forward-Looking Statements**

**Overview**

Callan JMB is a vertically integrated logistics and fulfillment company which provides thermal management logistics solutions to the life sciences industry through a combination of proprietary packaging, information technology and specialized cold chain logistics knowhow. We provide a system that utilizes advanced predictive technology to revolutionize the supply chain by guaranteeing the safety, effectiveness, and potency of every product handled to ensure product integrity, and to provide immediate response in time-sensitive industries while ensuring environmental responsibility.

**Strategy**

Our strategy involves leveraging our core competitive strengths to develop and maintain ongoing relationships with a diversified group of customers while continuing to grow our service lines, ensuring that we can meet our customers' changing needs. We strive to be recognized as the premier provider of logistics and fulfillment of a broad range of value-added services based upon the breadth of those services, quality, responsiveness, customer service, information technologies, safety, and cost effectiveness.

We view our solutions as disruptive to the "older technologies" of dry ice and liquid nitrogen, in that our solutions are comprehensive and combine our competencies in configurations that are customized to our client's requirements. We provide comprehensive, reliable, economic alternatives to all existing logistics solutions and services utilized for frozen shipping in the life sciences industry (e.g., personalized medicine, cell therapies, stem cells, cell lines, vaccines, diagnostic materials, semen, eggs, embryos, cord blood, organs, bio-pharmaceuticals, infectious substances, and other commodities that require continuous exposure to cryogenic or frozen temperatures). As part of our services, we provide the ability to monitor, record and archive crucial information for each shipment that can be used for scientific and regulatory purposes.

 ****

***Seasonality***

Based on our industry and our historic trends, we expect our operations to vary seasonally. Typically, revenue will be highest in the third and fourth calendar quarters and lowest in the first and second calendar quarters. These seasonal variations result in fluctuations in waste volumes due to weather conditions and general economic activity. We also expect that our operating expenses may be higher during the winter months due to periodic adverse weather conditions that can slow the collection of waste, resulting in higher labor and operational costs.

**Results of Operations**

**Three and Nine months ended September 30, 2025, Compared to the Three and Nine months ended September 30, 2024**

The following table provides certain selected financial information for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Unaudited)** | **(Unaudited)** | | |
|  | **Three months ended September 30,** | **Three months ended September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**Change %** |
| Revenue | $1446917 | $1435376 | $11541 | 1% |
| Cost of Revenue | 953610 | 970931 | (17321) | -2% |
| Gross Profit | $493307 | $464445 | $28862 | 6% |
| Selling, General and administrative expenses | 2372465 | 1245428 | 1127037 | 90% |
| Loss from operations | $(1879158) | $(780983) | $(1098175) | 141% |
| Other income (expense) | (852183) | 1996 | (854179) | -42793% |
| Loss before income taxes | $(2731341) | $(778987) | $(1952354) | 251% |
| Provision for income taxes | - | 26000) | (26000) | -100% |
| Net loss | $(2731341) | $(804987) | $(1926354) | 239% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Unaudited)** | **(Unaudited)** | | |
|  | **Nine months ended September 30,** | **Nine months ended September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**Change %** |
| Revenue | $4562604 | $5211665 | $(649061) | -12% |
| Cost of Revenue | 2812334 | 3067421 | (255087) | -8% |
| Gross Profit | $1750270 | $2144244 | $(393974) | -18% |
| Selling, General and administrative expenses | 6274343 | 3146109 | 3128234 | 99% |
| Loss from operations | $(4524073) | $(1001865) | $(3522208) | 352% |
| Other income (expense) | (847997) | 3269 | (851266) | -26041% |
| Loss before income taxes | $(5372070) | $(998596) | $(4373474) | 438% |
| Provision for income taxes | 1257 | - | 1257 | 100% |
| Net loss | $(5373327) | $(998596) | $(4374731) | 438% |

---

***Revenue***

Revenue for the three and nine months ended September 30, 2025, was $1,446,917 and $4,562,604, respectively as compared to $1,435,376 and $5,211,665 for the three and nine months ended September 30, 2024, an increase of $11,541 and decrease of $(649,061), respectively. The decrease in revenue was due to the decrease in demand for our emergency preparedness services by certain states and local governments.

*Cost of revenue*

Cost of revenue for the three and nine months ended September 30, 2025, was $953,610 and $2,812,334 respectively as compared to $970,931 and $3,067,421 for the three and nine months ended September 30, 2024, respectively. The decrease in the comparative three month period is due to a $38,580 decrease in direct labor. The decrease in the comparative nine month period is due to a $192,855 decrease in freight forwarding.

***Operating Expenses***

*Selling, General and Administrative Expenses*

Our selling, general and administrative costs include personnel costs, consulting and professional fees, and other overhead expenses. Selling, general and administrative expenses for the three and nine months ended September 30, 2025, were $2,372,465 and $6,274,343, respectively, compared to $1,245,428 and $3,146,109 respectively for the three and nine months ended September 30, 2024, an increase of $1,127,037 and $3,128,234 respectively. The Company's consulting and professional fees increased by $304,136 and $724,143 for the three and nine months ended September 30, 2025 respectively, compared to the same period in 2024 as a result of hiring professionals to support our capital raising process for our initial public offering and being a public entity. The Company's information technology support increased by $31,306 and $20,001 for the three and nine months ended September 30, 2025, compared to the same period in 2024 as the result of the purchase of additional equipment and hosting software. The Company's marketing and advertising increased by $358,074 and $310 for the three and nine months ended respectively as on September 30, 2025, compared to the same period in 2024 as a result of hiring a marketing firm that specializes in pharma-based businesses, and the hiring an investor relations firm for our IPO.

***Other income (expense)***

Other income (expense) for the three and nine months ended September 30, 2025, was $(852,183) and $(847,997) respectively and for the three and nine months ended September 30, 2024, it was $1,996 and $3,269 respectively, resulting in observed changes of $(854,179) and $(851,266) respectively. The key driver for the decrease relates to expenses related to the ELOC Facility. Refer to the discussion under "Liquidity and Capital Resources" for further information on the ELOC Facility. The Company accounted its ELOC Facility as a purchased put option and as a derivative liability under ASC 815 as it does not meet the scope exception, indexation guidance and equity classification criteria under ASC 815. As such, the Company recognized the purchased put option as a derivative liability wherein it is recognized at fair value at each reporting period and changes to fair value are charged against the Company's statement of operations. The initial fair value of purchased put option of $974,309 is charged against the Company's statements of operations for the three months ended and nine month ended September 30, 2025 and is offset by the "Change in the Fair Value of the Derivative Liability" between inception date and September 30, 2025 of $350,268. Additionally, the Company also recognized other transaction expenses arising from the ELOC Facility of $229,041.

**Liquidity and Capital Resources**

The Company entered into a Purchase Agreement ("ELOC Facility") with an investor on July 24, 2025, granting the Company the right, but not the obligation, to sell up to $25.0 million of common stock, subject to specified terms. The agreement terminates on the earlier of the first day of the month following the 18-month anniversary of the Commencement Date or when the Investor has purchased shares equal to the agreed investment amount. Upon effectiveness of the related registration statement, the Company will issue 15,000 commitment shares to the Investor. During the term, the Company may deliver Regular Purchase Notices ranging from $500,000 to $2,000,000 per notice, priced at 95% of the lowest daily VWAP during the measurement period (or 80% if the stock is not trading on Nasdaq Capital Market), or Exempt Purchase Notices of up to $1,000,000 per notice, priced at 90% of the prior day's closing price with an incremental 10% share issuance.

The Company controls the timing and amount of sales under the ELOC Facility, which automatically terminates upon reaching $25.0 million or the maturity date. The Company may terminate at any time. If less than $7.5 million has been sold, a $250,000 termination fee applies, payable in cash or stock. On August 24, 2025, the Company filed a Form S-1 registration statement for up to 6,000,000 shares related to the ELOC Facility, which became effective on September 22, 2025.

As of September 30, 2025, the Company has issued approximately 123,208 shares of Common Stock under the ELOC Facility for net proceeds of approximately $497,750.

Our principal liquidity requirements are for working capital to fund our operations and growth. To date, we have funded our liquidity requirements primarily through cash on hand, and cash flows from operations. As of September 30, 2025 and 2024, we had $2,789,744 and $2,097,945 of cash and cash equivalents, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **For Nine months ended** | **For Nine months ended** | **For Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **Change** |
| Cash provided by (used in) operating activities | $(3887737) | $1263526 | $(5151263) |
| Cash used in investing activities | (616896) | (46167) | (570729) |
| Cash provided by (used in) financing activities | 5196432 | (3563676) | 8760108 |
| Increase (decrease) in cash and cash equivalents | $691799 | $(2346317) | $3038116 |

---

*Cash provided by (used in) operating activities*

For the nine months ended September 30, 2025, cash used in operating activities was $(3,887,737) compared to cash provided by operating activities of $1,263,526 during the nine months ended September 30, 2024, a decrease of $(5,151,263). This decrease was primarily due to increase in net loss of $(4,374,731) and a decrease in changes to accounts receivable of $(2,199,719) and offset by non-cash adjustment to net loss for stock based compensation of $1,154,742 and fair value of derivative liability of $624,041.

*Cash used in investing activities*

For the nine months ended September 30, 2025, cash used in investing activities was $(616,896) compared to $(46,167) for the nine months ended September 30, 2024, an increase of $(570,729). This increase is a result of leasehold improvements made to the new corporate office during the nine months ended September 30, 2025 in comparison to the nine months ended September 30, 2024.

*Cash provided by (used in) financing activities*

During the nine months ended September 30, 2025, cash provided by (used in) financing activities was $5,196,432 compared to $(3,563,676) during the nine months ended September 30, 2024, an increase of $8,760,108. Our financing activities for the nine months ended September 30, 2025 compared to September 30, 2024 included a decrease in partners distributions of $3,382,254 and an increase in proceeds from IPO and overallotment, net of $4,622,111 and proceeds from issuance of shares under the ELOC Facility of $497,750.

**Off-Balance Sheet Arrangements**

We have no off-balance sheet financing arrangements.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Under SEC rules and regulations, because we are considered to be a "smaller reporting company," we are not required to provide the information required by this item in this report.

**ITEM 4. CONTROLS AND PROCEDURES**

*<u>Evaluation of Disclosure Controls and Procedures</u>*

Our Chief Executive Officer and Chief Financial Officer conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), as of September 30, 2025, to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC, including to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of September 30, 2025, our disclosure controls and procedures were not effective at the reasonable assurance level in that:

● We do not have written documentation for some of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act. Management evaluated the impact of our failure to have written documentation for some of our internal controls and procedures on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted does not represent a material weakness.

● We do not have complete segregation of duties within accounting functions, which is a basic internal control. Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals. Management evaluated the impact of our failure to have segregation of duties on our assessment of our disclosure controls and procedures and procedures and has concluded that the control deficiency that resulted does not represent a material weakness.

Our Chief Executive Officer and Chief Financial Officer do not expect that our disclosure controls or internal controls will prevent all errors and all fraud. Although our disclosure controls and procedures were designed to provide reasonable assurance of achieving their objectives and our Chief Executive Officer and Chief Financial Officer have determined that our disclosure controls and procedures are effective at doing so, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute assurance that the objectives of the system are met. Further, the design of any control system is subject to resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented if there exists in an individual a desire to do so. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

(b) **Changes in Internal Controls Over Financial Reporting** 

There were no changes in our internal controls over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II — OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

There currently is no material pending legal proceeding to which we are a party or to which any of our property is subject, and our management is not aware of any contemplated proceeding by any governmental authority against us. From time to time, we may become involved in legal proceedings or subject to claims incident to the ordinary course of business. Regardless of outcome, such proceedings or claims can have an adverse impact on us because of defense and settlement costs, diversion of resources, negative publicity, reputational harm, and other factors and there can be no assurances that favorable outcomes will be obtained.

**ITEM 1A. RISK FACTORS**

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and, as such, are not required to provide the information under this Item.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

***Recent Sale of Unregistered Equity Securities***

As of September 30, 2025, the Company issued approximately 123,208 shares of Common Stock under the ELOC Facility for net proceeds of approximately $497,750.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

None.

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | <br>**Description** |
| 3.1 | [Callan JMB Inc. Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-1,as amended (File No. 333-282879), filed with the SEC on January 8, 2025)](https://www.sec.gov/Archives/edgar/data/2032545/000149315224050466/ex3-1.htm) |
| 3.2 | [Bylaws, adopted on February 2, 2024 (incorporated by reference to Exhibit 3.2 to the Registrant's Registration Statement on Form S-1, as amended (File No. 333-282879), filed with the SEC on January 8, 2025)](https://www.sec.gov/Archives/edgar/data/2032545/000149315224050466/ex3-2.htm) |
| 10.1 | [Form of Equity Purchase Agreement, dated July 24, 2025, by and between Callan JMB Inc. and the Investor (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K (File No. 001-42506) filed with the SEC on July 25, 2025)](https://www.sec.gov/Archives/edgar/data/2032545/000164117225021041/ex10-1.htm) |
| 10.2 | [Form of Registration Rights Agreement, dated July 24, 2025, by and between Callan JMB Inc. and the Investor (incorporated by reference to Exhibit 10.2 of the Registrant's Current Report on Form 8-K (File No. 001-42506) filed with the SEC on July 25, 2025)](https://www.sec.gov/Archives/edgar/data/2032545/000164117225021041/ex10-2.htm) |
| 10.3 | [Standard Sublease Agreement, dated October 1, 2024, by and between lessor and Callan JMB, Inc.](https://www.sec.gov/Archives/edgar/data/2032545/000164117225024076/ex10-3.htm) |
| 10.4 | [Standard Lease Agreement, dated April 1, 2025, by and between Outlaw Run Ranch, LLC. and Coldchain Technology Services, LLC](https://www.sec.gov/Archives/edgar/data/2032545/000164117225024076/ex10-4.htm) |
| 31.1\* | [Certification of Co-Chief Executive Officers (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-1.htm) |
| 31.2\* | [Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex31-2.htm) |
| 32.1\*\* | [Certification of Co-Chief Executive Officers (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-1.htm) |
| 32.2\*\* | [Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex32-2.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith. <br> \*\* Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| **CALLAN JMB INC.** | **CALLAN JMB INC.** |
| By: | */s/ Wayne Williams* |
|  | Wayne Williams |
|  | Chief Executive Officer, President, and Chairman of the Board |

---

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| */s/ Wayne Williams* | Chief Executive Officer, President | November 14, 2025 |
| Wayne Williams | (Principal Executive Officer) and Chairman of the Board |  |
| */s/ Shannon Badger* | Interim Chief Financial Officer | November 14, 2025 |
| Shannon Badger. | (Principal Financial and Accounting Officer) |  |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO RULES 13A-14(A) AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Wayne Williams, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2025 of Callan JMB Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By | */s/ Wayne Williams* |
|  | Name: | Wayne Williams |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO RULES 13A-14(A) AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Shannon Badger, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2025 of Callan JMB Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By: | */s/ Shannon Badger* |
|  | Name: | Shannon Badger |
|  | Title: | Chief Financial Officer (Interim) |
|  |  | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Callan JMB Inc. (the "Company") for the period ending September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date : November 14, 2025 | By: | */s/ Wayne Williams* |
|  | Name: | Wayne Williams |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Callan JMB Inc. (the "Company") for the period ending September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date : November 14, 2025 | By: | */s/ Shannon Badger* |
|  | Name: | Shannon Badger |
|  | Title: | Chief Financial Officer (Interim) |
|  |  | (Principal Financial Officer) |

---