Unfortunately, your estimate on MMEX's equity contribution is flawed, on several dimensions.
To date, MMEX can only account for about $651K in "Refinery Start Up Costs" - in any case, even being generous, all in the "equity" is likely less than $1-million on face value.
Because of MMEX's incompetent board and team, now an independent audit, and valuation would be required to assess what, if any components MMEX has, and their market value (gain, or loss) that might transfer into the Pecos County Refining SPV. That is a problem too.
There is almost certainly no gain on any activity MMEX undertook. Because MMEX used proceeds from toxic lending, for all its activities, like the caliche road, etc., the most expensive way to finance any activity, the material value, as opposed to the face value MMEX paid out is almost certainly less than what could have been accomplished using traditional financing.
On top of that, MMEX's super-dilutive "equity" structure would have to be cleaned up - the costs for doing that come out of the retail investor's, and the company's hide - not the project financing syndicate - so the true "equity" MMEX might have would be fully absorbed in cleaning up the huge mess, the reverse-split, and dealing with shareholder lawsuits from unsophisticated retail investors who put money into this mess.
Money always buys control, and investors don't eat the costs of cleaning up someone else's (in this case, Mad J.'s) mess.