Did you look at the S-1/A for Next Bridge? The balance sheet is on page F-2, showing $47M of assets ($45M of that is their land), vs $15.5M liabilities for a net value of $32M if they were able to sell that land (the original plan). That's about 20 cents a share, and those shares would then be cancelled. That was the original plan. The revenue from oil and gas is about $15k, so it's a stretch to call this an energy company. They're not doing any development because they don't have any cash (they show $2M but have the same in accounts payable). So, if lucky, it's 20 cents a share.
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