I tried this same process on the AVCalendar before this Events module was included in the core.  I would have the same problem.  It looks like this still exists in this version also.

If I remember right the Next (N) events only works if you are not trying to use it with a Master Calendar. 

This is a pretty big deal, because not knowing how many Events will be listed under the module can be problematic.  If you don't have any events in the next selected amount of days, you are left with an empty module containing only a header.

yes this works, but it wont work if you try to list the next 'n' events from a Master Calender!.

Try this
1. Add 1st event module - no list view
2. Add 2nd event module - no list view
3. Add 3rd event module - no list view - in master settings set as master & include 1st & 2nd modules.  This will aggregate all events from 1st & 2nd module.
4. Add 4th event module - List View - Select the master calender (3rd module) from the drop down list - Then select next 10 events within 100 days.  You will notice that nothing is listed in the 4th module.

let me know how you go

cheers
john