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Nature of Operations
6 Months Ended
Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

NOTE 1—NATURE OF OPERATIONS

On June 15, 2012, the Company filed Chapter 11 in the United States Bankruptcy Court in Southern District of New York (Case No. 12-12553). As of that date, the Company terminated all remaining employees and ceased its normal business operations.

The Company emerged from Chapter 11 on June 26, 2013, at which time the Plan of Reorganization was conditionally confirmed by the United States Bankruptcy Court, Southern District of New York. The confirmation was subject to the consummation of the Company’s acquisition of a 51% controlling interest in Momspot LLC (“Momspot”), which was subsequently completed on July 12, 2013 (“Emergence Date”). Momspot’s goal is to be the premier specialty retail affiliate marketing company targeting women between the ages of 24 and 45 who are either mothers or expecting their first child. The Emergence Date was the date the Company adopted fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852. The adoption of fresh-start accounting resulted in the Company becoming a new entity for financial reporting purposes. Momspot is currently the Company’s business operations. The Company’s principle activities are conducted through Momspot.

Since the fourth quarter of the 2015 fiscal year, Momspot’s development plans has been suspended pending receipt of incremental funding. On February 12, 2016, the Company sold its 51% interest of Momspot to the remaining 49% interest holder through a split off agreement.

Also on February 12, 2016, the Company entered into a Merger and completed a financing and at which time the Company entered into the field of neurologic drug development. This transaction is treated as a recapitalization of the Company (‘reverse business combination’) and is further described in detail in Note 7.