Protagenic Therapeutics (PTIX) 10-K 25 Sep 15 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2015	Sep. 25, 2015	Dec. 31, 2014
Document Information [Line Items]
Entity Registrant Name	Atrinsic, Inc.
Entity Central Index Key	1,022,899
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	ATRN
Entity Common Stock, Shares Outstanding		400,000,000
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Public Float			$ 800,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - Class of Stock [Domain] - Scenario, Unspecified [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Current assets
Cash	$ 62	$ 101
Prepaid expenses	70	144
Total current assets	132	245
Property and equipment (net of accumulated depreciation of $1 and $0, respectively)	1	1
Total assets	133	246
Current liabilities
Accounts payable and accrued expenses	168	138
Accrued interest expense - stockholders	21	3
Total current liabilities	189	141
Long-term notes payable - due to stockholders	515	175
Total liabilities	$ 704	$ 316
COMMITMENTS AND CONTINGENCIES
Shareholders' deficit:
Series A convertible preferred stock, $0.000001 par value, 5,000,000,000 shares authorized, 4,600,000,000 shares issued and outstanding at June 30, 2015 and 2014; (Liquidation preference 20,700,000 as of June 30, 2015)	$ 5	$ 5
Common stock, $.000001 par value, 100,000,000,000 shares authorized, 400,000,000 shares issued and outstanding at June 30, 2015 and 2014	0	0
Additional paid-in capital	1,053	1,053
Accumulated deficit	(1,555)	(1,079)
Shareholders' deficit attributed to Atrinsic, Inc.	(497)	(21)
Non-controlling interest	(74)	(49)
Total shareholders' deficit	(571)	(70)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 133	$ 246

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - Class of Stock [Domain] - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Property and Equipment, Accumulated Depreciation	$ 1,000	$ 0
Series A convertible preferred stock, Par or Stated Value Per Share (in dollars per share)	$ 0.000001	$ 0.000001
Series A convertible preferred stock, Shares Authorized	5,000,000,000	5,000,000,000
Series A convertible preferred stock, Shares Issued	4,600,000,000	4,600,000,000
Series A convertible preferred stock, Shares Outstanding	4,600,000,000	4,600,000,000
Series A convertible preferred stock, Liquidation Preference, Value	$ 20,700,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.000001	$ 0.000001
Common Stock, Shares Authorized	100,000,000,000	100,000,000,000
Common Stock, Shares, Issued	400,000,000	400,000,000
Common Stock, Shares, Outstanding	400,000,000	400,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - Class of Stock [Domain] - USD ($) $ in Thousands	Jul. 11, 2013	Jun. 30, 2015	Jun. 30, 2014
Operating expenses
General and administrative		$ 491	$ 975
Total operating expenses		491	975
Loss from operations		(491)	(975)
Other income (expenses)
Other income		8	59
Other expenses		0	(5)
Interest expenses - stockholders		(18)	(3)
Total other income (expenses)		(10)	51
Net loss before reorganization items		(501)	(924)
Reorganization items
Gain on reorganization, net		0	0
Legal and professional fees		0	(204)
Total reorganization items		0	(204)
Net (loss) income		(501)	(1,128)
Less: net loss attributable to non-controlling interest		(25)	(49)
Net (loss) income attributable to Atrinsic		$ (476)	$ (1,079)
Net (loss) income per share attributable to Atrinsic common shareholders
Basic and diluted (in dollars per share)		$ 0	$ 0
Weighted average shares outstanding:
Basic and diluted (in shares)		400,000,000	400,000,000
Predecessor [Member]
Operating expenses
General and administrative	$ 0
Total operating expenses	0
Loss from operations	0
Other income (expenses)
Other income	0
Other expenses	0
Interest expenses - stockholders	0
Total other income (expenses)	0
Net loss before reorganization items	0
Reorganization items
Gain on reorganization, net	778
Legal and professional fees	0
Total reorganization items	778
Net (loss) income	778
Less: net loss attributable to non-controlling interest	0		$ (49)
Net (loss) income attributable to Atrinsic	$ 778		$ (1,079)
Net (loss) income per share attributable to Atrinsic common shareholders
Basic and diluted (in dollars per share)	$ 0.01
Weighted average shares outstanding:
Basic and diluted (in shares)	100,000,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]	Convertible Preferred Stock [Member]
Balance (Predecessor [Member]) at Jun. 30, 2013	$ 178,300	$ 1,000	$ 182,281	$ 0	$ (4,981)	$ 0	$ 0
Balance (in shares) (Predecessor [Member]) at Jun. 30, 2013		100,000,000			681,509		0
Cancellation of predecessor company common stock | Predecessor [Member]	(1,000)	$ (1,000)	0	0	$ 0	0	$ 0
Cancellation of predecessor company common stock (in shares) | Predecessor [Member]		(100,000,000)			0		0
Elimination of predecessor company capital in excess of par | Predecessor [Member]	(182,281)	$ 0	(182,281)	0	$ 0	0	$ 0
Elimination of predecessor company accumulated deficit | Predecessor [Member]	0	0	0	0	0	0	0
Elimination of predecessor company treasury stock | Predecessor [Member]	4,981	$ 0	0	0	$ 4,981	0	$ 0
Elimination of predecessor company treasury stock (in shares) | Predecessor [Member]		0			(681,509)		0
Issuance of predecessor company convertible preferred stock | Predecessor [Member]	5	$ 0	0	0	$ 0	0	$ 5
Issuance of predecessor company convertible preferred stock (in shares) | Predecessor [Member]		0			0		4,600,000,000
Issuance of predecessor company common stock | Predecessor [Member]	0	$ 0	0	0	$ 0	0	$ 0
Issuance of predecessor company common stock (in shares) | Predecessor [Member]		400,000,000			0		0
Gain from reorganization | Predecessor [Member]	778	$ 0	0	778	$ 0	0	$ 0
Elimination of predecessor company accumulated deficit | Predecessor [Member]	0	0	778	(778)	0	0	0
Net loss attributable to non-controlling interest | Predecessor [Member]	0
Net loss attributable to Atrinsic | Predecessor [Member]	778
Balance (Predecessor [Member]) at Jul. 11, 2013	783	$ 0	778	0	$ 0	0	$ 5
Balance (in shares) (Predecessor [Member]) at Jul. 11, 2013		400,000,000			0		4,600,000,000
Gain from reorganization	0
Net loss attributable to non-controlling interest | Predecessor [Member]	(49)	$ 0	0	0	$ 0	(49)	$ 0
Net loss attributable to non-controlling interest	(49)
Net loss attributable to Atrinsic | Predecessor [Member]	(1,079)	0	0	(1,079)	0	0	0
Net loss attributable to Atrinsic	(1,079)
Stock-based compensation | Predecessor [Member]	275	0	275	0	0	0	0
Balance at Jun. 30, 2014	(70)	$ 0	1,053	(1,079)	$ 0	(49)	$ 5
Balance (in shares) at Jun. 30, 2014		400,000,000			0		4,600,000,000
Gain from reorganization	0
Net loss attributable to non-controlling interest	(25)	$ 0	0	0		(25)	$ 0
Net loss attributable to Atrinsic	(476)	0	0	(476)		0	0
Balance at Jun. 30, 2015	$ (571)	$ 0	$ 1,053	$ (1,555)	$ 0	$ (74)	$ 5
Balance (in shares) at Jun. 30, 2015		400,000,000			0		4,600,000,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jul. 11, 2013	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net (loss) income attributable to Atrinsic		$ (476)	$ (1,079)
Adjustments to reconcile net loss to net cash used in operating activities:
Net loss attributable to non-controlling interest in subsidiary		(25)	(49)
Non-cash reorganization items		0	0
Depreciation expenses		1	0
Stock-based compensation		0	275
Accrued interest on notes payable		18	3
Changes in operating assets and liabilities of business, net of acquisitions:
Prepaid expenses		74	93
Accounts payable, excluding reorganization items		30	(33)
Net cash used in operating activities		(378)	(790)
Cash flows from investing activities
Purchase of property and equipment		(1)	(1)
Net cash used in investing activities		(1)	(1)
Cash flows from financing activities
Proceeds from issuance of notes payable due to stockholders		340	175
Net cash provided by financing activities		340	175
Net decrease in cash		(39)	(616)
Cash at beginning of period		101	717
Cash at end of period	$ 717	62	101
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest expense paid	0	0	0
Income taxes paid	0	$ 0	0
Predecessor [Member]
Cash flows from operating activities
Net (loss) income attributable to Atrinsic	778		(1,079)
Adjustments to reconcile net loss to net cash used in operating activities:
Net loss attributable to non-controlling interest in subsidiary	0		(49)
Non-cash reorganization items	(778)
Depreciation expenses	0
Stock-based compensation	0
Accrued interest on notes payable	0
Changes in operating assets and liabilities of business, net of acquisitions:
Prepaid expenses	0
Accounts payable, excluding reorganization items	0
Net cash used in operating activities	0
Cash flows from investing activities
Purchase of property and equipment	0
Net cash used in investing activities	0
Cash flows from financing activities
Proceeds from issuance of notes payable due to stockholders	0
Net cash provided by financing activities	0
Net decrease in cash	0
Cash at beginning of period	717		$ 717
Cash at end of period	$ 717

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	NOTE 1 - NATURE OF OPERATIONS Prior to filing Chapter 11 on June 15, 2012, the Company was a direct marketing company based in the United States. The Company had two main service offerings: (i) transactional services; and (ii) subscription services. Transactional services offered full service online marketing and distribution services which were targeted and measurable online campaigns and programs for marketing partners, corporate advertisers, or their agencies, generating qualified customer leads, online responses and activities, or increased brand recognition. Subscription services offered a portfolio of subscription based content applications direct to users working with wireless carriers and other distributors. 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 Since the fourth quarter of the 2015 fiscal year Momspot’s development plans has been suspended pending receipt of incremental funding.

LIQUIDITY AND GOING CONCERN

LIQUIDITY AND GOING CONCERN	12 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity And Going Concern [Text Block]	NOTE 2 - LIQUIDITY AND GOING CONCERN The Company intends to finance its activities through: · Managing current cash on hand; and · Seeking additional funds raised in the future. The Company has experienced recurring losses and negative cash flow from operations since emerging from bankruptcy. There is substantial doubt about the Company’s ability to continue as a going concern as it is dependent on its ability to obtain short term financing and ultimately to generate sufficient cash flow to meet its obligations on a timely basis in order to attain profitability, as well as successfully obtain financing on favorable terms to fund the Company’s long term plans. The Company continually projects anticipated cash requirements, which may include business combinations, capital expenditures, and working capital requirements. As of June 30, 2015, the Company had cash of approximately $ 62 57 571 378 The Company needs to raise additional capital to cover its budgeted operating and capital expenditures. If the capital raising efforts are not successful, the Company might not be able to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company not be able to continue as a going concern. These factors among others create a substantial doubt about the Company’s ability to continue as a going concern. On September 3, 2015, the Company issued secured convertible promissory notes (the “Secured Convertible Notes”) in the principal amount of $25 to each of two principal stockholders, for an aggregate of $50, each an existing secured lender to the Company. The Secured Convertible Notes have a maturity date of August 31, 2016 and bear interest at the rate of 5.0% per annum, payable at maturity. The outstanding principal and accrued interest of each Secured Convertible Note is convertible, subject to a 4.99% Beneficial Ownership Cap (as defined in the Secured Convertible Notes), into shares of the Company’s common stock at an initial conversion price of $5.00 per share (subject to adjustment), at the option of the respective holders. The obligations of the Company under the Secured Convertible Notes are secured by a first priority security interest in all of the property of the Company pursuant to letter agreements, dated September 3, 2015, with each of Iroquois and Hudson, respectively. The proceeds of the Secured Convertible Notes will be utilized by the Company to fund its working capital needs. (See Note 9).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The ownership of more than 50% of the voting stock of an entity creates a subsidiary. The financial statements of the parent and subsidiary are consolidated for reporting purposes. The accompanying consolidated financial statements of the Company include the accounts of all majority and wholly-owned (“Momspot”) subsidiaries and significant intercompany balances and transactions have been eliminated. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no effect on net loss. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosure of contingent assets and liabilities. Management continually evaluates its estimates and judgments including those related to fair value of stock options granted and income taxes. Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable in the circumstances. Actual results may differ from those estimates. Macroeconomic conditions may directly, or indirectly through the Company’s business partners and vendors, impact the Company’s financial performance and available resources. Such conditions may, in turn, impact the aforementioned estimates and assumptions. For the purposes of reporting cash flows, the Company considers all cash accounts which are not subject to withdrawal restrictions or penalties, and highly liquid investments with original maturities of 90 days or less when purchased to be cash. Property and equipment consist of computer hardware, software and office equipment as of June 30, 2015. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives range from three to five years. The Company records stock based compensation in accordance with ASC 718. In estimating the grant date fair value of stock option awards and performance based restricted stock, the Company uses the Black Scholes option pricing model and other binomial pricing models where appropriate. The key assumptions for these models to derive fair value include expected term, rate of risk free returns and volatility. Information about the Company’s specific award plans can be found in Note 5. The fair value of Momspot, which was not material, was determined based on valuation performed by Management, which took into consideration, where applicable, cash received , market participant inputs, estimated cash flows based on entity specific criteria, purchase multiples paid in other comparable third-party transactions, market conditions, liquidity, operating results and other qualitative and quantitative factors. The Company applies the accounting standards for distinguishing liabilities from equity when determining the classification and measurement of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Therefore, preferred shares are classified as stockholders’ equity. The preferred shares are not mandatorily redeemable and have no conditional redemption features. Research and development costs are charged to operations as incurred. Basic earnings per share (“EPS”) is computed by dividing reported earnings by the weighted average number of shares of common stock outstanding for the period. Diluted EPS includes the effect, if any, of the potential issuance of additional shares of common stock as a result of the exercise or conversion of dilutive securities, using the treasury stock method. Potential dilutive securities for the Company include outstanding convertible preferred shares and stock options. As of June 30, 2015 2014 Convertible preferred shares 4,600,000,000 4,600,000,000 Options to purchase common stock 275,000,000 275,000,000 Total 4,875,000,000 4,875,000,000 The Company accounts for income taxes pursuant to ASC 740. Under ASC 740, deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company adopted an accounting standard which clarifies the accounting for uncertainty in income taxes recognized in financial statements. This standard provides guidance on recognizing, measuring, presenting and disclosing in the financial statements uncertain tax positions that a company has taken or expects to take on a tax return. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company reduces credit risk by placing its cash with major financial institutions. At times, such amounts may exceed federally insured limits. In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This ASU requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. This ASU will have no impact on the Company until it begin to grant performance awards. In August 2014, the FASB issued ASU 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-15 in connection with the issuance of these consolidated financial statements. Management’s evaluations regarding the events and conditions that raise substantial doubt regarding the Company’s ability to continue as a going concern have been disclosed in Note 2.

FRESH START ACCOUNTING

FRESH START ACCOUNTING	12 Months Ended
	Jun. 30, 2015
Reorganizations [Abstract]
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block]	NOTE 4 - FRESH START ACCOUNTING On July 12, 2013, the Company adopted fresh start accounting and reporting in accordance with Topic ASC 852. The Company was required to apply the provisions of fresh start reporting to its financial statements, as the holders of existing voting shares of the Predecessor Company received less than 50% Fresh start accounting and reporting generally requires resetting the historical net book value of assets and liabilities to fair value as of the Effective Date by allocating the entity’s enterprise value as set forth in the Reorganization Plan to its assets and liabilities pursuant to accounting guidance related to business combinations. The financial statements as of the Effective Date report the results of the Successor Company with no beginning retained earnings or accumulated deficit. Any presentation of the Successor Company represents the financial position and results of operations of a new reporting entity and is not comparable to prior periods. The unaudited condensed consolidated financial statements for periods ended prior to the Effective Date do not include the effect of any changes in capital structure or changes in the fair value of assets and liabilities as a result of fresh start accounting. In accordance with ASC Topic 852, the Predecessor Company’s pre-emergence charges to earnings of $ 778 Methodology, Analysis and Assumptions The Company determined that the fair value of the Company (“Reorganization Value”) on the Effective date to be minimal. The Company’s valuation was based upon a discounted cash flow methodology, which included a calculation of the present value of expected un-levered after-tax free cash flows reflected in the Company’s long-term financial projections, including the calculation of the present value of the terminal value of cash flows, and supporting analysis that included a comparison of selected financial data of the Company with similar data of other publicly held companies comparable to ours in terms of end markets, operational characteristics, growth prospects and geographical footprint. July 12, 2013 Predecessor Reorganization Company Adjustments Successor Company ASSETS Current assets Cash and cash equivalents $ 717 $ - $ 717 Prepaid expenses and other current assets 237 237 Total current assets 954 - 954 TOTAL ASSETS $ 954 $ - $ 954 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued expenses $ 15,566 $ (15,395) (2) $ 171 Note payable 2,614 (2,614) (3) - Total current liabilities 18,180 (18,009) 171 TOTAL LIABILITIES 18,180 (18,009) 171 COMMITMENTS AND CONTINGENCIES - - - SHAREHOLDERS' (DEFICIT) EQUITY Convertible preferred stock - par value $.000001, 5,000,000,000 shares authorized, 4,600,000,000 shares issued and outstanding at July 11, 2013; no shares authorized, issued or outstanding at June 30, 2013 - 5 (3) 5 Common stock - par value $.000001, 100,000,000,000 shares authorized, 400,000,000 shares issued and outstanding at July 11, 2013; par value $.01, 100,000,000 authorized and outstanding at June 30, 2013. 1,000 (1,000) (1) - Additional paid-in capital 182,281 (182,281) (4) - 778 (5) 778 Common stock, held in treasury, at cost, 0 and 681,509 shares at July 11, 2013 and June 30, 2013, respectively. (4,981) 4,981 (4) - Accumulated income (deficit) (195,526) 195,526 (1) - TOTAL SHAREHOLDERS' (DEFICIT) EQUITY (17,226) 18,009 783 TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY $ 954 $ - $ 954 1) To reduce the total par value of stock held by the pre-petition stockholders to $ 100 2) To record conversion of pre-petition Accounts Payable to 300,000,000 0.000001 3) To record conversion of note payable to 4,600,000,000 4) To eliminate Treasury Stock. APIC and Accumulated Deficit as of July 11, 2013 5) Elimination of Predecessor Company accumulated deficit July 1, 2013 to July 11, 2013

SHAREHOLDERS' (DEFICIT) EQUITY

SHAREHOLDERS' (DEFICIT) EQUITY	12 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 5 - SHAREHOLDERS’ (DEFICIT) EQUITY On July 12, 2013, the Company established a new capital structure, in accordance with the Plan of Reorganization. Accordingly, 100,000,000,000 0.000001 100,000,000 100,000,000 0.000001 300,000,000 400,000,000 400,000,000 In addition, the Company authorized 5,000,000,000 0.000001 4,600,000,000 4,600,000,000 As of June 30, 2015, 4,600,000,000 The holders of the Series A Preferred Stock each have the right at any time, at the holder’s option, to convert any or all of his shares of Series A Preferred Stock into such number of fully paid and non-assessable shares of common stock to the extent that such conversion would not result in beneficial ownership by the holder of more than 9.99% of the total number of shares of common stock issued and outstanding immediately after giving effect to such conversion (the “Beneficial Ownership Cap”). From July 12, 2013 through July 12, 2014, each Holder of the Series A Preferred Stock is prohibited from selling or otherwise transferring more than 2.5% of the Company’s outstanding common stock, calculated on a fully diluted basis, per 90-day period. Stock Options On February 11, 2014, the Company issued options with a term of five ( 5 0.002 The Company granted to Sebastian Giordano, for services as Chief Restructuring Officer and Acting Chief Executive Officer, an option to purchase 125,000,000 The Company granted to each of Edward Gildea and Jonathan Schechter, for services as directors of the Company, an option to purchase 50,000,000 On February 28, 2014, the Company granted to Edward Gildea, for services to be rendered as Acting Chief Executive Officer, an option to purchase 50,000,000 5 0.002 All of the shares covered by these options immediately vested on the grant date. The grant date fair value of stock options granted was approximately $ 275 0.69 0.71 84.40 2.5 As of June 30, 2015, the weighted average exercise price of all stock options outstanding was $ 0.002 3.7

NOTES PAYABLE DUE TO STOCKHOLDE

NOTES PAYABLE DUE TO STOCKHOLDERS	12 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	On February 11, 2014, the Company issued notes payable with two principal stockholders, each such note in the principal amount of $ 87.5 5 12 On August 15, 2014 90 45 150 75 100 50 July 31, 2015 5.0 12 Amount Due Outstanding as of June 30, 2014 $ 175 Issued 340 Outstanding as of June 30, 2015 $ 515 On September 3, 2015, effective as of July 31, 2015, the maturity dates of the February 2014 Notes, the August 2014 Notes, the December 2014 Notes and the May 2015 Notes (collectively, the “Prior Notes”), in the aggregate principal amount of $515, were extended to August 31, 2016 and the Prior Notes were amended to permit conversion of the principal and accrued interest due and payable under the Prior Notes into shares of the Company’s common stock (see Note 9). Due to the extension of terms, the Company recorded Prior Notes in long-term notes payable – due to stockholders on the Consolidated Balance Sheets. During the year ended June 30, 2015 and 2014, interest expense amounted to approximately $ 18 3 21

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	NOTE 7 - BUSINESS COMBINATIONS The Momspot Acquisition Pursuant to the terms of a Membership Interest Purchase Agreement, dated July, 2013, the Company acquired a 51 165 Momspot is a start-up company. 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 (“Moms”). The results for Momspot for the period ended June 30, 2015 are consolidated in the consolidated financial statements within this document. The fair value of the purchase consideration was allocated to fair value of the net tangible assets acquired, with the resulting excess allocated to separately identifiable intangibles, and the remainder recorded as goodwill, if any. Purchase Consideration: Fair value of Momspot (1) $ - Tangible assets acquired - (1) Fair value, which was not material, was based upon the fair value of the cash consideration paid by the Company for the acquisition of Momspot ($ 0 For the year ended June 30, 2014 Revenues $ - Net loss (1,079) Loss per share - basic and diluted $ (0.00) The unaudited pro-forma results of operations are not intended to present actual results that would have been attained had the acquisition been completed as of July 1, 2013 or to project potential operating results as of any future date or for any future periods.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 8 - INCOME TAXES During both 2015 and 2014, the Company incurred a net loss and therefore had no tax liability. The Company does not have any material uncertain income tax positions. As a result of significant losses and uncertainty of future profit, the net deferred tax asset has been fully reserved. As of June 30, 2015, the valuation allowance increased by $ 171 48.1 47.7 As of June 30, 2015 2014 Deferred tax asset Net operating loss carryovers $ 21,869 $ 21,698 Stock based compensation 125 125 Total deferred tax assets 21,994 21,823 Valuation Allowance (21,994) (21,823) Deferred tax asset, net of allowance $ - $ - As of June 30, 2015 2014 Statutory federal income tax rate -34.0 % -34.0 % State income tax, net of federal benefit -9.1 % -11.5 % Other 7.1 % 0.0 % Valuation Allowance 36.0 % 45.5 % Income tax provision (benefit) 0.0 % 0.0 % As of June 30, 2015 2014 Federal Current $ - $ - Deferred (128) 451 State Current - - Deferred (43) 153 Change in valuation allowance 171 (604) Income tax provision (benefit) $ - $ -

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 9 - SUBSEQUENT EVENTS On September 3, 2015, the Company issued secured convertible promissory notes (the “Secured Convertible Notes”) in the principal amount of $ 25 50 August 31, 2016 5.0 4.99 5.00 The obligations of the Company under the Secured Convertible Notes are secured by a first priority security interest in all of the property of the Company pursuant to letter agreements, dated September 3, 2015, with each of Iroquois and Hudson, respectively. The proceeds of the Secured Convertible Notes will be utilized by the Company to fund its working capital needs. On September 3, 2015, the Company also entered into note modification agreements, made as of July 31, 2015 The Company has evaluated the period after the balance sheet date up through the date that the consolidated financial statements were issued, and determined that other than noted above, there were no subsequent events or transactions that required recognition or disclosure in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation The ownership of more than 50% of the voting stock of an entity creates a subsidiary. The financial statements of the parent and subsidiary are consolidated for reporting purposes. The accompanying consolidated financial statements of the Company include the accounts of all majority and wholly-owned (“Momspot”) subsidiaries and significant intercompany balances and transactions have been eliminated.
Reclassification, Policy [Policy Text Block]	Reclassification Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no effect on net loss.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosure of contingent assets and liabilities. Management continually evaluates its estimates and judgments including those related to fair value of stock options granted and income taxes. Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable in the circumstances. Actual results may differ from those estimates. Macroeconomic conditions may directly, or indirectly through the Company’s business partners and vendors, impact the Company’s financial performance and available resources. Such conditions may, in turn, impact the aforementioned estimates and assumptions.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash For the purposes of reporting cash flows, the Company considers all cash accounts which are not subject to withdrawal restrictions or penalties, and highly liquid investments with original maturities of 90 days or less when purchased to be cash.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment consist of computer hardware, software and office equipment as of June 30, 2015. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives range from three to five years.
Compensation Related Costs, Policy [Policy Text Block]	Stock-Based Compensation The Company records stock based compensation in accordance with ASC 718. In estimating the grant date fair value of stock option awards and performance based restricted stock, the Company uses the Black Scholes option pricing model and other binomial pricing models where appropriate. The key assumptions for these models to derive fair value include expected term, rate of risk free returns and volatility. Information about the Company’s specific award plans can be found in Note 5.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurement The fair value of Momspot, which was not material, was determined based on valuation performed by Management, which took into consideration, where applicable, cash received , market participant inputs, estimated cash flows based on entity specific criteria, purchase multiples paid in other comparable third-party transactions, market conditions, liquidity, operating results and other qualitative and quantitative factors.
Preferred Stock [Policy Text Block]	Preferred Stock The Company applies the accounting standards for distinguishing liabilities from equity when determining the classification and measurement of its preferred stock. Preferred shares subject to mandatory redemption are classified as liability instruments and are measured at fair value. Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Therefore, preferred shares are classified as stockholders’ equity. The preferred shares are not mandatorily redeemable and have no conditional redemption features.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs Research and development costs are charged to operations as incurred.
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share Basic earnings per share (“EPS”) is computed by dividing reported earnings by the weighted average number of shares of common stock outstanding for the period. Diluted EPS includes the effect, if any, of the potential issuance of additional shares of common stock as a result of the exercise or conversion of dilutive securities, using the treasury stock method. Potential dilutive securities for the Company include outstanding convertible preferred shares and stock options. As of June 30, 2015 2014 Convertible preferred shares 4,600,000,000 4,600,000,000 Options to purchase common stock 275,000,000 275,000,000 Total 4,875,000,000 4,875,000,000
Income Tax, Policy [Policy Text Block]	Income Taxes The Company accounts for income taxes pursuant to ASC 740. Under ASC 740, deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company adopted an accounting standard which clarifies the accounting for uncertainty in income taxes recognized in financial statements. This standard provides guidance on recognizing, measuring, presenting and disclosing in the financial statements uncertain tax positions that a company has taken or expects to take on a tax return.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company reduces credit risk by placing its cash with major financial institutions. At times, such amounts may exceed federally insured limits.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This ASU requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. This ASU will have no impact on the Company until it begin to grant performance awards. In August 2014, the FASB issued ASU 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-15 in connection with the issuance of these consolidated financial statements. Management’s evaluations regarding the events and conditions that raise substantial doubt regarding the Company’s ability to continue as a going concern have been disclosed in Note 2.

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2015 and June 30, 2014, because such securities are anti-dilutive, are as follows: As of June 30, 2015 2014 Convertible preferred shares 4,600,000,000 4,600,000,000 Options to purchase common stock 275,000,000 275,000,000 Total 4,875,000,000 4,875,000,000

FRESH START ACCOUNTING (Tables)

FRESH START ACCOUNTING (Tables)	12 Months Ended
	Jun. 30, 2015
Reorganizations [Abstract]
Schedule of Fresh-Start Adjustments [Table Text Block]	The Company also considered precedent transaction analysis but ultimately determined there was insufficient data for a meaningful analysis. July 12, 2013 Predecessor Reorganization Company Adjustments Successor Company ASSETS Current assets Cash and cash equivalents $ 717 $ - $ 717 Prepaid expenses and other current assets 237 237 Total current assets 954 - 954 TOTAL ASSETS $ 954 $ - $ 954 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued expenses $ 15,566 $ (15,395) (2) $ 171 Note payable 2,614 (2,614) (3) - Total current liabilities 18,180 (18,009) 171 TOTAL LIABILITIES 18,180 (18,009) 171 COMMITMENTS AND CONTINGENCIES - - - SHAREHOLDERS' (DEFICIT) EQUITY Convertible preferred stock - par value $.000001, 5,000,000,000 shares authorized, 4,600,000,000 shares issued and outstanding at July 11, 2013; no shares authorized, issued or outstanding at June 30, 2013 - 5 (3) 5 Common stock - par value $.000001, 100,000,000,000 shares authorized, 400,000,000 shares issued and outstanding at July 11, 2013; par value $.01, 100,000,000 authorized and outstanding at June 30, 2013. 1,000 (1,000) (1) - Additional paid-in capital 182,281 (182,281) (4) - 778 (5) 778 Common stock, held in treasury, at cost, 0 and 681,509 shares at July 11, 2013 and June 30, 2013, respectively. (4,981) 4,981 (4) - Accumulated income (deficit) (195,526) 195,526 (1) - TOTAL SHAREHOLDERS' (DEFICIT) EQUITY (17,226) 18,009 783 TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY $ 954 $ - $ 954 1) To reduce the total par value of stock held by the pre-petition stockholders to $ 100 2) To record conversion of pre-petition Accounts Payable to 300,000,000 0.000001 3) To record conversion of note payable to 4,600,000,000 4) To eliminate Treasury Stock. APIC and Accumulated Deficit as of July 11, 2013 5) Elimination of Predecessor Company accumulated deficit July 1, 2013 to July 11, 2013

NOTES PAYABLE DUE TO STOCKHOL19

NOTES PAYABLE DUE TO STOCKHOLDERS (Tables)	12 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Secured Debt [Table Text Block]	The notes are secured by all the assets of the Company. Amount Due Outstanding as of June 30, 2014 $ 175 Issued 340 Outstanding as of June 30, 2015 $ 515

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	The purchase price was allocated as follows: Purchase Consideration: Fair value of Momspot (1) $ - Tangible assets acquired - (1) Fair value, which was not material, was based upon the fair value of the cash consideration paid by the Company for the acquisition of Momspot ($ 0
Business Acquisition, Pro Forma Information [Table Text Block]	The following table presents the unaudited pro-forma financial results, as if the acquisition of Momspot had been completed as of July 1, 2013: For the year ended June 30, 2014 Revenues $ - Net loss (1,079) Loss per share - basic and diluted $ (0.00)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The tax effects of temporary differences and tax loss carry forwards that give rise to significant portions of deferred tax assets at June 30, 2015 and 2014 are comprised of the following: As of June 30, 2015 2014 Deferred tax asset Net operating loss carryovers $ 21,869 $ 21,698 Stock based compensation 125 125 Total deferred tax assets 21,994 21,823 Valuation Allowance (21,994) (21,823) Deferred tax asset, net of allowance $ - $ -
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows: As of June 30, 2015 2014 Statutory federal income tax rate -34.0 % -34.0 % State income tax, net of federal benefit -9.1 % -11.5 % Other 7.1 % 0.0 % Valuation Allowance 36.0 % 45.5 % Income tax provision (benefit) 0.0 % 0.0 %
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The income tax provision consists of the following: As of June 30, 2015 2014 Federal Current $ - $ - Deferred (128) 451 State Current - - Deferred (43) 153 Change in valuation allowance 171 (604) Income tax provision (benefit) $ - $ -

NATURE OF OPERATIONS (Details T

NATURE OF OPERATIONS (Details Textual)	Jul. 11, 2013
Momspot LLC [Member]
Nature Of Operations And Going Concern [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	51.00%

LIQUIDITY AND GOING CONCERN (De

LIQUIDITY AND GOING CONCERN (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Sep. 03, 2015	Feb. 11, 2014	Jun. 30, 2015	Jun. 30, 2014	Jul. 11, 2013
Cash and Cash Equivalents, at Carrying Value			$ 62	$ 101	$ 717
Working Capital Deficit			57
Net Cash Provided by (Used in) Operating Activities, Continuing Operations			(378)	(790)
Total shareholders' deficit			$ (571)	$ (70)
Debt Instrument, Maturity Date		Jul. 31, 2015
Subsequent Event [Member]
Debt Instrument, Convertible, Conversion Price	$ 5
Convertible Notes Payable [Member] | Subsequent Event [Member]
Debt Instrument, Face Amount	$ 50
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Conversion, Original Debt, Interest Rate of Debt	4.99%
Debt Instrument, Maturity Date	Aug. 31, 2016
Debt Instrument, Convertible, Conversion Price	$ 5
Shareholder One [Member] | Convertible Notes Payable [Member] | Subsequent Event [Member]
Debt Instrument, Face Amount	$ 25
Shareholder Two [Member] | Convertible Notes Payable [Member] | Subsequent Event [Member]
Debt Instrument, Face Amount	$ 25

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,875,000,000	4,875,000,000
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	275,000,000	275,000,000
Convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,600,000,000	4,600,000,000

FRESH START ACCOUNTING (Details

FRESH START ACCOUNTING (Details) $ in Thousands		Jul. 11, 2013USD ($)
Current assets
Cash and cash equivalents		$ 717
Prepaid expenses and other current assets		237
Total current assets		954
TOTAL ASSETS		954
Current liabilities
Accounts payable and accrued expenses		15,566
Note payable		2,614
Total current liabilities		18,180
TOTAL LIABILITIES		18,180
COMMITMENTS AND CONTINGENCIES		0
SHAREHOLDERS' (DEFICIT) EQUITY
Convertible preferred stock - par value $.000001, 5,000,000,000 shares authorized, 4,600,000,000 shares issued and outstanding at July 11, 2013; no shares authorized, issued or outstanding at June 30, 2013		0
Common stock - par value $.000001, 100,000,000,000 shares authorized, 400,000,000 shares issued and outstanding at July 11, 2013; par value $.01, 100,000,000 authorized and outstanding at June 30, 2013.		1,000
Additional paid-in capital		182,281
Common stock, held in treasury, at cost, 0 and 681,509 shares at July 11, 2013 and June 30, 2013, respectively.		(4,981)
Accumulated income (deficit)		(195,526)
TOTAL SHAREHOLDERS EQUITY/ DEFICIENCY		(17,226)
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY/ DEFICIENCY		954
Current assets
Cash and cash equivalents		0
Total current assets		0
TOTAL ASSETS		0
Current liabilities
Accounts payable and accrued expenses	[1]	(15,395)
Note payable	[2]	(2,614)
Total current liabilities		(18,009)
TOTAL LIABILITIES		(18,009)
COMMITMENTS AND CONTINGENCIES		0
STOCKHOLDERS' EQUITY/ DEFICIENCY
Convertible preferred stock - par value $.000001, 5,000,000,000 shares authorized, 4,600,000,000 shares issued and outstanding at July 11, 2013; no shares authorized, issued or outstanding at June 30, 2013	[2]	5
Common stock - par value $.000001, 100,000,000,000 shares authorized, 400,000,000 shares issued and outstanding at July 11, 2013; par value $.01, 100,000,000 authorized and outstanding at June 30, 2013.	[3]	(1,000)
Additional paid-in capital	[4]	(182,281)
Fresh start adjustment additional paid in capital adjustment	[5]	778
Common stock, held in treasury, at cost, 0 and 681,509 shares at July 11, 2013 and June 30, 2013, respectively.	[4]	4,981
Accumulated income (deficit)	[3]	195,526
TOTAL SHAREHOLDERS EQUITY/ DEFICIENCY		18,009
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY/ DEFICIENCY		0
Current assets
Cash and cash equivalents		717
Prepaid expenses and other current assets		237
Total current assets		954
TOTAL ASSETS		954
Current liabilities
Accounts payable and accrued expenses		171
Note payable		0
Total current liabilities		171
TOTAL LIABILITIES		171
COMMITMENTS AND CONTINGENCIES		0
STOCKHOLDERS' EQUITY/ DEFICIENCY
Convertible preferred stock - par value $.000001, 5,000,000,000 shares authorized, 4,600,000,000 shares issued and outstanding at July 11, 2013; no shares authorized, issued or outstanding at June 30, 2013		5
Common stock - par value $.000001, 100,000,000,000 shares authorized, 400,000,000 shares issued and outstanding at July 11, 2013; par value $.01, 100,000,000 authorized and outstanding at June 30, 2013.		0
Additional paid-in capital		0
Postconfirmation additional paid in capital adjustment		778
Common stock, held in treasury, at cost, 0 and 681,509 shares at July 11, 2013 and June 30, 2013, respectively.		0
Accumulated income (deficit)		0
TOTAL SHAREHOLDERS EQUITY/ DEFICIENCY		783
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY/ DEFICIENCY		$ 954
[1]	To record conversion of pre-petition Accounts Payable to 300,000,000, $0.000001 par value common shares, in accordance with the new post-bankruptcy capital structure
[2]	To record conversion of note payable to 4,600,000,000, $0.000001 par value shares of convertible preferred stock, in accordance with the new post-bankruptcy petition capital structure
[3]	To reduce the total par value of stock held by the pre-petition stockholders to $100, in accordance with the new post-bankruptcy capital structure
[4]	To eliminate Treasury Stock. APIC and Accumulated Deficit as of July 11, 2013
[5]	Elimination of Predecessor Company accumulated deficit July 1, 2013 to July 11, 2013

FRESH START ACCOUNTING (Detai26

FRESH START ACCOUNTING (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jul. 11, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	May. 31, 2011
Fresh-Start Adjustment [Line Items]
Preferred Stock, Par or Stated Value Per Share		$ 0.000001	$ 0.000001
Preferred Stock, Shares Authorized		5,000,000,000	5,000,000,000
Preferred Stock, Shares Issued		4,600,000,000	4,600,000,000
Preferred Stock, Shares Outstanding		4,600,000,000	4,600,000,000
Common Stock, Par or Stated Value Per Share		$ 0.000001	$ 0.000001
Common Stock, Shares Authorized		100,000,000,000	100,000,000,000
Common Stock, Shares, Issued		400,000,000	400,000,000
Common Stock, Shares, Outstanding		400,000,000	400,000,000
Existing Predecessor Voting Shares Percentage		less than 50%
Reorganization Items		$ 0	$ (204)
Predecessor [Member]
Fresh-Start Adjustment [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 0.000001
Preferred Stock, Shares Authorized	5,000,000,000
Preferred Stock, Shares Issued		4,600,000,000	4,600,000,000
Preferred Stock, Shares Outstanding		4,600,000,000	4,600,000,000
Common Stock, Par or Stated Value Per Share	$ 0.000001			$ 0.01
Common Stock, Shares Authorized	100,000,000,000			100,000,000
Common Stock, Shares, Issued	400,000,000	400,000,000	400,000,000
Common Stock, Shares, Outstanding	400,000,000	400,000,000	400,000,000	100,000,000
Treasury Stock, Shares	0			681,509
Reorganization Items	$ 778
Reduction In Total Par Value Of Stock Held By Pre Petition Stockholders	$ 100
Shares Issued Conversion Of Pre Petition Accounts Payable	300,000,000
Shares Issued Conversion Of Pre Petition Notes Payable	4,600,000,000
Convertible Preferred Stock [Member]
Fresh-Start Adjustment [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 0.000001
Preferred Stock, Shares Issued		4,600,000,000
Common Stock, Par or Stated Value Per Share	0.000001
Convertible Preferred Stock [Member] | Predecessor [Member]
Fresh-Start Adjustment [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 0.000001
Preferred Stock, Shares Authorized	5,000,000,000			0
Preferred Stock, Shares Issued	4,600,000,000			0	4,600,000,000
Preferred Stock, Shares Outstanding	4,600,000,000			0

SHAREHOLDERS' (DEFICIT) EQUITY

SHAREHOLDERS' (DEFICIT) EQUITY (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Feb. 11, 2014	Jul. 11, 2013	Feb. 28, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	May. 31, 2011
Class of Stock [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.002
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value				$ 275
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum				0.69%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum				0.71%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				84.40%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				2 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price				$ 0.002
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				3 years 8 months 12 days
Common Stock, Shares Authorized				100,000,000,000	100,000,000,000
Common Stock, Par or Stated Value Per Share				$ 0.000001	$ 0.000001
Preferred Stock, Par or Stated Value Per Share				$ 0.000001	$ 0.000001
Common Stock, Shares, Issued				400,000,000	400,000,000
Common Stock, Shares, Outstanding				400,000,000	400,000,000
Preferred Stock, Shares Authorized				5,000,000,000	5,000,000,000
Preferred Stock, Shares Issued				4,600,000,000	4,600,000,000
Preferred Stock, Shares Outstanding				4,600,000,000	4,600,000,000
Preferred Stock, Conversion Basis				The holders of the Series A Preferred Stock each have the right at any time, at the holders option, to convert any or all of his shares of Series A Preferred Stock into such number of fully paid and non-assessable shares of common stock to the extent that such conversion would not result in beneficial ownership by the holder of more than 9.99% of the total number of shares of common stock issued and outstanding immediately after giving effect to such conversion (the Beneficial Ownership Cap).
Convertible Preferred Stock, Terms of Conversion				From July 12, 2013 through July 12, 2014, each Holder of the Series A Preferred Stock is prohibited from selling or otherwise transferring more than 2.5% of the Companys outstanding common stock, calculated on a fully diluted basis, per 90-day period.
Sebastian Giordano [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	125,000,000
Edward Gildea [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 0.002
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	50,000,000		50,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			5 years
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share		$ 0.000001
Preferred Stock, Par or Stated Value Per Share		$ 0.000001
Preferred Stock, Shares Issued				4,600,000,000
Predecessor [Member]
Class of Stock [Line Items]
Number Of Outstanding Shares Exchanged For Pre Bankruptcy Petition Stockholders		100,000,000
Number Of Shares Issued For Pre Bankruptcy Petition Stockholders		100,000,000
Common Stock, Shares Authorized		100,000,000,000				100,000,000
Common Stock, Par or Stated Value Per Share		$ 0.000001				$ 0.01
Preferred Stock, Par or Stated Value Per Share		$ 0.000001
Common Stock, Shares, Issued		400,000,000		400,000,000	400,000,000
Common Stock, Shares, Outstanding		400,000,000		400,000,000	400,000,000	100,000,000
Preferred Stock, Shares Authorized		5,000,000,000
Preferred Stock, Shares Issued				4,600,000,000	4,600,000,000
Preferred Stock, Shares Outstanding				4,600,000,000	4,600,000,000
Predecessor [Member] | Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share		$ 0.000001
Stock Issued During Period, Shares, New Issues		0
Preferred Stock, Shares Authorized		5,000,000,000				0
Preferred Stock, Shares Issued		4,600,000,000				0	4,600,000,000
Preferred Stock, Shares Outstanding		4,600,000,000				0
Unsecured Debt [Member] | Predecessor [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		300,000,000

NOTES PAYABLE DUE TO STOCKHOL28

NOTES PAYABLE DUE TO STOCKHOLDERS (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2015USD ($)
Short-term Debt [Line Items]
Outstanding as of June 30, 2014	$ 175
Issued	340
Outstanding as of June 30, 2015	$ 515

NOTES PAYABLE DUE TO STOCKHOL29

NOTES PAYABLE DUE TO STOCKHOLDERS (Details Textual) - USD ($)	Sep. 03, 2015	May. 15, 2015	Aug. 15, 2014	Feb. 11, 2014	Dec. 18, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Jul. 31, 2015
Interest Payable, Current						$ 21,000	$ 3,000
Proceeds from Notes Payable						340,000	175,000
Interest Expense, Debt						$ 18,000	3,000
Subsequent Event [Member] | Prior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 515,000
Debt Instrument, Maturity Date	Aug. 31, 2016
Secured Promissory Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period				5.00%		5.00%
Debt Instrument, Maturity Date						Jul. 31, 2015
Interest Payable, Current						$ 21,000
Debt Instrument, Issuance Date						Aug. 15, 2014
Proceeds from Notes Payable		$ 100,000	$ 90,000		$ 150,000
Debt Instrument, Interest Rate, Increase (Decrease)						12.00%
Interest Expense, Debt						$ 18,000	$ 3,000
Secured Promissory Notes [Member] | Principal Stockholders One [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		50,000	$ 45,000	$ 87,500	$ 75,000
Secured Promissory Notes [Member] | Principal Stockholders Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 50,000		$ 87,500

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) $ in Thousands		Jun. 30, 2015USD ($)
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		$ 0
Momspot LLC [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	[1]	$ 0
[1]	Fair value, which was not material, was based upon the fair value of the cash consideration paid by the Company for the acquisition of Momspot ($0 consideration received) and a discounted cash flow analysis, including the calculation of the present value of the terminal value of cash flows, and supporting analysis that included a comparison of selected financial data of the Company with similar data of other publicly held companies comparable to ours in terms of end markets, operational characteristics, growth prospects and geographical footprint.

BUSINESS COMBINATIONS (Details

BUSINESS COMBINATIONS (Details 1) - 12 months ended Jun. 30, 2014 - USD ($) $ / shares in Units, $ in Thousands	Total
Business Acquisition [Line Items]
Revenues	$ 0
Net loss	$ (1,079)
Loss per share - basic and diluted	$ 0

BUSINESS COMBINATIONS (Detail32

BUSINESS COMBINATIONS (Details Textual) - Momspot LLC [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jul. 11, 2013
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		51.00%
Business Acquisition, Preacquisition Contingency, Amount of Settlement		$ 165
Business Combination, Consideration Transferred	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Deferred tax asset
Net operating loss carryovers	$ 21,869	$ 21,698
Stock based compensation	125	125
Total deferred tax assets	21,994	21,823
Valuation Allowance	(21,994)	(21,823)
Deferred tax asset, net of allowance	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Line Items]
Statutory federal income tax rate	(34.00%)	(34.00%)
State income tax, net of federal benefit	(9.10%)	(11.50%)
Other	7.10%	0.00%
Valuation Allowance	36.00%	45.50%
Income tax provision (benefit)	0.00%	0.00%

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Federal
Current	$ 0	$ 0
Deferred	(128)	451
State
Current	0	0
Deferred	(43)	153
Change in valuation allowance	171	(604)
Income tax provision (benefit)	$ 0	$ 0

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 48,100	$ 47,700
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 171	$ (604)

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Sep. 03, 2015	Feb. 11, 2014
Subsequent Event [Line Items]
Debt Instrument, Maturity Date		Jul. 31, 2015
Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Convertible, Conversion Price	$ 5
Debt Instrument Convertible Beneficial Ownership Cap	4.99%
Subsequent Event [Member] | Convertible Debt [Member]
Subsequent Event [Line Items]
Debt Instrument, Maturity Date	Aug. 31, 2016
Subsequent Event [Member] | Secured Debt [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate During Period	5.00%
Debt Instrument, Maturity Date	Jul. 31, 2015
Debt Instrument, Annual Principal Payment	$ 50
Subsequent Event [Member] | Secured Debt [Member] | Principal Stockholders One [Member]
Subsequent Event [Line Items]
Debt Instrument, Annual Principal Payment	25
Subsequent Event [Member] | Secured Debt [Member] | Principal Stockholders Two [Member]
Subsequent Event [Line Items]
Debt Instrument, Annual Principal Payment	$ 25